Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 MGM
RESORTS INTERNATIONAL, 
 THE SUBSIDIARY GUARANTORS PARTY HERETO, as Subsidiary Guarantors 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
 4.625% Senior
Notes due 2026 
 FIFTH SUPPLEMENTAL INDENTURE 

Dated as of August 19, 2016 

to 
 INDENTURE 

Dated as of March 22, 2012 
  

 

							
	ARTICLE ONE	  
	
	DEFINITIONS AND OTHER PROVISIONS OF	  
	GENERAL APPLICATION	  
			
	SECTION 1.1.	    	DEFINITIONS.	  	 	1	  
	
	ARTICLE TWO	  
	
	SECURITIES FORMS	  
			
	SECTION 2.1.	    	CREATION OF THE NOTES; DESIGNATIONS.	  	 	6	  
	SECTION 2.2.	    	FORMS GENERALLY.	  	 	6	  
	
	ARTICLE THREE	  
	
	GENERAL TERMS AND CONDITIONS OF THE NOTES	  
			
	SECTION 3.1.	    	TITLE AND TERMS OF NOTES.	  	 	6	  
	
	ARTICLE FOUR	  
	
	REDEMPTION	  
			
	SECTION 4.1.	    	OPTIONAL REDEMPTION.	  	 	7	  
	SECTION 4.2.	    	MANDATORY DISPOSITION OF NOTES PURSUANT TO GAMING LAWS.	  	 	9	  
	SECTION 4.3.	    	OPTIONAL REDEMPTION PROCEDURES.	  	 	10	  
	
	ARTICLE FIVE	  
	
	COVENANTS	  
			
	SECTION 5.1.	    	LIMITATION ON LIENS	  	 	10	  
	SECTION 5.2.	    	LIMITATION ON SALE AND LEASE-BACK TRANSACTIONS	  	 	12	  
	SECTION 5.3.	    	GUARANTEE.	  	 	13	  
	SECTION 5.4.	    	REPORTS	  	 	14	  
	
	ARTICLE SIX	  
	
	GUARANTEE OF NOTES	  
			
	SECTION 6.1.	    	GUARANTEES	  	 	15	  
	
	ARTICLE SEVEN	  
	
	REMEDIES	  
			
	SECTION 7.1.	    	EVENTS OF DEFAULT.	  	 	16	  

  
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	ARTICLE EIGHT
	
	SATISFACTION AND DISCHARGE
			
	SECTION 8.1.	    	SATISFACTION AND DISCHARGE.	  	17
	
	ARTICLE NINE
	
	SUPPLEMENTAL INDENTURES
			
	SECTION 9.1.	    	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.	  	21
	SECTION 9.2.	    	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.	  	21
	
	ARTICLE TEN
	
	MISCELLANEOUS
			
	SECTION 10.1.	    	EFFECT OF FIFTH SUPPLEMENTAL INDENTURE.	  	21
	SECTION 10.2.	    	EFFECT OF HEADINGS.	  	22
	SECTION 10.3.	    	SUCCESSORS AND ASSIGNS.	  	22
	SECTION 10.4.	    	SEVERABILITY CLAUSE.	  	22
	SECTION 10.5.	    	BENEFITS OF FIFTH SUPPLEMENTAL INDENTURE.	  	22
	SECTION 10.6.	    	CONFLICT.	  	22
	SECTION 10.7.	    	GOVERNING LAW.	  	22
	SECTION 10.8.	    	TRUSTEE.	  	22

  
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 FIFTH SUPPLEMENTAL INDENTURE, dated as of August 19, 2016, among MGM RESORTS INTERNATIONAL,
a Delaware corporation (hereinafter called the “Company”), the Subsidiary Guarantors (as hereinafter defined) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor trustee hereunder (hereinafter called the
“Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee entered into an indenture, dated March 22, 2012 (the “Base Indenture”), pursuant to
which notes of the Company may be issued in one or more series from time to time; 
 WHEREAS, Section 901(9) of the Base Indenture
permits the forms and terms of the Securities of any series as permitted in Sections 201 and 301 to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, Section 901 of the Base Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee
without the consent of any Holders of the Securities, for the purposes stated therein; 
 WHEREAS, the Company has requested the Trustee to
join with it and the Subsidiary Guarantors in the execution and delivery of this Fifth Supplemental Indenture dated as of August 19, 2016 (the “Fifth Supplemental Indenture”), in order to supplement the Base Indenture by, among
other things, establishing the forms and certain terms of a series of Securities to be known as the Company’s “4.625% Senior Notes due 2026” (the “Notes”), and adding certain provisions thereof for the benefit of the
Holders of the Notes; 
 WHEREAS, the Company has furnished the Trustee with a duly authorized and executed issuer order dated
August 19, 2016 authorizing the issuance of the Notes, such issuer order sometimes referred to herein as the “Authentication Order”; 

WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid, binding and enforceable agreement of the Company, the
Subsidiary Guarantors and the Trustee and a valid supplement to the Base Indenture have been done; and 
 NOW, THEREFORE, THIS FIFTH
SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes to be issued hereunder by
Holders thereof, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the Holders from time to time of the Notes, as follows: 

ARTICLE ONE 
 DEFINITIONS AND
OTHER PROVISIONS OF 
 GENERAL APPLICATION 
  

	SECTION 1.1.	Definitions. 

 The Base Indenture together with this Fifth Supplemental Indenture are
hereinafter sometimes collectively referred to as the “Indenture.” For the avoidance of doubt, references to any “Section” of the “Indenture” refer to such Section of the Base Indenture as supplemented and
amended by 

 
this Fifth Supplemental Indenture. All capitalized terms which are used herein and not otherwise defined herein are defined in the Base Indenture and are used herein with the same meanings as in
the Base Indenture. If a capitalized term is defined in the Base Indenture and this Fifth Supplemental Indenture, the definition in this Fifth Supplemental Indenture shall apply to the Notes (and any Guarantee endorsed therein). 

For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this article have the meanings assigned to them in this article and include the plural as well as the
singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference
therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP in the United States, and, except as otherwise herein expressly provided, the term “GAAP” with respect to any computation required or permitted hereunder shall mean such accounting
principles as are generally accepted at the date of such computation; 
 (4) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Fifth Supplemental Indenture as a whole and not to any particular article, section or other subdivision; and 

(5) all references used herein to the male gender shall include the female gender. 

“Attributable Debt” with respect to any Sale and Lease-Back Transaction that is subject to Section 5.2, means the
present value of the minimum rental payments called for during the terms of the lease (including any period for which such lease has been extended), determined in accordance with GAAP, discounted at a rate that, at the inception of the lease, the
lessee would have incurred to borrow over a similar term the funds necessary to purchase the leased assets. 
 “Base
Indenture” has the meaning set forth in the Recitals hereto. 
 “Consolidated Net Tangible Assets” means the total
amount of assets (including investments in Joint Ventures) of the Company and its Subsidiaries (less applicable depreciation, amortization and other valuation reserves) after deducting therefrom (a) all current liabilities of the Company and
its Subsidiaries (excluding (i) the current portion of long-term Indebtedness, (ii) intercompany liabilities and (iii) any liabilities which are by their terms renewable or extendible at the option of the obligor thereon to a time
more than 12 months from the time as of which the amount thereof is being computed) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and any other like intangibles of the Company and its
Subsidiaries, all as set forth on the consolidated balance sheet of the Company for the most recently completed fiscal quarter for which financial statements are available and computed in accordance with GAAP. 

“Credit Facility” means the Amended and Restated Credit Agreement, dated as April 25, 2016, among the Company, the
lenders and letters of credit issuers party thereto and Bank of America, N.A., as administrative agent, as such agreement may be amended, supplemented, waived or otherwise modified from time to time or refunded, refinanced, restructured, replaced,
renewed, repaid, increased or extended from time to time (whether in whole or in part). 

  
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 “Elgin Sub” means MGM Elgin Sub, Inc., a Nevada corporation.

 “Existing Senior Notes” means (i) the Company’s 7.625% senior notes due 2017, (ii) the Company’s
11.375% senior notes due 2018, (iii) the Company’s 8.625% senior notes due 2019, (iv) the Company’s 5.250% Senior Notes due 2020, (v) the Company’s 6.750% senior notes due 2020, (vi) the Company’s 6.625%
senior notes due 2021, (vii) the Company’s 7.75% senior notes due 2022, (viii) the Company’s 6.00% senior notes due 2023 and (ix) the Mandalay Notes. 

“Fifth Supplemental Indenture” has the meaning set forth in the Recitals hereto. 

“Funded Debt” means all Indebtedness of the Company or any Subsidiary Guarantor which (i) matures by its terms on, or is
renewable at the option of any obligor thereon to, a date more than one year after the date of original issuance of such Indebtedness and (ii) ranks at least pari passu with the Notes or the applicable Guarantee. 

“Gaming Authority” means any governmental agency, authority, board, bureau, commission, department, office or instrumentality
with regulatory, licensing or permitting authority or jurisdiction over any gaming business or enterprise or any Gaming Facility or with regulatory, licensing or permitting authority or jurisdiction over any gaming operation (or proposed gaming
operation) owned, managed or operated by the Company or the Subsidiary Guarantors. 
 “Gaming Facility” means any casino,
hotel, resort, race track, off-track wagering site, venue at which gaming or wagering is conducted, and all related or ancillary property and assets. 

“Illinois Gaming Approval” means the granting of all necessary approvals by the Illinois Gaming Board for Nevada Landing
Partnership and Elgin Sub to guarantee 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; provided that the accrual of interest shall not be considered an Incurrence of
Indebtedness. 
 “Indebtedness” of any Person means (i) any indebtedness of such Person, contingent or otherwise, in
respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by notes, bonds, debentures or similar instruments or letters of credit, or representing
the balance deferred and unpaid of the purchase price of any property, including any such indebtedness Incurred in connection with the acquisition by such Person or any of its Subsidiaries of any other business or entity, if and to the extent such
indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, including for such purpose obligations under capital leases and (ii) any guarantee, endorsement (other than for collection or deposit
in the ordinary course of business), discount with recourse, or any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire or to supply or advance funds with respect to, or to become liable with respect to (directly or
indirectly) any indebtedness of any Person, but shall not include indebtedness or amounts owed for compensation to employees, or for goods or materials purchased, or services utilized, in the ordinary course of business of such Person. For purposes
of this definition of Indebtedness, a “capitalized lease” shall be deemed to mean a lease of real or personal property which, in accordance with GAAP, is required to be capitalized. 

“Indenture” has the meaning set forth in the first paragraph of this Section 1.1. 

  
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 “Initial Liens” has the meaning set forth in Section 5.1(b)(i). 

“Initial Notes” means the Company’s 4.625% Senior Notes due 2026 issued on the Issue Date. 

“Insurance Subsidiaries” means M3 Nevada Insurance Company, MGMM Insurance Company and any other Subsidiaries established
from time to time by the Company or its Subsidiaries for the primary purpose of insuring the business, facilities and/or employees of the Company and its Subsidiaries. 

“Interest Payment Date” with respect to any Note means March 1 and September 1 of each year, commencing
March 1, 2017, provided that if such Interest Payment Date is not a Business Day, interest due on such Interest Payment Date shall be payable on the next succeeding Business Day. 

“Issue Date” means, in respect of Initial Notes of any Series, August 19, 2016, the date on which the Initial Notes
offered hereby are being issued. 
 “Joint Venture” means any partnership, corporation or other entity, in which up to and
including 50% of the partnership interests, outstanding voting stock or other equity interests is owned, directly or indirectly, by the Company and/or one or more of its Subsidiaries. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, security interest, lien
(statutory or otherwise), or preference, priority or other security or similar agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Mandalay Notes” means (i) Mandalay Resort Group’s 7.0% Debentures due 2036 and (ii) Mandalay Resort
Group’s 6.7% Debentures due 2096. 
 “Maturity Date” means September 1, 2026. 

“MDDC” means Marina District Development Company, LLC, a New Jersey limited liability company. 

“MDDHC” means Marina District Development Holding Co., LLC, a New Jersey limited liability company. 

“Nevada Landing Partnership” means Nevada Landing Partnership, an Illinois partnership. 

“New Jersey Gaming Approval” means the granting of all necessary approvals by the New Jersey Division of Gaming Enforcement
for MDDC to guarantee the Notes. 
 “Non-recourse Indebtedness” means Indebtedness the terms of which provide that the
lender’s claim for repayment of such Indebtedness is limited solely to a claim against the property which secures such Indebtedness. 

“Notes” has the meaning set forth in the Recitals hereto. 

