Document:

Exhibit

Exhibit 10.2

INDEMNIFICATION AGREEMENT
This Indemnification Agreement (“Agreement”) is made as of September 16, 2019, by and between Extraction Oil & Gas, Inc., a Delaware corporation (the “Corporation”), and Audrey Robertson (“Indemnitee”).
RECITALS:
WHEREAS, directors, officers and other persons in service to corporations or business enterprises are subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Corporation or business enterprise itself;
WHEREAS, highly competent persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Corporation (the “Board”) has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Corporation and its stockholders and that the Corporation should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, (i) the Amended and Restated Bylaws of the Corporation (as may be amended, the “Bylaws”) require indemnification of the officers and directors of the Corporation, (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”) and (iii) the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Corporation and members of the Board, officers and other persons with respect to indemnification;
WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Corporation (as may be amended, the “Certificate of Incorporation”) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, (i) Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee may not be willing to serve or continue to serve as a director or officer of the Corporation without adequate protection, (iii) the Corporation desires Indemnitee to serve in such capacity, and (iv) Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that she be so indemnified.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:
Section1Definitions.  (a) As used in this Agreement:
“Affiliate” of any specified Person shall mean any other Person controlling, controlled by or under common control with such specified Person.

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Exhibit 10.2

“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of (i) the Corporation or (ii) any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Corporation.
“Disinterested Director” shall mean a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
“Enterprise” shall mean the Corporation and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Corporation as a director, officer, employee, agent or fiduciary.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
“Expenses” shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.  Expenses also shall include, without limitation, (i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) for purposes of Section 12(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and (iv) any interest, assessments or other charges in respect of the foregoing.  “Expenses” shall not include “Liabilities.”
“Indemnity Obligations” shall mean all obligations of the Corporation to Indemnitee under this Agreement, including the Corporation’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.
“Independent Counsel” shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder; provided, however, that the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
“Liabilities” shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

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Exhibit 10.2

“Person” shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.
“Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Corporation or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Corporation, by reason of any actual or alleged action taken by Indemnitee or of any action on Indemnitee’s part while acting as director or officer of the Corporation, or by reason of the fact that she is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement
(a)For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Corporation” shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement.
Section2Indemnity in Third-Party Proceedings.  The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding (other than any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor), or any claim, issue or matter therein.
Section3Indemnity in Proceedings by or in the Right of the Corporation.  The Corporation shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor, or any claim, issue or matter therein.  No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to such indemnification.
Section4Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2 or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the 

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Exhibit 10.2

Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved Proceeding, claim, issue or matter.  For purposes of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section5Indemnification For Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or otherwise a participant in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection therewith.
Section6Additional Indemnification.  Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Corporation shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all Liabilities and Expenses suffered or reasonably incurred by Indemnitee in connection with such Proceeding, including but not limited to:
(a)the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and
(b)the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.
Section7Exclusions.  Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to indemnify or hold harmless Indemnitee:
(a)for which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Corporation except with respect to any excess beyond the amount paid under such insurance policy;
(b)for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;
(c)except as provided in Section 12(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Corporation or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law; or
(d)if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.
Section8Advancement.  In accordance with the pre-existing requirements of the Bylaws, and notwithstanding any provision of this Agreement to the contrary, the Corporation shall advance, to the extent not prohibited by applicable law, the Expenses reasonably incurred by Indemnitee in connection with any 

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Exhibit 10.2

Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.  Advances shall be unsecured and interest free.  Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.  Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed.  Indemnitee shall qualify for advances upon the execution and delivery to the Corporation of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts advanced to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Corporation.  This Section 8 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 7 hereof.
Section9Procedure for Notification and Defense of Claim.
(a)Indemnitee shall promptly notify the Corporation in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement hereunder following the receipt by Indemnitee of written notice thereof.  The written notification to the Corporation shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.  To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.  Any delay or failure by Indemnitee to notify the Corporation hereunder will not relieve the Corporation from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Corporation shall not constitute a waiver by Indemnitee of any rights under this Agreement.  The Secretary of the Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.
(b)In the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, Indemnitee may, at Indemnitee’s option, (i) retain counsel selected by Indemnitee and approved by the Corporation to defend Indemnitee in such Proceeding, at the sole expense of the Corporation (which approval shall not be unreasonably withheld, conditioned or delayed), or (ii) have the Corporation assume the defense of Indemnitee in such Proceeding, in which case the Corporation shall assume the defense of such Proceeding with counsel selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Corporation’s receipt of written notice of Indemnitee’s election to cause the Corporation to do so.  If the Corporation is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and the Corporation shall be solely responsible for all fees and expenses of such legal counsel and otherwise of such defense.  Such legal counsel may represent both Indemnitee and the Corporation (and any other party or parties entitled to be indemnified by the Corporation with respect to such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Corporation (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the Corporation (or any such other party or parties).  Notwithstanding either party’s assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense.  The party having responsibility for defense of a Proceeding shall provide the other party and its counsel with all copies of pleadings and material correspondence relating to the Proceeding.  Indemnitee and the Corporation shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Corporation or Indemnitee assumes the defense 

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Exhibit 10.2

thereof.  Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Corporation, which consent shall not be unreasonably withheld, conditioned or delayed.  The Corporation may not settle or compromise any Proceeding without the prior written consent of Indemnitee.
Section10Procedure Upon Application for Indemnification.
(a)Upon written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by the Corporation is required by applicable law with respect to Indemnitee’s entitlement thereto, such determination shall be made (i) if Indemnitee shall request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) if so directed by the Board, by the stockholders of the Corporation; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom.  The Corporation will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in this Section 10(a) has been made.  The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant hereto.
(b)In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof, (i) the Independent Counsel shall be selected by the Corporation within ten (10) days of the Submission Date (the cost of such Independent Counsel to be paid by the Corporation), (ii) the Corporation shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Corporation Indemnitee’s written objection to such selection.  Such objection by Indemnitee may be asserted only on the ground that the Independent Counsel selected does not meet the requirements of “Independent Counsel” as defined in this Agreement.  If such written objection is made and substantiated, the Independent Counsel selected shall not serve as Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit.  Absent a timely objection, the person so selected shall act as Independent Counsel.  If no Independent Counsel shall have been selected and not objected to before the later of (i) thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof (the “Submission Date”) and (ii) ten (10) days after the final disposition of the Proceeding, each of the Corporation and Indemnitee shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

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Exhibit 10.2

Section11Presumptions and Effect of Certain Proceedings.
(a)In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Corporation shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.  Neither the failure of the Corporation (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(b)Subject to Section 12(e) hereof, if the person, persons or entity empowered or selected under Section 10 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefore, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to the Corporation’s selection of Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Corporation.
(c)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which she reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
(d)Reliance as Safe Harbor.  For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise.  The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
(e)Actions of Others.  The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

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Exhibit 10.2

Section12Remedies of Indemnitee.
(a)Subject to Section 12(e) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement within ninety (90) days after receipt by the Corporation of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 4 or 5 or the last sentence of Section 10(a) of this Agreement within ten (10) days after receipt by the Corporation of a written request therefor, (v) payment of indemnification pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Corporation or any other Person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  The Corporation shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Corporation shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.
(c)If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a prohibition of such indemnification under applicable law.
(d)The Corporation shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions of this Agreement.  It is the intent of the Corporation that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.  The Corporation shall indemnify Indemnitee against any and all such Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Corporation of a written request therefore) advance, to the extent not prohibited by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Corporation under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Corporation, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.
(e)Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition 

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Exhibit 10.2

of the Proceeding; provided that, in absence of any such determination with respect to such Proceeding, the Corporation shall advance Expenses with respect to such Proceeding.
Section13Non-Exclusivity; Survival of Rights; Insurance; Subrogation.
(a)The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall 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 right or remedy.
(b)The Corporation hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided by one or more Persons with whom or which Indemnitee may be associated.  The Corporation hereby acknowledges and agrees that (i) the Corporation shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject of the Indemnity Obligations, (ii) the Corporation shall be primarily liable for all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee or advance Expenses or Liabilities to Indemnitee in respect of any Proceeding shall be secondary to the obligations of the Corporation hereunder, (iv) the Corporation shall be required to indemnify Indemnitee and advance Expenses or Liabilities to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person and (v) the Corporation irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Corporation hereunder.  In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Corporation or payable under any Corporation insurance policy, the payor shall have a right of subrogation against the Corporation or its insurer or insurers for all amounts so paid which would otherwise be payable by the Corporation or its insurer or insurers under this Agreement.  In no event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Corporation hereunder or shift primary liability for any Indemnity Obligation to any other Person with whom or which Indemnitee may be associated.  Any indemnification, insurance or advancement provided by any other Person with whom or which Indemnitee may be associated with respect to any Liability arising as a result of Indemnitee’s Corporate Status or capacity as an officer or director of any Person is specifically in excess over any Indemnity Obligation of the Corporation or any collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Corporation under this Agreement.

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Exhibit 10.2

(c)To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Corporation or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated to the same extent as the Corporation’s indemnification and advancement obligations set forth in this Agreement.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d)In the event of any payment under this Agreement, the Corporation shall not be subrogated to the rights of recovery of Indemnitee, including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated; provided, however, that the Corporation shall be subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies of the Corporation or any of its subsidiaries.
(e)The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee.
Section14Duration of Agreement; Not Employment Contract.  This Agreement shall continue until and terminate upon the latest of: (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Corporation or any other Enterprise and (ii) the date of final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto.  This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators.  This Agreement shall not be deemed an employment contract between the Corporation (or any of its subsidiaries or any other Enterprise) and Indemnitee.  Indemnitee specifically acknowledges that Indemnitee’s employment with the Corporation (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Corporation (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Corporation, by the Certificate of Incorporation, the Bylaws or the DGCL.
Section15Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

10

Exhibit 10.2

Section16Enforcement.
(a)The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee or agent of the Corporation, and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Corporation.
(b)This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.
Section17Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto.  No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.
Section18Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:
(i)If to Indemnitee, at such address as Indemnitee shall provide to the Corporation.
(ii)If to the Corporation to:
Extraction Oil & Gas, Inc.
370 17th Street, Suite 5300
Denver, CO 80202
Attention: Board of Directors
or to any other address as may have been furnished to Indemnitee by the Corporation.
Section19Contribution.  To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Liabilities or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and transaction(s) giving cause to such Proceeding; and (b) the relative fault of the Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).
Section20Applicable Law and Consent to Jurisdiction.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  Except with respect to any arbitration commenced 

11

Exhibit 10.2

by Indemnitee pursuant to Section 12(a) of this Agreement, the Corporation and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.
Section21Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
Section22Miscellaneous.  Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.
	
		
	EXTRACTION OIL & GAS, INC.

By:/s/ Matthew R. Owens________
Name:Matthew R. Owens
Title:President
	INDEMNITEE

By:/s/ Audrey Robertson___________
Name:Audrey Robertson
Title:Director

12Exhibit 4.1

RHP HOTEL PROPERTIES, LP

and

RHP FINANCE CORPORATION,

as Issuers,

RYMAN HOSPITALITY PROPERTIES, INC.,

as Parent and a Guarantor,

the other GUARANTORS named herein,

as Guarantors,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

INDENTURE

Dated as of September 19, 2019

4.750% Senior Notes due 2027

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page

	ARTICLE I

                                                                                 

                                                                                Definitions and Incorporation by Reference

	Section 1.01   Definitions	1
	Section 1.02   Other Definitions	31
	Section 1.03   Incorporation by Reference of Trust Indenture Act	31
	Section 1.04   Rules of Construction	31
	ARTICLE II

                                                                                 
 The Notes

	Section 2.01   Form and Dating	32
	Section 2.02   Execution, Authentication and Denomination; Additional Notes; Exchange Securities	34
	Section 2.03   Registrar and Paying Agent	35
	Section 2.04   Paying Agent To Hold Assets in Trust	35
	Section 2.05   Holder Lists	35
	Section 2.06   Transfer and Exchange	36
	Section 2.07   Replacement Notes	36
	Section 2.08   Outstanding Notes	36
	Section 2.09   Treasury Notes	37
	Section 2.10   Temporary Notes	37
	Section 2.11   Cancellation	37
	Section 2.12   Defaulted Interest	38
	Section 2.13   CUSIP and ISIN Numbers	38
	Section 2.14   Book-Entry Provisions for Global Notes	38
	Section 2.15   Special Transfer and Exchange Provisions	39
	ARTICLE III

                                                                                 
 Redemption

	Section 3.01   Notices to Trustee	42
	Section 3.02   Selection of Notes To Be Redeemed	42
	Section 3.03   Notice of Redemption	42
	Section 3.04   Effect of Notice of Redemption	44
	Section 3.05   Deposit of Redemption Price	44
	Section 3.06   Notes Redeemed in Part	44
	Section 3.07   Mandatory Redemption	44

 

     

     

    

 

	ARTICLE IV

                                                                                 

                                                                                Covenants

	Section 4.01   Payment of Notes	45
	Section 4.02   Maintenance of Office or Agency	45
	Section 4.03   Corporate Existence	45
	Section 4.04   Further Instruments and Acts	46
	Section 4.05   Compliance Certificate; Notice of Default	46
	Section 4.06   Waiver of Stay, Extension or Usury Laws	46
	Section 4.07   Change of Control Triggering Event	46
	Section 4.08   Limitation on Indebtedness	48
	Section 4.09   Limitation on Restricted Payments	52
	Section 4.10   Liens	57
	Section 4.11   Limitation on Asset Sales	57
	Section 4.12   Limitation on Transactions with Affiliates	60
	Section 4.13   Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	62
	Section 4.14   Future Guarantees by Restricted Subsidiaries	65
	Section 4.15   Reports to Holders	66
	Section 4.16   Suspension of Covenants	67
	Section 4.17   Limitation on Activities of Finco	68
	Section 4.18   Financial Calculations for Limited Condition Acquisitions	68
	ARTICLE V

                                                                                 

                                                                                Successor Corporation

	Section 5.01   Consolidation, Merger and Sale of Assets	69
	ARTICLE VI

                                                                                 

                                                                                Default and Remedies

	Section 6.01   Events of Default	71
	Section 6.02   Acceleration	72
	Section 6.03   Other Remedies	73
	Section 6.04   Waiver of Past Defaults	73
	Section 6.05   Control by Majority	74
	Section 6.06   Limitation on Suits	74
	Section 6.07   Rights of Holders To Receive Payment	74
	Section 6.08   Collection Suit by Trustee	74
	Section 6.09   Trustee May File Proofs of Claim	75
	Section 6.10   Priorities	75
	Section 6.11   Undertaking for Costs	75
	Section 6.12   Restoration of Rights and Remedies	76

 

    ii

     

    

  

	ARTICLE VII

                                                                                 

                                                                                Trustee

	Section 7.01   Duties of Trustee	76
	Section 7.02   Rights of Trustee	77
	Section 7.03   Individual Rights of Trustee	79
	Section 7.04   Trustee’s Disclaimer	79
	Section 7.05   Notice of Default	79
	Section 7.06   Reports by Trustee to Holders	79
	Section 7.07   Compensation and Indemnity	79
	Section 7.08   Replacement of Trustee	80
	Section 7.09   Successor Trustee by Merger, Etc.	81
	Section 7.10   Eligibility, Disqualification	82
	Section 7.11   Preferential Collection of Claims Against the Issuers	82
	ARTICLE VIII

                                                                                 

                                                                                Discharge of Indenture, Defeasance

	Section 8.01   Termination of the Issuers’ Obligations	82
	Section 8.02   Legal Defeasance and Covenant Defeasance	83
	Section 8.03   Conditions to Legal Defeasance or Covenant Defeasance	84
	Section 8.04   Application of Trust Money	85
	Section 8.05   Repayment to the Issuers	86
	Section 8.06   Reinstatement	86
	ARTICLE IX

                                                                                 

                                                                                Amendments, Supplements and Waivers

	Section 9.01   Without Consent of Holders	86
	Section 9.02   With Consent of Holders	87
	Section 9.03   Compliance with the Trust Indenture Act	89
	Section 9.04   Revocation and Effect of Consents	89
	Section 9.05   Notation on or Exchange of Notes	89
	Section 9.06   Trustee To Sign Amendments, Etc.	89
	ARTICLE X

                                                                                 

                                                                                Guaranty

	Section 10.01   Guaranty	90
	Section 10.02   Limitation on Guarantor Liability	91
	Section 10.03   Execution and Delivery of Guaranty	91
	Section 10.04   Release of a Guarantor	92

 

    iii

     

    

  

	ARTICLE XI

                                                                                 

                                                                                Miscellaneous

	Section 11.01   Trust Indenture Act Controls	93
	Section 11.02   Notices	93
	Section 11.03   Communications by Holders with Other Holders	94
	Section 11.04   Certificate and Opinion as to Conditions Precedent	95
	Section 11.05   Statements Required in Certificate or Opinion	95
	Section 11.06   Rules by Paying Agent or Registrar	95
	Section 11.07   Legal Holidays	95
	Section 11.08   Governing Law; Waiver of Jury Trial	95
	Section 11.09   No Adverse Interpretation of Other Agreements	95
	Section 11.10   No Recourse Against Others	96
	Section 11.11   Successors	96
	Section 11.12   Duplicate Originals	96
	Section 11.13   Severability	96
	Section 11.14   U.S.A. Patriot Act	96
	Section 11.15   Force Majeure	96

 

EXHIBITS:

 

Exhibit A – Form of Note

 

Exhibit B – Form of Legends

 

Exhibit C – Form of Certificate

 

Exhibit D – Form of Guarantee

 

Exhibit E – Form of Supplemental Indenture in Respect
of Subsidiary Guaranty

  

Note: This Table of Contents shall not, for any purpose, be
deemed to be part of this Indenture.

  

    iv

     

    

  

 

INDENTURE dated as of September 19, 2019,
by and among RHP Hotel Properties, LP, a Delaware limited partnership (“Opco”),
RHP Finance Corporation, a Delaware corporation (“Finco” and, together
with Opco, the “Issuers”, each, an “Issuer”),
Ryman Hospitality Properties, Inc., a Delaware corporation (“Parent”),
as a Guarantor, each of the other Guarantors named herein, as Guarantors, and U.S. Bank National Association, a national banking
association organized under the laws of the United States of America, as Trustee (the “Trustee”).

 

The Issuers have duly authorized the creation
of an issue of 4.750% Senior Notes due 2027 and, to provide therefor, the Issuers, the Parent and the other Guarantors have duly
authorized the execution and delivery of this Indenture. All things necessary to make the Notes, when duly issued and executed
by the Issuers and authenticated and delivered hereunder, the valid and binding obligations of the Issuers and to make this Indenture
a valid and binding agreement of the Issuers and the Guarantors have been done.

 

THIS INDENTURE WITNESSETH

 

For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit
of all Holders, as follows:

 

ARTICLE
I

Definitions and Incorporation by Reference

 

Section 1.01       
Definitions. Set forth below are certain defined terms used in this Indenture.

 

“4.750% Senior Notes due 2027”
means Issuers’ outstanding 4.750% Senior Notes due 2027.

 

“5.00% Senior Notes due 2023”
means Issuers’ outstanding 5.00% Senior Notes due 2023.

 

“Acquired
Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary
or that is assumed in connection with an Asset Acquisition from such Person by a Restricted Subsidiary; provided, however,
that Indebtedness of such Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation
of the transactions by which such Person becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.

 

“Additional
Interest” means any additional interest, if any, payable on the Notes pursuant to the terms of the Registration
Rights Agreement.

 

“Adjusted
Total Assets” means, for any Person, the sum of:

 

(1) Total Assets for such Person as of the
end of the fiscal quarter preceding the Transaction Date; and

 

    

     

    

 

(2) any increase in Total Assets following
the end of such quarter determined on a pro forma basis, including any pro forma increase in Total Assets resulting
from the application of the proceeds of any additional Indebtedness.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person. For purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as applied to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable
Premium” means with respect to a Note at any redemption date, the greater of (1) 1.00% of the principal amount
of such Note and (2) the excess of (a) the present value at such redemption date of (i) the redemption price of the Note at October
15, 2022 (such redemption price being set forth in the table appearing in Section 5 of the Notes) plus (ii) all required interest
payments due on the Note through October 15, 2022 (excluding interest paid prior to the redemption date and accrued but unpaid
interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50
basis points, over (b) the principal amount of the Note on such redemption date. For the avoidance of doubt, the Trustee shall
not have any responsibility for the calculation of, or otherwise be required to verify, the Applicable Premium.

 

“Asset
Acquisition” means:

 

(1) an investment by Parent or any of the
Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged,
amalgamated or consolidated with and into Parent or any of the Restricted Subsidiaries; provided, however, that such
Person’s primary business is related, ancillary, incidental or complementary to the businesses of Parent or any of the Restricted
Subsidiaries on the date of such investment; or

 

(2) an acquisition by Parent or any of the
Restricted Subsidiaries from any other Person of assets or one or more properties of such Person; provided, however,
that the assets and properties acquired are related, ancillary, incidental or complementary to the businesses of Parent or any
of the Restricted Subsidiaries on the date of such acquisition.

 

    2

     

    

 

“Asset
Disposition” means the sale or other disposition by Parent or any of the Restricted Subsidiaries, other than to
Parent or a Restricted Subsidiary, of:

 

(1) all or substantially all of the Capital
Stock of such Restricted Subsidiary, whether in a single transaction or a series of transactions; or

 

(2) all or substantially all of the assets
that constitute a division or line of business, or one or more properties, of Parent or any of the Restricted Subsidiaries, whether
in a single transaction or a series of transactions.

 

“Asset
Sale” means any sale, transfer or other disposition, including by way of merger, consolidation or Sale and Leaseback
Transaction, in one transaction or a series of related transactions by Parent or any of the Restricted Subsidiaries to any Person
other than Parent or any of the Restricted Subsidiaries of:

 

(1) all or any of the Capital Stock of any
Restricted Subsidiary;

 

(2) all or substantially all of the assets
that constitute a division or line of business of Parent or any of the Restricted Subsidiaries; or

 

(3) any property and assets of Parent or
any of the Restricted Subsidiaries outside the ordinary course of business of Parent or such Restricted Subsidiary

 

(4) and, in each of (1), (2) and (3), that
is not governed by the provisions of Section 5.01;

 

provided, however, that “Asset
Sale” shall not include:

 

(1) the lease or sublease of any Real Estate
Asset;

 

(2) sales, leases, assignments, licenses,
sublicenses, subleases or other dispositions of inventory, receivables and other current assets;

 

(3) the sale, conveyance, transfer, lease,
disposition or other transfer of all or substantially all of the assets of the Issuers as permitted under Section 5.01;

 

(4) the license or sublicense of intellectual
property or other general intangibles;

 

(5) the issuance of Capital Stock by a Restricted
Subsidiary in which the percentage interest (direct and indirect) in the Capital Stock of such Restricted Subsidiary owned directly
or indirectly by the Issuers after giving effect to such issuance, is at least equal to the percentage interest prior to such issuance;

 

(6) the surrender or waiver of contract
rights or settlement, release or surrender of a contract, tort or other litigation claim in the ordinary course of business;

 

(7) any Restricted Payment permitted by
Section 4.09 or that constitutes a Permitted Investment;

 

(8) sales, transfers or other dispositions
of assets or the issuance of Capital Stock of a Restricted Subsidiary with a fair market value not in excess of $20,000,000 in
any transaction or series of related transactions;

 

(9) sales or other dispositions of assets
(including Capital Stock of a Restricted Subsidiary) for consideration at least equal to the fair market value of the assets sold
or disposed of, to the extent that the consideration received would satisfy Section 4.11(c)(2);

 

(10) sales or other dispositions of cash
or Temporary Cash Investments;

 

    3

     

    

 

(11) the creation, granting, perfection
or realization of any Lien permitted under this Indenture;

 

(12) the lease, assignment or sublease of
property in the ordinary course of business so long as the same does not materially interfere with the business of Parent and the
Restricted Subsidiaries, taken as a whole;

 

(13) sales, exchanges, transfers or other
dispositions of damaged, worn-out or obsolete or otherwise unsuitable or unnecessary equipment or assets that, in the Parent’s
reasonable judgment, are no longer used or useful in the business of Parent or the Restricted Subsidiaries and any sale or disposition
of property in connection with scheduled turnarounds, maintenance and equipment and facility updates;

 

(14) the voluntary unwinding of any hedging
agreements or other derivative instruments (including any Interest Rate Agreements) other than those entered into for speculative
purposes;

 

(16) dispositions of receivables in connection
with the compromise, settlement or collection thereof in the ordinary course of business or in the bankruptcy or similar proceedings
and exclusive factoring or similar arrangements;

 

(17) dispositions of Opry Assets in one
or a series of transaction for consideration in an amount not less than the fair market value of such assets;

 

(18) dispositions of property or assets
in connection with the granting of state or local tax or economic development incentives, provided that (a) the use of such
property or assets by Parent or any of its Restricted Subsidiaries is not materially limited or restricted thereby, and (b) such
dispositions are either (i) for nominal consideration pursuant to arrangements that also provide for the return of such property
or assets to Parent or one of its Restricted Subsidiaries for nominal consideration at the conclusion of the related agreements,
or (ii) for consideration that is no less favorable to Parent or its Restricted Subsidiaries than would be achieved in an
arms’ length transaction with a Person that is not an Affiliate of Parent;

 

(19) [intentionally omitted]; and

 

(20) dispositions of receivables in connection
with the compromise, settlement or collection thereof in the ordinary course of business or in the bankruptcy or similar proceedings
and exclusive factoring or similar arrangements.

 

“Attributable
Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of
the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback
Transaction. For purposes hereof such present value shall be calculated using a discount rate equal to the rate of interest implicit
in such Sale and Leaseback Transaction, determined by lessee in good faith on a basis consistent with comparable determinations
of Capitalized Lease Obligations under GAAP; provided, however, that if such Sale and Leaseback Transaction results
in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition
of “Capitalized Lease Obligations.”

 

    4

     

    

 

“Average
Life” means at any date of determination with respect to any debt security, the quotient obtained by dividing:

 

(1) the sum of the products of:

 

(x) the number of years from such date of
determination to the dates of each successive scheduled principal payment of such debt security, and

 

(y) the amount of such principal payment;
by

 

(2) the sum of all such principal payments.

 

“Bankruptcy
Law” means Title 11 of the United States Code, as amended, or any insolvency or other similar Federal or state
law for the relief of debtors.

 

“Board
of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any
duly authorized committee thereof.

 

“Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect
on the date of such certification, and delivered to the Trustee.

 

“Business
Day” means a day other than a Saturday, Sunday or any other day on which banking institutions in New York City
or the location of the Corporate Trust Office of the Trustee are authorized or required by law, regulation or executive order to
close.

 

“Capital Markets Indebtedness”
means Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered
under the Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation
S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration
thereof with the SEC or (c) a private placement of securities to institutional investors; provided that notwithstanding the foregoing,
the term “Capital Markets Indebtedness” does not include any Indebtedness under commercial bank facilities, Indebtedness
Incurred in connection with a Sale and Leaseback Transaction, Indebtedness Incurred in the ordinary course of business of the issuer,
Capitalized Lease Obligations, recourse transfer of any financial asset, obligations secured by a single property or any other
type of Indebtedness Incurred in a manner not customarily viewed as a “securities offering.”

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited,
in the equity of such Person, whether outstanding on the Issue Date or issued thereafter, including all Common Stock and Preferred
Stock; provided, for the avoidance of doubt, than any debt security convertible into or exchangeable for such shares, interests
or participations, shall not be treated as Capital Stock.

 

    5

     

    

 

“Capitalized
Lease” means, as applied to any Person, any lease of any property, whether real, personal or mixed, of which the
discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized
on the balance sheet of such Person.

 

“Capitalized
Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect
of a Capitalized Lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.

 

“Change
of Control” means the occurrence of one or more of the following events:

 

(1) any sale, exchange or other transfer
(in one transaction or a series of related transactions) of all or substantially all of the assets of Parent and its Subsidiaries
taken as a whole to any “person” or “group” (as such terms
are defined in Sections 13(d) and l4(d)(2) of the Exchange Act), together with any Affiliates thereof (whether or not otherwise
in compliance with the provisions of this Indenture) other than (a) the Parent or a Subsidiary of Parent or (b) in any
such transaction where the Voting Stock of Parent outstanding immediately prior to such transaction constitutes or is converted
or exchanged for a majority of shares of the Voting Stock of such surviving or transferee Person; provided, however,
that for the avoidance of doubt, the lease of all or substantially all of the assets of Parent and its Subsidiaries taken as a
whole shall not constitute a Change of Control;

 

(2) a “person” or “group”
(as such terms are defined in Sections 13(d) and l4(d)(2) of the Exchange Act), other than Parent or any Subsidiary of Parent,
becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total
voting power of the Voting Stock of Opco or any of its direct or indirect parent companies on a fully diluted basis; or

 

(3) the approval by the holders of Capital
Stock of an Issuer of any plan or proposal for the liquidation or dissolution of Parent or an Issuer (whether or not otherwise
in compliance with the provisions of this Indenture).

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other
class of Capital Stock, including partnership interests, whether general or limited, of such Person’s equity, whether outstanding
on the Issue Date or issued thereafter, including all series and classes of common stock.

 

“Common
Units” means any common units of Opco.

 

“Consolidated
EBITDA” means, for any period, the aggregate net income (or loss) attributable to Parent and the Restricted Subsidiaries
for such period determined on a consolidated basis in conformity with GAAP, increased by, to the extent such amount was deducted
in calculating such net income (without duplication):

 

    6

     

    

 

(1) net income from discontinued operations;

 

(2) provision for income taxes;

 

(3) loss from unconsolidated entities;

 

(4) interest expense, net (other
than interest income on the bonds referenced in the definition of Opry Assets);

 

(5) depreciation and amortization;

 

(6) preopening costs;

 

(7) non-cash ground lease expense;

 

(8) equity-based compensation expense;

 

(9) impairment charges;

 

(10) closing costs of completed acquisition;

 

(11) any (gain) or loss, together with any
related provision for taxes on such (gain) or loss, realized in connection with: (a) any disposition of assets by the Parent or
any Restricted Subsidiary outside the ordinary course of business; or (b) the disposition of any securities by the Parent or any
Restricted Subsidiary or the extinguishment of any Indebtedness of the Parent or a Restricted Subsidiary;

 

(12) pension settlement charges; and

 

(13) all other non-cash expenses (including,
but not limited to, the non-cash portion of (a) non-cash write-offs of goodwill, intangibles and long-lived assets, (b) ground
rents expense, but excluding any other such non-cash expense to the extent that it represents an accrual of or reserve for cash
expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period, and (c) non-cash equity-based
compensation).

 

“Consolidated
Interest Expense” means, for any period, the aggregate amount of interest expense, less the aggregate amount of
interest income for such period, in respect of Indebtedness of Parent and the Restricted Subsidiaries during such period, all as
determined on a consolidated basis in conformity with GAAP including (without duplication):

 

(1) the interest portion of any deferred
payment obligations;

 

(2) all commissions, discounts and other
fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

    7

     

    

 

(3) the net cash costs associated with Interest
Rate Agreements and Indebtedness that is Guaranteed or secured by assets of Parent or any Restricted Subsidiary; and

 

(4) all but the principal component of rentals
in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by Parent and the Restricted
Subsidiaries;

 

excluding, to the extent included in interest expense above,
(i) accretion of accrual of discounted liabilities not constituting Indebtedness, (ii) any expense resulting from the discounting
of any Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (iii) amortization
of debt discount, amortization of deferred financing charges, debt issuance costs, commissions, fees and expenses, (iv) any expensing
of bridge, commitment or other financing fees and (v) non-cash costs associated with Interest Rate Agreements or attributable to
mark-to-market valuation of derivative instruments pursuant to GAAP.

 

“Construction Indebtedness”
means, with respect to any Person, any Indebtedness Incurred to finance the cost of design, development, construction and opening
of new or redeveloped assets that will be used or useful in a Permitted Business, including the cost of acquisition of related
property, plant or equipment, to be owned by such Person or any of its Restricted Subsidiaries and which is designated by such
Person as “Construction Indebtedness.”

 

“Corporate
Trust Office” for administration of this Indenture means the corporate trust office of the Trustee 60 Livingston
Avenue, EP-MN-WS3C, Saint Paul, MN 55107-1419, Attention: Corporate Trust Services, or such other office, designated by the Trustee
by written notice to the Issuers, at which at any particular time its corporate trust business shall be administered.

 

“Credit
Agreement” means the Fifth Amended and Restated Credit Agreement, dated as of May 11, 2017, as amended by that
certain Amendment No. 1 dated as of May 23, 2017, and that certain Amendment No. 2 dated as of June 26, 2018, by and among Opco
and the Restricted Subsidiaries now or hereafter party thereto as borrowers or guarantors, the Parent, as guarantor, the lenders
party thereto in their capacities as lenders thereunder and Wells Fargo Bank National Association, as administrative agent, together
with the related documents thereto (including any guarantee agreements and security documents), including the Revolving Credit
Facility, the Term A Loan and the Term B Loan.

 

“Credit
Facility” means one or more credit or debt facilities (including any credit or debt facilities provided under
the Credit Agreement), financings, commercial paper facilities, note purchase agreements or other debt instruments, indentures
or agreements, providing for revolving credit loans, term loans, swing line loans, notes, securities, letters of credit, swaps,
treasury management agreements or other debt obligations, in each case, as amended, restated, modified, renewed, refunded, restructured,
supplemented, replaced or refinanced in whole or in part from time to time, including any amendment increasing the amount of Indebtedness
Incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness Incurred thereunder or contemplated
thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks
or other lenders or investors).

 

    8

     

    

 

“Default”
means any event that is, or after notice or passage of time or both would be, an Event of Default.

 

“Depository”
means The Depository Trust Company, New York, New York, or a successor thereto registered under the Exchange Act or other applicable
statute or regulation.

 

“Designated
Non-Cash Consideration” means the fair market value of non-cash consideration received by an Issuer or any of
its Restricted Subsidiaries in connection with an Asset Sale (other than Replacement Assets and Indebtedness described in the proviso
in Section 4.11(a)(2) of this Indenture) that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation, executed by the principal financial officer Parent, less the amount of
cash or Temporary Cash Investments received in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 

“Disqualified
Stock” means any class or series of Capital Stock of any Person that by its terms or otherwise is:

 

(1) required to be redeemed on or prior
to the date that is 91 days after the Stated Maturity of the Notes;

 

(2) redeemable at the option of the holder
of such class or series of Capital Stock, at any time on or prior to the date that is 91 days after the Stated Maturity of the
Notes (other than into shares of Capital Stock that is not Disqualified Stock); or

 

(3) convertible into or exchangeable for
Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity on or prior to the date that is
91 days after the Stated Maturity of the Notes;

 

provided, however, that any Capital Stock that
would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase
or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior
to the Stated Maturity of the Notes shall not constitute Disqualified Stock if the “asset sale” or “change of
control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the
provisions contained in Sections 4.07 and 4.11 and such Capital Stock specifically provides that such Person shall not repurchase
or redeem any such stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.09. Disqualified
Stock shall not include (i) Capital Stock that is issued to any plan for the benefit of employees of the Parent or its Subsidiaries
or by any such plan to such employees solely because it may be required to be repurchased by the Parent or its Subsidiaries in
order to satisfy applicable statutory or regulatory obligations and (ii) Capital Stock issued to any future, present or former
employee, director, officer or consultant of the Parent, an Issuer (or any of their respective direct or indirect parents or Subsidiaries)
that is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option agreement, stock
ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. Disqualified
Stock shall not include Common Units.

 

    9

     

    

 

“Equity
Offering” means a public or private offering of Capital Stock (other than Disqualified Stock) of Opco or the Parent
(other than Disqualified Stock).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

“Exchange
Offer” means the offer that may be made by the Issuer pursuant to the Registration Rights Agreement to exchange
Notes bearing the Private Placement Legend for the Exchange Securities.

 

“Exchange
Securities” has the meaning set forth in the Registration Rights Agreement.

 

“fair
market value” means the price that would be paid in an arm’s-length transaction between an informed and
willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. For purposes of determining
compliance with Article IV of this Indenture, any determination that the fair market value of assets other than cash or Temporary
Cash Investments is equal to or greater than $15,000,000 will be as determined in good faith by the Board of Directors of the Parent,
whose determination shall be conclusive if evidenced by a Board Resolution, and otherwise by the principal financial officer of
the Parent acting in good faith, each of whose determination will be conclusive.

 

“Fitch” means Fitch,
Inc. and its successors.

 

“Four
Quarter Period” means, for purposes of calculating the Interest Coverage Ratio with respect to any Transaction
Date, the then most recent four fiscal quarters prior to such Transaction Date for which reports have been filed with the SEC or
provided to the Trustee pursuant to Section 4.15.

 

“Funds
From Operations” for any period means the consolidated net income attributable to Parent and the Restricted Subsidiaries
for such period determined in conformity with GAAP , excluding REIT conversion costs and plus depreciation and amortization (excluding
amortization of deferred financing costs and debt discounts) and impairment losses.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the Issue Date (without giving
effect to SFAS No. 159 “The Fair Value Option for Financial Assets and Financial Liabilities”), including those 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 approved by a significant segment of the accounting profession. Except as otherwise specifically provided in this Indenture,
all ratios and computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent
basis.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness or other obligations.

 

    10

     

    

 

“Guarantor”
means the Parent and each Subsidiary Guarantor.

 

“Guaranty” means a Guarantee
by a Guarantor of the payment of the Notes by such Guarantor.

 

“Holder”
means any registered holder on the books of the Registrar, from time to time, of the Notes.

 

“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect
to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence”
of Acquired Indebtedness; provided, however, that (1) the committed but undrawn portion of any Construction
Indebtedness available to any Person will be deemed to be Incurred by such Person at the time of such commitment, will not be deemed
to be Incurred upon being subsequently drawn, and will be deemed to be no longer Incurred to the extent such commitment terminates
or is withdrawn without being subsequently drawn, and (2) neither the accrual of interest, the payment of interest on any Indebtedness
in the form of additional Indebtedness with the same terms, nor the accretion of original issue discount shall be considered an
Incurrence of Indebtedness.

 

“Indebtedness”
means, with respect to any Person at any date of determination (without duplication):

 

(1) all indebtedness of such Person for
borrowed money;

 

(2) all obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments;

 

(3) the face amount of letters of credit
or other similar instruments (excluding obligations with respect to letters of credit (including trade letters of credit) securing
obligations (other than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course
of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing
is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement);

 

(4) all unconditional obligations of such
Person to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than six months
after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except
trade payables;

 

(5) all Capitalized Lease Obligations and
Attributable Debt;

 

(6) all Indebtedness of other Persons secured
by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided, however,
that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at that date of determination
and (B) the amount of such Indebtedness;

 

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(7) all Indebtedness of other Persons Guaranteed
by such Person (excluding Permitted Non-Recourse Guarantees) to the extent such Indebtedness is Guaranteed by such Person; and

 

(8) to the extent not otherwise included
in this definition or the definition of Consolidated Interest Expense, obligations under Interest Rate Agreements.

 

The amount of Indebtedness of any Person
at any date shall be the outstanding balance at such date of all unconditional obligations of the type described above and, with
respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving rise to the obligation;
provided, however, that:

 

(1) the amount outstanding at any time of
any Indebtedness issued with original issue discount shall be deemed to be the face amount with respect to such Indebtedness less
the remaining unamortized portion of the original issue discount of such Indebtedness at the date of determination in conformity
with GAAP;

 

(2) Indebtedness shall not include any liability
for foreign, Federal, state, local or other taxes;

 

(3) Indebtedness shall not include any obligations
in respect of indemnification, adjustment of purchase price or similar obligations, or from Guarantees or letters of credit, surety
bonds or performance bonds, in each case securing any such obligations of the Issuers or any of the Restricted Subsidiaries, in
any case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of
Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose
of financing such acquisition) in a principal amount not in excess of the gross proceeds including non-cash proceeds (the fair
market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes
in value) actually received by the Issuer and the Restricted Subsidiaries on a consolidated basis in connection with such disposition;

 

(4) Indebtedness shall not include contingent
obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar obligations Incurred in the
ordinary course of business and consistent with past practices; and

 

(5) the committed but undrawn portion of
any Construction Indebtedness of such Person.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

 

“interest”
means, unless the context otherwise requires, with respect to the Notes, interest and Additional Interest, if any, on the Notes.

 

“Interest
Coverage Ratio” means, on any Transaction Date, the ratio of:

 

(x) the aggregate amount of Consolidated
EBITDA for the then applicable Four Quarter Period to

 

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(y) the aggregate Consolidated Interest
Expense during such Four Quarter Period.

 

In making the foregoing calculation (and
without duplication),

 

(1) pro forma effect shall be given
to any Indebtedness Incurred or repaid during the period (“Reference Period”)
commencing on the first day of the Four Quarter Period and ending on the Transaction Date (other than Indebtedness Incurred or
repaid under a revolving credit or similar arrangement), in each case as if such Indebtedness had been Incurred or repaid on the
first day of such Reference Period;

 

(2) Consolidated Interest Expense attributable
to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating
interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any Interest Rate Agreement
applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at
least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;

 

(3) pro forma effect shall be given
to Asset Dispositions, Asset Acquisitions and Permitted Mortgage Investments (including giving pro forma effect to the application
of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such Asset Acquisitions or
Asset Dispositions (including any Indebtedness Incurred or repaid under a revolving credit or similar arrangement)) that occur
during such Reference Period or subsequent to the end of the related Four Quarter Period as if they had occurred and such proceeds
had been applied on the first day of such Reference Period and after giving effect to Pro Forma Cost Savings;

 

(4) pro forma effect shall be given
to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to (i) the application of proceeds of any
asset disposition and any Indebtedness Incurred or repaid in connection with any such asset acquisitions or asset dispositions,
(ii) expense and cost reductions calculated on a basis consistent with Regulation S-X under the Exchange Act and (iii) Pro Forma
Cost Savings) that have been made by any Person that is or has become a Restricted Subsidiary or has been merged with or into an
Issuer or any of its Restricted Subsidiaries during such Reference Period or subsequent to the end of the related Four Quarter
Period and that would have constituted asset dispositions or asset acquisitions during such Reference Period or subsequent to the
end of the related Four Quarter Period had such transactions occurred when such Person was a Restricted Subsidiary as if such asset
dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference
Period;

 

(5) the Consolidated Interest Expense attributable
to discontinued operations, as determined in accordance with GAAP, shall be excluded, but only to the extent that the obligations
giving rise to such Consolidated Interest Expense will not be obligations of the specified Person or any of its Restricted Subsidiaries
following the Transaction Date; and

 

(6) Consolidated Interest Expense attributable
to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating
interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any interest rate option,
swap, cap or similar agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months or,
if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period. Interest
on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar rate, a Eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then based
upon such operational rate chosen as the Issuers may designate. Interest on any Indebtedness under a revolving credit facility
computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness during the applicable
period except as set forth in clause (1) of this definition. Interest on a Capitalized Lease Obligation shall be deemed to accrue
at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuers to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP;

 

    13

     

    

 

provided, however, that to the extent that clause
(3) or (4) of this paragraph requires that pro forma effect be given to an Asset Acquisition, Asset Disposition, Permitted
Mortgage Investment, asset acquisition or asset disposition, as the case may be, such pro forma calculation shall be based
upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business, or
one or more properties, of the Person that is acquired or disposed of to the extent that such financial information is available
or otherwise a reasonable estimate thereof is available.

 

“Interest
Payment Date” means the applicable Interest Payment Date specified in the Notes.

 

“Interest
Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement,
option or future contract or other similar agreement or arrangement with respect to interest rates.

 

“Investment”
in any other Person means any direct or indirect advance, loan or other extension of credit (including by way of Guarantee or similar
arrangement, but excluding advances to customers and distributors and trade credit made in the ordinary course of business that
are, in conformity with GAAP, recorded as accounts receivable on the consolidated balance sheet of Parent and the Restricted Subsidiaries
and commission, travel and similar advances to employees, directors, officers, managers and consultants in each case made in the
ordinary course of business) or capital contribution to (by means of any transfer of cash or other property (tangible or intangible)
to others or any payment for property or services solely for the account or use of others, or otherwise), or any purchase or acquisition
of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and shall include:

 

(1) the designation of a Restricted Subsidiary
as an Unrestricted Subsidiary; and

 

(2) the fair market value of the Capital
Stock (or any other Investment), held by Parent any of the Restricted Subsidiaries of (or in) any Person that has ceased to be
a Restricted Subsidiary;

 

    14

     

    

 

provided, however, that the fair market value
of the Investment remaining in any Person shall be deemed not to exceed the aggregate amount of Investments previously made in
such Person valued at the time such Investments were made, less the net reduction of such Investments. For purposes of the definition
of “Unrestricted Subsidiary” and Section 4.09:

 

(i) “Investment”
shall include the fair market value of the assets (net of liabilities (other than liabilities to Parent or any of the Restricted
Subsidiaries)) of any Restricted Subsidiary at the time such Restricted Subsidiary is designated an Unrestricted Subsidiary;

 

(ii) the fair market value of the assets
(net of liabilities (other than liabilities to Parent or any of the Restricted Subsidiaries)) of any Unrestricted Subsidiary at
the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered a reduction in outstanding
Investments; and

 

(iii) any property transferred to or from
an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer.

 

“Investment
Grade Status” means, with respect to the Issuers, when the Notes have (1) a rating of “Baa3” or higher
from Moody’s, (2) a rating of “BBB-” or higher from S&P, and (3) a rating of “BBB-“ or better
by Fitch, in each case published by the applicable agency. The Notes will be deemed to have ceased to be rated as Investment Grade
Status by a Rating Agency during any period in which such Rating Agency is not providing a rating for the Notes.

 

“Issue
Date” means September 19, 2019.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

“Limited Condition Acquisition”
means any acquisition or Investment, including by way of merger, amalgamation or consolidation, by the Issuer or any other Restricted
Subsidiary whose consummation is not conditioned upon the availability of, or on obtaining, third party financing.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Net
Cash Proceeds” means, (1) with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
or Temporary Cash Investments, including payments in respect of deferred payment obligations (to the extent corresponding to the
principal, but not interest, component thereof) when received in the form of cash or Temporary Cash Investments (except to the
extent such obligations are financed or sold with recourse to Parent or any of the Restricted Subsidiaries) and proceeds from the
conversion or sale of other property received when converted to or sold for cash or cash equivalents, net of brokerage and sales
commissions and other fees and expenses (including fees and expenses of counsel, accountants and investment bankers) related to
such Asset Sale, and (2) with respect to any issuance or sale of Capital Stock, the proceeds of such issuance in the form of cash
or Temporary Cash Investments , including payments in respect of deferred payment obligations (to the extent corresponding to the
principal but not interest, component thereof) when received in the form of cash or Temporary Cash Investments (except to the extent
such obligations are financed or sold with recourse to the Parent or any of its Restricted Subsidiaries) and proceeds from the
conversion of other property received when converted to cash or Temporary Cash Investments, net of attorneys’ fees accountants’
fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually
incurred in connection with such issuance or sale and net of tax paid or payable as a result thereof.

 

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“Non-U.S.
Person” has the meaning assigned to such term in Regulation S.

 

“Notes”
means, collectively, the Issuers’ 4.750% Senior Notes due 2027 issued in accordance with Section 2.02 (whether issued on
the Issue Date, issued as Additional Notes, issued as Exchange Securities, or otherwise issued after the Issue Date) treated as
a single class of securities under this Indenture.

 

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

 

“Offering”
means the sale of the Initial Notes as described in the Offering Memorandum.

 

“Offering
Memorandum” means the final Offering Memorandum dated September 13, 2019, pursuant to which the Notes issued on
the Issue Date were offered to investors.

 

“Officer”
means any of the following with respect to any Person: the Chairman of the Board of Directors, the Chief Executive Officer, the
Chief Financial Officer, Chief Accounting Officer, Chief Operating Officer, the President, any Vice President (whether or not designated
by a number or numbers or word or words added before or after the title “Vice President”), the Treasurer, any Assistant
Treasurer, the Controller, the General Counsel or the Secretary or any Assistant Secretary of such Person.

 

“Officer’s
Certificate” means a certificate signed by an Officer of the Parent or each of the Issuers, as applicable.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel
may be an employee of, or counsel to the Issuers or a Guarantor.

 

“Opry Assets” means the
then existing tangible and intangible assets described as the Grand Ole Opry, the Ryman Auditorium, the General Jackson Showboat,
the Gaylord Springs Golf Links, the Wildhorse Saloon, WSM-AM, Ole Red and the equity investment in New Country Ventures in Part
I of Parent’s annual report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange
Commission, and subsequent filings, together with (a) the taxable special obligation bonds of Prince George’s County, Maryland
issued in 2005 in connection with the National Harbor convention center project, with an initial principal amount of $95,000,000,
(b) the taxable subordinate special obligation bonds of Prince George’s County, Maryland issued in 2008 in connection with
the National Harbor convention center project, with an initial principal amount of $50,000,000, (c) any assets of the Parent or
Subsidiaries reflected in the “Entertainment” segment of Parent’s business from time to time in filings with
the Securities and Exchange Commission and (d) other assets of Parent or any Subsidiaries with an aggregate book value of up to
$200,000,000 that Parent’s Board of Directors may designate as part of the Opry Assets (after netting any debt assumed);
provided that assets designated as Opry Assets will not include the seven hotels owned as of the date hereof by the Guarantors
or other Subsidiaries.

 

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“Pari
Passu Indebtedness” means any Indebtedness of an Issuer or any Subsidiary Guarantor that ranks pari passu in right
of payment with the Notes or the Subsidiary Guaranty thereof by such Subsidiary Guarantor, as applicable.

 

“Permitted
Business” means any business activity (including Permitted Mortgage Investments) in which the Parent and Restricted
Subsidiaries are engaged in on the Issue Date, any business activity related to properties customarily constituting assets of a
REIT owning assets in the hospitality or entertainment industries, or any business reasonably related, ancillary, incidental or
complementary thereto, or reasonable expansions or extensions thereof.

 

“Permitted Government Revenue Bond
Indebtedness” means revenue bonds issued by a state or local government or an agency, authority or other instrumentality
thereof, the proceeds of which are used to finance or refinance the acquisition, construction, equipping or improvement of facilities
or property used in a Permitted Business, and any deferred lease obligation of the Parent or any of its Restricted Subsidiaries
relating thereto; provided, that (a) such revenue bonds are non-recourse to the Parent and any of its Restricted Subsidiaries
(unless and to the extent the Parent or a Restricted Subsidiary is the holder of such bonds), and (b) the principal of, interest
on or costs relating to such revenue bonds are payable solely from (i) proceeds of such bonds, (ii) all or an incremental
portion of sales, use, lodgers’, property and other generally applicable taxes (not including income taxes), whether generated
by or levied on such facilities or property or the activities and business conducted thereon or upon property located in a broader
area, (iii) reserve funds created with proceeds of such bonds or with revenues described in (ii), (iv) a general or “moral
obligation” pledge of a state or local government or agency, authority or other instrumentality thereof, or (v) if the
Parent or a Restricted Subsidiary is the holder of such bonds, payments made by the Parent or a Restricted Subsidiary.

 

“Permitted
Investment” means:

 

(1) (a) an Investment in Parent or any of
the Restricted Subsidiaries or (b) a Person that will, upon the making of such Investment, become a Restricted Subsidiary or be
merged or consolidated with or into or transfer or convey all or substantially all its assets to, Parent or any of the Restricted
Subsidiaries and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such
Person in contemplation of such acquisition, merger, consolidation or transfer;

 

(2) investments in cash and Temporary Cash
Investments;

  

    17

     

    

 

 

(3) Investments made by Parent or the Restricted
Subsidiaries as a result of consideration received in connection with an Asset Sale made in compliance with Section 4.11 or from
any other disposition or transfer of assets not constituting an Asset Sale;

 

(4) Investments represented by Guarantees
that are otherwise permitted under this Indenture;

 

(5) payroll, travel and similar advances
to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP;

 

(6) Investments received in satisfaction
of judgments or in settlements of debt or compromises of obligations incurred in the ordinary course of business;

 

(7) any Investment acquired solely in exchange
for Capital Stock (other than Disqualified Stock) of the Parent or Opco, which the Parent or Opco did not receive in exchange for
a cash payment, Indebtedness or Disqualified Stock, but excluding any new cash Investments made thereafter;

 

(8) obligations under Interest Rate Agreements
otherwise permitted under this Indenture;

 

(9) Permitted Mortgage Investments;

 

(10) any transaction that constitutes an
Investment to the extent permitted and made in accordance with Section 4.12(b) (except transactions pursuant to Sections 4.12(b)(1),
(4), (5), (8), (9) and (12));

 

(11) any Investment in any Subsidiary or
joint venture in which Parent or any of the Restricted Subsidiaries owns Capital Stock (including options, warrants or other rights
to acquire such shares of Capital Stock) in connection with intercompany cash management arrangements or related activities in
the ordinary course of business;

 

(12) any Investment consisting of prepaid
expenses, negotiable instruments held for collection and lease, endorsements for deposit or collection in the ordinary course of
business, utility or workers’ compensation, performance and similar deposits entered into as a result of the operations of
the business in the ordinary course of business;

 

(13) pledges or deposits by a Person under
workers’ compensation laws, unemployment insurance laws or similar legislation, or deposits in connection with bids, tenders,
contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits as security for contested
taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

(14) any Investment acquired by Parent or
any of the Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable or rents receivable held by
the Parent or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization
of the issuer of such other Investment or accounts receivable or rents receivable or (b) as a result of a foreclosure by Parent
or any of the Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

    18

     

    

 

(15) any Investment consisting of a loan
or advance to officers, directors or employees of the Parent or any of the Restricted Subsidiaries (a) in connection with the purchase
by such Persons of Capital Stock of the Parent or (b) for additional purposes made in the ordinary course of business, in the aggregate
under this clause (15) not to exceed $5,000,000 at any one time outstanding;

 

(16) any Investment made in connection with
the funding of contributions under any nonqualified employee retirement plan or similar employee compensation plan in an amount
not to exceed the amount of compensation expenses recognized by the Parent and any of the Restricted Subsidiaries in connection
with such plans;

 

(17) any Investment existing on the Issue
Date or made pursuant to a binding commitment in each case in effect on the Issue Date or an Investment consisting of any extension,
modification, replacement or renewal of any such Investment or binding commitment existing on the Issue Date;

 

(18) additional Investments not to exceed
the greater of (x) $200,000,000 and (y) 4.0% of Adjusted Total Assets at any time outstanding;

 

(19) Investments in Unrestricted Subsidiaries
and joint ventures in an aggregate amount, taken together with all other Investments made in reliance on this clause not to exceed
the greater of (x) $200,000,000 and (y) 4.0% of Adjusted Total Assets (net of, with respect to the Investment in any particular
Person, the cash return thereon received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating
distribution or other cash realization (not included in Consolidated EBITDA), not to exceed the amount of Investments in such Person
made after the Issue Date in reliance on this clause);

 

(20) Entering into Permitted Non-Recourse
Guarantees (it being understood that any payments or other transfers made pursuant to such Permitted Non-Recourse Guarantees will
not be permitted by this clause (20));

 

(21) Investments in account receivables,
trade credit, and advances to customers in the ordinary course of business; and

 

(22) Investments in bonds, notes, loans
or other Investments acquired solely as a means of implementing government tax or economic incentive programs relating to property
or assets used in, and/or permitted public costs in connection with, a Permitted Business, and that shall be repaid from tax revenues.