  
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 “Obligations” means any principal, interest, premium, if any, penalties, fees,
indemnifications, reimbursements, expenses, damages or other liabilities or amounts payable under the documentation governing or otherwise in respect of any Indebtedness. 

“Pari Passu Liens” has the meaning set forth in Section 5.1(b)(i). 

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

“Principal Property” means any real estate or other physical facility or depreciable asset or securities the net book value
of which on the date of determination exceeds the greater of $25 million and 2% of Consolidated Net Tangible Assets. 

“Reference Indebtedness” means any series of (x) the Existing Senior Notes, (y) the Credit Facility or (z) any
of our future capital markets Indebtedness. 
 “Sale and Lease-Back Transaction” means any arrangement with a person (other
than the Company or any of its Subsidiaries), or to which any such person is a party, providing for the leasing to the Company or any of its Subsidiaries for a period of more than three years of any Principal Property which has been or is to be sold
or transferred by the Company or any of its Subsidiaries to such person, or to any other person (other than the Company or any of its Subsidiaries) to which funds have been or are to be advanced by such person on the security of the leased property.

 “Subsidiary” of any specified Person means any corporation, partnership or limited liability company of which at least a
majority of the outstanding stock (or other equity interests) having by the terms thereof ordinary voting power for the election of directors (or the equivalent) of such Person (irrespective of whether or not at the time stock (or other equity
interests) of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such Person, or by one or more other Subsidiaries, or by such
Person and one or more other Subsidiaries. 
 “Subsidiary Guarantor” means (i) each Subsidiary of the Company
identified as a Subsidiary Guarantor on the signature pages hereof and (ii) each other Wholly-Owned Subsidiary of the Company that becomes a Subsidiary Guarantor in accordance with Section 5.3 or by executing a supplemental indenture in
which such Subsidiary agrees to be bound by the terms of this Indenture as a Subsidiary Guarantor, together with their permitted successors and assigns provided that if the Guarantee of a Subsidiary Guarantor is withdrawn or cancelled pursuant to
Section 5.3(b), such Person shall no longer be a Subsidiary Guarantor hereunder; provided, however, that until such time as Nevada Landing Partnership and Elgin Sub receive Illinois Gaming Approval, MDDC receives New Jersey Gaming
Approval, and any other future Subsidiary that requires approval from a Gaming Authority in order to execute and deliver a Guarantee receive such approval from the relevant Gaming Authority to become a Subsidiary Guarantor of the Notes, Nevada
Landing Partnership, Elgin Sub, MDDC and such other future Subsidiary shall not be a Subsidiary Guarantor hereunder; provided, further, that unless and until New Jersey Gaming Approval for the Guarantee of MDDC is obtained, MDDHC shall not be
a Subsidiary Guarantor hereunder. 
 “Treasury Securities” mean any obligations issued or guaranteed by the United States
government or any agency thereof. 

  
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 “Trustee” has the meaning set forth in the preamble hereto. 

“Wholly-Owned Subsidiary” has the meaning set forth in Section 5.3(a). 

ARTICLE TWO 
 SECURITIES FORMS

  

	SECTION 2.1.	Creation of the Notes; Designations. 

 In accordance with Section 301 of the Base
Indenture, the Company hereby creates the Notes as a series of its Notes issued pursuant to the Indenture. The Notes shall be known and designated as the “4.625% Senior Notes due 2026” of the Company. 

 

	SECTION 2.2.	Forms Generally. 

 The Notes and the Trustee’s certificate of authentication shall
be in the forms set forth in Exhibit I attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the
Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

The Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner,
as determined by the officers of the Company executing such Notes, as evidenced by their manual execution of such Notes. 
 ARTICLE THREE

 GENERAL TERMS AND CONDITIONS OF THE NOTES 
  

	SECTION 3.1.	Title and Terms of Notes. 

 (a) The aggregate principal amount of Notes which shall be
authenticated and delivered on the Issue Date under the Indenture shall be $500,000,000; provided, however, that the Company from time to time, without giving notice to or seeking the consent of the Holders of the Notes, may issue
additional notes (the “Additional Notes”) in any amount having the same terms as the Notes in all respects, except for the issue date, the issue price and the initial Interest Payment Date. Any such Additional Notes shall be
authenticated by the Trustee upon receipt of an Authentication Order to that effect, and when so authenticated, will constitute “Notes” for all purposes of the Indenture and will (together with all other Notes issued under the Indenture)
constitute a single series of Notes under the Indenture; provided that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, as applicable, as determined by the Company, the Additional Notes will have a
separate CUSIP number. 
 (b) The principal amount of the Notes is due and payable in full on September 1, 2026 unless earlier
redeemed. 
 (c) The Notes shall bear interest at the rate of 4.625% per annum (computed on the basis of a 360-day year comprised of
twelve 30-day months) from the Issue Date or from the most recent 

  
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Interest Payment Date on which interest has been paid or duly provided for to maturity or early redemption; and interest will be payable semi-annually in arrears on March 1 and
September 1 of each year, commencing March 1, 2017, to the Persons in whose name such Notes were registered at the close of business on the preceding February 15 or August 15, respectively. 

(d) Principal of and interest on the Notes shall be payable in accordance with Sections 307 and 1001 of the Base Indenture. 

(e) Other than as provided in Article Four of this Fifth Supplemental Indenture, the Notes shall not be redeemable. 

(f) The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund. 

(g) The Notes shall not be convertible into any other securities. 

(h) The Company initially appoints the Trustee as Registrar and Paying Agent with respect to the Notes until such time as the Trustee has
resigned or a successor has been appointed. 
 (i) The Notes will be issuable in the form of one or more Global Securities and the
Depositary for such Global Security will be the Depository Trust Company. 
 (j) The Company shall pay principal of, premium, if any, and
interest on the Notes in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. 

(k) A Holder may transfer or exchange Notes only in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 ARTICLE FOUR 

REDEMPTION 
  

	SECTION 4.1.	Optional Redemption. 

 The Notes are redeemable at the option of the Company, in whole
or in part, at any time prior to June 1, 2026 (the date that is three months prior to the maturity date of the Notes), at a redemption price (the “Redemption Price”) equal to the greater of: 

 

	 	•	 	100% of the principal amount of the Notes to be redeemed; or 

  

	 	•	 	 as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, 

  
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 plus, in either of the above cases, accrued and unpaid interest to the Redemption Date on the Notes to be
redeemed. The Notes are redeemable at the option of the Company, in whole or in part, at any time on or after June 1, 2026 (the date that is three months prior to the maturity date of the Notes) at a redemption price of 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest to the date of redemption on the Notes to be redeemed. 

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

 

	 	•	 	the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 

 

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

The Adjusted Treasury Rate shall be calculated by an Independent Investment Banker on the third Business Day preceding the Redemption Date or,
in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which the Company deposits the amount required under this Fifth Supplemental Indenture most nearly equal to the period from the Redemption
Date to the Maturity Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such securities (“Remaining Life”). 
 “Comparable
Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means
any primary U.S. Government securities dealer in New York City selected by the Company. 

  
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 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
  

	SECTION 4.2.	Mandatory Disposition of Notes Pursuant to Gaming Laws. 

 Each Holder and beneficial
owner, by accepting or otherwise acquiring an interest in the Notes, shall be deemed to have agreed that if the Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries conducts or proposes to conduct gaming activities
requires that a Person who is a Holder or beneficial owner must be licensed, qualified or found suitable under the applicable Gaming Laws, such Holder or beneficial owner, as the case may be, shall apply for a license, qualification or a finding of
suitability within the required time period in accordance with such Gaming Laws. If such Person fails to apply or become licensed or qualified or is found unsuitable (a “Disqualified Holder”), then the Company shall have the right,
at its option, notwithstanding any other provision of this Fifth Supplemental Indenture: 
 (i) to require such Person to dispose of its
Notes or beneficial interest therein within 30 calendar days of receipt of notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority; or 

(ii) to redeem such Notes, which Redemption Date may be less than 30 calendar days following the notice of redemption if so requested or
prescribed by the Gaming Authority, at a redemption price equal to: 
 (1) the lesser of: 

(a) the Person’s cost, plus accrued and unpaid interest, if any, to the earlier of the Redemption Date or the date of the
finding of unsuitability or failure to comply; and 
 (b) 100% of the principal amount thereof, plus accrued and unpaid
interest to the earlier of the Redemption Date or the date of the finding of unsuitability or failure to comply; or 
 (2)
such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority. 
 The Company shall notify the Trustee
in writing of any such Disqualified Holder status or redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or beneficial owner may incur in connection with its application for a license,
qualification or a finding of suitability. Notwithstanding any other provision of this Fifth Supplemental Indenture, immediately upon the imposition of a requirement to dispose of Notes by a Gaming Authority, such Person shall, to the extent
required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or entity, any right conferred by such Notes or (ii) to receive any interest, dividends or
any other distributions or payments with respect to such Notes or any remuneration in any form with respect to such Notes from the Company or the Trustee, except the redemption price. 

  
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	SECTION 4.3.	Optional Redemption Procedures. 

 (a) The provisions of Article XII of the Base
Indenture shall apply in the case of a redemption pursuant to Article Four solely for the benefit of the Holders of the Notes; provided that this Section 4.3 shall not become part of the terms of any other series of Securities: 

(i) the first sentence of Section 1203 in the Base Indenture shall be superseded by the following language: 

“If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are
to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such
series not previously called for redemption, in accordance with the applicable Depository Trust Company procedures; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which
shall not be less than the minimum authorized denomination) for such Security.”; 
 (ii) clause (2) of the second
paragraph of Section 1204 of the Base Indenture shall be superseded by the following language: 
 “(2) the Redemption Price (or how
the Redemption Price will be calculated if not a fixed amount or subject to change);” and 
 (iii) the following
language shall be added after the end of the final paragraph of Section 1204 of the Base Indenture: 
 “A notice of redemption may
provide that the optional redemption described in such notice is conditioned upon the occurrence of certain events before the Redemption Date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption
have occurred before the Redemption Date or have been waived by the Company. If any of such events fail to occur and are not waived by the Company, the Company shall be under no obligation to redeem the Notes or pay the Holders any redemption
proceeds and the Company’s failure to redeem the Notes shall not be considered a default or an Event of Default. In the event that any of such conditions fail to occur, the Company shall promptly notify the Trustee in writing that the
conditions precedent to such redemption have failed to occur and the Notes will not be redeemed.” 
 ARTICLE FIVE 

COVENANTS 
 Holders of the Notes
shall be entitled to the benefit of all covenants in Article X of the Base Indenture and the following additional covenants, which shall be deemed to be provisions of the Base Indenture with respect to the Notes, provided that this Article
Five shall not become a part of the terms of any other series of Securities: 
  

	SECTION 5.1.	Limitation on Liens. 

 (a) Other than as provided in Section 5.1(c) below, neither
the Company nor any Subsidiary Guarantor will, directly or indirectly, issue, assume or guarantee any Indebtedness secured by 

  
 -10- 

 
a Lien upon any Principal Property or on any evidences of Indebtedness or shares of capital stock of, or other ownership interests in, any Subsidiaries that own any Principal Property (regardless
of whether the Principal Property, Indebtedness, capital stock or ownership interests were acquired before or after the date hereof) without effectively providing that all of the Notes or Guarantees then outstanding, as the case may be, shall be
secured equally and ratably with (or prior to) the Indebtedness so long as such Indebtedness shall be so secured, except that this restriction will not apply to: 

(i) Liens existing on the date of original issuance of the Notes; 

(ii) Liens affecting property of a corporation or other entity existing at the time it becomes a Subsidiary Guarantor or at the
time it is merged into or consolidated with the Company or a Subsidiary Guarantor (provided that such Liens are not incurred in connection with, or in contemplation of, such entity becoming a Subsidiary Guarantor or such merger or consolidation and
do not extend to or cover property of the Company or any Subsidiary Guarantor other than property of the entity so acquired or which becomes a Subsidiary Guarantor); 

(iii) Liens (including purchase money Liens) existing at the time of acquisition thereof on property acquired after the date
hereof or to secure Indebtedness Incurred prior to, at the time of, or within 24 months after the acquisition for the purpose of financing all or part of the purchase price of property acquired after the date hereof (provided that such Liens do not
extend to or cover any property of the Company or any Subsidiary Guarantor other than the property so acquired); 
 (iv)
Liens on any property to secure all or part of the cost of improvements or construction thereon or Indebtedness Incurred to provide funds for such purpose in a principal amount not exceeding the cost of such improvements or construction; 