 

“Permitted Liens” means:

 

(1) Liens on any assets (including real
or personal property) of the Parent and any Restricted Subsidiary securing Indebtedness and other Obligations (A) under any
Credit Facility that were permitted to be incurred under Section 4.08(d)(1) or (B) permitted to be incurred under both Sections
4.08(b) and 4.08(c);

 

    19

     

    

 

(2) Liens in favor of the Issuers or the
Guarantors;

 

(3) Liens on property of a Person existing
at the time such Person is merged with or into or consolidated with the Parent or any Restricted Subsidiary or becomes a Restricted
Subsidiary; provided that such Liens were in existence prior to the contemplation of such merger, consolidation or acquisition
and do not extend to any assets other than those of the Person merged into, consolidated with Parent or such Restricted Subsidiary
or acquired by Parent or such Restricted Subsidiary;

 

(4) Liens on property existing at the time
of acquisition of the property by Parent or any Restricted Subsidiary, provided that such Liens were in existence prior to the
contemplation of such acquisition and do not extend to any property other than the property so acquired by Parent or such Restricted
Subsidiary;

 

(5) 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;

 

(6) Liens to secure Indebtedness (including
Capitalized Lease Obligations) Incurred under Sections 4.08(d)(15) or 4.08(d)(21) covering only the assets acquired with such Indebtedness;

 

(7) Liens existing on the Issue Date;

 

(8) Liens for taxes, assessments or governmental
charges or claims 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 is required in conformity with GAAP has
been made therefor;

 

(9) Liens securing Permitted Refinancing
Indebtedness constituting Secured Indebtedness; provided that any such Lien does not extend to or cover any property, Capital Stock
or Indebtedness other than the property, shares or debt securing the Indebtedness so refunded, refinanced or extended;

 

(10) Attachment or judgment Liens not giving
rise to a Default or an Event of Default;

 

(11) Liens on the Capital Stock of Unrestricted
Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries;

 

(12) Liens incurred with respect to obligations
that do not exceed $25,000,000 at any one time outstanding;

 

(13) pledges or deposits under workmen’s
compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders,
contracts (other than for the payment of Indebtedness) or leases to which Parent or any Restricted Subsidiary is a party, or deposits
to secure public or statutory obligations of Parent or any Restricted Subsidiary or deposits or cash or government securities to
secure surety or appeal bonds to which Parent or any Restricted Subsidiary is a party, or deposits as security for contested taxes
or import or customs duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

    20

     

    

 

(14) Liens imposed by law, including carriers’,
warehousemen’s and mechanics’ Liens, in each case for sums not overdue for a period of more than 30 days or being contested
in good faith by appropriate proceedings if a reserve or other appropriate provisions; if any, as shall be required by GAAP shall
have been made in respect thereof;

 

(15) survey exceptions, encumbrances, easements
or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real properties or liens incidental to the conduct of
the business of Parent or a Restricted Subsidiary or to the ownership of its properties that do not in the aggregate materially
adversely affect the value of said properties or materially impair their use in the operation of the business of Parent or such
Restricted Subsidiary;

 

(16) leases and subleases of real property
that do not materially interfere with the ordinary conduct of the business of Parent or any of the Restricted Subsidiaries;

 

(17) normal customary rights of setoff,
revocation, refund or chargeback with respect to money or instruments upon deposits of cash in favor of collecting or payor banks
or other depository institutions;

 

(18) any interest or title of a lessor,
licensor or sublicensor in the property subject to any lease, license or sublicense (other than property that is the subject of
a Sale and Leaseback Transaction);

 

(19) Liens of cash or Temporary Cash Investments
securing Interest Rate Agreements;

 

(20) Liens, deposits or pledges to secure
performance of bids, tenders, contracts (other than contracts for the payment of Indebtedness), leases, or other similar obligations
arising in the ordinary course of business;

 

(21) Liens on property or assets used to
defease Indebtedness that was not incurred in violation of this Indenture;

 

(22) Liens arising from precautionary UCC
financing statements regarding operating leases and consignments;

 

(23) Liens related to Permitted Government
Revenue Bond Indebtedness and the implementation of related or similar governmental tax or economic incentive programs;

 

(24) Liens upon, and defects of title to,
property, including any attachment of property or other legal process prior to adjudication of a dispute on the merits if either
(1) no amounts are due and payable and no Lien has been filed or agreed to, or (2) the validity or amount thereof is being contested
in good faith by lawful proceedings, reserve or other provision required by GAAP has been made, and levy and execution thereon
have been (and continue to be) stayed or payment thereof is covered in full (subject to the customary deductible) by insurance;

 

    21

     

    

 

(25) any extension, renewal or replacement,
in whole or in part of any Lien described in clauses (3), (4), (6) and (7) of this definition of “Permitted Liens”;
provided that any such extension, renewal or replacement is no more restrictive in any material respect, taken as a whole, than
any Lien so extended, renewed or replaced and does not extend to any additional property or assets;

 

(26) Liens under licensing agreements for
use of intellectual property entered into in the ordinary course of business and consistent with past practice, including, without
limitation, the licensing of any intellectual property that Parent or any of its Subsidiaries determine to no longer utilize;

 

(27) Liens Incurred in the ordinary course
of business not securing Indebtedness and that do not, individually or in the aggregate, detract from the value of property or
assets of Parent or any of its Restricted Subsidiaries in any manner material to Parent and its Restricted Subsidiaries taken as
a whole;

 

(28) Liens on assets pursuant to merger
agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such assets;

 

(29) Liens solely on any cash earnest money
deposits made by Parent or a Restricted Subsidiary in connection with any letter of intent or purchase agreement;

 

(30) Liens securing Interest Rate Agreements
permitted under Section 4.08(d)(3);

 

(31) Liens arising out of conditional sale,
title retention, consignment or similar arrangements with vendors for the sale or purchase of goods entered into by Parent or a
Restricted Subsidiary in the ordinary course of business; and

 

(32) any encumbrance or restriction (including
put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture
or similar agreement.

 

“Permitted
Mortgage Investment” means any Investment in secured notes, mortgage, deeds of trust, collateralized mortgage
obligations, commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other secured debt
instruments, so long as such investment relates directly or indirectly to real property that constitutes or is used as a hotel
resort or other property customarily constituting an asset of a real estate investment trust specializing in properties relating
to the hospitality and entertainment industries.

 

“Permitted Non-Recourse Guarantees”
means customary indemnities or limited contingent guarantees (including by means of separate indemnification agreements or carve-out
guarantees) provided in the ordinary course of business by Parent or any of the Restricted Subsidiaries to finance the acquisition
of real property that are directly or indirectly secured by only such real property (and any accessions, improvements and fixtures
thereto) or by a pledge of the Capital Stock, and options, warrants or other rights to acquire such shares of Capital Stock, of
a joint venture (so long as such joint venture is not a Restricted Subsidiary) or Unrestricted Subsidiary that owns such real property
and is the borrower in such financing, and that may be full recourse or non-recourse to such joint venture or Unrestricted Subsidiary,
but is non-recourse to Parent or any Restricted Subsidiary except for such indemnities and limited contingent guarantees as are
consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer
restrictions).

 

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“Permitted
Refinancing Indebtedness” means:

 

(A) any Indebtedness of Parent or any of
the Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace,
defease, discharge or refund other Indebtedness of Parent or any of the Restricted Subsidiaries (other than intercompany Indebtedness);
provided that:

 

(1) the principal amount (or accreted value,
if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness so extended, refinanced, renewed, replaced, defeased, discharged or refunded (plus all accrued interest thereon
and the amount of any fees and expenses, including premiums, incurred in connection therewith);

 

(2) such Permitted Refinancing Indebtedness
has:

 

(a) a final maturity date later than the
earlier of (x) the final maturity date of the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged
or refunded or (y) the date that is 91 days after the maturity of the Notes, and

 

(b) an Average Life equal to or greater
than the lesser of (x) the Average Life of the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged
or refunded or (y) the date that is 91 days more than the Average Life of the Notes;

 

(3) if the Indebtedness being extended,
refinanced, renewed, replaced, defeased, discharged or refunded is contractually subordinated in right of payment to the Notes
or any Guaranty, such Permitted Refinancing Indebtedness is contractually 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 extended,
refinanced, renewed, replaced, defeased, discharged or refunded;

 

(4) if the Indebtedness being extended,
refinanced, renewed, replaced, defeased, discharged or refunded is pari passu in right of payment with the Notes or any Guaranty
thereof, such Permitted Refinancing Indebtedness is pari passu in right of payment with, or subordinated in right of payment to,
the Notes or such Guaranty; and

 

(5) such Indebtedness is Incurred either
by Parent, an Issuer, any Subsidiary Guarantor or the Restricted Subsidiary who is the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased, discharged or refunded.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity.

 

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“Preferred
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other
class of Capital Stock, including preferred partnership interests, whether general or limited, or such Person’s preferred
or preference stock, whether outstanding on the Issue Date or issued thereafter, including all series and classes of such preferred
or preference stock.

 

“principal”
means, with respect to the Notes, the principal of and premium, if any, on the Notes.

 

“Private
Placement Legend” means the legends initially set forth on the Notes in the form set forth in Exhibit B.

 

“Pro
Forma Cost Savings” means, with respect to any period, the reductions in costs (including such reductions resulting
from employee terminations, facilities consolidations and closings, standardization of employee benefits and compensation policies,
consolidation of property, casualty and other insurance coverage and policies, standardization of sales and distribution methods,
reductions in taxes other than income taxes) that occurred during such period that are (1) directly attributable to an asset acquisition
or (2) implemented and that are factually supportable and reasonably quantifiable by the underlying records of such business, as
if, in the case of each of clauses (1) and (2), all such reductions in costs had been effected as of the beginning of such period,
decreased by any incremental expenses incurred or to be incurred during such period in order to achieve such reduction in costs,
all such costs to be determined in good faith by the chief financial officer of the Parent.

 

“Qualified
Institutional Buyer” or “QIB” shall have the meaning
specified in Rule 144A under the Securities Act.

 

“Rating Agencies” means
(1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Issuers’ control, a “nationally recognized
statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act, selected by the Issuers
as a replacement agency for Moody’s, S&P or Fitch, or any of them, as the case may be.

 

“Rating Decline Period’’
means the 60-day period (which 60-day period shall be extended as long as the credit rating on the Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) after the earliest of (a) the occurrence of a Change of Control,
(b) the first public notice of the occurrence of such Change of Control and (c) the first public notice of the Issuers’ intention
to effect such Change of Control.

 

“Rating Event” means,
with respect to any Change of Control, (a) the credit rating on the Notes is lowered by one or more gradations (including gradations
within ratings categories as well as between categories but excluding, for the avoidance of doubt, changes in ratings outlook)
as compared to the rating of the notes on the Issue Date by each of the Rating Agencies during the Rating Decline Period relating
to such Change of Control and each such Rating Agency shall have put forth a public statement to the effect that such downgrade
is attributable in whole or in part to such Change of Control and (b) immediately after giving effect to the reduction in the credit
rating on the Notes by the Rating Agencies as described in clause (a), the Notes do not have an Investment Grade Status from any
of the Rating Agencies.

 

    24

     

    

 

“Real
Estate Assets” of a Person means, as of any date, the real estate assets of such Person and its Restricted Subsidiaries
on such date, on a consolidated basis determined in accordance with GAAP.

 

“Record
Date” means the applicable Record Date specified in the Notes.

 

“Redemption
Date” when used with respect to any Note to be redeemed, means the date fixed for such redemption pursuant to
this Indenture and the Notes.

 

“Redemption
Price” when used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in
immediately available funds, pursuant to this Indenture and the Notes.

 

“Registration
Rights Agreement” means that certain registration rights agreement related to the Notes dated the Issue Date among
the Issuers, the Guarantors and the initial purchasers.

 

“Regulation
S” means Regulation S under the Securities Act.

 

“REIT” means real estate
investment trust.

 

“REIT conversion costs”
means any REIT conversion costs included in Parent’s consolidated statements of operations, prepared in accordance with GAAP,
for the applicable period.

 

“Replacement
Assets” means (1) tangible non-current assets that will be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will
become on the date of acquisition thereof a Restricted Subsidiary (including the merger of such a Person into a Restricted Subsidiary
of Parent).

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee
to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular
subject and shall also mean any officer who shall have direct responsibility for the administration of this Indenture.

 

“Restricted
Security” means a Note that constitutes a “Restricted Security” within the meaning of Rule 144(a)(3)
under the Securities Act; provided, however, that the Trustee shall be entitled to request and conclusively rely
on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security.

 

“Restricted
Subsidiary” means, with respect to a Person, any Subsidiary of such Person other than an Unrestricted Subsidiary.
Unless the context otherwise requires, Restricted Subsidiaries refer to Restricted Subsidiaries of Parent, including, without limitation,
the Issuers.

 

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“Revolving Credit Facility”
means the $700,000,000 senior secured revolving credit facility due May 23, 2021, issuable under the Credit Agreement.

 

“Rule
144A” means Rule 144A under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services and its successors.

 

“Sale
and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person
is a party, providing for the leasing to the Parent or any Restricted Subsidiary of any property, whether owned by the Parent or
any such Restricted Subsidiary at the Issue Date or later acquired and held for more than 60 days, which has been or is to be sold
or transferred by the Parent or any such Restricted Subsidiary to such Person or any other Person from whom funds have been or
are to be advanced by such Person on the security of such property.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien upon the property of Parent or any Restricted Subsidiaries.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor statute or statutes thereto.

 

“Significant
Subsidiary” with respect to any Person, means any Restricted Subsidiary of such Person that satisfies the criteria
for a “significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act, as such regulation
is in effect on the Issue Date.

 

“Stated
Maturity” means:

 

(1) with respect to any debt security, the
date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due
and payable; and

 

(2) with respect to any scheduled installment
of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment
is due and payable,

 

provided, that Stated Maturity 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.

 

“Subordinated
Indebtedness” means Indebtedness that by the terms of such Indebtedness is subordinated in right of payment to
the principal of and interest and premium, if any, on the Notes or any Guaranty.

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power
of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person
and the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance
with GAAP, if such statements were prepared as of such date.

 

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“Subsidiary
Guarantors” means (i) each Restricted Subsidiary of the Issuers on the Issue Date that Guarantees the Credit Agreement
and (ii) each other Person that is required to become a Guarantor by the terms of this Indenture after the Issue Date, in each
case, until such Person is released from its Subsidiary Guaranty.

 

“Subsidiary Guaranty”
means a Guaranty by a Subsidiary Guarantor.

 

“Supplemental Indenture”
means a Supplemental Indenture, to be entered into substantially in the form attached hereto as Exhibit E.

 

“Temporary
Cash Investment” means any of the following:

 

(1) United States dollars;

 

(2) direct obligations of the United States
of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency
thereof;

 

(3) time deposit accounts, term deposit
accounts, time deposits, bankers’ acceptances, certificates of deposit, Eurodollar time deposits and money market deposits
maturing within twelve months or less of the date of acquisition thereof issued by (A) a bank or trust company that is organized
under the laws of the United States of America, any state thereof, and which bank or trust company has capital, surplus and undivided
profits aggregating in excess of $250,000,000 and has outstanding debt that is rated “A” (or such similar equivalent
rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities
Act) or (B) any money-market fund sponsored by a registered broker dealer or mutual fund distributor;

 

(4) repurchase obligations with a term of
not more than 30 days for underlying securities of the types described in clauses (2) and (3) above entered into with a bank meeting
the qualifications described in clause (3) above;

 

(5) commercial paper, maturing not more
than six months after the date of acquisition, issued by a corporation (other than an Affiliate of the Parent) organized and in
existence under the laws of the United States of America, any state of the United States of America with a rating at the time as
of which any investment therein is made of “P-2” (or higher) according to Moody’s, “A-2” (or higher)
according to S&P or “F-2” (or higher) according to Fitch;

 

(6) securities with maturities of twelve
months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory
of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A”
by S&P, Moody’s or Fitch;

 

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(7) securities with maturities of six months
or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements
of clause (3)(A) of this definition;

 

(8) any fund investing substantially all
of its assets in investments that constitute Temporary Cash Investments of the kinds described in clauses (1) through (7) of this
definition; and

 

(9) money market funds that (A) comply with
the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (B) are rated AAA by S&P and
Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

 

“Term
A Loan” means the $200,000,000 term loan due May 23, 2022, issued under the Credit Agreement.

 

“Term
B Loan” means the $490,000,000 term loan due May 11, 2024, issued under the Credit Agreement.

 

“Total
Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus (b) the book
value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as of such date
of determination on a consolidated basis determined in accordance with GAAP.

 

“Transaction
Date” means, with respect to the Incurrence of any Indebtedness by Parent or any of the Restricted Subsidiaries,
the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to
be made.

 

“Treasury
Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519)
(“Statistical Release”) that has become publicly available at least two Business Days prior to the redemption date
or, in the case of a satisfaction, discharge or defeasance, at least two Business Days prior to the deposit of funds with the Trustee
to pay and discharge the entire Indebtedness of the Notes (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from the redemption date to April 15, 2016; provided,
however, that if the period from the redemption date to April 15, 2016, is less than one year, the weekly average yield
on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Trustee”
means the party named as such in the Preamble of this Indenture until a successor replaces it in accordance with the provisions
of this Indenture and thereafter means such successor.

 

“UCC” means the Uniform
Commercial Code as in effect from time to time in the State of New York

 

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“Undepreciated
Real Estate Assets” means, as of any date, the cost (being the original cost to Parent or the Restricted Subsidiaries
plus capital improvements) of real estate assets of the Issuers and the Subsidiaries on such date, before depreciation and amortization
of such real estate assets, determined on a consolidated basis in conformity with GAAP. Notwithstanding the foregoing sentence,
the cost of any real estate assets consisting of a hotel and related or complimentary facilities (“Hotel Facilities”)
shall be deemed to be the greater of (i) the amount determined in accordance with the preceding sentence with respect to such Hotel
Facilities and (ii) the fair market value of such Hotel Facilities, as determined pursuant to an appraisal (the “Appraisal”)
by a nationally recognized investment banking, appraisal or accounting firm and set forth in an Officer’s Certificate of
the Parent delivered to the Trustee no earlier than six months preceding the date of determination of Undepreciated Real Estate
Assets. The Appraisal set forth in the Officer’s Certificate must be dated within two years of the date of such Officer’s
Certificate.

 

“Unrestricted
Subsidiary” means

 

(1) any Subsidiary of the Issuers that at
the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Parent in the manner
provided below; and

 

(2) any Subsidiary of an Unrestricted Subsidiary.

 

Except during a Suspension Period, the Board
of Directors of the Parent may designate any Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of
the Issuers) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any
property of, the Parent or any of its Restricted Subsidiaries; provided, however, that:

 

(i) any Guarantee by the Parent or any of
its Restricted Subsidiaries of any Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence”
of such Indebtedness and an “Investment” by the Parent or such Restricted
Subsidiary (or all, if applicable) at the time of such designation;

 

(ii) either (i) the Subsidiary to be so
designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such designation would
be permitted under Section 4.09; and

 

(iii) if applicable, the Incurrence of Indebtedness
and the Investment referred to in clause (i) above would be permitted under Section 4.09.

 

The Board of Directors of the Parent may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that:

 

(x) no Default or Event of Default shall
have occurred and be continuing at the time of or after giving effect to such designation; and

 

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(y) all Indebtedness of such Unrestricted
Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and
shall be deemed to have been Incurred) for all purposes of this Indenture.

 

Any such designation by the Board of Directors
of the Parent shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect
to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 

“U.S.
Government Obligations” means direct obligations of, obligations guaranteed by, or participations in pools consisting
solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee
the full faith and credit of the United States of America is pledged and that are not callable or redeemable at the option of the
issuer thereof.

 

“U.S.
Legal Tender” means such coin or currency of the United States of America that at the time of payment shall be
legal tender for the payment of public and private debts.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

“Voting
Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the governing body of such Person.

 

“Wholly
Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock
of such Subsidiary (other than any director’s qualifying shares or Investments by individuals mandated by applicable law)
by such Person or one or more Wholly Owned Subsidiaries of such Person.

 

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Section 1.02       
Other Definitions.

 

	Term	 	Defined in Section
	“144A Global Notes”	 	2.01
	“Acceptable Commitment”	 	4.11(c)
	“Additional Notes”	 	2.02
	“Asset Sale Offer”	 	4.11(d)
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.07(a)
	“Change of Control Payment”	 	4.07(b)
	“Change of Control Payment Date”	 	4.07(b)
	“Covenant Defeasance”	 	8.02(c)
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.11(c)
	“Finco”	 	Preamble
	“Global Note”	 	2.01
	“Initial Global Notes”	 	2.01
	“Initial Notes”	 	2.02
	“Issuer” or “Issuers”	 	Preamble
	“Legal Defeasance”	 	8.02(b)
	“Opco”	 	Preamble
	“Parent”	 	Preamble
	“Participants”	 	2.14(a)
	“Paying Agent”	 	2.03
	“Physical Notes”	 	2.01
	“purchase”	 	4.09(a)(3)
	“Refunding Capital Stock”	 	4.09(b)(4)
	“Registrar”	 	2.03
	“Regulation S Global Notes”	 	2.01
	“Restricted Payments”	 	4.09(a)
	“Reversion Date”	 	4.16
	“Suspended Covenant”	 	4.16
	“Suspension Period”	 	4.16

 

Section 1.03       
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture
Act, such provision is incorporated by reference in, and made a part of, this Indenture. The following Trust Indenture Act terms
used in this Indenture have the following meanings:

 

“indenture
securities” means the Notes.

 

“obligor”
on the indenture securities means the Issuers, any Guarantor or any other obligor on the Notes.

 

All other Trust Indenture Act terms used
in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined
by SEC rule and not otherwise defined herein have the meanings assigned to them therein.

 

Section 1.04       
Rules of Construction. Unless the context otherwise requires:

 

(1) a term has the meaning assigned to it;

 

(2) an accounting term not otherwise defined
has the meaning assigned to it in accordance with GAAP;

 

(3) “or” is not exclusive;

 

(4) words in the singular include the plural,
and words in the plural include the singular;

 

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(5) “herein,” “hereof”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(6) the words “including,” “includes”
and similar words shall be deemed to be followed by “without limitation”;

 

(7) unsecured Indebtedness shall not be
deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness;

 

(8) secured Indebtedness shall not be deemed
to be subordinate or junior to any other secured Indebtedness merely because it has a junior priority with respect to the same
collateral;

 

(9) the principal amount of any noninterest
bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of
the issuer dated such date prepared in accordance with GAAP;

 

(10) the amount of any preferred stock that
does not have a fixed redemption, repayment or repurchase price shall be the maximum liquidation value of such Preferred Stock;

 

(11) all references to the date the Notes
were originally issued shall refer to the Issue Date, except as otherwise specified;

 

(12) references to the Issuers mean either
the Issuers or the applicable Issuer, as the context requires, and references to an Issuer mean either such Issuer or the Issuers,
as the context requires; and

 

(13) whenever in this Indenture there is
mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall
be deemed to include mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is,
was or would be payable in respect thereof pursuant to Section 1 of the Notes.

 

ARTICLE
II

The Notes

 

Section 2.01       
Form and Dating. 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, stock exchange rule or usage.
The Issuers shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note shall be dated the date
of its issuance and show the date of its authentication. Each Note shall have an executed Guaranty from each of the Guarantors
existing on the date of authentication of such Note endorsed thereon substantially in the form of Exhibit D.

 

The terms and provisions contained in the
Notes and the Guarantees shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable,
the Issuers, 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.

 

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Notes offered and sold in reliance on Rule
144A shall be issued initially in the form of a one or more permanent global Notes in registered form, substantially in the form
set forth in Exhibit A (the “144A Global Notes”), deposited with the Trustee, as custodian for the Depository,
duly executed by the Issuers (and having an executed Guarantee from each of the Guarantors endorsed thereon) and authenticated
by the Trustee as hereinafter provided and shall bear the legends set forth in Exhibit B.

 

Notes offered and sold in offshore transactions
in reliance on Regulation S shall be issued initially in the form of one or more permanent global Notes in registered form, substantially
in the form of Exhibit A (the “Regulation S Global Notes” and, together with the 144A Global Notes, the
“Initial Global Notes”), deposited with the Trustee, as custodian for the Depository, duly executed by the Issuers
(and having an executed Guarantee from each of the Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter
provided and shall bear the legends set forth in Exhibit B.

 

Notes issued after the Issue Date shall
be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit
A, deposited with the Trustee, as custodian for the Depository, duly executed by the Issuers (and having an executed Guarantee
from each of the Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear any legends
required by applicable law (together with the Initial Global Notes, the “Global Notes”) or as Physical Notes.

 

The aggregate principal amount of the Global
Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository,
as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to Section 2.15 may be issued in the
form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A and bearing the
applicable legends, if any (the “Physical Notes”).

 

Additional Notes ranking pari passu with
the Initial Notes (as defined in Section 2.02) may be created and issued from time to time by the Issuers without notice to or
consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms
as to status, redemption or otherwise (other than with respect to the purchase price thereof and the date from which the interest
accrues) as the Initial Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the
Issuers’ compliance with Section 4.08. The Initial Notes and any Additional Notes subsequently issued under this Indenture
will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers
to purchase, and shall vote together as one class on all matters with respect to the Notes; provided further
that if the Additional Notes are not fungible with the Notes for U.S. Federal income tax purposes the Additional Notes will have
a separate CUSIP number, if applicable. Unless the context requires otherwise, references to “Notes” for all purposes
of this Indenture include any Additional Notes that are actually issued. With respect to any Additional Notes issued subsequent
to the date of this Indenture notwithstanding anything else herein, (1) all references in Exhibit A herein and elsewhere
in this Indenture to a Registration Rights Agreement shall be to the registration rights agreement entered into with respect to
such Additional Notes, to the extent applicable, (2) any references in Exhibit A and elsewhere in this Indenture to the
Exchange Offer and Exchange Securities, and any other term related thereto shall be to such term as they are defined in such registration
rights agreement entered into with respect to such Additional Notes, to the extent applicable, (3) all time periods described
in the Notes with respect to the registration of such Additional Notes shall be as provided in such Registration Rights Agreement
entered into with respect to such Additional Notes, to the extent applicable, and (4) any Additional Interest may, if set forth
in an applicable Registration Rights Agreement, be paid to the holders of the Additional Notes immediately prior to the making
or the consummation of the Exchange Offer regardless of any other provisions regarding record dates herein.

 

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Section 2.02       
Execution, Authentication and Denomination; Additional Notes; Exchange Securities. One Officer of each of the Issuers
(who shall have been duly authorized by all requisite corporate actions) shall sign the Notes for each Issuer by manual, facsimile,
pdf attachment or other electronically transmitted signature. One Officer of each Guarantor (who shall have been duly authorized
by all requisite corporate actions) shall sign the Guarantee for such Guarantor by manual, facsimile, pdf attachment or other electronically
transmitted signature.

 

If an Officer whose signature is on a Note
or Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the time the
Trustee authenticates the Note, the Note shall nevertheless be valid.

 

A Note (and the Guarantees in respect thereof)
shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee shall authenticate (i) on the
Issue Date, Notes for original issue in the aggregate principal amount of $500,000,000 (the “Initial Notes”),
(ii) additional Notes (the “Additional Notes”) in an unlimited amount (so long as not otherwise prohibited by
the terms of this Indenture, including Section 4.08) and (iii) Exchange Securities (x) in exchange for a like principal amount
of Initial Notes or (y) in exchange for a like principal amount of Additional Notes, in each case upon a written order of the Issuers
in the form of a certificate of an Officer of each Issuer (an “Authentication Order”). Each such Authentication
Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the
Notes are to be Initial Notes, Exchange Securities or Additional Notes and whether the Notes are to be issued as certificated Notes
or Global Notes or such other information as the Trustee may reasonably request. In addition, with respect to authentication pursuant
to clause (ii) or (iii) of the first sentence of this paragraph, each such Authentication Order from the Issuers shall be accompanied
by an Opinion of Counsel of the Issuers in a form reasonably satisfactory to the Trustee.

 

All Notes issued under this Indenture shall
be treated as a single class for all purposes under this Indenture. The Additional Notes shall bear any legend required by applicable
law and such other legends as may be required under the terms of this Indenture.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuers to authenticate Notes. Unless otherwise provided in the appointment, 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 Issuers and Affiliates
of the Issuers.

 

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The Notes shall be issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.03       
Registrar and Paying Agent. The Issuers shall maintain or cause to be maintained an office or agency in the United
States of America where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”),
(b) Notes may, subject to Section 2 of the Notes, be presented or surrendered for payment (“Paying Agent”).
The Issuers 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 Issuers of their obligation to maintain or cause to be maintained an
office or agency in the United States of America, for such purposes. The Issuers may act as Registrar or Paying Agent, except that
for the purposes of Articles III and VIII and Sections 4.07 and 4.11, neither the Issuers nor any Affiliate of the Issuers shall
act as Paying Agent. The Registrar, as an agent of the Issuers, shall keep a register, including ownership, of the Notes and of
their transfer and exchange. The Issuers, upon notice to the Trustee, may have one or more co-registrars and one or more additional
paying agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Issuers initially appoint the Trustee as Registrar and Paying Agent until
such time as the Trustee has resigned or a successor has been appointed.

 

The Issuers shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture
that relate to such Agent. The Issuers shall notify the Trustee, in advance, of the name and address of any such Agent. If the
Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such.

 

Section 2.04       
Paying Agent To Hold Assets in Trust. The Issuers shall require each Paying Agent other than the Trustee or the Issuers
or any Subsidiary of the Issuers to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the
Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have
been distributed to it by the Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuers
(or any other obligor on the Notes) in making any such payment. The Issuers at any time may require a Paying Agent to distribute
all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance
of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to
the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered
by the Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

Section 2.05       
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 Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least
two Business Days prior to 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 Holders, which list may be conclusively
relied upon by the Trustee.

 

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Section 2.06       
Transfer and Exchange. Subject to Sections 2.14 and 2.15, when Notes are presented to the Registrar with a request
to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations,
the Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided,
however, that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument
of transfer in form satisfactory to the Issuers and the Registrar, duly executed by the Holder thereof or his or her attorney duly
authorized in writing. To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate
Notes at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange, but the Issuers
may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith.

 

Without the prior written consent of the
Issuers, the Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning
at the opening of business 15 days before the giving of a notice of redemption of Notes and ending at the close of business on
the day of such notice, (ii) selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion
of any Note being redeemed in part and (iii) beginning at the opening of business on any Record Date and ending on the close of
business on the related Interest Payment Date.

 

Any Holder of a beneficial interest in a
Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Notes
may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with
the applicable legends thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a
book-entry system.

 

Section 2.07       
Replacement Notes. If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims that the Note
has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate, upon receipt of an Authentication
Order, a replacement Note if the Trustee’s and Issuers’ requirements are met. Such Holder shall provide an indemnity
bond or other indemnity, sufficient in the judgment of both the Issuers and the Trustee, to protect the Issuers, the Trustee or
any Agent from any loss that any of them may suffer if a Note is replaced.

 

Every replacement Note is an additional
obligation of the Issuers and every replacement Guarantee shall constitute an additional obligation of the Guarantor thereof.

 

The provisions of this Section 2.07 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
lost, destroyed or wrongfully taken Notes.

 

Section 2.08       
Outstanding Notes. Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except
those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. A Note
does not cease to be outstanding because the Issuers, the Guarantors or any of their respective Affiliates hold the Note (subject
to the provisions of Section 2.09).

 

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If a Note is replaced pursuant to Section
2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

 

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Stated Maturity
the Trustee or Paying Agent (other than the Issuers or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government Obligations
sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date such Notes
cease to be outstanding and interest on them ceases to accrue.

 

Section 2.09       
Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuers or any of their Affiliates shall be disregarded as required by the Trust
Indenture Act, 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 disregarded. Notes
so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not
the Issuers or any obligor upon the Notes or any Affiliate of the Issuers or of such other obligor.

 

Section 2.10       
Temporary Notes. Until definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuers
consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits
and privileges as definitive Notes. Notwithstanding the foregoing, so long as the Notes are represented by a Global Note, such
Global Note may be in typewritten form.

 

Section 2.11       
Cancellation. The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction
of the Trustee, the Registrar or the Paying Agent (other than the Issuers or a Subsidiary of the Issuers), and no one else, shall
cancel and, at the written direction of the Issuers, shall dispose of all Notes surrendered for transfer, exchange, payment or
cancellation in accordance with its customary procedures. Subject to Section 2.07, the Issuers may not issue new Notes to replace
Notes that they have paid or delivered to the Trustee for cancellation. If the Issuers or any Guarantor shall acquire any of the
Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless
and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11.

 

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Section 2.12       
Defaulted Interest. If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest,
plus (to the extent lawful) any interest payable on the defaulted interest, in any lawful manner. The Issuers may pay the defaulted
interest to the persons who are Holders on a subsequent special record date, which date shall be the 15th day next preceding the
date fixed by the Issuers for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business
Day. At least 15 days before any such subsequent special record date, the Issuers shall mail (or otherwise deliver in accordance
with the procedures of the Depository) to each Holder, with a copy to the Trustee, a notice that states the subsequent special
record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to
be paid.

 

Section 2.13       
CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” or “ISIN” numbers,
and if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices of redemption or exchange as
a convenience to Holders; provided, however, that any such notice may state that no representation is made as to
the correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on the Notes, and
that reliance may be placed only on the other identification numbers printed on the Notes. The Issuers shall promptly notify the
Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

Section 2.14       
Book-Entry Provisions for Global Notes.

 

(a)              
The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, (ii)
be delivered to the Trustee as custodian for such Depository and (iii) bear legends as set forth in Exhibit B as applicable.

 

Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository, or the Trustee as its custodian, or under the Global Note, and the Depository may be treated by the Issuers,
the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and
Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

(b)              
Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the Depository, its successors or
their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes
in accordance with the rules and procedures of the Depository and the provisions of Section 2.15. In addition, Physical Notes shall
be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) the Depository notifies
the Issuers that it is unwilling or unable to act as Depository for any Global Note, the Issuers so notify the Trustee in writing
and a successor Depository is not appointed by the Issuers within 90 days of such notice or (ii) an Event of Default has occurred
and is continuing and the Registrar has received a written request from any owner of a beneficial interest in a Global Note to
issue Physical Notes. Upon any issuance of a Physical Note in accordance with this Section 2.14(b) the Trustee is required to register
such Physical Note in the name of, and cause the same to be delivered to, such person or persons (or the nominee of any thereof).
All such Physical Notes shall bear the applicable legends, if any.

 

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(c)              
In connection with any transfer or exchange of a portion of the beneficial interest in a Global Note to beneficial owners
pursuant to paragraph (b) of this Section 2.14, the Registrar shall (if one or more Physical Notes are to be issued) reflect on
its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount
of the beneficial interest in the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate
and deliver, one or more Physical Notes of authorized denominations in an aggregate principal amount equal to the principal amount
of the beneficial interest in the Global Note so transferred.

 

(d)              
In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section
2.14, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuers shall execute, (ii)
the Guarantors shall execute notations of Guarantees on and (iii) the Trustee shall upon written instructions from the Issuers
authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial interest in such
Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations.

 

(e)              
Any Physical Note constituting a Restricted Security delivered in exchange for an interest in a Global Note pursuant to
paragraph (b) or (c) of this Section 2.14 shall, except as otherwise provided by Section 2.15, bear the Private Placement Legend.

 

(f)               
The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that
may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes.

 

Section 2.15       
Special Transfer and Exchange Provisions.

 

(a)              
Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer
of a Restricted Security to a QIB:

 

(i)                
the Registrar shall register the transfer of any Restricted Security, whether or not such Note bears the Private Placement
Legend, if such transfer is being made by a proposed transferor who has checked the box provided for on the applicable Global Note
stating that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification
provided for on the applicable Global Note stating that it is purchasing the Note for its own account or an account with respect
to which it exercises sole investment discretion and that it and any such account is a QIB within the meaning of Rule 144A, and
is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Issuers as it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule
144A;

 

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(ii)             
if the proposed transferee is a Participant and the Notes to be transferred consist of Physical Notes which after transfer
are to be evidenced by an interest in the 144A Global Notes, upon receipt by the Registrar of the Physical Note and written instructions
given in accordance with the Depository’s and the Registrar’s procedures, the Registrar shall register the transfer
and reflect on its book and records the date and an increase in the principal amount of the 144A Global Notes in an amount equal
to the principal amount of Physical Notes to be transferred, and the Registrar shall cancel the Physical Notes so transferred;
and

 

(iii)           
if the proposed transferor is a Participant seeking to transfer an interest in the Regulation S Global Notes, upon receipt
by the Registrar of written instructions given in accordance with the Depository’s and the Registrar’s procedures,
the Registrar shall register the transfer and reflect on its books and records the date and (A) a decrease in the principal amount
of the Regulation S Global Notes in an amount equal to the principal amount of the Notes to be transferred and (B) an increase
in the principal amount of the 144A Global Notes in an amount equal to the principal amount of the Notes to be transferred.

 

(b)              
Transfers to Non-U.S. Persons. The following provisions shall apply with respect to any transfer of a Restricted
Security to a Non-U.S. Person under Regulation S:

 

(i)                
the Registrar shall register any proposed transfer of a Restricted Security to a Non-U.S. Person upon receipt of a certificate
substantially in the form of Exhibit C from the proposed transferor and such certifications, legal opinions and other information
as the Trustee or the Issuers may reasonably request; and

 

(ii)             
(a) if the proposed transferor is a Participant holding a beneficial interest in the 144A Global Notes or the Note to be
transferred consists of Physical Notes, upon receipt by the Registrar of (x) the documents required by paragraph (i) and (y) instructions
in accordance with the Depository’s and the Registrar’s procedures, the Registrar shall reflect on its books and records
the date and a decrease in the principal amount of the 144A Global Notes in an amount equal to the principal amount of the beneficial
interest in the 144A Global Notes to be transferred or cancel the Physical Notes to be transferred and (b) if the proposed transferee
is a Participant, upon receipt by the Registrar of instructions given in accordance with the Depository’s and the Registrar’s
procedures, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation
S Global Notes in an amount equal to the principal amount of the Rule Global Notes or the Physical Notes, as the case may be, to
be transferred.

 

(c)              
Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the
Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate
one or more Global Notes and/or Physical Notes not bearing the Private Placement Legend in an aggregate principal amount equal
to the principal amount of the beneficial interests in the Initial Global Notes or Physical Notes, as the case may be, tendered
for acceptance in accordance with the Exchange Offer and accepted for exchange in the Exchange Offer.

 

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(d)              
Restrictions on Transfer and Exchange of Global Notes. Notwithstanding any other provisions of this Indenture, a
Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a
nominee of such successor Depository.

 

(e)              
Private Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend
unless otherwise required by applicable law, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon
the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall deliver only Notes that
bear the Private Placement Legend unless (i) there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to
the Issuers and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order
to maintain compliance with the provisions of the Securities Act or (ii) such Note has been offered and sold (including pursuant
to the Exchange Offer) pursuant to an effective registration statement under the Securities Act.

 

(f)               
General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges
the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it shall
transfer such Note only as provided in this Indenture.

 

The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to Section 2.14 or Section 2.15. The Issuers shall have the
right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Registrar.

 

The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants
or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

The Trustee shall have no responsibility
for the actions or omissions of the Depository, or the accuracy of the books and records of the Depository.

 

(g)              
Cancellation and/or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note
have been exchanged for Physical 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 Physical 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 Depository 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 Depository at the direction of the Trustee to reflect such increase.

 

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ARTICLE
III

Redemption

 

Section 3.01       
Notices to Trustee. The Notes may be redeemed, in whole, or from time to time in part, subject to the conditions
and at the redemption prices set forth in Section 5 and Section 6 of the form of Note set forth in Exhibit A hereto, which
is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the Redemption
Date. If the Issuers elect to redeem Notes pursuant to Section 5 or Section 6 of the Notes, they shall notify the Trustee in writing
of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed. The Issuers shall give notice of
redemption to the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee),
together with such documentation and records as shall enable the Trustee to select the Notes to be redeemed.

 

Section 3.02       
Selection of Notes To Be Redeemed. If less than all of the Notes are to be redeemed at any time pursuant to Section
5 or Section 6 of the Notes, the Trustee shall select Notes for redemption as follows:

 

(x) in compliance with the requirements
of the principal national securities exchange, if any, on which the Notes are then listed; or

 

(y) on a pro rata basis, by lot or by such
method in accordance with the procedures of the Depositary;

 

provided, however, that, in the case of such redemption
pursuant to Section 6 of the Notes, the Trustee shall select the Notes on a pro rata basis to the extent practicable, by lot or
such other method in accordance with the procedures of the Depositary, unless another method is required by law or applicable exchange
or depositary requirements (subject to the procedures of the Depository).

 

No Notes of $2,000 or less shall be redeemed
in part.

 

Section 3.03       
Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date, the Issuers shall mail
a notice of redemption by first class mail, postage prepaid, or as otherwise provided in accordance with the procedures of the
Depository, to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed
(or otherwise provided in accordance with the procedures of the Depository) more than 60 days prior to a Redemption Date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article
VIII hereof. Notices of redemption may be given prior to the completion of an Equity Offering, and any redemption or notice may,
at the Issuers’ discretion, be subject to the completion of an Equity Offering. At the Issuers’ request, the Trustee
shall forward the notice of redemption in the Issuers’ name and at the Issuers’ expense. Each notice for redemption
shall identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:

 

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(1) the Redemption Date;

 

(2) the Redemption Price and the amount
of accrued interest, if any, to be paid;

 

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

 

(4) that Notes called for redemption shall
be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any;

 

(5) that, unless the Issuers default in
making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date, and the
only remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon surrender to the Paying Agent
of the Notes redeemed;

 

(7) if fewer than all the Notes are to be
redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount
of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption;

 

(8) the Section of the Notes or this Indenture,
as applicable, pursuant to which the Notes are to be redeemed; and

 

(9) if applicable, any conditions precedent
to such redemption and that in the Issuers’ sole discretion, the Redemption Date may be delayed, on one or more occasions,
until such time as any or all such conditions have been satisfied or waived by the Issuers in writing, or that such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived
by the Issuers in their sole discretion) by the Redemption Date.

 

The notice, if given in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure
to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part
shall not affect the validity of the proceedings for the redemption of any other Note. Except as otherwise provided in this Article
III, notices of redemption may not be conditional.

 

At the Issuers’ request, the Trustee
shall give the notice of redemption in the name of the Issuers and at its expense; provided that the Issuers shall have
delivered to the Trustee, at least five Business Days before notice of redemption is required to be given or caused to be given
to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s 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. The Trustee shall have no duty to calculate or verify the calculation of any Applicable Premium included in the Redemption
Price stated in any such notice. The Issuers shall provide written notice to the Trustee two Business Days prior to the Redemption
Date (or such shorter period as may be acceptable to the Trustee) if any such redemption has been rescinded or delayed, and upon
receipt, the Trustee shall provide such notice to each Holder in the same manner in which the notice of redemption was given.

 

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Section 3.04       
Effect of Notice of Redemption. Subject to Section 3.03, once notice of redemption is given in accordance with Section
3.03, Notes called for redemption become due and payable on the Redemption Date, subject to any applicable conditions precedent
set forth in such notice of redemption, and at the Redemption Price plus accrued interest, if any. Upon surrender to the Trustee
or Paying Agent, such Notes called for redemption shall be paid at the Redemption Price (which shall include accrued interest thereon
to, but not including, the Redemption Date, subject to any applicable conditions precedent), but installments of interest, the
maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business on the
relevant Record Dates. On and after the Redemption Date, subject to any applicable conditions precedent, interest shall cease to
accrue on Notes or portions thereof called for redemption and the only right of the Holders of such Notes will be to receive payment
of the Redemption Price unless the Issuers shall have not complied with its obligations pursuant to Section 3.05.

 

Section 3.05       
Deposit of Redemption Price. On or before 12:00 p.m. New York City time (or such later time as has been agreed to
by the Paying Agent) on the Redemption Date, the Issuers shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay
the Redemption Price plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date. The Paying Agent shall
promptly return to the Issuers any money deposited with the Paying Agent by the Issuers in excess of the amounts necessary to pay
the Redemption Price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased.

 

If the Issuers comply with the preceding
paragraph, then, unless the Issuers default in the payment of such Redemption Price plus accrued interest, if any, interest on
the Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented
for payment.

 

Section 3.06       
Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption that relates to such
Note shall state the portion of the principal amount thereof to be redeemed. A new Note or Notes in principal amount equal to the
unredeemed portion of the original Note or Notes shall be issued in the name of the Holder thereof upon surrender and cancellation
of the original Note or Notes. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication
Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

 

Section 3.07       
Mandatory Redemption. The Issuers will not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes.

 

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ARTICLE
IV

Covenants

 

Section 4.01       
Payment of Notes. The Issuers shall pay the principal of, premium, if any, and interest on the Notes in the manner
provided in the Notes, the Registration Rights Agreement and this Indenture. An installment of principal of, or interest on, the
Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other than the Issuers or an Affiliate thereof)
holds no later than 12:00 p.m. (New York City time) on that date U.S. Legal Tender designated for and sufficient to pay the installment.
Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

The Issuers shall pay interest on overdue
principal (including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful,
at the same rate per annum borne by the Notes.

 

Section 4.02       
Maintenance of Office or Agency. The Issuers shall maintain in the United States of America, the office or agency
required under Section 2.03 (which may be an office of the Trustee or an affiliate of the Trustee or Registrar). The Issuers 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 Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations and surrenders may be made at the address of the Corporate Trust Office.

 

The Issuers 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. The Issuers 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 Issuers hereby initially designate the
Corporate Trust Office of the Trustee, as such office of the Issuers in accordance with Section 2.03.

 

Section 4.03       
Corporate Existence. Except as otherwise permitted by Article Five, the Parent and the Issuers shall do or cause
to be done all things necessary to preserve and keep in full force and effect their corporate, partnership or other existence,
as applicable, and the corporate, partnership or other existence, as applicable, of each of the Restricted Subsidiaries of the
Parent in accordance with the respective organizational documents of each such Restricted Subsidiary and the related material rights
(charter and statutory) of the Parent, the Issuers and each Restricted Subsidiary of the Parent; provided, however,
that the Parent and the Issuers shall not be required to preserve any such right or existence with respect to themselves or any
Restricted Subsidiary if the Board of Directors of the Parent or any Officer of the Parent shall determine that the preservation
thereof is no longer necessary or desirable in the conduct of the business of the Parent, the Issuers and their Restricted Subsidiaries,
taken as a whole, and that the loss thereof could not reasonably be expected to have a material adverse effect on the ability of
the Issuers to perform their obligations hereunder and provided, further, however, that the foregoing shall not prohibit
a sale, transfer, conveyance, lease or disposal of a Restricted Subsidiary or any of the Parent’s or any Restricted Subsidiary’s
assets in compliance with the terms of this Indenture.

 

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Section 4.04       
Further Instruments and Acts. Upon request of the Trustee or as necessary, the Issuers shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture.

 

 

Section 4.05       
Compliance Certificate; Notice of Default.

 

(a)              
The Issuers shall deliver to the Trustee, within 120 days after each December 31, commencing with December 31, 2019, an
Officer’s Certificate signed by the principal executive officer, principal financial officer, principal operating officer
or principal accounting officer of the Issuers stating that a review of the activities of Parent and the Restricted Subsidiaries
has been made under the supervision of the signing Officer with a view to determining whether Parent and the Restricted Subsidiaries
have kept, observed, performed and fulfilled their obligations under this Indenture and further stating, as to each such Officer
signing such certificate, that, to the best of such Officer’s knowledge, Parent and the Restricted Subsidiaries during such
preceding fiscal year have kept, observed, performed and fulfilled each and every such covenant and no Default occurred during
such year and at the date of such certificate there is no Default that has occurred and is continuing or, if such signers do know
of such Default, the certificate shall specify such Default and what action, if any, the Issuers are taking or propose to take
with respect thereto.

 

(b)              
The Issuers shall deliver to the Trustee, within 30 days after the Issuers become aware (unless such Default has been cured
before the end of the 30-day period) of the occurrence of any Default, an Officer’s Certificate specifying the Default and
what action, if any, the Issuers are taking or propose to take with respect thereto.

 

Section 4.06       
Waiver of Stay, Extension or Usury Laws. The Issuers, Parent and each Guarantor covenants (to the extent permitted
by applicable law) 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 or extension law or any usury law or other law that would prohibit or forgive such Issuer or such Guarantor from paying
all or any portion of the principal of and/or interest on the Notes or the Guaranty of any such Guarantor as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture,
and (to the extent permitted by applicable law) each hereby expressly waives all benefit or advantage of any such law, and covenants
that it shall 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 4.07       
Change of Control Triggering Event.

 

(a)              
If a Change of Control Triggering Event occurs, each holder of Notes will have the right to require the Issuers to purchase
some or all (in principal amounts of $2,000 or an integral multiple of $1,000) of such holder’s Notes pursuant to the offer
described below (the “Change of Control Offer”).

 

     46

     

    

 

(b)              
Any Change of Control Offer will include a cash offer price of 101% of the principal amount of any Notes purchased plus
accrued and unpaid interest to the date of purchase (the “Change of Control Payment”). If a Change of Control
Offer is required, within 20 Business Days following a Change of Control, the Issuers will give a notice to each Holder (with a
copy to the Trustee) describing the Change of Control, offering to repurchase Notes on a specified date (the “Change of
Control Payment Date”) and detailing the instructions that a Holder must follow in order to have its Notes purchased.
If such notice is given prior to the occurrence of a Change of Control, the Change of Control Offer shall be conditioned on the
occurrence of such Change of Control. The Change of Control Payment Date will be no earlier than 30 days and no later than 60 days
from the date the notice is given.

 

(c)              
On the Change of Control Payment Date, the Issuers will, to the extent lawful:

 

(1)              
accept for payment all Notes properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(2)              
deposit the Change of Control Payment with the paying agent in respect of all Notes so accepted; and

 

(3)              
deliver to the Trustee the Notes accepted and an Officer’s Certificate stating the aggregate principal amount of all
Notes purchased by the Issuers.

 

(d)              
The Paying Agent will promptly mail or otherwise deliver in accordance with the procedures of the Depository to each Holder
of Notes properly 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 in principal amount equal to any unpurchased portion of the Notes
surrendered.

 

(e)              
The Issuers will comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations
to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable
securities laws or securities regulations conflict with the provisions of this Section 4.07, the Issuers will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the covenant described above by virtue
of that compliance.

 

(f)               
The Issuers shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer or if notice of redemption has been given pursuant to Section 5 or 6 of the Notes. Notwithstanding anything
to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, subject to one or more
conditions precedent, including, but not limited to, the consummation of such Change of Control, if a definitive agreement is in
place for the Change of Control at the time the Change of Control Offer is made.

 

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Section 4.08       
Limitation on Indebtedness.

 

(a)              
Parent shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness
and Construction Indebtedness) if, immediately after giving effect to the Incurrence of such additional Indebtedness and the receipt
and application of the proceeds therefrom, the aggregate principal amount of all outstanding Indebtedness of the Restricted Subsidiaries
on a consolidated basis would be greater than 65% of their Adjusted Total Assets.

 

(b)              
Parent shall not, and shall not permit any of the Restricted Subsidiaries to, Incur any Secured Indebtedness (including
Acquired Indebtedness and Construction Indebtedness) if, immediately after giving effect to the Incurrence of such additional Secured
Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all outstanding Secured
Indebtedness of the Restricted Subsidiaries on a consolidated basis would be greater than 45% of their Adjusted Total Assets.

 

(c)              
Parent shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness);
provided, however, that any of the Restricted Subsidiaries may Incur Indebtedness (including Acquired Indebtedness
and Construction Indebtedness) if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of
the proceeds therefrom, the Interest Coverage Ratio of the Restricted Subsidiaries on a consolidated basis would be at least 2.0
to 1.0; provided that the amount of Indebtedness (including Acquired Indebtedness) that may be Incurred by Restricted Subsidiaries
that are not Subsidiary Guarantors shall not exceed in the aggregate 8.0% of Adjusted Total Assets of the Restricted Subsidiaries.