(v) Liens which secure Indebtedness of a Subsidiary of the Company to the Company or to a Subsidiary Guarantor or which secure
Indebtedness of the Company to a Subsidiary Guarantor; 
 (vi) Liens on the stock, partnership or other equity interest of
the Company or a Subsidiary Guarantor in any Joint Venture or any Subsidiary which owns an equity interest in such Joint Venture to secure Indebtedness, provided the amount of such Indebtedness is contributed and/or advanced solely to such Joint
Venture; 
 (vii) Liens to government entities, including pollution control or industrial revenue bond financing; 

(viii) Liens required by any contract or statute in order to permit the Company or a Subsidiary of the Company to perform any
contract or subcontract made by it with or at the request of a governmental entity; 
 (ix) mechanic’s,
materialman’s, carrier’s or other like Liens, arising in the ordinary course of business; 
 (x) Liens for taxes or
assessments and similar charges; 
 (xi) zoning restrictions, easements, licenses, covenants, reservations, restrictions on
the use of real property and other minor irregularities of title; and 

  
 -11- 

 (xii) any extension, renewal, replacement or refinancing of any Indebtedness
secured by a Lien permitted by any of the foregoing clauses (i) through (vi). 
 (b) Notwithstanding the foregoing, 

(i) if any of the Existing Senior Notes are hereafter secured by any Liens on any of the assets of the Company or any
Subsidiary Guarantor (the “Initial Liens”), then the Company and the Subsidiary Guarantor shall, substantially concurrently with the granting of such Liens, subject to such Liens having been approved by all applicable Gaming
Authorities to the extent the Gaming Laws of the applicable jurisdiction require such approval, grant perfected Liens in the same collateral to secure the Notes (or Guarantees, as the case may be), equally, ratably and on a pari passu basis (the
“Pari Passu Liens”). The Pari Passu Liens granted pursuant to this provision shall be (A) granted concurrently with the granting of any such Liens, and (B) granted pursuant to instruments, documents and agreements which
are no less favorable to the Trustee and the Holders of the Notes than those granted to secure the Existing Senior Notes. In connection with the granting of any such Liens, the Company and each Subsidiary Guarantor shall provide to the Trustee
(y) policies of title insurance on customary terms and conditions, to the extent that policies of title insurance on the corresponding property are provided to the Holders of the Existing Senior Notes or their respective trustee (and in an
insured amount that bears the same proportion to the principal amount of the Notes as the insured amount in the policies provided to the holders of the Existing Senior Notes bears to the aggregate outstanding amount of the Existing Senior Notes),
and (z) legal opinions and other assurances as the Trustee may reasonably request; and 
 (ii) if the Company and the
Subsidiary Guarantors become entitled to the release of any Initial Liens securing the Existing Senior Notes and Subsidiary Guarantees related thereto, and provided that no Default or Event of Default has then occurred and remains continuing, the
Company and the Subsidiary Guarantors may in their sole discretion request that the collateral agent release any such Lien securing the Notes, the Existing Senior Notes and such other notes and guarantees, and in such circumstances the collateral
agent (or the Trustee) shall so release such Initial Liens. 
 (c) Notwithstanding the foregoing, the Company or any Subsidiary Guarantor
may create, assume or suffer to exist Liens not otherwise permitted as described above, provided that at the time of such incurrence, assumption or sufferance, after giving effect to such Lien, the sum of outstanding Indebtedness secured by such
Liens (not including Liens permitted under Section 5.1(a) above) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and Lease-Back Transactions permitted under Section 5.2(a) below),
measured, in each case, at the time the Lien is incurred, does not exceed 15% of Consolidated Net Tangible Assets and Liens securing Indebtedness in excess of such amount to the extent such Lien is incurred in connection with an extension, renewal,
replacement or refinancing of Indebtedness (not to exceed the principal amount of such extended, renewed, replaced or refinanced Indebtedness plus fees, expenses and premium payable thereon) secured by a Lien incurred pursuant to the provisions of
this Section 5.1(c) or any previous extension, renewal, replacement or refinancing of any such Indebtedness (which extended, renewed, replaced or refinanced Indebtedness shall, for the avoidance of doubt, thereafter be included in the
calculation of such amount), provided that the foregoing shall not apply to any Liens that may at any time secure any of the Existing Senior Notes. 
  

	SECTION 5.2.	Limitation on Sale and Lease-Back Transactions. 

  
 -12- 

 (a) Other than as provided in Section 5.2(b) below, neither the Company nor any Subsidiary
Guarantor will enter into any Sale and Lease-Back Transaction, unless either: 
 (i) the Company or such Subsidiary Guarantor
would be entitled, pursuant to the provisions described in clauses (i) through (xii) of Section 5.1(a) above, to create, assume or suffer to exist a Lien on the property to be leased without equally and ratably securing the Notes; or

 (ii) an amount equal to the greater of the net cash proceeds of such sale or the fair market value of such property (in
the good faith opinion of an officer of the Company) is applied within 120 days to the retirement or other discharge of its Funded Debt. 

(b) Notwithstanding the restrictions set forth in Section 5.1 and Section 5.2 (a), the Company or any Subsidiary Guarantor may enter
into Sale and Lease-Back Transactions not otherwise permitted as described above, provided that at the time of entering into such Sale and Lease-Back Transaction, after giving effect to such Sale and Lease-Back Transaction, the sum of outstanding
Indebtedness secured by Liens (not including Liens permitted under Sections 5.1(a) and 5.1(b) above) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and Lease-Back Transactions permitted
under Section 5.2(a) above), measured, in each case, at the time any such Sale and Lease-Back Transaction is entered into, does not exceed 15% of Consolidated Net Tangible Assets and Liens securing Indebtedness in excess of such amount to the
extent such Lien is incurred in connection with an extension, renewal, replacement or refinancing of Indebtedness (not to exceed the principal amount of such extended, renewed, replaced or refinanced Indebtedness plus fees, expenses and premium
payable thereon) secured by a Lien incurred pursuant to the provisions of this Section 5.2(b) or any previous extension, renewal or replacement or refinancing of any such Indebtedness (which extended, renewed, replaced or refinanced
Indebtedness shall, for the avoidance of doubt, thereafter be included in the calculation of such amount), provided that the foregoing shall not apply to any Liens that may at any time secure any of the Existing Senior Notes. 

 

	SECTION 5.3.	Guarantee. 

 (a) The Company shall (i) cause each domestic Subsidiary of the
Company, that is a guarantor of Reference Debt to become, other than Nevada Landing Partnership, Elgin Sub, MDDC (and any other future Subsidiary that requires approval from a Gaming Authority in order to execute and deliver a Guarantee), unless and
until regulatory approval for their Guarantees is obtained, and MDDHC unless and until regulatory approval for the Guarantee of MDDC is obtained, on the Issue Date or, if such Subsidiary was not a guarantor of Reference Debt as of the Issue Date but
thereafter becomes a guarantor of Reference Debt (whether or not such Subsidiary is acquired or created after the Issue Date) and is wholly-owned, directly or indirectly, by the Company (a “Wholly-Owned Subsidiary”), at the time
such Wholly-Owned Subsidiary guarantees any Reference Debt, a guarantor of the obligations of the Company under this Indenture and the Notes by executing this Indenture (directly, by supplemental indenture or by a joinder agreement, a form of which
is attached hereto as Exhibit II) as a Subsidiary Guarantor or by executing a Guarantee pursuant to Section 1102 of the Base Indenture, as supplemented by this Fifth Supplemental Indenture; provided that the provision of a Guarantee by a
Wholly-Owned Subsidiary after the Issue Date shall be subject to compliance with any applicable Gaming Laws and the Company agrees that (subject to Section 5.3(b)) it shall not have any such Wholly-Owned Subsidiary become a guarantor of
Reference Debt unless it is permitted to give such Guarantee under applicable Gaming Laws); and (ii) deliver to the Trustee an Opinion of Counsel that such Guarantee is the valid, binding and enforceable obligation of such Subsidiary Guarantor,
subject to customary exceptions for bankruptcy, fraudulent transfer and equitable principles. 

  
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 (b) The actions set forth in Section 5.3(a) hereof shall be taken within 10 days of the time
on which any Person is required to become a Subsidiary Guarantor pursuant to such Section 5.3(a), provided that if such Person is not permitted to give a Guarantee under applicable Gaming Laws, then, such 10-day period shall be extended
as long as necessary for the Company to, and the Company shall continue to use reasonable best efforts to, obtain the requisite consents for such Guarantee from the applicable Gaming Authority. If any Subsidiary Guarantor no longer guarantees any
Reference Debt at any time, then such Subsidiary Guarantor shall be released from its obligations under its Guarantee, and the Trustee shall execute any documents reasonably required in order to evidence the release of such Subsidiary Guarantor from
its obligations under its Guarantee upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such conditions to release such Guarantee have been satisfied. 

(c) The Company will not permit any newly acquired or created Wholly-Owned Subsidiary to guarantee any Reference Debt without making effective
provision for such Wholly-Owned Subsidiary to become a Subsidiary Guarantor under this Indenture (unless such guarantee is not permitted under applicable Gaming Laws and the Company is complying with Section 5.3(b) hereof). 

 

	SECTION 5.4.	Reports. 

 (a) Whether or not required by the Commission, so long as any Notes are
outstanding, the Company shall furnish to the Trustee within 15 calendar days after the time periods specified in the Commission’s rules and regulations: 

(1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission on
Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report
thereon by the Company’s independent registered public accounting firm; and 
 (2) all current reports that would be
required to be filed with the Commission on Form 8-K if the Company were required to file such reports. 
 (b) In addition, whether or not
required by the Commission, the Company will file a copy of all of the information and reports referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s
rules and regulations (unless the Commission will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely conclusively on the Officer’s Certificate described in Section 1004 of the Base Indenture). The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the
provisions of this Fifth Supplemental Indenture or to ascertain the correctness or accuracy of the information or the statements contained therein. The Trustee is entitled to assume such compliance and correctness unless an Officer of the Trustee is
informed in writing otherwise. 

  
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 ARTICLE SIX 

GUARANTEE OF NOTES 
  

	SECTION 6.1.	Guarantees. 

 (a) Section 1111 of the Base Indenture shall be amended as follows
solely for the benefit of the Holders of the Notes; provided that this Article Six shall not become part of the terms of any other series of Securities: 

(i) the second paragraph shall be superseded in its entirety by the following language: 

“Notwithstanding the foregoing, in the event of (a) a sale or other disposition of all or substantially all of the assets of any
Subsidiary Guarantor, by way of merger, consolidation or otherwise or (b) a sale or other disposition of all or substantially all of the capital stock of any Subsidiary Guarantor, then the Subsidiary Guarantor (in the event of a sale or other
disposition, by way of such a merger, consolidation or otherwise, of all of the capital stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all of the assets of the Subsidiary
Guarantor) will be released and relieved of any obligations under its Guarantee, except in the event of a sale or other disposition to the Company or any other Subsidiary Guarantor.”; and 

(ii) the following language shall be added to the end of the third paragraph: 

“Notwithstanding the foregoing, any Subsidiary Guarantor will automatically be released from all obligations under its Guarantee, and
such Guarantee shall thereupon terminate and be discharged and of no further force and effect, upon the merger or consolidation of any Subsidiary Guarantor with and into the Company or another Subsidiary Guarantor that is the surviving Person in
such merger or consolidation, or upon the liquidation or dissolution of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another Subsidiary Guarantor.” 

(b) Section 1102 of the Base Indenture shall be superseded in its entirety by the following language with respect to, and solely for the
benefit of the Holders of the Notes; provided that this Section 1102 shall not become part of the terms of any other series of Securities: 
  

	“Section 1102.	Execution and Delivery of Guarantee 

 To evidence its Guarantee set forth in
Section 1101, each of the Subsidiary Guarantors agrees that this Indenture is executed on behalf of such Subsidiary Guarantor by a duly authorized officer. 

Each of the Subsidiary Guarantors agrees that its Guarantee set forth in Section 1101 shall remain in full force and effect and apply to
all the Securities notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
 If an Officer whose facsimile
signature is on a Note no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth
in this Indenture on behalf of the Subsidiary Guarantors.” 

  
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 ARTICLE SEVEN 

REMEDIES 
  

	SECTION 7.1.	Events of Default. 

 Section 501 of the Base Indenture shall be superseded in its
entirety by the following language with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Seven shall not become part of the terms of any other series of Securities: 

 

	 	Section 501.	Events of Default. 