 

(d)              
Notwithstanding paragraph (a), (b) or (c) above, Parent or any of the Restricted Subsidiaries (except as specified below)
may Incur each and all of the following:

 

(1)              
Indebtedness of Parent or any of the Restricted Subsidiaries outstanding under any Credit Facility at any time in an aggregate
principal amount not to exceed the greater of (x) $1.5 billion and (y) 40% of Adjusted Total Assets of Parent and the Restricted
Subsidiaries;

 

(2)              
Indebtedness of Parent or any of the Restricted Subsidiaries owed to:

 

(i)             
the Issuers evidenced by an unsubordinated promissory note, or

 

(ii)            
Parent or any Restricted Subsidiary;

 

provided, however, that any event that results
in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary of Parent or any subsequent transfer of such Indebtedness
(other than to Parent or any other Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness
not permitted by this clause (2);

 

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(3)              
Indebtedness of Parent or any of the Restricted Subsidiaries under Interest Rate Agreements; provided that such agreements
(x) are designed primarily to protect Parent or any of the Restricted Subsidiaries against fluctuations in foreign currency exchange
rates or interest rates (whether fluctuations of fixed to floating rate interest or floating to fixed rate interest) and (y) do
not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in foreign currency
exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder;

 

(4)              
Indebtedness of Parent or any of the Restricted Subsidiaries, to the extent the net proceeds thereof are promptly:

 

(i)             
used to purchase Notes tendered in a Change of Control Offer made as a result of a Change of Control Triggering Event,

 

(ii)            
used to redeem all of the Notes pursuant to Section 5 of the Notes,

 

(iii)           
deposited to defease the Notes as described in Sections 8.02 and 8.03, or

 

(iv)           
deposited to discharge the obligations under the Notes and this Indenture as described in Section 8.01;

 

(5)              
Permitted Government Revenue Bond Indebtedness;

 

(6)              
(i) Guarantees by the Parent of Indebtedness of an Issuer or any of the Subsidiary Guarantors; (ii) Guarantees of Indebtedness
of Parent or an Issuer by any of the Subsidiary Guarantors; provided the guarantee of such Indebtedness is permitted by
and made in accordance with Section 4.14; and (iii) Guarantees by a Subsidiary Guarantor of any Indebtedness of any other Subsidiary
Guarantor;

 

(7)              
Indebtedness outstanding on the Issue Date (other than Indebtedness under the Credit Agreement (other than the Term B Loan)
or Indebtedness represented by the Notes and the Guarantees);

 

(8)              
Indebtedness represented by the Notes and the Guaranties issued on the Issue Date and the exchange Notes and related exchange
Guaranties to be issued in exchange for such Notes and Guaranties pursuant to the Registration Rights Agreement;

 

(9)              
Indebtedness consisting of obligations to pay insurance premiums Incurred in the ordinary course of business;

 

(10)            
Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar
facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business;

 

     49

     

    

 

(11)          
Indebtedness in respect of workers’ compensation claims, unemployment or other insurance or self-insurance obligations,
indemnities, bankers’ acceptances, performance, bid completion, return-of-money, appeal and surety bonds or guarantees and
similar types of obligations in the ordinary course of business;

 

(12)          
Indebtedness represented by cash management obligations and other obligations in respect of netting services, automatic
clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts;

 

(13)          
Indebtedness supported by a letter of credit procured by Parent or any of the Restricted Subsidiaries in a principal amount
not in excess of the stated amount of such letter of credit and where the underlying Indebtedness would otherwise be permitted;

 

(14)          
Permitted Refinancing Indebtedness Incurred in exchange for, or the net proceeds of which are used to refund, refinance
or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be Incurred under the provisions
of Sections 4.08(a), (b) or (c) or clauses (7), (8), (14), (15), (16), (20) or (21) of this Section 4.08(d);

 

(15)          
Indebtedness (including Capitalized Lease Obligations) Incurred by Parent or any Restricted Subsidiary within 270 days of
the related purchase, lease or improvement, to finance the purchase, lease or improvement of property (real or personal) or equipment
used in the business of Parent or any Restricted Subsidiary, whether through the direct purchase of assets or the Capital Stock
of any Person owning such assets in an aggregate principal amount not to exceed at any one time outstanding the greater of (x)
$100,000,000 and (y) 2.0% of Adjusted Total Assets at any time outstanding;

 

(16)          
Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations
Incurred in connection with the disposition of any business, assets or Restricted Subsidiary, other than Guarantees of Indebtedness
Incurred by any other Person for the purpose of acquiring or financing the acquisition of any such business, assets or Restricted
Subsidiary;

 

(17)          
contingent liabilities in respect of any indemnification, adjustment of purchase price, non-compete, consulting, deferred
taxes and similar obligations of Parent and the Restricted Subsidiaries Incurred in connection with acquisitions;

 

(18)          
Indebtedness in respect of (i) taxes, assessments, governmental charges or levies and (ii) deferred compensation to employees
Incurred in the ordinary course of business;

 

(19)          
Indebtedness arising from or in connection with accounts payable for deferred purchase price of property or services in
the ordinary course of business greater than 90 days past the invoice billing date which are being contested in good faith by appropriate
proceedings and for which adequate reserves shall be have been established in conformity with GAAP;

 

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(20)          
additional Indebtedness of Parent and the Restricted Subsidiaries in aggregate principal amount at any time outstanding
not to exceed the greater of $200,000,000 and 4.0% of Adjusted Total Assets; provided, however, that any Permitted
Refinancing Indebtedness Incurred under clause (14) above in respect of such Indebtedness shall be deemed to have been Incurred
under this clause (20) for purposes of determining the amount of Indebtedness that may at any time be Incurred under this clause
(20); and

 

(21)          
 Indebtedness of any Person (a) outstanding on the date of any acquisition of such Person, including through the acquisition
of a Person that becomes a Subsidiary of Parent or is acquired by, or merged or consolidated with or into, the Issuers or any Subsidiary
of Parent, or that is assumed by Parent or any of its Restricted Subsidiaries in connection with any such acquisition (other than
Indebtedness Incurred by such Person in connection with, or in contemplation of, such acquisition, merger or consolidation) or
(b) Incurred by Parent or any of its Subsidiaries to provide all or any portion of the funds utilized to acquire, or to consummate
the transaction or series of related transactions in connection with or in contemplation of any acquisition of, any Investments
or other securities or assets, including through the acquisition of a Person that becomes a Subsidiary of Parent or is acquired
by, or merged or consolidated with or into, Parent or any Subsidiary of Parent, provided, however, that immediately after giving
effect to the incurrence of such Indebtedness pursuant to this clause (21) and, if applicable, the repayment, repurchase, defeasance,
redemption, refinancing or other discharge of any other Indebtedness in connection with such acquisition, merger or consolidation
and the other pro forma adjustments, if applicable, set forth in the definition of “Interest Coverage Ratio” on a pro
forma basis, either (i) Parent would have been able to incur at least $1.00 of additional Indebtedness under each of Sections 4.08(a)
and 4.08(c) or (ii) the Interest Coverage Ratio of Parent would have been greater than or equal to the Interest Coverage Ratio
immediately prior to such transaction;

 

(e)              
Notwithstanding any other provision of this Section 4.08, the maximum amount of Indebtedness that Parent or any of the Restricted
Subsidiaries may Incur pursuant to this Section 4.08 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness,
due solely to the result of fluctuations in the exchange rates of currencies.

 

For purposes of determining compliance with
this Section 4.08, in the event that an item of Indebtedness meets the criteria of more than one of the categories of permitted
Indebtedness described in clauses (1) through (21) of paragraph (d) above or is entitled to be Incurred pursuant to paragraphs
(a), (b) and (c) above, the Issuers shall, in their sole discretion, be entitled to classify all or a portion of such item of Indebtedness
on the date of its Incurrence and determine the order of such Incurrence (and may later reclassify such item of Indebtedness) and
may divide and classify such Indebtedness in more than one of the types of Indebtedness described. At any time that Parent or the
Restricted Subsidiaries would be entitled to have Incurred any then outstanding Indebtedness under paragraphs (a), (b) and (c)
of this Section 4.08, such Indebtedness shall be automatically reclassified into Indebtedness Incurred pursuant to those paragraphs.
Notwithstanding the foregoing, any Indebtedness Incurred on or prior to the Issue Date and outstanding under the Credit Agreement
on the Issue Date (other than the Term B Loan) shall be deemed to have been Incurred under clause (1) of paragraph (d) above and
may not be reclassified. For the avoidance of doubt, the outstanding principal amount of any particular Indebtedness shall be counted
only once and any obligations arising under any Guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness
shall not be double counted.

 

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For purposes of determining compliance with
any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar equivalent principal amount of Indebtedness
denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness
was Incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided, however,
that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would
cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in
effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced,
plus the amount of any reasonable premium (including reasonable tender premiums), defeasance costs and any reasonable fees and
expenses Incurred in connection with the issuance of such new Indebtedness. The principal amount of any Indebtedness Incurred to
refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based
on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect
on the date of such refinancing.

 

Section 4.09       
Limitation on Restricted Payments.

 

(a)              
Parent shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly:

 

(1)              
declare or pay any dividend or make any distribution on or with respect to Capital Stock of Parent or any Restricted Subsidiary
held by Persons other than Parent or any of the Restricted Subsidiaries other than (i) dividends or distributions payable solely
in shares of its Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to acquire shares of such
Capital Stock and (ii) pro rata dividends or other distributions made by a Restricted Subsidiary that is not Wholly Owned to minority
stockholders (or owners of equivalent interests in the event such Subsidiary is not a corporation);

 

(2)              
purchase, redeem, retire or otherwise acquire for value any shares of Capital Stock (including options, warrants or other
rights to acquire such shares of Capital Stock) of Opco or any of its direct or indirect parent entities held by any Person (other
than a Restricted Subsidiary);

 

(3)              
make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or other
acquisition or retirement for value, or give any irrevocable notice of redemption of Subordinated Indebtedness of the Issuers or
any Guarantor, in each case excluding (i) any intercompany Indebtedness between or among the Parent, the Issuers or any of the
Subsidiary Guarantors; (ii) the payment, purchase, redemption, defeasance, acquisition or retirement (collectively, a “purchase”)
of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final
maturity, in each case due within one year of the date of such payment, purchase, redemption, defeasance, acquisition or retirement;
and (iii) the giving of an irrevocable notice of redemption with respect to a transaction described in clauses (3) or (5) of Section
4.09(b); or

 

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(4)              
make an Investment, other than a Permitted Investment, in any Person,

 

(such payments or any other actions described in clauses
(1) through (4) above being collectively “Restricted Payments”) if, at the time of, and after giving effect
to, the proposed Restricted Payment:

 

(A) a Default or Event of Default shall
have occurred and be continuing,

 

(B) the Issuers could not Incur at least
$1.00 of Indebtedness under each of paragraphs (a) and (c) of Section 4.08, or

 

(C) the aggregate amount of all Restricted
Payments (the amount, if other than in cash, to be determined in good faith by the Board of Directors of Parent, whose determination
shall be conclusive and evidenced by a Board Resolution) made after April 14, 2015, shall exceed the sum of, without duplication:

 

(i)                
95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of the
amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on April 1, 2013
and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been filed with the
SEC or provided to the Trustee pursuant to Section 4.15, plus

 

(ii)             
100% of the aggregate Net Cash Proceeds received by the Issuers after April 14, 2015, from (x) the issuance and sale of
Opco’s Capital Stock (other than Disqualified Stock) or (y) the issuance and sale of Parent’s Capital Stock (other
than Disqualified Stock) to a Person who is not a Subsidiary of the Parent, including from an issuance or sale permitted by this
Indenture of Indebtedness of Parent or any of the Restricted Subsidiaries for cash subsequent to January 1, 2013 upon the conversion
of such Indebtedness into Capital Stock (other than Disqualified Stock) of Opco or Parent, or from the issuance to a Person who
is not a Subsidiary of the Parent of any options, warrants or other rights to acquire Capital Stock of Opco or Parent (in each
case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder
for cash or Indebtedness, or are required to be redeemed, prior to the Stated Maturity of the Notes), plus

 

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(iii)           
an amount equal to the net reduction in Investments (other than reductions in Permitted Investments) in any Person after
April 14, 2015, resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers
of assets, in each case to Parent or any of the Restricted Subsidiaries or from the Net Cash Proceeds from the sale of any such
Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Funds From Operations)
or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition
of “Investments”) not to exceed, in each case, the amount of Investments previously made by Parent and the Restricted
Subsidiaries in such Person or Unrestricted Subsidiary and treated as a Restricted Payment, plus

 

(iv)            
the fair market value of non-cash tangible assets or Capital Stock acquired in exchange for an issuance of Capital Stock
(other than Disqualified Stock or Capital Stock issued in exchange for Capital Stock of the Issuers or Parent utilized pursuant
to clauses (3) or (4) of Section 4.09(b)) of Opco or Parent, in each case, subsequent to January 1, 2013 (including upon conversion
or exchange of the Common Units for Capital Stock of the Parent, in which case the fair market value shall equal the fair market
value received upon issuance of such Common Units), plus

 

(v)              
without duplication, in the event Parent or any Restricted Subsidiary makes any Investment in a Person that, as a result
of or in connection with such Investment, becomes a Restricted Subsidiary, an amount not to exceed the amount of Investments previously
made by Parent and the Restricted Subsidiaries in such Person that was treated as a Restricted Payment.

 

(b)              
Notwithstanding Section 4.09(a), the limitations on Restricted Payments described above shall not apply to the following:

 

(1)              
the payment of any distribution or other action that the Board of Directors of Parent believes in good faith is necessary
to maintain the Parent’s status as a REIT under the Code, including, but not limited to, pro rata dividends or other distributions
by Opco to minority unitholders as a result of a distribution from Opco to Parent for the purpose of funding of any such payment;

 

(2)              
the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof or the giving of a redemption notice related thereto, as the case may be, if, at said date of declaration
or notice, such payment would comply with the provisions of this Indenture governing the Notes;

 

(3)              
the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness,
including premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under
Sections 4.08(a), (b) or (c) or Section 4.08(d)(14);

 

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(4)              
(a) the making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale of,
Capital Stock of Opco or the Parent (other than any Disqualified Stock or any Capital Stock sold to Parent or a Restricted Subsidiary
or to an employee stock ownership plan or any trust established by the Parent or any of its Subsidiaries) or from substantially
concurrent contributions to the equity capital of Opco (collectively, including any such contributions, “Refunding Capital
Stock”) (with any offering within 90 days deemed as substantially concurrent); and (b) the declaration and payment of
accrued dividends on any Capital Stock redeemed, repurchased, retired, defeased or acquired out of the proceeds of the sale of
Refunding Capital Stock within 90 days of such sale; provided that the amount of any such proceeds or contributions that
are utilized for any Restricted Payment pursuant to this clause (4) shall be excluded from the amount described in Section 4.09(a)(4)(C)(ii);

 

(5)              
the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness,
including premium, if any, and accrued and unpaid interest with the proceeds of, or in exchange for, an issuance of, shares of
Capital Stock of the Parent or Opco (or options, warrants or other rights to acquire such Capital Stock) that occurs within 90
days of such payment, redemption, repurchase, defeasance or other acquisition or retirement for value; provided, that the amount
of any such proceeds or contributions that are utilized for any Restricted Payments pursuant to this clause (5) shall be excluded
from the amount described in Section 4.09(a)(4)(C)(ii);

 

(6)              
 the repurchase, redemption or other acquisition or retirement for value of any shares of Capital Stock (or options, warrants
or other rights to acquire such Capital Stock) of Parent or any Restricted Subsidiary in each case held by any of the Parent’s
or any Restricted Subsidiaries’ current or former officers, directors, consultants or employees (or any permitted transferees,
assigns, estates or heirs of any of the foregoing); provided, however, the aggregate amount paid by Parent and the
Restricted Subsidiaries pursuant to this clause (6) shall not exceed $10,000,000 in any calendar year (excluding for purposes
of calculating such amount the amount paid for Capital Stock repurchased, redeemed, acquired or retired with the cash proceeds
from the repayment of outstanding loans previously made by the Parent or a Restricted Subsidiary for the purpose of financing
the acquisition of such Capital Stock), with unused amounts in any calendar year being carried over to the next succeeding calendar
year; provided further, that such amount in any calendar year may be increased by an amount not to exceed
(A) the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of Opco or Parent to members of management,
directors or consultants of the Parent or any of the Restricted Subsidiaries that occurs after the Issue Date, to the extent such
proceeds (i) have not otherwise been and are not thereafter applied to the payment of any other Restricted Payment or (ii) are
not attributable to loans made by the Parent or a Restricted Subsidiary for the purpose of financing the acquisition of such Capital
Stock, plus (B) the cash proceeds of key man life insurance policies received by Parent and the Restricted Subsidiaries after
the Issue Date, less (C) the amount of any Restricted Payments previously made pursuant to clauses (A) and (B) of this clause
(6); provided further, that any amount referred to in clauses (A) and (B) of this clause (6) not used in such fiscal year may
be carried forward and used in the next succeeding fiscal year;

 

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(7)              
payments made or expected to be made by Parent or any Restricted Subsidiary, in each case, in respect of withholding or
similar taxes payable upon exercise of options to purchase Capital Stock by any future, present or former employee, director, officer,
manager or consultant (or any permitted transferees, assigns, estates or heirs of any of the foregoing) and any repurchases of
Capital Stock deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise
price of such options or warrants or required withholding or similar taxes and cashless repurchases of Capital Stock deemed to
occur upon exercise of stock options or warrants if such Capital Stock represent a portion of the exercise price of such options
or warrants;

 

(8)              
the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the
provisions similar to those described under Sections 4.07 and 4.11; provided that all Notes validly tendered by holders
of Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, acquired
or retired for value;

 

(9)              
the making of any Restricted Payment in the form of a dividend or any other distribution to the Issuers or any Guarantor
on the Capital Stock of such Person or with respect to any other interest or participation in, or measured by, its profits;

 

(10)          
the declaration and payment of dividends on Disqualified Stock the issuance of which was permitted under Section 4.08;

 

(11)          
the spin-off of Opry Assets to the shareholders of Parent on a pro rata basis;

 

(12)          
payments or distributions to dissenting holders of Capital Stock of Parent pursuant to applicable law pursuant to or in
connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture described below
under Section 5.01;

 

(13)          
any Restricted Payment with respect to preferred interests issued to satisfy the “100 shareholders” REIT qualification
requirement under Section 856(a)(5) of the Code;

 

(14)          
the payment of cash in lieu of the issuance of fractional shares of Capital Stock upon exercise or conversion of securities
exercisable or convertible into Capital Stock of Parent or Opco; or

 

(15)          
additional Restricted Payments in an aggregate amount not to exceed the greater of (x) $250.0 million and (y) 5.0%
of Adjusted Total Assets;

  

provided, however, that, except in the case of
clauses (2) and (3), no Default or Event of Default shall have occurred and be continuing or occur as a direct consequence of the
actions or payments set forth therein.

 

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(c)              
The net amount of any Restricted Payment permitted pursuant to Section 4.09(b)(1) and (2) shall be included in calculating
whether the conditions of Section 4.09(a)(4)(C) have been met with respect to any subsequent Restricted Payments. The net amount
of any Restricted Payment permitted pursuant to clauses (3) through (15) of the immediately preceding paragraph shall be excluded
in calculating whether the conditions of Section 4.09(a)(4)(C) have been met with respect to any subsequent Restricted Payments.
The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of
the asset(s) or securities proposed to be transferred or issued to or by Parent or such Restricted Subsidiary, as the case may
be, pursuant to the Restricted Payment. In determining whether any Restricted Payment is permitted by this covenant, Parent and
its Restricted Subsidiaries may allocate all or any portion of such Restricted Payment among the categories described in clauses
Section 4.09(b)(1) through (15)  or among such categories and the types of Restricted Payments described in Section 4.09(a)
(including categorization in whole or in part as a Permitted Investment); provided that, at the time of such allocation, all such
Restricted Payments, or allocated portions thereof, would be permitted under the various provisions of this covenant.

 

Section 4.10       
Liens. Parent shall not, and shall not permit any of the Restricted Subsidiaries to, create, incur, assume or otherwise
cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets,
now owned or hereafter acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable
or prior basis with the Obligations so secured until such time as such Obligations are no longer secured by a Lien.

 

Section 4.11       
Limitation on Asset Sales.

 

(a)              
Parent shall not, and shall not permit any of the Restricted Subsidiaries to, consummate any Asset Sale, unless:

 

(1)              
the consideration received by Parent or such Restricted Subsidiary is at least equal to the fair market value of the assets
sold or disposed of; and

 

(2)              
at least 75% of the consideration received consists of cash, Temporary Cash Investments or Replacement Assets, or a combination
of cash, Temporary Cash Investments or Replacement Assets; provided, however, with respect to the sale of one or
more properties that up to 75% of the consideration may consist of Indebtedness of the purchaser of such properties so long as
such Indebtedness is secured by a first priority Lien on the property or properties sold.

 

(b)              
For purposes of this Section 4.11, each of the following shall be deemed to be cash:

 

(1)              
any liabilities of Parent or the Restricted Subsidiaries (as shown on the most recent consolidated balance sheet of Parent
and the Restricted Subsidiaries other than contingent liabilities and liabilities that are by their terms subordinated to the Notes
or any Guaranty) that are assumed by the transferee of any such assets pursuant to an agreement that releases Parent or any such
Restricted Subsidiary from further liability with respect to such liabilities or that are assumed by contract or operation of law;

 

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(2)              
any securities, notes or other obligations received by Parent or any such Restricted Subsidiary from such transferee that
are converted by Parent or such Restricted Subsidiary into cash or Temporary Cash Investments within 180 days (to the extent of
the cash or Temporary Cash Investments received in that conversion); and

 

(3)              
any Designated Non-Cash Consideration received by Parent or any such Restricted Subsidiary in such Asset Sale having an
aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (3)
that is at the time outstanding, not to exceed the greater of (x) $100,000,000 and (y) 2.0% of the Issuers’ Adjusted Total
Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value.

 

In addition, any Asset Sale arising from
any sale, transfer or other disposition of an Investment in a joint venture to the extent required by, or made pursuant to, customary
buy/sell arrangements between the joint venture parties set forth in joint venture or similar agreements need not comply with clauses
(1) and (2) of Section 4.11(a) to the extent the Net Cash Proceeds received in such transaction shall be applied in accordance
with the provisions of this Section 4.11.

 

(c)              
Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, Parent or any such Restricted Subsidiary
may apply such Net Cash Proceeds:

 

(1)              
to prepay, repay, redeem or purchase Pari Passu Indebtedness of the Issuers or a Subsidiary Guarantor that is Secured Indebtedness
(in each case other than Indebtedness owed to the Issuers or an Affiliate of the Issuers);

 

(2)              
to make an Investment in (provided such Investment is in the form of Capital Stock), or to acquire all or substantially
all of the assets of, a Person engaged in a Permitted Business if such Person is, or will become as a result thereof, a Restricted
Subsidiary;

 

(3)              
to prepay, repay, redeem or purchase Pari Passu Indebtedness of Parent, an Issuer or of any Subsidiary Guarantor or any
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor; provided, however, that if Parent, the
Issuers or a Subsidiary Guarantor shall so prepay, repay, redeem or purchase any such Pari Passu Indebtedness, the Issuers shall
equally and ratably reduce obligations under the Notes if the Notes are then prepayable or, if the Notes may not then be prepaid,
the Issuers shall make an offer (in accordance with the procedures set forth below) with the ratable proceeds to all Holders to
purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, thereon, up to the principal
amount of Notes that would otherwise be prepaid;

 

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(4)              
to fund all or a portion of an optional redemption of the Notes pursuant to Section 5 of the Notes;

 

(5)              
to make a capital expenditure;

 

(6)              
to acquire Replacement Assets to be used or that are useful in a Permitted Business; or

 

(7)              
any combination of the foregoing;

 

provided that the Issuers shall be deemed to have complied
with the provisions described in clauses (2), (5) and (6) of this paragraph if and to the extent that, within 365 days after the
Asset Sale that generated the Net Cash Proceeds, Parent or any of the Restricted Subsidiaries has entered into and not abandoned
or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted Business, acquire Replacement Assets or make
a capital expenditure in compliance with the provisions described in clauses (2), (5) and (6) of this paragraph (each an “Acceptable
Commitment”), and that Acceptable Commitment (or a replacement commitment should the Acceptable Commitment be subsequently
cancelled or terminated for any reason) is thereafter completed within 180 days after the end of such 365-day period. Pending the
final application of any such Net Cash Proceeds, the Issuers may temporarily reduce the revolving Indebtedness under any Credit
Facility or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture. The amount of such
excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 365-day period as set forth in this
paragraph (c) and not so applied by the end of such period shall constitute “Excess Proceeds.”

 

(d)              
When the aggregate amount of Excess Proceeds exceeds $50,000,000, the Issuers shall make an offer to all holders of the
Notes and, if required by the terms of any Indebtedness that is Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness
on a pro rata basis (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of the Notes
and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, that may be purchased out of the Excess Proceeds
at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof, if less), 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 this Indenture. The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within 20 Business Days after
the date that Excess Proceeds exceed $50,000,000 by delivering the notice required pursuant to the terms of this Indenture, with
a copy to the Trustee. The Issuers may satisfy the foregoing obligations with respect to any Excess Proceeds from an Asset Sale
by making an Asset Sale Offer with respect to such Excess Proceeds prior to the expiration of the relevant 365 days or with respect
to Excess Proceeds of $50,000,000 or less.

 

(e)              
To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer
is less than the Excess Proceeds, Parent and the Restricted Subsidiaries may use any remaining Excess Proceeds for any purpose
not prohibited by this Indenture. If the aggregate principal amount of Notes or the Pari Passu Indebtedness surrendered by such
holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuers shall select such Pari
Passu Indebtedness to be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari
Passu Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset
Sale Offer shall be reset to zero. Parent may satisfy the foregoing obligation with respect to any Net Cash Proceeds prior to the
expiration of the relevant 365 day period (as such period may be extended in accordance with this Indenture). Nothing in this paragraph
shall preclude the Issuers from making an Asset Sale Offer even if the amount of Excess Proceeds not previously subject to an Asset
Sale Offer pursuant to this Section 4.11 covenant totals less than $25,000,000.

 

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(f)               
Pending the final application of any Net Cash Proceeds pursuant to this Section 4.11, the holder of such Net Cash Proceeds
may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving Indebtedness under any Credit
Facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture.

 

(g)              
The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations described in this Indenture by virtue thereof.

 

Section 4.12       
Limitation on Transactions with Affiliates.

 

(a)              
Parent and the Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter
into, renew or extend any transaction (including the purchase, sale, lease or exchange of property or assets, or the rendering
of any service) with any Holder (or any Affiliate of such Holder) of 10% or more of any class of Capital Stock of the Parent or
with any Affiliate of the Parent or any Restricted Subsidiary, in each case involving consideration in excess of $10,000,000, except
upon terms that are not materially less favorable to Parent or such Restricted Subsidiary than could be obtained, at the time of
such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing
therefor, in a comparable arm’s length transaction with a Person that is not such a Holder or an Affiliate.

 

(b)              
The limitation set forth in Section 4.12(a) does not limit, and shall not apply to:

 

(1)              
transactions (A) approved by a majority of the disinterested directors of the Board of Directors of the Parent or (B) for
which the Parent or any Restricted Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking,
appraisal or accounting firm stating that the transaction is fair to the Parent or such Restricted Subsidiary from a financial
point of view;

 

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(2)              
any transaction solely between Parent and an Issuer, solely between Parent or an Issuer and any of its Restricted Subsidiaries
or solely between Restricted Subsidiaries;

 

(3)              
the payment of reasonable fees and compensation (including through the issuance of Capital Stock) to, and indemnification
and similar arrangements on behalf of, current, former or future directors, officers, employees or consultants of Parent or any
Restricted Subsidiary;

 

(4)              
any Restricted Payment not prohibited by Section 4.09 and Investments constituting Permitted Investments;

 

(5)              
any contracts, instruments or other agreements or arrangements in each case as in effect on the Issue Date, and any transactions
pursuant thereto or contemplated thereby, or any amendment, modification or supplement thereto or any replacement thereof entered
into from time to time, as long as such agreement or arrangements as so amended, modified, supplemented or replaced, taken as a
whole, is not materially more disadvantageous to Parent and the Restricted Subsidiaries at the time executed than the original
agreement or arrangements as in effect on the Issue Date;

 

(6)              
any employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into by
Parent or any Restricted Subsidiary with current, former or future officers and employees of the Parent or such Restricted Subsidiary
and the payment of compensation to officers and employees of the Parent or any Restricted Subsidiary (including amounts paid pursuant
to employee benefit plans, employee stock option or similar plans), in each case in the ordinary course of business;

 

(7)              
loans and advances to officers and employees of the Parent or any Restricted Subsidiary or Guarantees in respect thereof
(or cancellation of such loans, advances or Guarantees), for bona fide business purposes, including for reasonable moving and relocation,
entertainment and travel expenses and similar expenses, made in the ordinary course of business;

 

(8)              
transactions with a Person that is an Affiliate of the Parent or an Issuer solely because the Parent or a Restricted Subsidiary,
directly or indirectly, owns Capital Stock of, or controls such Person;

 

(9)              
any transaction with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes
an Affiliate as a result of such transaction;

 

(10)          
the entering into or amending of any tax sharing, allocation or similar agreement and any payments thereunder;

 

(11)          
transactions with suppliers, joint venture partners, limited liability companies, other entities or purchasers or sellers
of goods or services, in each case in the ordinary course of business and otherwise in compliance with this Indenture, which are
fair to Parent and Issuers and the Restricted Subsidiaries in the reasonable determination of majority of the disinterested, independent
directors of the Board of Directors of Parent, and are on terms that, taken as a whole, are not less favorable to Parent or the
relevant Restricted Subsidiary than those that might reasonably have been obtained at such time from a Person that is not an Affiliate;

 

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(12)          
any transaction described in clause (R) of the definition of Asset Sale; or

 

(13)          
the issuance and sale of Capital Stock (other than Disqualified Stock) of Parent.