 “Event of Default” wherever used herein with
respect to the Notes means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body): 
 (a) default in the payment of any interest upon
the Notes when it becomes due and payable, and continuance of such default for a period of 30 calendar days; or 
 (b)
default in the payment of principal of (or premium, if any, on) the Notes at their Maturity (upon acceleration, optional or mandatory redemption or otherwise); or 

(c) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant
or warranty a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with), and continuance of such default or breach for a period of 60 calendar days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder; or 
 (d) the acceleration of the maturity of
any Indebtedness of the Company or any Subsidiary Guarantor (other than Non-recourse Indebtedness), at any time, in an amount in excess of the greater of (i) $25,000,000 and (ii) 5% of Consolidated Net Tangible Assets, if such acceleration
is not annulled within 30 calendar days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes; or 

(e) entry of final judgments against the Company or any Subsidiary Guarantor which remain undischarged for a period of 60 days,
provided that the aggregate of all such judgments exceeds $25,000,000 and judgments exceeding $25,000,000 remain undischarged for 60 calendar days after written notice to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the outstanding Notes; or 
 (f) the entry of a decree or order for relief in
respect of the Company or any Significant Subsidiary by a court having jurisdiction in the premises in an involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or a decree or order adjudging the Company or 

  
 -16- 

 
any Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any
Significant Subsidiary under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any substantial part of
its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive calendar days; or 

(g) the commencement by the Company or any Significant Subsidiary of a voluntary case under the federal Bankruptcy Laws, as now
or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry of an order for relief in an involuntary case under any such law or to the appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of its creditors, or the
admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action. 

ARTICLE EIGHT 
 SATISFACTION AND
DISCHARGE 
  

	SECTION 8.1.	Satisfaction and Discharge. 

 Article IV of the Base Indenture shall be superseded in
its entirety by the following language with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Eight shall not become part of the terms of any other series of Securities: 

 

	 	Section 401.	Satisfaction and Discharge of Indenture. 

 This Indenture shall, upon Company Request,
cease to be of further effect with respect to the Notes (except as to any surviving rights of registration of transfer or exchange of the Notes herein expressly provided for and rights to receive payments of principal (and premium, if any) and
interest on the Notes) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 

(a) either 
 (i) all Notes
theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (y) Notes the payment for which money has theretofore been
deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(ii) all Notes not theretofore delivered to the Trustee for cancellation, 

(1) have become due and payable, or 

(2) will become due and payable at their Stated Maturity within one year, or 

  
 -17- 

 (3) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice by the Trustee in the name, and at the expense, of the Company; 
 (b) the Company, in
the case of subclause (2) or (3) of clause (a)(ii) of this Section 401, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire
Indebtedness on such Notes for principal (and premium, if any) and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided,
however, in the event a petition for relief under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, is filed with respect to the Company within
91 days after the deposit and the Trustee is required to return the deposited money to the Company, the obligations of the Company under this Indenture with respect to such Notes shall not be deemed terminated or discharged; 

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

(d) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent hereunder, the obligations of the Company under Section 1001, and, if
money shall have been deposited with the Trustee pursuant to clause (b) of this Section, the obligations of the Trustee under Section 606 (until payments are made by the Trustee thereunder) and the last paragraph of Section 1003 shall
survive. 
  

	 	Section 402.	Application of Trust Money. 

 Subject to the provisions of the last paragraph of
Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Company may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 

 

	 	Section 403.	Applicability of this Article. 

 Except as otherwise provided in Section 404, the
Company may terminate its obligations under the Notes and this Indenture as set forth in Section 404. 
  

	 	Section 404.	Defeasance upon Deposit of Moneys or U.S. Government Obligations. 

 At the
Company’s option, either (x) the Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Notes and the Subsidiary Guarantors shall be deemed to have been discharged from their obligations
under their Guarantees in respect of the Notes (“legal defeasance option”) or (y) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Article VIII and
Section 1004, and Sections 5.1, 5.2 and 

  
 -18- 

 
5.3 of the Fifth Supplemental Indenture with respect to Notes and the Subsidiary Guarantors shall cease to be under any obligation to comply with any term, provision or condition set forth in
Section 1111 (or comparable provisions of its Guarantee if not set forth in Article XI) with respect to their Guarantees in respect of the Notes (“covenant defeasance option”) at any time after the applicable conditions set
forth below have been satisfied: 
 (a) The Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust
funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes (i) money in an amount, or (ii) U.S. Government Obligations (as defined below) which through the payment of interest and
principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination of items (i) and (ii), sufficient, in the opinion (with respect
to items (i) and (ii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including any mandatory sinking
fund payments) of and premium, if any, and interest on, the outstanding Notes on the dates such installments of interest or principal and premium are due; 

(b) Such deposit shall not cause the Trustee to have a conflicting interest as defined in Section 608 and for purposes of the TIA; 

(c) Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company or any Subsidiary Guarantor is a party or by which it is bound; 
 (d) If the Notes are then listed on any
national securities exchange, the Company shall have delivered to the Trustee an Opinion of Counsel or a letter or other document from such exchange to the effect that the Company’s exercise of its option under this Section 404 would not
cause such Notes to be delisted; 
 (e) No Event of Default or Default shall have occurred and be continuing on the date of such deposit
and, with respect to the legal defeasance option only, no Event of Default under Section 501(f) or Section 501(g) or event which with the giving of notice or lapse of time, or both, would become an Event of Default under
Section 501(f) or Section 501(g) shall have occurred and be continuing on the 91st day after such date; 
 (f) The Company shall
have delivered to the Trustee an Opinion of Counsel or a ruling from the Internal Revenue Service to the effect that the Holders of the Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such
deposit, defeasance or Discharge. Notwithstanding the foregoing, if the Company exercises its covenant defeasance option and an Event of Default under Section 501(f) or Section 501(g) or event which, with the giving of notice or lapse of
time, or both, would become an Event of Default under Section 501(f) or Section 501(g) shall have occurred and be continuing on the 91st day after the date of such deposit, the obligations of the Company and the Subsidiary Guarantors
referred to under the definition of covenant defeasance option with respect to such Notes shall be reinstated; and 
 (g) the Company shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the legal
defeasance or the covenant defeasance, as the case may be, have been complied with. 

  
 -19- 

 “Discharged” means that the Company and the Subsidiary Guarantors shall be
deemed to have paid and discharged the entire Indebtedness represented by, and obligations under, the Notes and the Guarantees in respect of the Notes and to have satisfied all the obligations under this Indenture in respect of the Notes (and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except (i) the rights of Holders of Notes to receive, from the trust fund described in clause (a) above, payment of the principal of (and
premium, if any) and interest on such Notes when such payments are due, (ii) the Company’s obligations with respect to the Notes under Sections 304, 305, 306, 405 and 1002 and (iii) the rights, powers, trusts, duties and immunities of
the Trustee hereunder. 
 “U.S. Government Obligations” means securities that are (i) direct obligations of the United
States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States, which, in either case under clause (i) or (ii), are not callable or redeemable at the option of the issuer thereof prior to the final Maturity Date of the Notes, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account
of the Holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the Holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
  

	 	Section 405.	Deposited Moneys and U.S. Government Obligations to be Held in Trust. 

 All moneys and
U.S. Government Obligations deposited with the Trustee pursuant to Section 404 in respect of Notes shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all sums due and to become due thereon for principal (and premium, if any) and interest, if any, but such
money need not be segregated from other funds except to the extent required by law. 
 The Company shall indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 404 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. 
  

	 	Section 406.	Repayment to Company. 

 The Trustee and any Paying Agent shall promptly pay or return to
the Company upon Company Request any moneys or U.S. Government Obligations held by them at any time that are not required for the payment of the principal of (and premium, if any) and interest on the Notes for which money or U.S. Government
Obligations have been deposited pursuant to Section 404. 
 The provisions of the last paragraph of Section 1003 shall apply to
any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any Notes for which money or U.S. Government Obligations have been deposited pursuant to Section 404. 

  
 -20- 

 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 
  

	SECTION 9.1.	Supplemental Indentures Without Consent of Holders. 

 Section 901 of the Base
Indenture shall be amended by adding the following language to the end of clause (5) with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become part of the terms of any other
series of Securities: 
 “or to release any Subsidiary Guarantors from Guarantees as provided by the terms of this
Indenture” 
 Section 901 of the Base Indenture shall be further amended removing “and” from the end of clause (16),
replacing the “.” with a “;” at the end of clause (17) and by adding the following language with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become
part of the terms of any other series of Securities: 
 “(18) to conform the text of this Indenture or the Notes to any provision of
the “Description of Notes” section of the prospectus supplement, dated December 16, 2013, to the extent that such provision in such “Description of Notes” section was intended to be a verbatim, or substantially verbatim,
recitation of a provision of this Indenture or the Notes.” 
  

	SECTION 9.2.	Supplemental Indentures With Consent of Holders. 

 Section 902 of the Base
Indenture shall be amended by adding the following language to the end of clause (1) with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become part of the terms of any other
series of Securities: 
 “, or reduce the principal amount thereof or the rate (or extend the time for payment) of
interest thereon or any premium payable upon redemption thereof, or change the currency in which the principal of (and premium, if any) or interest on such Security is denominated or payable, or impair the right to institute suit for the enforcement
of any payment on or after the Stated Maturity thereof (including, in the case of redemption, on or after the Redemption Date), or alter any redemption provisions in a manner adverse to the Holders of Notes or release any Subsidiary Guarantor under
any Guarantee (except in accordance with the terms of the Indenture or the Guarantee) or collateral, if any, securing the Notes (except in accordance with the terms of the Indenture or the documents governing such collateral, if any)” 

ARTICLE TEN 
 MISCELLANEOUS 

 

	SECTION 10.1.	Effect of Fifth Supplemental Indenture. 

 (1) This Fifth Supplemental Indenture is a
supplemental indenture within the meaning of Section 901 of the Base Indenture, and the Base Indenture shall be read together with this Fifth Supplemental Indenture and shall have the same effect over the Notes, in the same manner as if the
provisions of the Base Indenture and this Fifth Supplemental Indenture were contained in the same instrument. 

  
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 (2) In all other respects, the Base Indenture is confirmed by the parties hereto as supplemented
by the terms of this Fifth Supplemental Indenture. 
  

	SECTION 10.2.	Effect of Headings. 

 The Article and Section headings herein are for convenience only
and shall not affect the construction hereof. 
  

	SECTION 10.3.	Successors and Assigns. 

 All covenants and agreements in this Fifth Supplemental
Indenture by the Company, the Guarantors, the Trustee and the Holders shall bind their successors and assigns, whether so expressed or not. 
  

	SECTION 10.4.	Severability Clause. 

 In case any provision in this Fifth Supplemental Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

	SECTION 10.5.	Benefits of Fifth Supplemental Indenture. 

 Nothing in this Fifth Supplemental Indenture
or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any benefit or any legal or equitable right, remedy or claim under this Fifth Supplemental Indenture. 

 

	SECTION 10.6.	Conflict. 

 In the event that there is a conflict or inconsistency between the Base
Indenture and this Fifth Supplemental Indenture, the provisions of this Fifth Supplemental Indenture shall control; provided, however, if any provision hereof limits, qualifies or conflicts with another provision herein or in the Base
Indenture, in either case, which is required or deemed to be included in this Fifth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. 

 

	SECTION 10.7.	Governing Law. 

 THIS FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES GUARANTEES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEVADA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE GUARANTEES. 

 

	SECTION 10.8.	Trustee. 

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

  
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 This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 [Signature pages to follow]

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed on the date and year first written above. 
  