 

(c)              
Notwithstanding Section 4.12(a) and 4.12(b), any transaction or series of related transactions covered by Section 4.12(a)
and not covered by clauses (2) through (13) of Section 4.12(b):

 

(i)              
the aggregate amount of which exceeds $20,000,000 in value must be approved or determined to be fair in the manner provided
for in Section 4.12(b)(1)(A) or (B); and

 

(ii)             
the aggregate amount of which exceeds $50,000,000 in value must be determined to be fair in the manner provided for in Section
4.12(b)(1)(B).

 

Section 4.13       
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)              
The Issuers shall not, and shall not permit any of their Restricted Subsidiaries to, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any such Restricted Subsidiary
to:

 

(1)              
pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary
owned by an Issuer or any of its Restricted Subsidiaries;

 

(2)              
pay any Indebtedness owed to an Issuer or any of its Restricted Subsidiaries;

 

(3)              
make loans or advances to an Issuer or any of its Restricted Subsidiaries; or

 

(4)              
transfer its property or assets to an Issuer or any of its Restricted Subsidiaries.

 

(b)              
Section 4.13(a) shall not restrict any encumbrances or restrictions:

 

(1)              
existing under, by reason of or with respect to this Indenture, the Credit Agreement and any other agreement in effect on
the Issue Date as in effect on the Issue Date, and any amendments, modifications, restatements, extensions, increases, supplements,
refundings, refinancing, renewals or replacements of such agreements; provided, however, that in the determination
of the Board of Directors of the Parent made in good faith (which determination will be conclusive and binding absent manifest
error) the encumbrances and restrictions in any such amendments, modifications, restatements, extensions, increases, supplements,
refundings, refinancing, renewals or replacements are not materially more restrictive, taken as a whole, than those contained in
the Credit Agreement or such other agreements as in effect on the Issue Date;

 

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(2)              
existing under, by reason of or with respect to any other Indebtedness of the Restricted Subsidiaries permitted under this
Indenture; provided, however, that the Board of Directors of Parent have determined in good faith (which determination
will be conclusive and binding absent manifest error) that the encumbrances and restrictions contained in the agreement or agreements
governing the other Indebtedness are not materially more restrictive, taken as a whole, than those contained in customary comparable
financings and will not impair in any material respect the Issuers’ and the Guarantors’ ability to make payments on
the Notes when due;

 

(3)              
existing with respect to any Person or the property or assets of such Person acquired by an Issuer or any of its Restricted
Subsidiaries, existing at the time of such acquisition and not Incurred in contemplation thereof, which encumbrances or restrictions
are not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such
Person so acquired and any amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing,
renewals or replacements thereof; provided, however, that the encumbrances and restrictions in any such amendments,
modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements are entered
into in the ordinary course of business or not materially more restrictive, taken as a whole, than those contained in the instruments
or agreements with respect to such Person or its property or assets as in effect on the date of such acquisition as determined
by such Person in good faith (which determination will be conclusive and binding absent manifest error);

 

(4)              
existing under, by reason of or with respect to provisions in joint venture, operating or similar agreements;

 

(5)              
existing under, by reason of or with respect to, this Indenture, the Notes or the Guaranties;

 

(6)              
existing under, by reason of or with respect to applicable law, rule, regulation or administrative or court order;

 

(7)              
Permitted Liens that limit the right of the debtor to dispose of the assets subject to such Liens;

 

(8)              
in the case of Section 4.13(a)(4):

 

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(i)                
that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license,
conveyance or contract or similar property or asset,

 

(ii)             
existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property
or assets of an Issuer or any of its Restricted Subsidiary not otherwise prohibited by this Indenture,

 

(iii)           
existing under, by reason of or with respect to (1) purchase money obligations for property acquired in the ordinary course
of business or (2) capital leases or operating leases that impose encumbrances or restrictions on the property so acquired or covered
thereby, or

 

(iv)            
arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of Parent or any of its Restricted Subsidiaries in any manner
material to Parent and its Restricted Subsidiaries taken as a whole;

 

(9)              
with respect to a Restricted Subsidiary that is a Subsidiary Guarantor that was previously an Unrestricted Subsidiary pursuant
to or by reason of an agreement that such Subsidiary is a party to or entered into before the date on which such Subsidiary became
a Restricted Subsidiary; provided that such agreement was not entered into in anticipation of an Unrestricted Subsidiary
becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets or property of the Issuers
or any other Restricted Subsidiary other than the assets and property of such Subsidiary;

 

(10)          
with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or
disposition of the Capital Stock of, or property and assets of, such Restricted Subsidiary that restricts distributions by that
Restricted Subsidiary pending the closing of such sale or other disposition;

 

(11)          
 contained in any license, permit or other accreditation with a regulatory authority entered into in the ordinary course
of business;

 

(12)          
on cash or other deposits (i) imposed by persons under contracts entered into in the ordinary course of business or for
whose benefit such cash or deposit exists, (ii) or net worth imposed by customers under contracts entered into in the ordinary
course of business or (iii) that arise in connection with Permitted Investments;

 

(13)          
contained in any trading, netting, operating, construction, service, supple, purchase sale, or other agreement entered into
in the ordinary course of business; provided such agreement restricts the encumbrance of solely the property or assets that are
the subject of such agreement, the payment rights thereunder or the proceeds thereof; and

 

(14)          
any encumbrance or restriction of the type referred to in Section 4.13(a)(1) through (4) imposed by any extensions,
refinancings, renewals or replacements of the contracts, instruments or obligations referred to in clauses (1) through (14) of
this Section 4.13(b); provided, that the encumbrances and restrictions in any such extensions, refinancings renewals or replacements
are no less favorable in any material respect, taken as a whole, to the holders than those encumbrances or restrictions that are
being extended, refinanced, renewed or replaced.

 

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(c)              
Nothing contained in this Section 4.13 shall prevent Parent or any Restricted Subsidiary from restricting the sale or other
disposition of property or assets of Parent or any of its Restricted Subsidiaries that secure Indebtedness of the Issuers or any
of their Restricted Subsidiaries. For purposes of determining compliance with this Section 4.13, (1) the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to distributions being paid on common stock shall not be deemed
a restriction on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to a Restricted
Subsidiary to other Indebtedness Incurred by such Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances.

 

Section 4.14       
Future Guarantees by Restricted Subsidiaries.

 

(a)              
Parent and the Issuers will cause each Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees the
Credit Agreement on the Issue Date, and any domestic Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees
the Credit Agreement or any other Capital Markets Indebtedness, including but not limited to the 5.00% Senior Notes due 2023, thereafter,
to, within 30 days thereof, execute and deliver to the Trustee a Supplemental Indenture substantially in the form set forth in
Exhibit E to this Indenture pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and
several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior
basis and all other obligations under this Indenture.

 

(b)              
Any Subsidiary Guaranty shall provide by its terms that it shall be automatically and unconditionally released and discharged
upon:

 

(1)              
any sale, exchange or transfer, to any Person that is not a Subsidiary of Parent or an Issuer of Capital Stock held by Parent
or the Restricted Subsidiaries in, or all or substantially all the assets of, such Subsidiary Guarantor (which sale, exchange or
transfer is not prohibited by this Indenture) such that, immediately after giving effect to such transaction, such Subsidiary Guarantor
would no longer constitute a Subsidiary of Parent or an Issuer,

 

(2)              
in connection with the merger or consolidation of a Subsidiary Guarantor with (a) Parent, (b) an Issuer or (c) any other
Subsidiary Guarantor (provided that the surviving entity remains or becomes a Subsidiary Guarantor),

 

(3)              
if the Issuers properly designate any Subsidiary Guarantor as an Unrestricted Subsidiary pursuant to the terms of this Indenture,

 

(4)              
upon the Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture,

 

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(5)              
upon a liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or

 

(6)              
the release or discharge of the Guarantee or Indebtedness that resulted in the creation of such Subsidiary Guaranty and
any other Guarantee by such Subsidiary of the Credit Agreement and any other Capital Markets Indebtedness, except a discharge or
release by or as a result of payment under such Guarantee.

 

(c)              
In addition, any Subsidiary Guaranty shall be automatically and unconditionally released and discharged if such Subsidiary
ceases to guarantee obligations under the Credit Agreement or ceases to constitute a co-borrower with respect to the Credit Agreement
and all other Capital Markets Indebtedness is released.

 

Section 4.15       
Reports to Holders.

 

(a)              
Whether or not Opco is then required to file reports with the SEC, Opco shall file with the SEC all such reports and other
information as it would be required to file with the SEC by Sections 13(a) or 15(d) under the Exchange Act if it was subject thereto;
provided, however, that, if filing such documents by Opco with the SEC is not permitted under the Exchange Act, Opco
shall, within 15 days after the time Opco would be required to file such information with the SEC if it were subject to Section
13 or 15(d) under the Exchange Act, provide such documents and reports to the Trustee and upon written request supply copies of
such documents and reports to any Holder and shall post such documents and reports on Opco’s or Parent’s public website.
Opco shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each such Holder upon such holder’s
written request, without cost to such Holder, copies of such reports and other information provided, that the filing of
such reports and other information with the SEC through EDGAR (or any successor electronic reporting system of the SEC accessible
to the public without charge) constitutes delivery to the trustee for purposes of this sentence. Delivery of such information,
documents and reports 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 Issuers’
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
The Trustee is not obligated to confirm that Opco has complied with its obligations contained in this Section 4.15 to provide such
reports or post such reports and information on its or its Parent’s public website.

 

(b)              
So long as the Parent is a Guarantor of the Notes, this Indenture will permit Opco to satisfy its obligations under this
Section 4.15 with respect to filing, furnishing, providing or posting documents, reports and other information relating to Opco
by Parent’s filing, furnishing, providing or posting, as the case may be, of such documents, reports and other information
relating to the Parent; provided that, if then required in Parent’s reports, the same is accompanied by consolidating
information that explains in reasonable detail and in the same manner described in the Offering Memorandum the differences between
the information relating to Parent and its consolidated Subsidiaries on the one hand, and the information relating to Parent, the
Issuers and the Subsidiary Guarantors on a standalone basis, on the other hand, as of the ending date of the period covered by
such report, which consolidating information shall be presented in accordance with Rule 3-10 of Regulation S-X under the Securities
Act, or any successor provision.

 

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Section 4.16       
Suspension of Covenants. During a Suspension Period, the Parent and the Restricted Subsidiaries shall not be subject
to Sections 4.08, 4.09, 4.11, 4.12, 4.13, 4.14 or 5.01(a)(3) (each a “Suspended Covenant”). During any Suspension
Period, each Guaranty pursuant to Article X shall also be suspended. All other provisions of this Indenture will apply at all times
during any Suspension Period so long as any Notes remain outstanding.

 

“Suspension Period” means any period (1)
beginning on the date that:

 

(A) the Notes have Investment Grade Status;

 

(B) no Default or Event of Default has occurred
and is continuing; and

 

(C) the Issuers have delivered an Officer’s
Certificate to the Trustee certifying that the conditions set forth in clauses (A) and (B) above are satisfied;

 

and (2) ending on the date (the “Reversion Date”)
that the Notes cease to have Investment Grade Status, notice of which shall be provided to the Trustee.

 

On each Reversion Date, all dividend blockages
Incurred during the Suspension Period prior to such Reversion Date shall be deemed to have been outstanding on the Issue Date.
On each Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified as having been Incurred in compliance
with Sections 4.08(a) through (c) (to the extent such Indebtedness would be permitted to be Incurred on the Reversion Date and
after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date) or, to the extent
such Indebtedness would not be so permitted to be Incurred in compliance with Sections 4.08(a) through (c), such Indebtedness will
be classified as having been Incurred pursuant to Section 4.08(d)(7).

 

The Trustee shall not have any duty to determine
whether or not a Suspension Period or a Reversion Date has occurred, nor will it have any obligation to notify the Holders of such
occurrences.

 

For purposes of calculating the amount available
to be made as Restricted Payments under Section 4.09(a)(C), calculations under that clause shall be made with reference to the
Transaction Date, as set forth in that clause. Accordingly, (x) Restricted Payments made during the Suspension Period not otherwise
permitted pursuant to any of clauses (1) through (16) of Section 4.09(b), shall reduce the amount available to be made as Restricted
Payments under Section 4.09(a)(C); provided, however, that the amount available to be made as a Restricted Payment
on the Transaction Date shall not be reduced to below zero solely as a result of such Restricted Payments, but may be reduced to
below zero as a result of negative cumulative Funds From Operations during the Suspension Period for the purpose of Section 4.09(a)(C)(i),
and (y) the items specified in Sections 4.09(a)(C)(i), (ii), (iii), (iv) and (v) that occur during the Suspension Period shall
increase the amount available to be made as Restricted Payments under Section 4.09(a)(C). Any Restricted Payment made during the
Suspension Period that is of the type described in Section 4.09(b) (other than the Restricted Payment referred to in clauses (1)
or (2) of Section 4.09(b) or any exchange for, or out of the proceeds of Capital Stock for Capital Stock or Indebtedness referred
to in clause (4) or (5) of Section 4.09(b)), and the Net Cash Proceeds from any issuance of Capital Stock referred to in clauses
(4) and (5) of Section 4.09(b) (adjusted to avoid double counting) shall not be included in calculating the amounts permitted to
be Incurred under Section 4.09(a)(C) on each Reversion Date.

 

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For purposes of Section 4.11, on each Reversion
Date, the unutilized Excess Proceeds shall be reset to zero.

 

Subject to the foregoing, no Default or
Event of Default shall be deemed to have occurred on the Reversion Date (or thereafter) under any Suspended Covenant solely as
a result of any actions taken by the Parent or any Restricted Subsidiaries thereof, or events occurring, during the Suspension
Period.

 

The Trustee shall have no obligation to
(i) independently determine or verify if a Suspension Period or a Reversion Date has occurred, (ii) make any determination regarding
the impact of actions taken during the Suspension Period on the Parent and its Restricted Subsidiaries’ future compliance
with covenants or (iii) notify Holders of the commencement of the Suspension Period or the Reversion Date.

 

Section 4.17       
Limitation on Activities of Finco.

 

Finco may not hold any material assets,
become liable for any material obligations, engage in any trade or business, or conduct any business activity, other than (1) the
issuance of its Capital Stock to Opco or any Wholly Owned Restricted Subsidiary of Opco, (2) the incurrence of Indebtedness as
a co-obligor or guarantor, as the case may be, of the Notes, the Credit Agreement and any other Indebtedness that is permitted
to be Incurred under Section 4.08; provided that the net proceeds of such Indebtedness are not retained by Finco, and (3)
activities incidental thereto. Neither the Parent nor any Restricted Subsidiary shall engage in any transaction with Finco in violation
of the immediately preceding sentence.

 

Section 4.18       
Financial Calculations for Limited Condition Acquisitions.

 

In connection with any Limited Condition
Acquisition (including any financing thereof), at the Issuers’ election, (a) compliance with any requirement relating to
the absence of a Default or Event of Default may be determined as of the date a definitive agreement for such Limited Condition
Acquisition is entered into (the “effective date”) and not as of any later date as would otherwise be required under
this Indenture, and (b) any calculation contemplated by Section 4.08 or any amount based on a percentage of Consolidated EBITDA
or any other determination under any basket or ratio under this Indenture, may be made as of such effective date, giving pro forma
effect to such Limited Condition Acquisition and any related transactions (including any incurrence of Indebtedness and the use
of proceeds thereof) as if they had occurred at the beginning of the most recent test period ending prior to the effective date.
If the Issuers make such an election, any subsequent calculation of any such ratio, basket and/or percentage (unless the definitive
agreement for such Limited Condition Acquisition expires or is terminated without its consummation) shall be calculated on an equivalent
pro forma basis.

  

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ARTICLE
V

Successor Corporation

 

Section 5.01       
Consolidation, Merger and Sale of Assets.

 

(a)              
Neither Parent nor any Issuer shall consolidate with or merge with or into, or sell, convey, transfer or otherwise dispose
of all or substantially of it and its Restricted Subsidiaries’ (taken as a whole) property and assets (as an entirety or
substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person (other than
a Restricted Subsidiary) to merge with or into it unless:

 

(1)              
Parent or such Issuer shall be the continuing Person, or the Person (if other than Parent or such Issuer) formed by such
consolidation or into which Parent or such Issuer is merged or that acquired such property and assets of Parent or such Issuer
shall be a corporation, limited liability company, partnership (including a limited partnership) or trust organized and validly
existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental
indenture, executed and delivered to the Trustee, all of the obligations of Parent or such Issuer with respect to the Notes and
under this Indenture (provided that in the case of a limited liability company, partnership (including a limited partnership)
or trust, there shall also be a corporation organized and validly existing under the laws of the United States of America or any
state or jurisdiction thereof that shall expressly jointly with such limited liability company, partnership (including a limited
partnership) or trust, assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of such
Issuer with respect to the Notes and under this Indenture);

 

(2)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(3)              
immediately after giving effect to such transaction and any related financing transactions as if the same had occurred at
the beginning of the applicable Four Quarter Period, on a pro forma basis Parent and the Issuers, or any Person becoming the successor
obligor of the Notes, as the case may be, (a) could Incur at least $1.00 of Indebtedness under paragraphs (a) and (c) of Section
4.08 or (b) the ratios in Sections 4.08(a) and 4.08(c) are better than immediately prior to such transaction; provided,
however, that this clause (3) shall not apply to a consolidation or merger with or into Parent, an Issuer or a Wholly Owned
Restricted Subsidiary; and

 

(4)              
the Issuers deliver to the Trustee an Officer’s Certificate (attaching the arithmetic computations to demonstrate
compliance with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and
such supplemental indenture complies with this Section 5.01 and that all conditions precedent provided for herein relating to such
transaction have been complied with and, with respect to the Opinion of Counsel, that the supplemental indenture constitutes a
valid and binding obligation enforceable against the Issuers, or the Person (if other than Parent or an Issuer) formed by such
consolidation or into which such Issuer is merged or that acquired all or substantially all of Parent’s, such Issuer’s
and its Restricted Subsidiaries’ property and assets;

 

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provided, however, that clause (3) above does
not apply if, in the good faith determination of the Board of Directors of the Parent, whose determination shall be evidenced
by a Board Resolution, the principal purpose of such transaction is to change the state of domicile of Parent or an Issuer; provided further,
however, that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.

 

(b)              
Parent and the Issuers shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey or
transfer, in one transaction or a series of transactions, all or substantially all of its property and assets to any Person, unless:

 

(1)              
the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person organized and existing under the
laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State
thereof or the District of Columbia, and such Person shall expressly assume, by a supplemental indenture, all the obligations of
such Subsidiary Guarantor, if any, under the Notes or its Subsidiary Guaranty, as applicable; provided, however,
that the foregoing requirement shall not apply in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety
to another Person (other than to Parent or an Issuer or an Affiliate of Parent or an Issuer), whether through a merger, consolidation
or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases
to be a Subsidiary, so long as, in both cases, in connection therewith the Issuers provide an Officer’s Certificate to the
Trustee to the effect that the Issuers will comply with their obligations under Section 4.11;

 

(2)              
immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness
that becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued
by such Person at the time of such transaction), no Default shall have occurred and be continuing; and

 

(3)              
the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indenture, if any, complies with this Indenture and, with respect to the Opinion of Counsel,
that the supplemental indenture constitutes a valid and binding obligation enforceable against the Issuers, the Subsidiary Guarantors,
the Parent and the surviving Persons.

 

(c)              
Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with an Affiliate of Parent or an Affiliate of a Restricted
Subsidiary or another Subsidiary Guarantor solely for the purpose of changing the state of domicile of the Subsidiary Guarantor,
(ii) merge with or into or transfer all or part of its properties and assets to another Subsidiary Guarantor, a Parent or the Issuers
or (iii) convert into a corporation, partnership, limited partnership, limited liability company or trust organized under the laws
of the jurisdiction of organization of such Subsidiary Guarantor.

 

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(d)              
Upon any such consolidation, combination or merger of an Issuer or a Guarantor, or any such sale, conveyance, transfer or
other disposition of all or substantially all of the assets of an Issuer in accordance with this Section 5.01, in which such Issuer
or such Guarantor is not the continuing obligor under the Notes or its Guarantee, the surviving entity formed by such consolidation
or into which such Issuer or such Guarantor is merged or the entity to which the sale, conveyance, transfer or other disposition
is made shall succeed to, and be substituted for, and may exercise every right and power of, such Issuer or such Guarantor under
this Indenture, the Notes and the Guaranties with the same effect as if such surviving entity had been named therein as such Issuer
or such Guarantor and such Issuer or such Guarantor, as the case may be, shall be released from the obligation to pay the principal
of and interest on the Notes or in respect of its Guaranty, as the case may be, and all of such Issuer’s or such Guarantor’s
other obligations and covenants under the Notes, this Indenture and its Guaranty, if applicable.

 

ARTICLE
VI

Default and Remedies

 

Section 6.01       
Events of Default. Each of the following is an “Event of Default”:

 

(1)              
default in the payment of principal of, or premium, if any, on any Note when they are due and payable at maturity, upon
acceleration, redemption or otherwise;

 

(2)              
default in the payment of interest on any Note when due and payable, and such default continues for a period of 30 days;

 

(3)              
Parent or Restricted Subsidiaries do not comply with their obligations under Section 5.01;

 

(4)              
the Issuers fail to make or consummate a Change of Control Offer following a Change of Control Triggering Event when required
under Section 4.07;

 

(5)              
Parent or Restricted Subsidiaries default in the performance of or breach any other covenant or agreement of Parent or the
Restricted Subsidiaries in this Indenture or under the Notes (other than a default specified in clause (1), (2), (3) or (4) above)
and such default or breach continues for 60 consecutive days after written notice by the Trustee or the Holders of 25% or more
in aggregate principal amount of the Notes;

 

(6)              
there occurs with respect to any issue or issues of Indebtedness of Parent or any Significant Subsidiary having an outstanding
principal amount of $50,000,000 or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now
exists or shall hereafter be created,

 

(i)                
an event of default that has caused the Holder thereof to declare such Indebtedness to be due and payable prior to its Stated
Maturity and such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or

 

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(ii)             
the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall
not have been made, waived or extended within 30 days of such payment default;

 

(7)              
any final and non-appealable judgment or order for the payment of money (not covered by insurance) in excess of $50,000,000
in the aggregate for all such final judgments or orders against all such Persons:

 

(i)              
shall be rendered against Parent, an Issuer or any Significant Subsidiary and shall not be paid or discharged and

 

(ii)             
there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $50,000,000
during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in
effect;

 

(8)              
a court of competent jurisdiction enters a decree or order for:

 

(i)              
relief in respect of Parent, an Issuer or any Significant Subsidiary in an involuntary case under any applicable Bankruptcy
Law now or hereafter in effect,

 

(ii)             
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Parent, an Issuer
or any Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or any Significant Subsidiary
or

 

(iii)            
the winding up or liquidation of the affairs of Parent, an Issuer or any Significant Subsidiary and, in each case, such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(9)              
Parent, an Issuer or any Significant Subsidiary:

 

(i)              
commences a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry of an
order for relief in an involuntary case under such law,

 

(ii)             
consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of Parent, an Issuer or such Significant Subsidiary or for all or substantially all of the property and assets
of Parent, an Issuer or such Significant Subsidiary or

 

(iii)            
effects any general assignment for the benefit of its creditors.

 

Section 6.02       
Acceleration. If an Event of Default (other than an Event of Default specified in clause (8) or (9) of Section 6.01
that occurs with respect to an Issuer) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes then outstanding, by written notice to the Issuers (and to the Trustee if such notice
is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding shall, declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due
and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately
due and payable. In the event of a declaration of acceleration because an Event of Default set forth in clause (6) of Section 6.01
has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of
default triggering such Event of Default pursuant to clause (6) of Section 6.01 shall be remedied or cured by Parent or the relevant
Issuer or Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of
acceleration with respect thereto.

 

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If an Event of Default specified in clause
(8) or (9) of Section 6.01 occurs with respect to Parent or an Issuer, the principal of, premium, if any, and accrued interest
on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

The Holders of at least a majority in principal
amount of the outstanding Notes by written notice to the Issuers and to the Trustee may waive all past Defaults and rescind and
annul a declaration of acceleration and its consequences if:

 

(x) all existing Events of Default, other
than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration
of acceleration, have been cured or waived; and

 

(y) the rescission would not conflict with
any judgment or decree of a court of competent jurisdiction.

 

No such rescission shall affect any subsequent
Default or impair any right consequent thereto.

 

Section 6.03       
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding
at law or in equity to collect the payment of principal of, or 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 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. No remedy is exclusive of any other remedy. All available remedies are cumulative
to the extent permitted by law.

 

Section 6.04       
Waiver of Past Defaults. Subject to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount of
the outstanding Notes (which may include consents obtained in connection with a tender offer or exchange offer of Notes) by notice
to the Trustee may waive an existing Default and its consequences, except a Default in the payment of principal of, or interest
on, any Note as specified in Section 6.01(1) or (2). The Issuers shall deliver to the Trustee an Officer’s Certificate stating
that the requisite percentage of Holders have consented to such waiver and attaching copies of such consents. When a Default is
waived, it is cured and ceases.

 

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Section 6.05       
Control by Majority. The Holders of at least a majority in aggregate principal amount of the outstanding Notes may
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. Subject to Section 7.01, however, the Trustee may refuse to follow any direction that conflicts
with any law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith
may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction received from the Holders
of Notes; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

 

Section 6.06       
Limitation on Suits. No Holder shall have any right to institute any proceeding with respect to this Indenture or
for any remedy thereunder, unless:

 

(1)              
the Holder gives the Trustee written notice of a continuing Event of Default;

 

(2)              
the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to
pursue the remedy;

 

(3)              
such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;

 

(4)              
the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5)              
during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give
the Trustee a direction that is inconsistent with the request.

 

However, such limitations do not apply to
the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring
suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right shall not be impaired
or affected without the consent of the Holder.

 

Section 6.07       
Rights of Holders To Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of principal of and premium, if any, and interest on, a Note, on or after the respective due dates therefor,
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 the Holder.

 

Section 6.08       
Collection Suit by Trustee. If an Event of Default in payment of principal or interest specified in Section 6.01(1)
or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the
Issuers or any other obligor on the Notes for the whole amount of principal and accrued interest and fees remaining unpaid, together
with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments
of interest, in each case at the rate per annum borne by the Notes 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 6.09       
Trustee May File Proofs of Claim. The Trustee may 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 compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Issuers,
their creditors or their property and shall be entitled and empowered to collect and receive any monies or other property payable
or deliverable on any such claims and to distribute the same, and any custodian in any such judicial proceedings 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 agent and counsel, and any other amounts due the Trustee under Section 7.07. 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 thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. The Trustee shall be entitled to participate as a member of
any official committee of creditors in the matters as it deems necessary or advisable.

 

Section 6.10       
Priorities. If the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money
or property in the following order:

 

First: to the Trustee (acting in any capacity
hereunder) for amounts due hereunder, including under Section 7.07;

 

Second: to the payment of the amounts then
due and unpaid upon the Notes for principal (and premium, if any) and interest, 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 Notes for principal (and premium, if any) and interest, respectively; and

 

Third: to the Issuers or, if applicable,
the Guarantors, as their respective interests may appear.

 

The Trustee may fix a record date and payment
date for any payment to Holders 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 Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee,
a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding
Notes.

 

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Section 6.12       
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, subject to any determination in such proceedings or any other proceedings,
the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies hereunder of the Trustee and the Holders shall continue as though no such proceeding has been instituted.

 

ARTICLE
VII

 

Trustee

 

Section 7.01       
Duties of Trustee.

 

(a)       
If an Event of Default has occurred and is continuing, the Trustee shall 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 person would exercise or use under
the circumstances in the conduct of his or her own affairs.