			
	MGM RESORTS INTERNATIONAL
		
	By:	 	 /s/ Daniel J. D’Arrigo

		 	Name:     Daniel J. D’Arrigo
		 	 Title:       Executive Vice President and

                Chief Financial Officer

  
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	1.	350 LEASING COMPANY I, LLC, a Nevada limited liability company 

	2.	350 LEASING COMPANY II, LLC, a Nevada limited liability company 

	3.	450 LEASING COMPANY I, LLC, a Nevada limited liability company 

	4.	550 LEASING COMPANY I, LLC, a Nevada limited liability company 

                          
          By: Mandalay Resort Group, a Nevada corporation, its sole member 
  

	5.	550 LEASING COMPANY II, LLC, a Nevada limited liability company 

	6.	AC HOLDING CORP., a Nevada corporation 

	7.	AC HOLDING CORP. II, a Nevada corporation 

	8.	ARENA LAND HOLDINGS, LLC, a Nevada limited liability company 

	9.	ARIA RESORT & CASINO, LLC, a Nevada limited liability company 

	10.	BEAU RIVAGE RESORTS, LLC, a Mississippi limited liability company 

	11.	BELLAGIO, LLC, a Nevada limited liability company 

	12.	CIRCUS CIRCUS CASINOS, INC., a Nevada corporation 

	13.	CITYCENTER FACILITIES MANAGEMENT, LLC, a Nevada limited liability company 

	14.	CITYCENTER REALTY CORPORATION, a Nevada corporation 

	15.	DESTRON, INC., a Nevada corporation 

	16.	DIAMOND GOLD, INC., a Nevada corporation 

	17.	GALLEON, INC., a Nevada corporation 

	18.	GOLD STRIKE L.V., a Nevada partnership 

                          
          By: Diamond Gold, Inc., a Nevada corporation, Partner 

                          
          By: M.S.E. Investments, Incorporated, a Nevada corporation, Partner 
  

	19.	GRAND GARDEN ARENA MANAGEMENT, LLC, a Nevada limited liability company 

	20.	GRAND LAUNDRY, INC., a Nevada corporation 

	21.	LAS VEGAS ARENA MANAGEMENT, LLC, a Nevada limited liability company 

	22.	LV CONCRETE CORP., a Nevada corporation 

	23.	MAC, CORP., a New Jersey corporation 

	24.	MANDALAY CORP., a Nevada corporation 

	25.	MANDALAY EMPLOYMENT, LLC, a Nevada limited liability company 

                          
          By: Mandalay Resort Group, a Nevada corporation, its sole member 
  

	26.	MANDALAY PLACE, LLC, a Nevada limited liability company 

	27.	MANDALAY RESORT GROUP, a Nevada corporation 

	28.	MARINA DISTRICT DEVELOPMENT COMPANY, LLC, a New Jersey limited liability company 

                    By: MAC, Corp., a New
Jersey corporation, as Managing Member of Marina District Development Holding 

                    Co., LLC, a New Jersey
limited liability company, its sole member 
  

	29.	MARINA DISTRICT DEVELOPMENT HOLDING CO., LLC, a New Jersey limited liability company 

                          
          By: MAC, Corp., a New Jersey corporation, its Managing Member 
  

	30.	METROPOLITAN MARKETING, LLC, a Nevada limited liability company 

  
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	31.	MGM CC, LLC, a Nevada limited liability company 

	32.	MGM Elgin Sub, Inc., a Nevada corporation 

	33.	MGM GRAND CONDOMINIUMS, LLC, a Nevada limited liability company 

	34.	MGM GRAND CONDOMINIUMS II, LLC, a Nevada limited liability company 

	35.	MGM GRAND CONDOMINIUMS III, LLC, a Nevada limited liability company 

	36.	MGM GRAND DETROIT, INC., a Delaware corporation 

	37.	MGM GRAND HOTEL, LLC, a Nevada limited liability company 

	38.	MGM HOSPITALITY, LLC, a Nevada limited liability company 

	39.	MGM INTERNATIONAL, LLC, a Nevada limited liability company 

	40.	MGM LESSEE, LLC, a Delaware limited liability company 

	41.	MGM RESORTS ADVERTISING, INC., a Nevada corporation 

	42.	MGM RESORTS AIRCRAFT HOLDINGS, LLC, a Nevada limited liability company 

	43.	MGM RESORTS ARENA HOLDINGS, LLC, a Nevada limited liability company 

	44.	MGM RESORTS AVIATION CORP., a Nevada corporation 

	45.	MGM RESORTS CORPORATE SERVICES, a Nevada corporation 

	46.	MGM RESORTS DEVELOPMENT, LLC, a Nevada limited liability company 

	47.	MGM RESORTS FESTIVAL GROUNDS, LLC, a Nevada limited liability company 

	48.	MGM RESORTS FESTIVAL GROUNDS II, LLC, a Nevada limited liability company 

	49.	MGM RESORTS INTERACTIVE, LLC, a Nevada limited liability company 

	50.	MGM RESORTS INTERNATIONAL DESIGN, a Nevada corporation 

	51.	MGM RESORTS INTERNATIONAL GLOBAL GAMING DEVELOPMENT, LLC, a Nevada limited liability company 

	52.	MGM RESORTS INTERNATIONAL MARKETING, INC., a Nevada corporation 

	53.	MGM RESORTS INTERNATIONAL OPERATIONS, INC., a Nevada corporation 

	54.	MGM RESORTS LAND HOLDINGS, LLC, a Nevada limited liability company 

	55.	MGM RESORTS MACAO, LLC, a Nevada limited liability company 

	56.	MGM RESORTS MANAGEMENT AND TECHNICAL SERVICES, LLC, a Nevada limited liability company 

	57.	MGM RESORTS MANUFACTURING CORP., a Nevada corporation 

	58.	MGM RESORTS MISSISSIPPI, INC., a Mississippi corporation 

	59.	MGM RESORTS REGIONAL OPERATIONS, LLC, a Nevada limited liability company 

	60.	MGM RESORTS RETAIL, a Nevada corporation 

	61.	MGM RESORTS SUB 1, LLC, a Nevada limited liability company 

	62.	MGM RESORTS SUB 2, LLC, a Nevada limited liability company 

	63.	MGM RESORTS SUB 3, LLC, a Nevada limited liability company 

	64.	MGM RESORTS VENUE MANAGEMENT, LLC, a Nevada limited liability company 

	65.	MGM SPRINGFIELD, LLC, a Massachusetts limited liability company 

	66.	MH, INC., a Nevada corporation 

	67.	M.I.R. TRAVEL, a Nevada corporation 

	68.	MIRAGE LAUNDRY SERVICES CORP., a Nevada corporation 

	69.	MIRAGE RESORTS, INCORPORATED, a Nevada corporation 

	70.	MMNY LAND COMPANY, INC., a New York corporation 

	71.	MRGS, LLC, a Nevada limited liability company 

	72.	M.S.E. INVESTMENTS, INCORPORATED, a Nevada corporation 

	73.	NEVADA LANDING PARTNERSHIP, an Illinois partnership 

                          
          By: Diamond Gold, Inc., a Nevada corporation, Partner 

                          
          By: M.S.E. Investments, Incorporated, a Nevada corporation, Partner 
  

	74.	NEW CASTLE CORP., a Nevada corporation 

  
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	75.	NEW YORK-NEW YORK HOTEL & CASINO, LLC, a Nevada limited liability company 

	76.	NEW YORK-NEW YORK TOWER, LLC, a Nevada limited liability company 

	77.	OE PUB, LLC, a Nevada limited liability company 

	78.	PARK DISTRICT HOLDINGS, LLC, a Nevada limited liability company 

	79.	PRMA, LLC, a Nevada limited liability company 

	80.	PRMA LAND DEVELOPMENT COMPANY, a Nevada corporation 

	81.	PROJECT CC, LLC, a Nevada limited liability company 

	82.	RAMPARTS, INC., a Nevada corporation 

	83.	SIGNATURE TOWER I, LLC, a Nevada limited liability company 

	84.	SIGNATURE TOWER 2, LLC, a Nevada limited liability company 

	85.	SIGNATURE TOWER 3, LLC, a Nevada limited liability company 

	86.	THE CRYSTALS AT CITYCENTER MANAGEMENT, LLC, a Nevada limited liabilitycompany 

	87.	THE MIRAGE CASINO-HOTEL, LLC, a Nevada limited liability company 

	88.	THE SIGNATURE CONDOMINIUMS, LLC, a Nevada limited liability company 

	89.	TOWER B, LLC, a Nevada limited liability company 

	90.	TOWER C, LLC, a Nevada limited liability company 

	91.	VDARA CONDO HOTEL, LLC, a Nevada limited liability company 

	92.	VENDIDO, LLC, a Nevada limited liability company 

                          
          By: The Signature Condominiums, LLC, a Nevada limited liability company, its sole member 
  

	93.	VICTORIA PARTNERS, a Nevada partnership 

                          
          By: MGM Resorts International, a Nevada corporation, its Venturer 

                          
          By: Gold Strike L.V., a Nevada partnership, its Venturer 

                          
                      By: Diamond Gold, Inc., a Nevada corporation, Partner 

                          
                      By: M.S.E. Investments, Incorporated, a Nevada corporation, Partner 

                          
          By: Mirage Resorts, Incorporated, a Nevada corporation, its Venturer 
  

	94.	VIDIAD, a Nevada corporation 

	95.	VINTAGE LAND HOLDINGS, LLC, a Nevada limited liability company 

	96.	VINTAGE LAND HOLDINGS II, LLC, a Nevada limited liability company 

 [The remainder of this
page is intentionally left blank. 
 Signature on the following page.] 

  
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	By:	 	 /s/ Andrew Hagopian III

		 	Name: Andrew Hagopian III
		 	Title:   Secretary or Attorney-in-Fact,
		 	            as applicable, of each of the foregoing

  
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	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Raymond S. Haverstock

		 	Name: Raymond S. Haverstock
		 	Title: Vice President

  
 -29- 

 EXHIBIT I 

FORM OF GLOBAL NOTE 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS 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. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE 

  
 I-1 

 MGM RESORTS INTERNATIONAL 

4.625% Senior Note Due September 1, 2026 
  

			
	No.	  	$[            ]

 MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Company”), promises to pay to
Cede & Co. or its registered assigns, the principal sum of [            ] in U.S. Dollars on September 1, 2026. 

 

					
	 Interest Payment Dates:
	  	March 1 and September 1	  	
			
	 Record Dates:
	  	February 15 and August 15	  	
		
	 Additional provisions of this Note are set forth on the other side of this Note.
	  	

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

 

			
	MGM RESORTS INTERNATIONAL
		
	By	 	      

	Name:	 	Daniel J. D’Arrigo
	Title:	 	Executive Vice President and Chief Financial Officer

 [Authentication Page to Follow] 

  
 I-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated therein referred to in the within-mentioned Indenture. 

 

							
	 Dated:
	 		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	As Trustee
				
		 		 	By	 	  

		 		 	Authorized Signatory

  
 I-4 

 FORM OF REVERSE SIDE OF NOTE 

4.625% Senior Note Due September 1, 2026 
  

	 	1.	INTEREST 

 MGM RESORTS INTERNATIONAL, a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 
 The
Company shall pay interest semi-annually in arrears on March 1 and September 1 of each year commencing on March 1, 2017. 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 August 19, 2016,1 with respect to this Note. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	 	2.	METHOD OF PAYMENT 

 The Company shall pay interest (except defaulted interest) on the
Notes to the Persons who are registered Holders of Notes at the close of business on the February 15 and August 15 immediately preceding the interest payment date even if Notes are canceled after the record date and on or before the
interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and
private debts. However, all payments in respect of this Note (including principal, premium, if any, and interest) must be made by wire transfer of immediately available funds to the accounts specified by the Holder hereof. 

 

	 	3.	PAYING AGENT AND REGISTRAR 

 Initially, U.S. BANK NATIONAL ASSOCIATION (the
“Trustee”) shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to the Holders. The Company or any domestically organized Subsidiary may act as Paying Agent or
Registrar. 
  

	 	4.	INDENTURE 

 The Company issued the Notes under an indenture dated as of March 22,
2012 (the “Base Indenture”), as amended by the Fifth Supplemental Indenture dated as of August 19, 2016 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. Terms defined in the Indenture
and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 

The Notes are unsecured senior obligations of the Company. Subject to the conditions set forth in the Indenture, the Company may issue
Additional Notes in an unlimited principal amount. This Note is one of the Notes referred to in the Indenture. The Notes include the Initial Notes and the Additional Notes. The Initial Notes and the Additional Notes are treated as a single class of
Notes under 
  

	1 	 With respect to Initial Notes issued on the Closing Date.

  
 I-5 

 
the Indenture. The Subsidiary Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture.

  

	 	5.	OPTIONAL REDEMPTION; MANDATORY DISPOSITION PURSUANT TO GAMING LAWS 

 The Notes are
redeemable at the option of the Company, in whole or in part, at any time prior to June 1, 2026 (the date that is three months prior to the maturity date of the Notes), at a redemption price (the “Redemption Price”) equal to
the greater of: 
  

	 	•	 	100% of the principal amount of the Notes to be redeemed; or 

  

	 	•	 	as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of
interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, 

plus, in either of the above cases, accrued and unpaid interest to the Redemption Date on the Notes to be redeemed. The Notes are redeemable
by the Company, in whole or in part, at any time on or after June 1, 2026 (the date that is three months prior to the maturity date of the Notes) at a redemption price of 100% of the principal amount of the Notes to be redeemed, plus accrued
and unpaid interest to the date of redemption on the Notes to be redeemed. 
 “Adjusted Treasury Rate” means, with respect
to any Redemption Date: 
  

	 	•	 	the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 

 

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

The Adjusted Treasury Rate shall be calculated by an Independent Investment Banker on the third Business Day preceding the preceding the
Redemption Date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which the Company deposits the amount required under this Fifth Supplemental Indenture most nearly equal to the period
from the Redemption Date to the Maturity Date. 