 

(b)       
Except during the continuance of an Event of Default:

 

(1)              
The Trustee need perform only those duties as are specifically set forth herein or in the Trust Indenture Act and no duties,
covenants, responsibilities or obligations shall be implied in this Indenture against the Trustee.

 

(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 (including Officer’s Certificates) or opinions (including Opinions of
Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein.

 

(c)       
Notwithstanding anything to the contrary herein, the Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that:

 

(1)              
This paragraph does not limit the effect of Section 7.01(b).

 

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(2)              
The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts.

 

(3)              
The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05.

 

(d)       
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take
any action at the request or direction of Holders if it shall have reasonable grounds for believing that repayment of such funds
is not assured to it.

 

(e)        
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to this Section 7.01.

 

(f)        
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or
unless otherwise agreed with the Issuers.

 

(g)       
In the absence of bad faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible
for the application of any money by any Paying Agent other than the Trustee.

 

Section 7.02       
Rights of Trustee. Subject to Section 7.01:

 

(a)        
The Trustee may rely conclusively on any resolution, certificate (including any Officer’s Certificate), statement,
instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture or other paper
or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate
any fact or matter stated in the document. Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuers or a Guarantor shall be sufficient if signed by an Officer of the Issuers or such Guarantor.

 

(b)       
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel,
which shall conform to the provisions of Section 11.05. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.

 

(c)       
The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any
agent (other than an agent who is an employee of the Trustee) appointed with due care.

 

(d)       
The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be
authorized or within its rights or powers under this Indenture.

 

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(e)        
The Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall
be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel.

 

(f)        
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Holders pursuant to the provisions of 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 may be incurred
therein or thereby.

 

(g)       
The Trustee shall not be bound to confirm or make any investigation into the facts or matters stated in any resolution,
certificate (including any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice,
request, direction, consent, order, bond, debenture, 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, upon reasonable notice to the Issuers, to examine the books, records, and
premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers.

 

(h)       
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(i)        
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties.

 

(j)        
Except with respect to Sections 4.01 and 4.05(a), the Trustee shall have no duty to inquire as to the performance of the
Issuers with respect to the covenants contained in Article IV and Article V. In addition, the Trustee shall not be deemed to have
knowledge of a Default or an Event of Default except (i) any Default or Event of Default occurring pursuant to Section 6.01(1)
or 6.01(2) or (ii) any Default or Event of Default actually known to a Responsible Officer.

 

(k)       
The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder.

 

(l)        
The Trustee may, but shall not be obligated to, request that the Issuers deliver an Officer’s Certificate setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
Person specified as so authorized in any such certificate previously delivered and not superseded.

 

(m)      
In no event shall the Trustee be responsible or liable for special, indirect, punitive, 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.

 

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Section 7.03       
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuers, their Subsidiaries or their respective Affiliates with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee shall comply with Sections 7.10 and
7.11.

 

Section 7.04       
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Issuers in this Indenture or any document issued in connection with the
sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication. The Trustee makes no
representations with respect to the effectiveness or adequacy of this Indenture.

 

Section 7.05       
Notice of Default. If a Default occurs and is continuing and is deemed to be known to the Trustee pursuant to Section
7.02(j), the Trustee shall mail or otherwise provide in accordance with the procedures of the Depository to each Holder notice
of the uncured Default within 60 days after the Trustee is deemed to know such Default occurred. Except in the case of a Default
in payment of principal of, or interest on, any Note, including an accelerated payment and the failure to make a payment pursuant
to an Asset Sale Offer and/or Change of Control Offer or a Default in complying with the provisions of Article V, the Trustee may
withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interest of the
Holders.

 

Section 7.06       
Reports by Trustee to Holders. Within 60 days after each October 1, beginning with October 1, 2019, the Trustee shall,
to the extent that any of the events described in Trust Indenture Act § 313(a) occurred within the previous twelve months,
but not otherwise, mail to each Holder a brief report dated as of such date that complies with Trust Indenture Act § 313(a).
The Trustee also shall comply with Trust Indenture Act §§ 313(b), 313(c) and 313(d).

 

A copy of each report at the time of its
mailing to Holders shall be mailed to the Issuers and filed with the SEC and each securities exchange, if any, on which the Notes
are listed.

 

The Issuers shall notify the Trustee if
the Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture
Act § 313(d).

 

Section 7.07       
Compensation and Indemnity. The Issuers shall pay to the Trustee (acting in any capacity hereunder) from time to
time such compensation as the Issuers and the Trustee shall from time to time agree in writing for its services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall
reimburse the Trustee (acting in any capacity hereunder) upon request for all reasonable disbursements, expenses and advances (including
reasonable fees and expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such
disbursements, expenses and advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct
as finally determined by a court of competent jurisdiction. Such expenses shall include the reasonable fees and expenses of the
Trustee’s agents and counsel.

 

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The Issuers shall indemnify each of the
Trustee (acting in any capacity hereunder) or any predecessor Trustee, and their respective officers, directors, employees and
agents for, and hold them harmless against, any and all loss, damage, claims including taxes (other than taxes based upon, measured
by or determined by the income of the Trustee), liability or expense incurred by them except for such actions to the extent caused
by any negligence, bad faith or willful misconduct on their part as finally determined by a court of competent jurisdiction, arising
out of or in connection with this Indenture including the reasonable costs and expenses (including reasonably attorneys’
fees and expenses and court costs) of defending themselves against or investigating any claim (whether asserted by any Holder,
the Issuers, any Guarantor or otherwise) or liability in connection with the exercise or performance of any of the Trustee’s
rights, powers or duties hereunder or of enforcing this Indenture (including this Section 7.07). The Trustee shall notify the Issuers
promptly of any claim asserted against the Trustee or any of its agents for which it may seek indemnity. Failure to provide such
notice shall not relieve the Issuers of their obligations in this Section 7.07 unless the failure to notify the Issuers impairs
the Issuers’ ability to defend such claim. The Issuers may, at the request of the Trustee, defend the claim and the Trustee
shall cooperate in the defense; provided that the Trustee and its agents subject to the claim may have separate counsel
and the Issuers shall pay the reasonable fees and expenses of such counsel; provided, however, that the Issuers shall
not be required to pay such fees and expenses if the Issuers assume the Trustee’s defense and there is no conflict of interest
between the Issuers and the Trustee and its agents subject to the claim in connection with such defense as reasonably determined
by the Trustee. The Issuers need not pay for any settlement made without their written consent. The Issuers need not reimburse
any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith
or willful misconduct as finally determined by a court of competent jurisdiction.

 

Notwithstanding anything to the contrary
in this Indenture, to secure the Issuers’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to
the Notes against all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property
held in trust to pay principal and interest on particular Notes.

 

When the Trustee incurs expenses or renders
services after a Default specified in Section 6.01(8) or 6.01(9) occurs, such expenses and the compensation for such services shall
be paid to the extent allowed under any Bankruptcy Law.

 

Notwithstanding any other provision in this
Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the
earlier resignation or removal of the Trustee and the appointment of a successor Trustee.

 

Section 7.08       
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign
with 60 days prior written notice by so notifying the Issuers in writing. The Holders of a majority in principal amount of the
outstanding Notes may remove the Trustee by so notifying the Issuers and the Trustee and may appoint a successor Trustee. The Issuers
may remove the Trustee if:

 

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(1) the Trustee fails to comply with Section
7.10;

 

(2) the Trustee is adjudged a bankrupt or
an insolvent;

 

(3) a receiver or other public officer takes
charge of the Trustee or its property; or

 

(4) the Trustee becomes incapable of acting.

 

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, Parent shall promptly appoint
a successor Trustee and shall comply with the applicable requirements of this Section 7.08. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by action of the Holders of
a majority in principal amount of the outstanding Notes delivered to Parent and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of this Section
7.08, become the successor Trustee and to that extent supersede the successor Trustee appointed by Parent. If no successor Trustee
shall have been so appointed by Parent or the Holders and accepted appointment in the manner required by this Section 7.08, then,
subject to Section 6.11 any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of itself and
all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuers. Immediately after that, the retiring Trustee shall transfer,
after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor
Trustee, subject to the Lien provided in Section 7.07, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee
shall mail (or otherwise deliver in accordance with the procedures of the Depository) notice of its succession to each Holder.
The retiring or removed Trustee shall have no responsibility or liability for the action or inaction of any successor Trustee.

 

If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10%
in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee at the expense of the Issuers.

 

If the Trustee fails to comply with Section
7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 shall continue for the benefit of the retiring
Trustee.

 

Section 7.09       
Successor Trustee by Merger, Etc. Any business entity into which the Trustee may be merged or converted or with which
it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

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Section 7.10       
Eligibility, Disqualification. There shall at all times be one (and only one) Trustee hereunder. The Trustee shall
be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus (together
with its corporate parent) of at least $150,000,000. If any such Person publishes reports of condition at least annually, pursuant
to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such Person 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 the Trustee shall cease to be eligible
in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

Section 7.11       
Preferential Collection of Claims Against the Issuers. The Trustee, in its capacity as Trustee hereunder, shall comply
with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee
who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated.

 

ARTICLE
VIII

 

Discharge of Indenture, Defeasance

 

Section 8.01       
Termination of the Issuers’ Obligations. The Issuers may terminate their obligations under the Notes and this
Indenture and the obligations of the Guarantors under the Guarantees and this Indenture, and this Indenture shall cease to be of
further effect, except those obligations referred to in the penultimate paragraph of this Section 8.01, if:

 

(1) either

 

(A) all the Notes theretofore authenticated
and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from
such trust) have been delivered to the Trustee for cancellation; or

 

(B) all Notes not theretofore delivered
to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable within one year, or are to be
called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Issuers, and the Issuers have irrevocably deposited or caused to be deposited
with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered
to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of maturity or redemption,
as the case may be, together with irrevocable instructions from the Issuers directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be;

 

(2) the Issuers have paid all other sums
payable under this Indenture by the Parent, the Issuers and the Subsidiary Guarantors, and

 

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(3) the Issuers have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to
the satisfaction and discharge of this Indenture have been complied with.

 

In the case of clause (B) of this Section
8.01, and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuers’ obligations in Sections
2.05, 2.06, 2.07, 2.08, 7.07, 8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph
of Section 2.08. After the Notes are no longer outstanding, the Issuers’ obligations in Sections 7.07, 8.05 and 8.06 shall
survive.

 

After such delivery or irrevocable deposit,
the Trustee upon request shall acknowledge in writing the discharge of the Issuers’ obligations under the Notes and this
Indenture except for those surviving obligations specified above.

 

Section 8.02       
Legal Defeasance and Covenant Defeasance.

 

(a)        
The Issuers may, at their option and at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding
Notes upon compliance with the conditions set forth in Section 8.03.

 

(b)       
Upon the Issuers’ exercise under Section 8.02(a) hereof of the option applicable to this Section 8.02(b), the Issuers
and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been discharged
from their 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 Issuers and the Guarantors shall be deemed
to have paid and discharged the entire Indebtedness represented by the outstanding Notes and Guaranties, which shall thereafter
be deemed to be “outstanding” only for the purposes of Section 8.04 hereof and the other Sections of this Indenture
referred to in (i) and (ii) below, and to have satisfied all its other obligations under such Notes and this Indenture and the
Guarantors shall be deemed to have satisfied all of their obligations under the Guaranties and this Indenture (and the Trustee,
on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder:

 

(i)              
the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04, and as more
fully set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when
such payments are due;

 

(ii)             
the Issuers’ obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and Section 4.02 hereof;

 

(iii)            
the rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith;
and

 

(iv)            
the provisions of this Article VIII applicable to Legal Defeasance.

 

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Subject to compliance with this Article
VIII, the Issuers may exercise their option under this Section 8.02(b) notwithstanding the prior exercise of its option under Section
8.02(c).

 

(c)        
Upon the Issuers’ exercise under Section 8.02(a) hereof of the option applicable to this Section 8.02(c), the Issuers
and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be released from their respective
obligations under the covenants contained in Sections 4.03 (other than with respect to the legal existence of the Issuers), 4.04,
4.07 through 4.17 and clause (3) of Section 5.01(a) with respect to the outstanding Notes on and after the date the conditions
set forth in Section 8.03 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 Issuers and the Guarantors 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 an Event of Default
under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.
In addition, upon the Issuers’ exercise under Section 8.02 (a) hereof of the option applicable to this Section 8.02 (c),
subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3), (4), (5), (6) and (7) of Section 6.01 shall
not constitute Events of Default.

 

Section 8.03       
Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to the application of
either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

 

(1) the Issuers shall irrevocably deposit
with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government Obligations or a combination thereof,
in such amounts as will be sufficient (without reinvestment), in the opinion of a nationally recognized firm of independent public
accountants or a nationally recognized investment bank selected by the Issuers, to pay the principal of and interest and premium,
if any, on the Notes on the stated date for payment or on the redemption date of the Notes;

 

(2) in the case of Legal Defeasance, the
Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States of America confirming that:

 

(a)        
the Issuers have 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 U.S. Federal income tax law,

 

in either case to the effect that, and based thereon this Opinion
of Counsel shall confirm that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result
of such Legal Defeasance and will be subject to U.S. 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;

 

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(3) in the case of Covenant Defeasance,
the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to
the Trustee confirming that the Holders and beneficial owners will not recognize income, gain or loss for U.S. Federal income tax
purposes as a result of such Covenant Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if the Covenant Defeasance had not occurred;

 

(4) no Default shall have occurred and be
continuing on the date of such deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit
and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens on the deposited
funds in connection therewith);

 

(5) the Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under any other material agreement or instrument (other than
this Indenture) to which the Parent or any of its Subsidiaries is a party or by which the Parent or any of its Subsidiaries is
bound (other than any such Default or default relating to any Indebtedness being defeased from any borrowing of funds to be applied
to such deposit and any similar and simultaneous deposit relating to such Indebtedness, and the granting of Liens on the deposited
funds in connection therewith);

 

(6) the Issuers shall have delivered to
the Trustee an Officer’s Certificate stating that the deposit was not made by them with the intent of preferring the Holders
over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other of their creditors
or others; and

 

(7) the Issuers shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions provided for in, in the
case of the Officer’s Certificate, clauses (1) through (6), as applicable, and, in the case of the Opinion of Counsel, clauses
(2), if applicable, and/or (3) and (5) of this Section 8.03 have been complied with.

 

Section 8.04       
Application of Trust Money. Subject to Section 8.05, the Trustee or Paying Agent shall hold in trust all U.S. Legal
Tender and U.S. Government Obligations deposited with it pursuant to this Article VIII, and shall apply the deposited U.S. Legal
Tender and the money from U.S. Government Obligations in accordance with this Indenture to the payment of the principal of and
the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S. Government Obligations,
except as it may agree with the Issuers.

 

The Issuers shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and U.S. Government Obligations
deposited pursuant to Section 8.03 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.

 

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Anything in this Article VIII to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the Issuers’ request any U.S. Legal
Tender and U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, 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 8.05       
Repayment to the Issuers. Subject to applicable escheat laws, the Trustee and the Paying Agent shall pay to the Issuers
upon request any money held by them for the payment of principal or interest that remains unclaimed for two years. After payment
to the Issuers, Holders entitled to such money shall look to the Issuers for payment as general creditors unless an applicable
law designates another Person.

 

Section 8.06       
Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S. Government Obligations
in accordance with this Article VIII 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 Issuers’ obligations under this Indenture,
the Notes and the Guaranties shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until
such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S. Government Obligations in accordance
with this Article VIII; provided that if the Issuers have made any payment of interest on, or principal of, any Notes because
of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying Agent.

 

ARTICLE
IX

 

Amendments,
Supplements and Waivers

 

Section 9.01       
Without Consent of Holders.

 

(a)       
The Parent, the Issuers, the Subsidiary Guarantors and the Trustee, together, may amend or supplement this Indenture, the
Notes or the Guaranties without notice to or consent of any Holder:

 

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

 

(2)              
to provide for the assumption by a successor corporation of the obligations of the Parent, the Issuers or any Subsidiary
Guarantor under this Indenture;

 

(3)              
to provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(4)              
to add Guaranties with respect to the Notes, including any Subsidiary Guaranties or to secure the Notes;

 

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(5)              
to add to the covenants of the Parent or a Restricted Subsidiary for the benefit of the Holders or to surrender any right
or power conferred upon the Parent or a Restricted Subsidiary;

 

(6)              
to make any change that does not adversely affect the rights of any Holder in any material respect, as evidenced by an Officer’s
Certificate delivered to the Trustee (upon which it may fully rely);

 

(7)              
to comply with any requirement of the SEC in order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act;

 

(8)              
to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided,
however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act or any other applicable securities law and (b) such amendment does not materially and adversely affect the
rights of Holders to transfer Notes;

 

(9)              
to conform the text of this Indenture or the Guaranties or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum;

 

(10)            
evidence and provide for the acceptance of appointment by a successor trustee, provided that the successor trustee
is otherwise qualified and eligible to act as such under the terms of this Indenture;

 

(11)            
provide for a reduction in the minimum denominations of the Notes;

 

(12)            
comply with the rules of any applicable securities depositary; or

 

(13)            
to provide for the issuance of Additional Notes and related Guaranties in accordance with the limitations set forth in this
Indenture.

 

Section 9.02       
With Consent of Holders.

 

(a)       
Subject to Section 6.07, the Issuers, the Guarantors and the Trustee, together, with the consent of the Holder or Holders
of not less than a majority in aggregate principal amount of the outstanding Notes may amend or supplement this Indenture, the
Notes or the Guarantees, without notice to or the consent of any other Holders. Subject to Sections 6.07, the Holder or Holders
of not less than a majority in aggregate principal amount of the outstanding Notes may waive compliance with any provision of this
Indenture, the Notes or the Guarantees without notice to or the consent of any other Holders.

 

(b)       
Notwithstanding Section 9.02(a), without the consent of each Holder affected thereby, no amendment or waiver may:

 

(1)              
change the Stated Maturity of the principal of, or any installment of interest on, any Note;

 

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(2)              
reduce the principal amount of, or premium, if any, or interest on, any Note;

 

(3)              
change the place of payment of principal of, or premium, if any, or interest on, any Note;

 

(4)              
impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of
a redemption, on or after the redemption date) of any Note;

 

(5)              
reduce the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this
Indenture;

 

(6)              
waive a default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of the declaration
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
and a waiver of the payment default that resulted from such acceleration, so long as all other existing Events of Default, other
than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration
of acceleration, have been cured or waived);

 

(7)              
voluntarily release a Guarantor of the Notes, except as permitted by this Indenture;

 

(8)              
reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary, pursuant
to Sections 6.02 and 6.04, for waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults;
or

 

(9)              
modify or change any provisions of this Indenture affecting the ranking of the Notes as to right of payment or the Guaranties
thereof in any manner adverse to the Holders of the Notes.

 

(c)       
It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof.

 

(d)       
A consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange
(in the case of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes shall not be rendered
invalid by such tender or exchange.

 

(e)       
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall provide to the Holders
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to give such notice
to all Holders, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.

 

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Section 9.03       
Compliance with the Trust Indenture Act. From the date on which this Indenture is qualified under the Trust Indenture
Act, every amendment, waiver or supplement of this Indenture, the Notes or the Guaranties shall comply with the Trust Indenture
Act as then in effect.

 

Section 9.04       
Revocation and Effect of Consents. Until an amendment, waiver or supplement becomes effective, a consent to it by
a Holder is a continuing consent by the Holder 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 or
subsequent Holder may revoke the consent as to his Note or portion of his Note by notice to the Trustee or the Issuers received
before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal
amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver.

 

The Issuers may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
The Issuers shall inform the Trustee in writing of the fixed record date if applicable.

 

After an amendment, supplement or waiver
becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (9) of Section
9.02(b), in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided,
however, that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, and
interest on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement of any such payment on
or after such respective dates without the consent of such Holder.

 

Section 9.05       
Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuers
may require the Holder of the Note to deliver it to the Trustee. The Issuers shall provide the Trustee with an appropriate notation
on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuers’ expense. Alternatively,
if the Issuers or the Trustee so determines, the Issuers in exchange for the Note shall issue, and the Trustee shall authenticate,
a new Note that reflects the changed terms. 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 9.06       
Trustee To Sign Amendments, Etc. The Trustee shall execute any amendment, supplement or waiver authorized pursuant
to this Article IX; provided, however, that the Trustee may, but shall not be obligated to, execute any such amendment,
supplement or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall
be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate
each stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article IX is authorized or
permitted by this Indenture and all conditions precedent thereto have been compiled with and that such amendment, supplement or
waiver is a legal, valid and binding obligation of the Issuers and the Guarantors party thereto, enforceable against the Issuers
and the Guarantors party thereto in accordance with its terms (subject to customary exceptions). Such Opinion of Counsel shall
be at the expense of the Issuers.

 

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ARTICLE
X

 

Guaranty

 

Section 10.01   
Guaranty. Subject to this Article X, each of the Guarantors hereby, jointly and severally, unconditionally guarantees
on a senior unsecured basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee (acting in any
capacity hereunder) and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes
or the obligations of the Issuers hereunder or thereunder, that: (a) the principal (and any premium) of and interest on the Notes
shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee
(acting in any capacity hereunder) hereunder or thereunder shall be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

 

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 Issuers, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor. Subject to Section 6.06 hereof, each Guarantor hereby
waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice
and all demands whatsoever and covenant 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 Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuers 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.

 

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Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article VI 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 VI 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 10.02   
Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that
it is the intention of all such parties that the Guaranty of such Guarantor not constitute (i) 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 or (ii) an unlawful distribution under any applicable state law prohibiting
shareholder distributions by an insolvent subsidiary to the extent applicable to any Guaranty. To effectuate the foregoing intention,
the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will, 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 X, result in the obligations of such Guarantor
under its Guaranty not constituting a fraudulent transfer or conveyance or such unlawful shareholder distribution. Each Guarantor
that makes a payment for distribution under its Guaranty is entitled to a contribution from each other Guarantor in a pro rata
amount based on the adjusted net assets of each Guarantor.

 

Section 10.03   
Execution and Delivery of Guaranty. To evidence its Guaranty set forth in Section 10.01, each Guarantor hereby agrees
that a notation of such Guaranty substantially in the form included in Exhibit D 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 an Officer.

 

Each Guarantor hereby agrees that its Guaranty
set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation
of such Guaranty.

 

If an Officer whose signature is on this
Indenture or on the Guaranty no longer holds that office at the time the Trustee authenticates the Note on which a Guaranty is
endorsed, the Guaranty 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 addition, Parent and the Issuers shall
cause each Restricted Subsidiary that is required to become a Subsidiary Guarantor pursuant to Section 4.14, and each Subsidiary
of Parent that the Parent or the Issuers cause to become a Subsidiary Guarantor pursuant to Section 4.14, to promptly execute and
deliver to the Trustee a Supplemental Indenture substantially in the form set forth in Exhibit E to this Indenture, or otherwise
in form and substance reasonably satisfactory to the Trustee, evidencing its Subsidiary Guaranty on substantially the terms set
forth in this Article X. Concurrently therewith, the Issuers shall deliver to the Trustee an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee to the effect that such Supplemental Indenture has been duly authorized, executed and delivered
by such Restricted Subsidiary.

 

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Section 10.04   
Release of a Guarantor. A Guarantor shall be automatically and unconditionally released from its obligations under
its Guaranty and its obligations under this Indenture in the event of:

 

(1) any sale, exchange or transfer, to any
Person that is not a Subsidiary of Parent or an Issuer of Capital Stock held by Parent or the Restricted Subsidiaries in, or all
or substantially all the assets of, such Subsidiary Guarantor (which sale, exchange or transfer is not prohibited by this Indenture)
such that, immediately after giving effect to such transaction, such Subsidiary Guarantor would no longer constitute a Subsidiary
of Parent or an Issuer,

 

(2) in connection with the merger or consolidation
of a Subsidiary Guarantor with (a) Parent, (b) an Issuer or (c) any other Subsidiary Guarantor (provided that the
surviving entity remains or becomes a Subsidiary Guarantor),

 

(3) if the Issuers properly designate any
Subsidiary Guarantor as an Unrestricted Subsidiary under this Indenture,

 

(4) upon the Legal Defeasance or Covenant
Defeasance or satisfaction and discharge of this Indenture,

 

(5) upon a liquidation or dissolution of
a Subsidiary Guarantor permitted under this Indenture, or

 

(6) the release or discharge of the Guarantee
or Indebtedness that resulted in the creation of such Subsidiary Guaranty and any other Guarantee by such Subsidiary of the Credit
Agreement and any other Capital Markets Indebtedness, except a discharge or release by or as a result of payment under such Guarantee.

 

The Trustee may execute an appropriate instrument
prepared by the Issuers evidencing the release of a Guarantor from its obligations under its Guaranty and this Indenture upon receipt
of a request by the Issuers or such Guarantor accompanied by an Officer’s Certificate and an Opinion of Counsel certifying
as to the compliance with this Section 10.04; provided, however, that the legal counsel delivering such Opinion of
Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Issuers.

 

Subject to Article V hereof, nothing contained
in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into an Issuer (in which
case such Guarantor shall no longer be a Guarantor) or another Guarantor or shall prevent any sale or conveyance of the property
of a Guarantor as an entirety or substantially as an entirety to an Issuer or another Guarantor.

 

    92

     

    

 

  

ARTICLE
XI

Miscellaneous

 

Section 11.01   
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the Trust Indenture Act, such required or deemed provision shall
control.

 

Section 11.02   
Notices. Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently
given if made by hand delivery, by telex, by nationally recognized overnight courier service, by telecopy or email or registered
or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

If to the Issuers:

 

RHP Hotel Properties, LP

RHP Finance Corporation

c/o Ryman Hospitality Properties, Inc.

One Gaylord Drive

Nashville, Tennessee 37214

Facsimile No.: (615) 316-6544

Attention: Scott Lynn, General Counsel

 

with a copy to:

 

Bass, Berry & Sims PLC

150 Third Avenue South, Suite 2800

Nashville, Tennessee 37211

Facsimile No.: (615) 742-2775

Attention: F. Mitchell Walker, Jr.

 

If to Parent or any other Guarantor:

 

Ryman Hospitality Properties, Inc.

One Gaylord Drive

Nashville, Tennessee 37214

Facsimile No.: (615) 316-6544

Attention: Scott Lynn, General Counsel

 

     93

     

    

 

with a copy to:

 

Bass, Berry & Sims PLC

150 Third Avenue South, Suite 2800

Nashville, Tennessee 37211

Facsimile No.: (615) 742-2775

Attention: F. Mitchell Walker, Jr.

 

if to the Trustee:

 

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

Saint Paul, MN 55107-1419

Fax No.: (651) 466-7430

Attn: Corporate Trust Services

 

Each of the Issuers and the Trustee by written
notice to each other such Person may designate additional or different addresses for notices to such Person. Any notice or communication
to the Issuers and the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered;
when replied to; when receipt is acknowledged, if telecopied; five (5) calendar days after mailing if sent by registered or certified
mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received
by the addressee); and next Business Day if by nationally recognized overnight courier service.

 

Any notice or communication mailed to a
Holder shall be mailed to such Holder by first class mail or other equivalent means at such Holder’s address as it appears
on the registration books of the Registrar and shall be sufficiently given to such Holder if so mailed within the time prescribed.

 

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, it is duly given, whether or not the addressee receives it.

 

Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or
repurchase) to a Holder (whether by mail or otherwise), so long as no Physical Notes are outstanding such notice shall be sufficiently
given if given to the Depository (or its designee) pursuant to the standing instructions from the Depository or its designee, including
by electronic mail in accordance with accepted practices or procedures at the Depository.