  
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 “Comparable Treasury Issue” means the United States Treasury security selected
by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such securities (“Remaining Life”). 

“Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means any primary U.S. Government securities dealer in New York City selected by the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 The rights of each Holder or beneficial owner of
Notes are subject to the Gaming Laws and requirements of the Gaming Authorities. Notwithstanding any other provision of the Indenture, if any Gaming Authority requires that a Holder or beneficial owner of Notes of a Holder must be licensed,
qualified or found suitable under any Gaming Law, such Holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time period. If such person fails to apply or become
licensed or qualified or is not found suitable (in each case, a “failure of compliance”), the Company shall have the right, at its option, (i) to require such Holder or owner to dispose of such Holder’s or beneficial
owner’s Notes within 30 days of receipt of notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem such Notes, which Redemption Date may be less than 30 days
following the notice of redemption if so requested or prescribed by the Gaming Authority, at a redemption price equal to (a) the lesser of (1) the Holder’s cost, plus accrued and unpaid interest, if any, to the earlier of the
Redemption Date or the date of the finding of unsuitability or failure to comply and (2) 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of the Redemption Date and the date of the finding of
unsuitability or failure to comply or (b) such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority. The Company shall notify the Trustee in writing of any such failure of compliance or redemption as
soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or beneficial owner may incur in connection with its application for a license, qualification or finding of suitability. Immediately upon the
imposition of a requirement to dispose of the Notes by a Gaming Authority, such Holder or beneficial owner shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any
trustee, nominee or any other person or entity, any right conferred by the Notes, or (ii) to receive any remuneration in any form with respect to the Notes from the Company or the Trustee, except the redemption price. 

  
 I-7 

	 	6.	NOTICES OF REDEMPTION 

 Notices of redemption shall be mailed by first-class mail at
least 30 (unless a shorter notice is acceptable to the Trustee) days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address all in accordance with the Indenture. Any notice to Holders of
Notes of a redemption will state, among other things, the redemption price (or how the redemption price will be calculated if not a fixed amount or subject to change) and date. A notice of redemption may provide that the optional redemption
described in such notice is conditioned upon the occurrence of certain events before the Redemption Date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption have occurred before the Redemption
Date or have been waived the Company. If any of such events fail to occur and are not waived by the Company, the Company shall be under no obligation to redeem the Notes or pay the Holders any redemption proceeds and the Company’s failure to
redeem the Notes shall not be considered a default or an Event of Default. If less than all of the Notes are to be redeemed at any time (other than pursuant to paragraph 5 above) the particular Notes to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee, from the outstanding Notes not previously called for redemption, consistent with the procedures of DTC. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called
for redemption. 
  

	 	7.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The Notes are in registered form without coupons in
denominations of $2,000 and whole multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening
of business 15 calendar days before the day of any selection of Notes for redemption and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 

 

	 	8.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 
  

	 	9.	UNCLAIMED MONEY 

 If money for the payment of principal or interest remains unclaimed for
two years, the Paying Agent shall pay the money back to the Company at its request, or if then held by the Company or a domestic Subsidiary, shall be discharged from such trust (unless an abandoned property law designates another Person for payment
thereof). After any such payment, Holders entitled to the money must look only to the Company for payment thereof, and all liability of the Paying Agent with respect to such money, and all liability of the Company or such permitted Subsidiary as
trustee thereof, shall thereupon cease. 
  

	 	10.	DISCHARGE AND DEFEASANCE 

 Subject to certain conditions set forth in the Indenture, the
Company at any time may terminate some or all of its obligations under the Indenture with respect to the Notes if, among other 

  
 I-8 

 
things, the Company deposits with the Trustee funds for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 

	 	11.	AMENDMENT, WAIVER 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Notes at the time outstanding. The Indenture also contains provisions, with certain exceptions as therein provided, permitting the Holders of a majority in principal amount of the Notes at the time outstanding, on behalf of
the Holders of all such Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. The Indenture also permits certain other amendments, modifications or
waivers thereof only with the consent of all affected Holders of the Notes, while certain other amendments or modifications may be made without the consent of any Holders of Notes. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. The
right of any Holder of a Note (or such Holder’s duly designated proxy) to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company to obtain any such consent otherwise required
from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Notes as of a date set by the Company and identified by the Trustee in a notice furnished to Holders of the Notes in accordance with the
terms of the Indenture. 
  

	 	12.	DEFAULTS AND REMEDIES 

 Events of Default are set forth in the Indenture. If an Event of
Default shall have occurred and be continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of, premium, if any, and accrued interest on all the Notes to be due and payable by notice
in writing to the Company and, if given by the Holders, to the Trustee, specifying the respective Events of Default, and the same shall become immediately due and payable. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the
Notes unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders notice of any continuing Default (except a Default in payment of principal, premium, if any, or interest) if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interest
of the Holders. 
  

	 	13.	TRUSTEE DEALINGS WITH THE COMPANY 

 Subject to certain limitations imposed by the TIA,
the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee. 

  
 I-9 

	 	14.	NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS 

 No past,
present or future director, officer, employee, stockholder or incorporator, as such, of the Company or any successor corporation shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

 

	 	15.	GOVERNING LAW 

 THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 

	 	16.	AUTHENTICATION 

 This Note endorsed hereon shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	 	17.	ABBREVIATIONS 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	 	18.	CUSIP NUMBERS 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text
of this Note in larger type. Requests may be made to: 
 MGM RESORTS INTERNATIONAL 

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109 

Attention of Secretary 

  
 I-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                                 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

									
	Date:	 	  
	  	Your Signature:	 	  
	  	

  

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed by a participant in a
		 	recognized signature guarantee medallion program)

 Sign exactly as your name appears on the other side of this Note. 

  
 I-11 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of
this Global Note	  	Amount of increase in
Principal Amount of
this Global Note	  	Principal amount of
this Global Note
following such
decrease or increase	  	Signature of authorized
signatory of Trustee or
Notes Custodian

  
 I-12 

 EXHIBIT II 

FORM OF INSTRUMENT OF JOINDER 

(INDENTURES) 
 THIS INSTRUMENT OF
JOINDER (“Joinder”) is executed as of             , by the undersigned Subsidiaries of MGM RESORTS INTERNATIONAL (“MGM”) (the undersigned,
the “Joining Parties”), with reference to the following guaranties: 
 1. Guarantee of 7.00%
Debentures Due 2036. The Guarantee dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of Wells Fargo Bank (Colorado), N.A. (the “7.00% Debentures Guarantee”), for the Holders of
Mandalay’s 7.00% Debentures due 2036 issued pursuant to the Supplemental Indenture dated as of November 15, 1996 to the Indenture dated as of November 15, 1996, between Mandalay and Wells Fargo Bank (Colorado), N.A., as Trustee (the
“7.00% Debentures Indenture”). 
 2. Guarantee of 6.70% Debentures Due 2096. The Guarantee
dated as of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of Wells Fargo Bank (Colorado), N.A. (the “6.70% Debentures Guarantee”), for the Holders of Mandalay’s 6.70% Debentures due 2096
issued pursuant to the Supplemental Indenture dated as of November 15, 1996 to the Indenture dated as of February 1, 1996, between Mandalay and Wells Fargo Bank (Colorado), N.A., as Trustee (the “6.70% Debentures
Indenture”). 
 3. Guarantee of 7.625% Notes Due 2017. The Guarantee dated as of December 21, 2006,
made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “7.625% Guarantee”), for the Holders of MGM’s 7.625% Senior Notes due 2017 issued pursuant to the Indenture dated as of
December 21, 2006 (the “December 7.625% Indenture”), between MGM and U.S. Bank National Association, as Trustee (the “7.625% Trustee”), as supplemented by the First Supplemental Indenture dated as
of December 21, 2006, among MGM, the subsidiary guarantors party thereto and the 7.625% Trustee. 
 4. Guarantee of
11.375% Senior Notes Due 2018. The Subsidiary Guarantee dated as of September 22, 2009, made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “11.375% Guarantee”), for the Holders of
MGM’s 11.375% Senior Notes due 2018 issued pursuant to the Indenture dated as of September 22, 2009, among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “11.375%
Indenture”). 
 5. Guarantee of 8.625% Senior Notes Due 2019. The Subsidiary Guarantee dated as of
January 17, 2012 made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “8.625% Guarantee”), for the holders of MGM’s 8.625% Senior Notes due 2019 issued pursuant to the Indenture dated
as of January 17, 2012 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “8.625% Indenture”). 

6. Guarantee of 7.75% Senior Notes Due 2022. The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank
National Association (the “7.75% Guarantee”), for the holders of MGM’s 7.75% Senior Notes due 2022 issued pursuant to the base indenture dated as of March 22, 2012 (the “Base Indenture”)
between MGM and U.S. Bank National 

  
 II-1 

 
Association, as Trustee, as supplemented by the First Supplemental Indenture, dated as of March 22, 2012 among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee (the “7.75% Indenture”). 
 7. Guarantee of 6.75% Senior Notes Due
2020. The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “2012 6.75% Guarantee”), for the holders of MGM’s 6.75% Senior Notes due 2020 issued pursuant to the Indenture
dated as of September 19, 2012 between MGM and U.S. Bank National Association, as Trustee (the “2012 6.75% Indenture”). 

8. Guarantee of 5.250% Senior Notes Due 2020. The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank
National Association (the “5.250% Guarantee”), for the holders of MGM’s 5.250% Senior Notes due 2020 issued pursuant to the Indenture dated as of March 22, 2012 between MGM and U.S. Bank National Association, as
Trustee, as supplemented by the Third Supplemental Indenture, dated as of December 19, 2013 among MGM Resorts International, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “5.250%
Indenture”). 
 9. Guarantee of 6.000% Senior Notes Due 2023. The Guarantee made by certain subsidiaries
of MGM in favor of U.S. Bank National Association (the “6.000% Guarantee”), for the holders of MGM’s 6.000% Senior Notes due 2023 issued pursuant to the Indenture dated as of March 22, 2012 between MGM and U.S. Bank
National Association, as Trustee, as supplemented by the Fourth Supplemental Indenture, dated as of November 25, 2014 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the “6.000%
Indenture”). 
 10. Guarantee of 6.625% Senior Notes Due 2021. The Guarantee made by certain subsidiaries
of MGM in favor of U.S. Bank National Association (the “December 6.625% Guarantee”), for the holders of MGM’s 6.625% Senior Notes due 2021 issued pursuant to the Indenture dated as of March 22, 2012 between MGM and
U.S. Bank National Association, as Trustee, as supplemented by the Second Supplemental Indenture, dated as of December 20, 2012 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the
“December 6.625% Indenture”). 
 11. Guarantee of 4.625% Senior Notes Due 2026. The Guarantee
made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “4.625% Guarantee”), for the holders of MGM’s 4.625% Senior Notes due 2026 issued pursuant to the Indenture dated as of March 22,
2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Fifth Supplemental Indenture, dated as of August 19, 2016 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee
(the “4.625% Indenture”). 
 (The 7.00% Debentures Guarantee, the 6.70% Debentures Guarantee, the 7.625% Guarantee,
the 11.375% Guarantee, the 8.625% Guarantee, the 7.75% Guarantee, the 2012 6.75% Guarantee, the 5.250% Guarantee, the 6.000% Guarantee, the December 6.625% Guarantee and the 4.625% Guarantee are collectively referred to herein as the
“Guarantees.”) 

  
 II-2 

 RECITALS 

Each Joining Party has Incurred Indebtedness or has guaranteed or secured Indebtedness of MGM, and as such is required by the terms thereof to
become a party to the Guarantees (capitalized terms used but not defined herein having the meaning ascribed to such terms in the 4.625% Indenture). 

NOW THEREFORE, each Joining Party jointly and severally agrees as follows: 

AGREEMENT 
 1. By this
Joinder, each Joining Party becomes a party to each of the Guarantees as an additional joint and several “Guarantor.” Each Joining Party agrees that, upon its execution hereof, it will become a Guarantor under each of the Guarantees and
will be bound by all terms, conditions, and duties applicable to a Guarantor under each of the Guarantees. 
 2. The effective date of this
Joinder is                 . 
 3. Notice of acceptance
hereof is waived. 

  
 II-3 

 IN WITNESS WHEREOF, each of the undersigned has executed this Joinder by its duly authorized
officer as of the date first written above. 
  