 

Section 11.03   
Communications by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act § 312(b)
with other Holders with respect to their rights under this Indenture, the Notes or the Guaranties. The Issuers, the Trustee, the
Registrar and any other Person shall have the protection of Trust Indenture Act § 312(c).

 

     94

     

    

 

Section 11.04   
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuers to the Trustee
to take any action under this Indenture, the Issuers shall furnish to the Trustee at the request of the Trustee:

 

(1) an Officer’s Certificate, in form
and substance satisfactory to the Trustee, stating that, in the opinion of the signers, all conditions precedent to be performed
or effected by the Issuers, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2) an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 11.05   
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture, other than the Officer’s Certificate required by Section 4.05, shall include:

 

(1) a statement that the Person making such
certificate or opinion has read such covenant or condition;

 

(2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(3) a statement that, in the opinion of
such Person, he 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 complied with or satisfied; and

 

(4) a statement as to whether or not, in
the opinion of each such Person, such condition or covenant has been complied with; provided, however, that with
respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.

 

Section 11.06   
Rules by Paying Agent or Registrar. The Paying Agent or Registrar may make reasonable rules and set reasonable requirements
for their functions.

 

Section 11.07   
Legal Holidays. In any case where any date on which a payment under this Indenture is required to be made shall not
be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of interest or principal
and premium (if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the first such date, and no interest shall accrue on such payment for the intervening period.

 

Section 11.08   
Governing Law; Waiver of Jury Trial. This Indenture, the Notes and the Guaranties will be governed by and construed
in accordance with the laws of the State of New York. 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, the Guaranties or the transaction contemplated hereby.

 

Section 11.09   
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan
or debt agreement of any of the Issuers or any of their Subsidiaries. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.

 

     95

     

    

 

Section 11.10   
No Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any
of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant
or agreement of the Issuers or the Guarantors in this Indenture, or in any of the Notes or Guarantees or because of the creation
of any Indebtedness represented hereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling
person of the Issuers or the Guarantors or of any successor Person thereof. Each Holder, by accepting the Notes, waives and releases
all such liability. Such waiver and release are part of the consideration for issuance of the Notes.

 

Section 11.11   
Successors. All agreements of the Issuers and the Subsidiary Guarantors in this Indenture, the Notes and the Guaranties
shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 11.12   
Duplicate Originals. All parties may sign any number of copies of this Indenture. Each signed copy or counterpart
shall be an original, but all of them together shall represent the same agreement. Delivery of an executed counterpart of a signature
page to this Indenture by facsimile, .pdf transmission, email or other electronic means shall be effective as delivery of a manually
executed counterpart of this Indenture.

 

Section 11.13   
Severability. To the extent permitted by applicable law, in case any one or more of the provisions in this Indenture,
in the Notes or in the Guaranties shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be
affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted
by law.

 

Section 11.14   
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 11.15   
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services;
it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

[signature pages follow]

 

     96

     

    

 

 

  

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

 

	 	 	RHP HOTEL PROPERTIES, LP
	 	 	as Issuer
	 	 	 
	 	 	By: 	RHP Partner, LLC,
	 	 	 	as sole general partner of RHP Hotel Properties, LP
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name:	 Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RHP FINANCE CORPORATION
	 	 	as Issuer
	 	 	 
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RYMAN HOSPITALITY PROPERTIES,
    INC.
	 	 	as Parent and a Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	President and Chief Financial Officer
	 	 	 
	 	 	 
	 	 	RHP PROPERTY GP, LP
	 	 	as Guarantor
	 	 	 
	 	 	By: 	Opryland Hospitality, LLC,
	 	 	 	as sole general partner of RHP Property GP, LP
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 

 

    

     

    

 

	 	 	RHP PROPERTY GT, LLC
	 	 	as Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RHP PROPERTY GT, LP
	 	 	as Guarantor
	 	 	 
	 	 	By:	Opryland Hospitality, LLC,
	 	 	 	as sole general partner of RHP Property GT, LP
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RHP PROPERTY NH, LLC
	 	 	as Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	OPRYLAND HOSPITALITY, LLC
	 	 	as Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RHP HOTELS, LLC
	 	 	as Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President
	 	 	 
	 	 	 
	 	 	RHP PARTNER, LLC
	 	 	as Guarantor
	 	 	 
	 	 	By: 	/s/ Mark Fioravanti
	 	 	Name: 	Mark Fioravanti
	 	 	Title: 	Vice President

  

    

     

    

 

	 	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	as Trustee
	 	 	 
	 	 	By:	/s/ Raymond S. Haverstock
	 	 	Name:	Raymond S. Haverstock
	 	 	Title:	Vice President

 

    

     

    

 

EXHIBIT A

[Insert the Global Note Legend, if applicable pursuant
to the provisions of the Indenture]

 

[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]

 

RHP HOTEL PROPERTIES, LP

RHP FINANCE CORPORATION

4.750% Senior Notes due 2027

CUSIP No.

No. [ ] $[ ]

 

RHP HOTEL PROPERTIES, LP, a Delaware limited
partnership, and RHP FINANCE CORPORATION, a Delaware corporation (the “Issuers”), for value received promise to pay
to Cede & Co., or its registered assigns, the principal sum of [ ] DOLLARS [or such other amount as is provided in a schedule
attached hereto]a on October 15,
2027.

 

Interest Payment Dates: April 15 and October
15, commencing April 15, 2020.

 

Record Dates: April 1 and October 1.

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuers have caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

Dated:

 

	 	 	RHP HOTEL PROPERTIES, LP
	 	 	RHP FINANCE CORPORATION
	 	 	as Issuers,
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

 

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

 

    A-1

     

    

 

[FORM OF] TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the 4.750% Senior Notes due
2027 described in the within-mentioned Indenture.

 

Dated:

 

	 	 	U.S.
    BANK NATIONAL ASSOCIATION,
	 	 	as
    Trustee,
	 	 	By:	 	 
	 	 	 	Authorized
    Signatory	 
	 	 	 

 

    A-2

     

    

 

 

(Reverse of Note)

 

4.750% Senior Notes due 2027

 

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

 

SECTION 1.    Interest. RHP Hotel
Properties, LP, a Delaware limited partnership, and RHP Finance Corporation, a Delaware corporation (the “Issuers”),
promise to pay interest on the principal amount of this Note at 4.750% per annum from September 19, 2019, until maturity. The Issuers
will pay interest semi-annually on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each an “Interest Payment Date”), commencing April 15, 2020. 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 September 19, 2019.
The Issuers shall pay interest on overdue principal and premium, if any, from time to time on demand to the extent lawful at the
interest rate applicable to the Notes; it shall pay interest 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. [As more fully set forth therein, the Registration Rights Agreement provides that the Issuers will
pay Additional Interest to each Holder under certain circumstances. All accrued Additional Interest shall be paid to Holders in
the same manner as interest payments on the Notes on semi-annual payment dates that correspond to Interest Payment Dates for the
Notes. All references in this Note to interest shall be deemed to include any Additional Interest payable pursuant to the Registration
Rights Agreement.]b

 

SECTION 2.   Method of Payment.
The Issuers will pay interest on the Notes to the Persons who are registered Holders at the close of business on the April 1 or
October 1 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
issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuers shall pay principal, premium,
if any, and interest on the Notes 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 (“U.S. Legal Tender”). Principal, premium, if any, and interest on the Notes
will be payable at the office or agency of the Issuers maintained for such purpose [except that, at the option of the Issuers,
the payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders
of Notes].c Until otherwise designated
by the Issuers, the Issuers’ office or agency will be the office of the Trustee maintained for such purpose.

 

 

		b	To be removed from the Exchange Note and included in Additional Notes solely to the extent registration rights apply.

 

		c	To
be included only in Physical Notes.

 

     A-3

     

    

 

SECTION 3.   Paying Agent and Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers
may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture, Parent or any of its
Subsidiaries may act in any such capacity.

 

SECTION 4.   Indenture. The Issuers
issued the Notes under an Indenture dated as of September 19, 2019 (“Indenture”) by and among the Issuers, Ryman Hospitality
Properties, Inc., a Delaware corporation, as a Guarantor, the other Guarantors and the Trustee. Subject to the terms of the Indenture,
the Issuers shall be entitled to issue Additional Notes pursuant to Section 2.01 of the Indenture. 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 “Trust Indenture Act”). The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Trust Indenture 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.

 

SECTION 5.   Optional Redemption.
Prior to October 15, 2022, the Issuers will be entitled at their option to redeem all or any portion of the Notes at a redemption
price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest
to, but not including, the Redemption Date (subject to the right of each Holder on the relevant Record Date to receive interest
due on the relevant Interest Payment Date).

 

On or after October 15, 2022, the Issuers
may redeem the Notes in whole or from time to time in part, at the redemption prices (expressed as percentages of the principal
amount thereof) set forth below, plus accrued and unpaid interest thereon to, but not including, the Redemption Date (subject to
the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed
during the 12-month period beginning on October 15 of each of the years indicated below:

 

	Year	 	Percentage	 
	2022	 	 	103.563	%
	2023	 	 	102.375	%
	2024	 	 	101.188	%
	2025 and thereafter	 	 	100.000	%

 

SECTION 6.   Optional Redemption upon
Equity Offerings. At any time prior to October 15, 2022, the Issuers may redeem, on any one or more occasions, with all or
a portion of the net cash proceeds of one or more Equity Offerings (within 60 days of the consummation of any such Equity Offering),
up to 40% of the aggregate principal amount of the Notes (including any Additional Notes) at a redemption price (expressed as a
percentage of the aggregate principal amount of the Notes so redeemed) equal to 104.750% plus accrued and unpaid interest to but
not including, the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due
on the relevant interest payment date); provided, however, that at least 60% of the original aggregate principal
amount of the Notes must remain outstanding immediately after each such redemption.

 

     A-4

     

    

 

SECTION 7.   Notice of Redemption.
Subject to Section 3.03 of the Indenture, notice of any optional redemption of any Notes will be given to holders at their addresses,
as shown in the Notes register, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption
will specify, among other items, the redemption price and the principal amount of the Notes held by the holder to be redeemed and
the conditions precedent, if any, to the redemption. No Notes of $2,000 or less shall be redeemed in part. On and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption subject to Section 3.04 of the Indenture.

 

SECTION 8.   Mandatory Redemption and
Special Mandatory Redemption. The Issuers shall not be required to make mandatory redemption or sinking fund payments with
respect to the Notes.

 

SECTION 9.   Repurchase at Option of
Holder. Upon the occurrence of a Change of Control Triggering Event, and subject to certain conditions set forth in the Indenture,
the Issuers will be required to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest, if any, thereon to the date of repurchase.

 

The Issuers are, subject to certain conditions
and exceptions set forth in the Indenture, obligated to make an offer to purchase Notes at 100% of their principal amount, plus
accrued and unpaid interest, if any, thereon to the date of repurchase, with certain Net Cash Proceeds of certain sales or other
dispositions of assets in accordance with the Indenture.

 

SECTION 10.  Denominations, Transfer
Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers and the Registrar are not
required to transfer or exchange any Note selected for redemption. Also, the Issuers and the Registrar are not required to transfer
or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed.

 

SECTION 11.   Persons Deemed Owners.
The registered Holder of a Note may be treated as its owner for all purposes.

 

SECTION 12.   Amendment, Supplement
and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the written consent
of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or
compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the
Notes then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture,
the Notes and the Guarantees as provided in the Indenture.

 

     A-5

     

    

 

SECTION 13.   Defaults and Remedies.
If an Event of Default occurs and is continuing (other than as specified in clauses (8) and (9) of Section 6.01 that occurs with
respect to an Issuer), the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare
the principal of, premium, if any, and accrued interest on the Notes to be due and payable immediately in accordance with the provisions
of Section 6.02. Notwithstanding the foregoing, in the case of an Event of Default arising from clause (8) or (9) of Section 6.01,
with respect to an Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes
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 if it determines that withholding notice is in their interest
in accordance with Section 7.05. 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 and its consequences under the Indenture
except a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) and (2).

 

SECTION 14.   Restrictive Covenants.
The Indenture contains certain covenants as set forth in Article IV of the Indenture.

 

SECTION 15.   No Recourse Against Others.
No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or for any claim based thereon
or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors
in the Indenture, or in any of the Notes or Guarantees or because of the creation of any Indebtedness represented thereby, shall
be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuers or the Guarantors
or of any successor Person thereof. Each Holder, by accepting the Notes, waives and releases all such liability. Such waiver and
release are part of the consideration for issuance of the Notes.

 

SECTION 16.   Guaranties. This Note
will be entitled to the benefits of certain Guaranties made for the benefit of the Holders. Reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee
and the Holders.

 

SECTION 17.   Authentication. This
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

SECTION 18.   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 entirety), 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).

 

SECTION 19.   Additional Rights of Holders
of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to Holders of Notes under the
Indenture, Holders will have the rights set forth in the Registration Rights Agreement dated as of September 19, 2019, among the
Issuers, the Guarantors and the other parties named on the signature pages thereof or, in the case of Additional Notes (if applicable),
Holders of such Additional Notes will have the rights set forth in one or more registration rights agreements, if any, among the
Issuers, the Guarantors and the other parties thereto, relating to rights given by the Issuers and the Guarantors to the purchasers
of such Additional Notes. The Holders shall be entitled to receive certain Additional Interest in the event such exchange offer
is not consummated or the Notes are not offered for resale and upon certain other conditions, all pursuant to and in accordance
with the terms of the Registration Rights Agreement.d

 

     A-6

     

    

 

SECTION 20.   CUSIP and ISIN Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused
CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN 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.

 

SECTION 21.   Governing Law. This
Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

The Issuers will furnish to any Holder upon
written request and without charge a copy of the Indenture.

 

 

	d	This Section not to appear on Exchange Notes or Additional Notes unless required by the terms of such Additional Notes.

 

     A-7

     

    

 

ASSIGNMENT FORM

 

I or we assign and transfer this Note to

 

 

 

(Print or type name, address and zip code of assignee or transferee)

 

 

 

(Insert Social Security or other identifying number of assignee
or transferee)

 

and irrevocably appoint _______________ agent to transfer this
Note on the books of the Issuers. The agent may substitute another to act for him.

  

	Dated:	Signed:
	 	 	 
	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 
	Signature Guarantee:	
	 	Participant in a recognized Signature Guarantee
 
 Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee

 

In connection with any transfer of this
Note occurring prior to the date which is the date following the second anniversary of the original issuance of this Note, the
undersigned confirms that it has not utilized any general solicitation or general advertising in connection with the transfer and
is making the transfer pursuant to one of the following:

 

[Check One]

 

(1)  ̈      to the Issuers or a subsidiary
thereof; or

 

(2)  ̈      to a person who
the transferor reasonably believes is a “qualified institutional buyer” pursuant to and in compliance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”); or

 

     A-8

     

    

 

(3)  ̈      outside the United
States to a non-“U.S. person” as defined in Rule 902 of Regulation S under the Securities Act in compliance with Rule
904 of Regulation S under the Securities Act; or

 

(4)  ̈      pursuant to the
exemption from registration provided by Rule 144 under the Securities Act; or

 

(5)  ̈      pursuant to an effective registration statement
under the Securities Act;

 

and unless the box below is checked, the undersigned confirms
that such Note is not being transferred to an “affiliate” of the Issuers as defined in Rule 144 under the Securities
Act (an “Affiliate”):

 

(6)  ̈      The transferee is an Affiliate of the Issuers.

 

Unless one of the foregoing items (1) through
(6) is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if item (3) or (4) is checked, the Issuers or the Trustee
may require, prior to registering any such transfer of the Notes, in their sole discretion, such written legal opinions, certifications
(including an investment letter in the case of box (3)) and other information as the Trustee or the Issuers has reasonably requested
to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 

If none of the foregoing items (1) through
(5) are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.15 of the
Indenture shall have been satisfied.

 

	Dated:	Signed: 
	 	 	 
	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 
	Signature Guarantee:	
	 	Participant in a recognized Signature Guarantee
 
 Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee

 

     A-9

     

    

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

 

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

 

	Dated:  		 	 
	 	 
	 	 
	 	NOTICE: To be executed by an executive officer

 

    A-10

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuers pursuant to Section 4.07 or Section 4.11 of the Indenture, check the appropriate box:

 

	Section 4.07  ̈	 Section 4.11  ̈

 

If you want to elect to have only part of
this Note purchased by the Issuers pursuant to Section 4.07 or Section 4.11 of the Indenture, state the amount (in denominations
of $2,000 and integral multiples of $1,000 in excess thereof): $___________

 

 

	Dated:	Signed:	 
	 	 	 
	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 
	Signature Guarantee:	 
	 	Participant in a recognized Signature Guarantee 
	 	 
	 	Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee

 

    A-11

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTEe

 

The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Physical Note, or exchanges of a part of another Global Note or Physical
Note for an interest in this Global Note, have been made:

 

 

	Date of Exchange	 	Amount of 
 decrease in
 Principal 
 Amount of the 
 Global Note	 	Amount of
 increase in 
 Principal 
 Amount of this 
 Global Note	 	Principal
 Amount of this 
 Global Note
 following such 
 decrease

                                                                                (or increase)
	 	Signature of
 authorized
 officer of 
 Trustee of Note
 custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

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

 

    A-12

     

    

 

EXHIBIT B

 

FORM OF LEGENDS

 

Each Global Note and Physical Note (and
all Notes issued in exchange therefor or substitution thereof) shall bear the following legend set forth below (the “Private
Placement Legend”) on the face thereof until the Private Placement Legend is removed or not required in accordance with
Section 2.15(e) of the Indenture:

 

“THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY,
AGREES FOR THE BENEFIT OF THE ISSUERS THAT THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO
THE LATER OF THE ONE YEAR ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR SECURITY HERETO) OR OF ANY ADDITIONAL NOTES OR
(Y) BY ANY HOLDER THAT WAS AN AFFILIATE OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER,
IN EITHER CASE OTHER THAN:

 

(1)       TO
THE ISSUERS,

 

(2)       SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE
REVERSE OF THIS SECURITY),

 

(3)       IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR
ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY),

 

(4)       TO
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF
THIS SECURITY) THAT IS ACQUIRING THIS SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION, AND A CERTIFICATE WHICH MAY BE
OBTAINED FROM THE COMPANY OR THE TRUSTEE IS DELIVERED BY THE TRANSFEREE TO THE COMPANY AND THE TRUSTEE,

 

(5)       PURSUANT
TO ANY EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF APPLICABLE) UNDER THE SECURITIES ACT, OR

 

    B-1

     

    

 

(6)       PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,

 

IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. AN INSTITUTIONAL ACCREDITED INVESTOR HOLDING THIS SECURITY AGREES THAT IT WILL
FURNISH TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES, OPINIONS OF COUNSEL AND OTHER INFORMATION AS REQUIRED UNDER THE INDENTURE
TO CONFIRM THAT THE TRANSFER BY IT OF THIS SECURITY COMPLIES WITH THE FOREGOING RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING
THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A OR (2) PURCHASING FROM A PERSON NOT PARTICIPATING IN THE INITIAL DISTRIBUTION OF THIS SECURITY (OR
ANY PREDECESSOR SECURITY), THAT IT IS AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501 (a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS SECURITY FOR INVESTMENT PURPOSES
AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING
THE REQUIREMENTS OF PARAGRAPH (k)(2)(i) OF RULE 902 UNDER) REGULATION S UNDER THE SECURITIES ACT.”

 

Each Global Note authenticated and delivered
hereunder shall also bear the following legend:

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR
DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE
OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    B-2

     

    

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN SECTION 2.15 OF THE INDENTURE.

 

[[FOR REGULATION S GLOBAL SECURITY ONLY]
UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR
SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

    B-3

     

    

 

EXHIBIT C

 

Form of Certificate To Be Delivered

in Connection with Transfers

Pursuant to Regulation S

[    ],[ ]

U.S. Bank National Association

[    ]

[    ]

Attention: [    ]

Facsimile: [    ]

 

		Re:	RHP Hotel Properties, LP and

                                                               RHP Finance Corporation (the “Issuers”)

                                                               4.750% Senior Notes due 2027 (the “Notes”)

 

Ladies and Gentlemen:

 

In connection with our proposed sale of
$[ ] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation
S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

(1) the offer of the Notes was not made
to a person in the United States;

 

(2) either (a) at the time the buy offer
was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that
the transferee was outside the United States, or the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither we nor any person acting on our behalf knows that the transaction has been prearranged with
a buyer in the United States;

 

(3) no directed selling efforts have been
made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

 

(4) the transaction is not part of a plan
or scheme to evade the registration requirements of the Securities Act; and

 

(5) we have advised the transferee of the
transfer restrictions applicable to the Notes.

 

You, as Trustee, the Issuers, counsel for
the Issuers and others are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
Terms used in this certificate have the meanings set forth in Regulation S.

 

    C-1

     

    

 

	 	Very truly yours
	 	 
	 	[Name of Transferor]
	 	 
	 	By:    	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

    C-2

     

    

 

EXHIBIT D

 

GUARANTY

 

For value received, each of the undersigned
(including any successor Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set
forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on
this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any,
of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the
Issuers under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the
terms and limitations of this Note, the Indenture, including Article X thereof, and this Guaranty. This Guaranty will become effective
in accordance with Article X of the Indenture and its terms shall be evidenced therein. The validity and enforceability of any
Guaranty shall not be affected by the fact that it is not affixed to any particular Note.

 

Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture dated as of September 19, 2019, among RHP Hotel Properties, LP, a Delaware
limited partnership (“Opco”) RHP Finance Corporation, a Delaware corporation(“Finco” and,
together with Opco, the “Issuers”, each, an “Issuer”), Ryman Hospitality Properties, Inc.,
a Delaware corporation (the “Parent”), as Guarantor, each of the other Guarantors named herein, as Guarantors,
and U.S. Bank National Association, a national banking association organized under the laws of the United States of America, as
Trustee (the “Trustee”), as amended or supplemented (the “Indenture”).

 

The obligations of the undersigned to the
Holders of Notes and to the Trustee pursuant to this Guaranty and the Indenture are expressly set forth in Article X of the Indenture
and reference is hereby made to the Indenture for the precise terms of the Guaranty and all of the other provisions of the Indenture
to which this Guaranty relates.

 

No director, officer, employee, incorporator,
stockholder or controlling person or any successor Person thereof of any Guarantor, as such, shall have any liability for any obligations
of such Guarantors under such Guarantors’ Guaranty or the Indenture or for any claim based on, in respect of, or by reason
of, such obligation or its creation.

 

This Guaranty shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

This Guaranty is subject to release upon
the terms set forth in the Indenture.

 

    D-1

     

    

 

IN WITNESS WHEREOF, each Guarantor has caused
its Guaranty to be duly executed.

 

	 	[    ]
	 	 
	 	By:
	 	 	 
	 	 	Name:

 

    D-2

     

    

 

EXHIBIT E

 

Form of Supplemental Indenture in Respect
of Subsidiary Guaranty

 

SUPPLEMENTAL INDENTURE, dated as of [_________]
(this “Supplemental Indenture”), among [name of Subsidiary Guarantor(s)] (the “Subsidiary Guarantor(s)”),
RHP Hotel Properties, LP., a Delaware limited partnership (“Opco”)
RHP Finance Corporation, a Delaware corporation(“Finco” and, together
with Opco, the “Issuers”, each, an “Issuer”),
Ryman Hospitality Properties, Inc., a Delaware corporation (the “Parent”),
as Guarantor, each other then existing Guarantor under the Indenture referred to below (together with Parent, the “Existing
Guarantors”), and U.S. Bank National Association, a national banking association organized under the laws of the United
States of America, as Trustee (the “Trustee”) under the Indenture referred
to below.

 

WITNESSETH:

 

WHEREAS, the Issuers, any Existing Guarantors
and the Trustee have heretofore become parties to an Indenture, dated as of September 19, 2019 (as amended, supplemented, waived
or otherwise modified, the “Indenture”), providing for the issuance of 4.750% Senior Notes due 2027 of the Issuer
(the “Notes”);

 

WHEREAS, Section 4.14 of the Indenture provides
that the Issuers are required to cause the Subsidiary Guarantors to execute and deliver to the Trustee a supplemental indenture
pursuant to which the Subsidiary Guarantor(s) shall guarantee the Guaranteed Obligations pursuant to a Subsidiary Guaranty on the
terms and conditions set forth herein and in Article X of the Indenture;

 

WHEREAS, [each] Subsidiary Guarantor desires
to enter into such supplemental indenture for good and valuable consideration, including substantial economic benefit in that the
financial performance and condition of such Subsidiary Guarantor is dependent on the financial performance and condition of the
Issuers, the obligations hereunder of which such Subsidiary Guarantor has guaranteed; and

 

WHEREAS, pursuant to Section 9.02 of the Indenture,
the parties hereto are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent
of any Holder;

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Subsidiary Guarantor(s), the Issuers,
the Existing Guarantors and the Trustee mutually covenant and agree for the benefit of the Holders of the Notes as follows:

 

		1.	Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital
hereto are used herein as therein defined. The words “herein,” “hereof’ and “hereby” and other
words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
Section hereof.

 

    E-1

     

    

 

		2.	Agreement to Guarantee. [The] [Each] Subsidiary Guarantor hereby agrees, jointly and severally with all other Guarantors
and irrevocably, fully and unconditionally, to Guarantee the Guaranteed Obligations under the Indenture and the Notes on the terms
and subject to the conditions set forth in Article X of the Indenture and to be bound by (and shall be entitled to the benefits
of) all other applicable provisions of the Indenture as a Subsidiary Guarantor.
		3.	Termination, Release and Discharge. [The] [Each] Subsidiary Guarantor’s Subsidiary Guaranty shall terminate and
be of no further force or effect, and [the] [each] Subsidiary Guarantor shall be released and discharged from all obligations in
respect of such Subsidiary Guaranty, as and when provided in Section 10.04 of the Indenture.
		4.	Parties. Nothing in this Supplemental Indenture is intended or shall be construed to give any Person, other than the
Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of [the] [each] Subsidiary Guarantor’s
Subsidiary Guaranty or any provision contained herein or in Article X of the Indenture.
		5.	Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. 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 SUPPLEMENTAL INDENTURE, THE NOTES, THE SUPPLEMENTAL
GUARANTIES OR THE TRANSACTIONS CONTEMPLATION HEREBY.
		6.	Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency
of this Supplemental Indenture or as to the accuracy of the recitals to this Supplemental Indenture.
		7.	Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of
which together shall constitute one and the same agreement.
		8.	Headings. The Section headings herein are for convenience of reference only and shall not be deemed to alter or affect
the meaning or interpretation of any provisions hereof.

 

    E-2

     

    

 

 

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

 

 

	 	[NAME OF SUBSIDIARY GUARANTOR(S)]
	 	as Subsidiary Guarantor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                   

 

	 	RHP HOTEL PROPERTIES, LP 
	 	 
	 	By:	       RHP Partner, LLC,
	 	 	       as
sole general partner of RHP Hotel Properties, LP
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	                

  

	 	RHP FINANCE CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	              

 

	 	RYMAN HOSPITALITY PROPERTIES, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

	 	RHP PROPERTY GP, LP
	 	 
	 	By:	       Opryland Hospitality, LLC,
	 	 	       as sole general partner of RHP Property GP, LP
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

    E-3

     

    

 

	 	RHP PROPERTY GT, LP
	 	 
	 	By:	       Opryland Hospitality, LLC,
	 	 	       as sole general partner of RHP Property GT, LP
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

	 	RHP PROPERTY NH, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

	 	OPRYLAND HOSPITALITY, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

	 	RHP HOTELS, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

	 	RHP PARTNER, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            
	 	 
	 	RHP PROPERTY GT, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

    E-4

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee,
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	            

 

    E-5

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