			
	“Joining Parties”
		
	By:	 	  

		
	By:	 	  

  
 II-4Exhibit

Exhibit 4.1

    
SPIRIT REALTY, L.P.
                                                 
INDENTURE
Dated as of August 18, 2016
                                               
U.S. BANK NATIONAL ASSOCIATION
Trustee
    

TABLE OF CONTENTS
Page
		
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	1

		
	Section 1.1. 
	Definitions.    1

		
	Section 1.2. 
	Other Definitions.    5

		
	Section 1.3. 
	Incorporation by Reference of Trust Indenture Act.    5

		
	Section 1.4. 
	Rules of Construction.    5

		
	ARTICLE II. THE SECURITIES
	6

		
	Section 2.1. 
	Issuable in Series.    6

		
	Section 2.2. 
	Establishment of Terms of Series of Securities.    6

		
	Section 2.3. 
	Execution and Authentication.    9

		
	Section 2.4. 
	Registrar and Paying Agent.    9

		
	Section 2.5. 
	Paying Agent to Hold Money in Trust.    10

		
	Section 2.6. 
	Securityholder Lists.    10

		
	Section 2.7. 
	Transfer and Exchange.    11

		
	Section 2.8. 
	Mutilated, Destroyed, Lost and Stolen Securities.    11

		
	Section 2.9. 
	Outstanding Securities.    12

		
	Section 2.10. 
	Treasury Securities.    12

		
	Section 2.11. 
	Temporary Securities.    13

		
	Section 2.12. 
	Cancellation.    13

		
	Section 2.13. 
	Defaulted Interest.    13

		
	Section 2.14. 
	Global Securities.    13

		
	Section 2.15. 
	CUSIP Numbers.    15

		
	ARTICLE III. REDEMPTION
	15

		
	Section 3.1. 
	Notice to Trustee.    15

		
	Section 3.2. 
	Selection of Securities to be Redeemed.    15

		
	Section 3.3. 
	Notice of Redemption.    16

		
	Section 3.4. 
	Effect of Notice of Redemption.    17

		
	Section 3.5. 
	Deposit of Redemption Price.    17

		
	Section 3.6. 
	Securities Redeemed in Part.    17

		
	ARTICLE IV. COVENANTS
	17

		
	Section 4.1. 
	Payment of Principal and Interest.    17

		
	Section 4.2. 
	SEC Reports.    17

		
	Section 4.3. 
	Compliance Certificate.    18

		
	Section 4.4. 
	Stay, Extension and Usury Laws.    18

		
	ARTICLE V. SUCCESSORS
	18

		
	Section 5.1. 
	When Company May Merge, Etc.    18

		
	Section 5.2. 
	Successor Corporation Substituted.    19

		
	ARTICLE VI. DEFAULTS AND REMEDIES
	19

		
	Section 6.1. 
	Events of Default.    19

		
	Section 6.2. 
	Acceleration of Maturity; Rescission and Annulment.    21

		
	Section 6.3. 
	Collection of Indebtedness and Suits for Enforcement by Trustee.    21

		
	Section 6.4. 
	Trustee May File Proofs of Claim.    22

		
	Section 6.5. 
	Trustee May Enforce Claims Without Possession of Securities.    23

		
	Section 6.6. 
	Application of Money Collected.    23

		
	Section 6.7. 
	Limitation on Suits.    23

		
	Section 6.8. 
	Unconditional Right of Holders to Receive Principal and Interest.    24

		
	Section 6.9. 
	Restoration of Rights and Remedies.    24

		
	Section 6.10. 
	Rights and Remedies Cumulative.    24

		
	Section 6.11. 
	Delay or Omission Not Waiver.    25

		
	Section 6.12. 
	Control by Holders.    25

		
	Section 6.13. 
	Waiver of Past Defaults.    25

		
	Section 6.14. 
	Undertaking for Costs.    25

		
	ARTICLE VII. TRUSTEE
	26

		
	Section 7.1. 
	Duties of Trustee.    26

		
	Section 7.2. 
	Rights of Trustee.    27

		
	Section 7.3. 
	Individual Rights of Trustee.    28

		
	Section 7.4. 
	Trustee’s Disclaimer.    28

		
	Section 7.5. 
	Notice of Defaults.    29

		
	Section 7.6. 
	Reports by Trustee to Holders.    29

		
	Section 7.7. 
	Compensation and Indemnity.    29

		
	Section 7.8. 
	Replacement of Trustee.    30

		
	Section 7.9. 
	Successor Trustee by Merger, Etc.    31

		
	Section 7.10. 
	Eligibility; Disqualification.    31

		
	Section 7.11. 
	Preferential Collection of Claims Against Company.    31

		
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	31

		
	Section 8.1. 
	Satisfaction and Discharge of Indenture.    31

		
	Section 8.2. 
	Application of Trust Funds; Indemnification.    32

		
	Section 8.3. 
	Legal Defeasance of Securities of any Series.    33

		
	Section 8.4. 
	Covenant Defeasance.    34

		
	Section 8.5. 
	Repayment to Company.    36

		
	Section 8.6. 
	Reinstatement.    36

		
	ARTICLE IX. AMENDMENTS AND WAIVERS
	36

		
	Section 9.1. 
	Without Consent of Holders.    36

		
	Section 9.2. 
	With Consent of Holders.    37

		
	Section 9.3. 
	Limitations.    37

		
	Section 9.4. 
	Compliance with Trust Indenture Act.    38

		
	Section 9.5. 
	Revocation and Effect of Consents.    38

		
	Section 9.6. 
	Notation on or Exchange of Securities.    39

		
	Section 9.7. 
	Trustee Protected.    39

		
	ARTICLE X. MISCELLANEOUS
	39

		
	Section 10.1. 
	Trust Indenture Act Controls.    39

		
	Section 10.2. 
	Notices.    39

		
	Section 10.3. 
	Communication by Holders with Other Holders.    40

		
	Section 10.4. 
	Certificate and Opinion as to Conditions Precedent.    41

		
	Section 10.5. 
	Statements Required in Certificate or Opinion.    41

		
	Section 10.6. 
	Rules by Trustee and Agents.    41

		
	Section 10.7. 
	Legal Holidays.    41

		
	Section 10.8. 
	No Recourse Against Others.    42

		
	Section 10.9. 
	Counterparts.    42

		
	Section 10.10. 
	Governing Law.    42

		
	Section 10.11. 
	No Adverse Interpretation of Other Agreements.    42

		
	Section 10.12. 
	Successors.    42

		
	Section 10.13. 
	Severability.    42

		
	Section 10.14. 
	Table of Contents, Headings, Etc.    42

		
	Section 10.15. 
	Securities in a Foreign Currency.    43

		
	Section 10.16. 
	Judgment Currency.    43

		
	Section 10.17. 
	Force Majeure.    44

		
	Section 10.18. 
	U.S.A. Patriot Act.    44

		
	Section 10.19. 
	Consent to Jurisdiction; Jury Waiver.    44

		
	ARTICLE XI. SINKING FUNDS
	44

		
	Section 11.1. 
	Applicability of Article.    44

		
	Section 11.2. 
	Satisfaction of Sinking Fund Payments with Securities.    44

		
	Section 11.3. 
	Redemption of Securities for Sinking Fund.    45

SPIRIT REALTY, L.P.
Reconciliation and tie between Trust Indenture Act of 1939 and 
Indenture, dated as of August 18, 2016
§ 310(a)(1)            7.10
(a)(2)            7.10
(a)(3)            Not Applicable
(a)(4)            Not Applicable
(a)(5)            7.10
(b)            7.10
§ 311(a)            7.11
(b)            7.11
(c)            Not Applicable
§ 312(a)            2.6
(b)            10.3
(c)            10.3
§ 313(a)            7.6
(b)(1)            7.6
(b)(2)            7.6
(c)(1)            7.6
(d)            7.6
§ 314(a)            4.2, 10.5
(b)            Not Applicable
(c)(1)            10.4
(c)(2)            10.4
(c)(3)            Not Applicable
(d)            Not Applicable
(e)            10.5
(f)            Not Applicable
§ 315(a)            7.1
(b)            7.5
(c)            7.1
(d)            7.1
(e)            6.14
§ 316(a)            2.10
(a)(1)(A)            6.12
(a)(1)(B)            6.13
(b)            6.8
§ 317(a)(1)            6.3
(a)(2)            6.4
(b)            2.5
§ 318(a)            10.1
    
Note:  This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

Indenture dated as of August 18, 2016 between Spirit Realty, L.P., a Delaware Limited Partnership (“Company”), and U.S. Bank National Association (the “Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE I. 
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1. 
    Definitions.
“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.   For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar, Paying Agent or Notice Agent.
“Board of Directors” means the board of managers of the General Partner or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.
“Capital Stock” means (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such person; and (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited).
 “Company” means the party named as such above until a successor replaces it and thereafter means the successor.
“Company Order” means a written order signed in the name of the Company by an Officer.
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered.
“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.
“Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.
“Dollars” and “$” means the currency of The United States of America.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America.
“Foreign Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.
“GAAP” means accounting principles generally accepted in the United States of America 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 have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination.
“General Partner” means Spirit General OP Holdings, LLC, a Delaware limited liability company and the sole general partner of the Company.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.
“Holder” or “Securityholder” means a person in whose name a Security is registered.
“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Maturity,” when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Chief Operating Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner.
“Officer’s Certificate” means a certificate signed by any Officer.
“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company.
“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.
“SEC” means the Securities and Exchange Commission.
“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.
“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable.
“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.
“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary receipt.
Section 1.2. 
    Other Definitions.
TERM    DEFINED IN
SECTION
“Bankruptcy Law”    6.1
“Custodian”    6.1
“Event of Default”    6.1
“Judgment Currency”    10.16
“Legal Holiday”    10.7
“mandatory sinking fund payment”    11.1
“New York Banking Day”    10.16
“Notice Agent”    2.4
“optional sinking fund payment”    11.1
“Paying Agent”    2.4
“Registrar”    2.4
“Required Currency”    10.16
“successor person”    5.1
Section 1.3. 
    Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:
“Commission” means the SEC.
“indenture securities” means the Securities.
“indenture security holder” means a Securityholder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.
Section 1.4. 
    Rules of Construction.
Unless the context otherwise requires:
(a)   
    a term has the meaning assigned to it;
(b)   
    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(c)   
    “or” is not exclusive;
(d)   
    words in the singular include the plural, and in the plural include the singular; and
(e)   
    provisions apply to successive events and transactions.
ARTICLE II.
     
THE SECURITIES
Section 2.1. 
    Issuable in Series.
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.
Section 2.2. 
    Establishment of Terms of Series of Securities.
At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:
2.2.1.    
    the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series);
2.2.2.    
    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;
2.2.3.    
    any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);
2.2.4.    
    the date or dates on which the principal of the Securities of the Series is payable;
2.2.5.    
    the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;
2.2.6.    
    the place or places where the principal of, and premium, if any, and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means;
2.2.7.    
    if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;
2.2.8.    
    the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which, the currency or currencies in which, and the other terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
2.2.9.    
    the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;
2.2.10.    
    if other than denominations of $1,000 and any integral multiple thereof, the minimum denominations in which the Securities of the Series shall be issuable;
2.2.11.    
    the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;
2.2.12.    
    if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;
2.2.13.    
    the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;
2.2.14.    
    the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;
2.2.15.    
    if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;
2.2.16.    
    the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;
2.2.17.    
    the provisions, if any, relating to any security provided for the Securities of the Series;
2.2.18.    
    any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;
2.2.19.    
    any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;
2.2.20.    
    any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;
2.2.21.    
    the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;
2.2.22.    
    whether the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable, the subordination terms thereof;
2.2.23.    
    whether the Securities of such Series are entitled to the benefits of guarantees, the terms of such guarantees, and whether any such guarantees shall be made on a senior or subordinated basis and, if applicable, the subordination terms of any such guarantees; and
2.2.24.    
    any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series.
All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.
Section 2.3. 
    Execution and Authentication.
An Officer shall sign the Securities for the Company by manual or facsimile signature. 
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order, Officer’s Certificate and Opinion of Counsel.  Such Company Order may authorize authentication and delivery pursuant to electronic instructions from the Company or its duly authorized agent or agents.  Each Security shall be dated the date of its authentication.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.
Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on:  (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee determines that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability.
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities 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 the Trustee to deal with the Company or an Affiliate of the Company.
Section 2.4. 
    Registrar and Paying Agent.
The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”).  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent.  If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.
The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent.  The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent.  The Company or any of its Affiliates may serve as Registrar or Paying Agent.
The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.
Section 2.5. 
    Paying Agent to Hold Money in Trust.
The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.  Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.
Section 2.6. 
    Securityholder Lists.
The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA  § 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee and Registrar at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.
Section 2.7. 
    Transfer and Exchange.
Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.  No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment by the applicable Securityholders of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).
Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.
Section 2.8. 
    Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.9. 
    Outstanding Securities.
The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.
If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay all amounts payable in respect of such Securities on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise.  A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).
In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
Section 2.10. 
    Treasury Securities.
In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer actually knows are so owned shall be so disregarded.
Section 2.11. 
    Temporary Securities.
Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.
Section 2.12. 
    Cancellation.
The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company.  The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.
Section 2.13. 
    Defaulted Interest.
If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least 10 days before the special record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.
Section 2.14. 
    Global Securities.
2.14.1.    
    Terms of Securities.  A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.
2.14.2.    
    Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.
Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.
2.14.3.    
    Legends.  Any Global Security issued hereunder shall bear a legend in substantially the following form:
“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.  THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”
In addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form:
“UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE 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 THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”
2.14.4.    
    Acts of Holders.  The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.
2.14.5.    
    Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.
2.14.6.    
    Consents, Declaration and Directions.  The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture and the Trustee shall have no liability or responsibility for any action or inaction of the Depositary or any depositary or clearinghouse.
Section 2.15. 
    CUSIP Numbers.
The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
ARTICLE III.
     
REDEMPTION
Section 3.1. 
    Notice to Trustee.
The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities (identified by CUSIP) to be redeemed.  The Company shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.
Section 3.2. 
    Selection of Securities to be Redeemed.
Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows:  (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary.  The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption.  Portions of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for redemption.  Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.
Section 3.3. 
    Notice of Redemption.
Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(a)   
    the redemption date;
(b)   
    the redemption price;
(c)   
    the name and address of the Paying Agent;
(d)   
    if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;
(e)   
    that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(f)   
    that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price;
(g)   
    the CUSIP number, if any; and
(h)   
    any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.
At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense.  
Section 3.4. 
    Effect of Notice of Redemption.
Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.
Section 3.5. 
    Deposit of Redemption Price.
On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.
Section 3.6. 
    Securities Redeemed in Part.
Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
ARTICLE IV.
     
COVENANTS
Section 4.1. 
    Payment of Principal and Interest.
The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.  On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.
Section 4.2. 
    SEC Reports.
To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2.
Delivery of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).  The Trustee shall nave no liability or responsibility for the filing, timeliness or content of any such report.
Section 4.3. 
    Compliance Certificate.
To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge and the steps to be taken to cure such Defaults or Events of Default).
Section 4.4. 
    Stay, Extension and Usury Laws.
The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, 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 has been enacted.
ARTICLE V.
     
SUCCESSORS
Section 5.1. 
    When Company May Merge, Etc.
The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless:
(i)   
    the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and
(j)   
    immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.
The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.
Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith if the Company is the surviving entity.
Section 5.2. 
    Successor Corporation Substituted.
Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, by execution of a supplemental indenture, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.
ARTICLE VI.
     
DEFAULTS AND REMEDIES
Section 6.1. 
    Events of Default.
“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
(a)   
    default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New  York City time, on the 30th day of such period); or
(b)   
    default in the payment of principal of any Security of that Series at its Maturity; or
(c)   
    default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
(d)   
    the Company pursuant to or within the meaning of any Bankruptcy Law:
(i)
    commences a voluntary case,
(ii)
    consents to the entry of an order for relief against it in an involuntary case,
(iii)
    consents to the appointment of a Custodian of it or for all or substantially all of its property,
(iv)
    makes a general assignment for the benefit of its creditors, or
(v)
    generally is unable to pay its debts as the same become due; or
(e)   
    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)
    is for relief against the Company in an involuntary case,
(ii)
    appoints a Custodian of the Company or for all or substantially all of its property, or
(iii)
    orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 60 days; or
(f)   
    any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
The Company will provide the Trustee written of notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof.
Section 6.2. 
    Acceleration of Maturity; Rescission and Annulment.
If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable.  If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.
No such rescission shall affect any subsequent Default or impair any right consequent thereon.
Section 6.3. 
    Collection of Indebtedness and Suits for Enforcement by Trustee.
The Company covenants that if
(a)   
    default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or
(b)   
    default is made in the payment of principal of any Security at the Maturity thereof, or
(c)   
    default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,
then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel.
If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
Section 6.4. 
    Trustee May File Proofs of Claim.
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,
(a)   
    to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(b)   
    to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.5. 
    Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Section 6.6. 
    Application of Money Collected.
Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
First:    To the payment of all amounts due the Trustee or any Agent under Section 7.7; and
Second:    To the payment of the amounts then due and unpaid for principal of and interest on the Securities 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 Securities for principal and interest, respectively; and
Third:    To the Company.
Section 6.7. 
    Limitation on Suits.
No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
(a)   
    such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;
(b)   
    the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(c)   
    such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request;
(d)   
    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
(e)   
    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;
it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series.
Section 6.8. 
    Unconditional Right of Holders to Receive Principal and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 6.9. 
    Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 6.10. 
    Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 6.11. 
    Delay or Omission Not Waiver.
No delay or omission of the Trustee, any Agent or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 6.12. 
    Control by Holders.
The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that
(a)   
    such direction shall not be in conflict with any rule of law or with this Indenture,
(b)   
    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,
(c)   
    subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability, and
(d)   
    prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity and security satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
Section 6.13. 
    Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.14. 
    Undertaking for Costs.
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).
ARTICLE VII.
     
TRUSTEE
Section 7.1. 
    Duties of Trustee.
(a)   
    If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 such person’s own affairs.
(b)   
    Except during the continuance of an Event of Default:
(i)
    The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.
(ii)
    In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.
(c)   
    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:
(vi)
    This paragraph does not limit the effect of paragraph (b) of this Section.
(vii)
    The Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.
(viii)
    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12.
(d)   
    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.
(e)   
    The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.
(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 Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(g)   
    No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction.
(h)   
    Each Agent and any authenticating agent shall be entitled to the protections and immunities as are set forth in Article 7 with respect to the Trustee.
Section 7.2. 
    Rights of Trustee.
(d)   
    The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) 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.
(e)   
    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.  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.
(f)   
    The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.  No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.
(g)   
    The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.
(h)   
    The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon.
(i)   
    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
(j)   
    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.
(k)   
    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer has actual knowledge thereof or unless written notice of any event which is in fact such a default is actually received by the Trustee at the Corporate Trust Office, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.
(l)   
    In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.
(m)   
    The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.
(n)   
    Under no circumstances shall the Trustee be liable in its individual capacity, or otherwise, for the obligations evidenced by the Securities. 
(o)   
    The Trustee shall have no obligation to undertake any calculation hereunder or have any liability for any calculation performed in connection herewith or the transactions contemplated hereunder.
(p)   
    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
Section 7.3. 
    Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.
Section 7.4. 
    Trustee’s Disclaimer.
The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.
Section 7.5. 
    Notice of Defaults.
If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer, the Trustee shall send to each Securityholder of the Securities of that Series notice of such Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer has knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interest of Securityholders of that Series.
Section 7.6. 
    Reports by Trustee to Holders.
Within 60 days after each anniversary of the date of this Indenture, the Trustee shall deliver to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313.
A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed (or delisted as the case may be) on any national securities exchange.
Section 7.7. 
    Compensation and Indemnity.
The Company shall pay to the Trustee (acting in any capacity hereunder) from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Company shall indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity, although the failure to so notify shall not negate any indemnification obligation hereunder.  The Company shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence, as determined by a court of competent jurisdiction in a final non-appealable order.  
To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
The provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee.
Section 7.8. 
    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.
The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.  The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company at least 30 days prior.  The Company may, upon 30-day notice, remove the Trustee with respect to Securities of one or more Series if:
(a)   
    the Trustee fails to comply with Section 7.10;
(b)   
    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)   
    a Custodian or public officer takes charge of the Trustee or its property; or
(d)   
    the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Company in the case of a petition by the Trustee), the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may 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 Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, 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 with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.  The resigning or removed Trustee shall have no liability or responsibility for the action or inaction of any successor Trustee.
Section 7.9. 
    Successor Trustee by Merger, Etc.
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.
Section 7.10. 
    Eligibility; Disqualification.
This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA § 310(b).
Section 7.11. 
    Preferential Collection of Claims Against Company.
The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.
ARTICLE VIII.
     
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 8.1. 
    Satisfaction and Discharge of Indenture.
This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when
(q)   
    either
(i)
    all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or
(ii)
    all such Securities of such Series not theretofore delivered to the Trustee for cancellation
(1)    have become due and payable by reason of sending a notice of redemption or otherwise, or
(2)    will become due and payable at their Stated Maturity within one year, or
(3)    have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or
(4)    are deemed paid and discharged pursuant to Section 8.3, as applicable;
and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;
(r)   
    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
(s)   
    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and  8.5 shall survive.
Section 8.2. 
    Application of Trust Funds; Indemnification.
(c)   
    Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.1, 8.3 or 8.4.
(d)   
    The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.
(e)   
    The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.
Section 8.3. 
    Legal Defeasance of Securities of any Series.
Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to:
(a)   
    the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;
(b)   
    the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and
(c)   
    the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
provided that, the following conditions shall have been satisfied:
(d)   
    the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due;
(e)   
    such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(f)   
    no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;
(g)   
    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;
(h)   
    the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
(i)   
    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.
Section 8.4. 
    Covenant Defeasance.
Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions shall have been satisfied:
(a)   
    with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;
(b)   
    such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(c)   
    no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;
(d)   
    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, covenant defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, covenant defeasance and discharge had not occurred;
(e)   
    The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
(f)   
    The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.
Section 8.5. 
    Repayment to Company.
Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.
ARTICLE IX.
     
AMENDMENTS AND WAIVERS
Section 9.1. 
    Without Consent of Holders.
The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:
(f)   
    to cure any ambiguity, defect or inconsistency;
(g)   
    to comply with Article V;
(h)   
    to provide for uncertificated Securities in addition to or in place of certificated Securities;
(i)   
    to add guarantees with respect to Securities of any Series or secure Securities of any Series;
(j)   
    to surrender any of the Company’s rights or powers under this Indenture;
(k)   
    to add covenants or events of default for the benefit of the holders of Securities of any Series;
(l)   
    to comply with the applicable procedures of the applicable depositary;
(m)   
    to make any change that does not adversely affect the rights of any Securityholder;
(n)   
    to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;
(o)   
    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
(p)   
    to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.
Section 9.2. 
    With Consent of Holders.
The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.  Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.3. 
    Limitations.
Without the consent of each Securityholder affected, an amendment or waiver may not:
(g)   
    reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;
(h)   
    reduce the rate of or extend the time for payment of interest (including default interest) on any Security;
(i)   
    reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;
(j)   
    reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;
(k)   
    waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);
(l)   
    make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;
(m)   
    make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or
(n)   
    waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.
Section 9.4. 
    Compliance with Trust Indenture Act.
Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.
Section 9.5. 
    Revocation and Effect of Consents.
Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.
Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second 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 give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.
Section 9.6. 
    Notation on or Exchange of Securities.
The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.
Section 9.7. 
    Trustee Protected.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4.  The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture. Each Opinion of Counsel provided in connection with the execution of a supplemental indenture shall also provide that the supplemental indenture is the legal, valid and binding obligation of the Company (and any Guarantor) in accordance with its terms. 
ARTICLE X.
     
MISCELLANEOUS
Section 10.1. 
    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 TIA, such required or deemed provision shall control.
Section 10.2. 
    Notices.
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first‐class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery, to the others’ address:
if to the Company:
Spirit Realty, L.P.
2727 North Harwood Street, Suite 300
Dallas, TX 75201
Attention: Chief Financial Officer
Telephone: (480) 606-0820
Facsimile: (800) 973-0850
with a copy to:
Latham & Watkins LLP
355 South Grand Avenue
Los Angeles, California 90071
Attention:  Julian Kleindorfer
Telephone: (213) 891-8371

if to the Trustee:
U.S. Bank National Association
Attention: Christopher J. Grell
Corporate Trust Services
100 Wall Street, 16th Floor
New York, NY  10005
Facsimile: (212) 361-6153

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary.  Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
If a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.
Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 
Section 10.3. 
    Communication by Holders with Other Holders.
Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).
Section 10.4. 
    Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
(a)   
    an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
(b)   
    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.
Section 10.5. 
    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 a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:
(e)   
    a statement that the person making such certificate or opinion has read such covenant or condition;
(f)   
    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;
(g)   
    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; and
(h)   
    a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
Section 10.6. 
    Rules by Trustee and Agents.
The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.
Section 10.7. 
    Legal Holidays.
Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Section 10.8. 
    No Recourse Against Others.
A director, officer, employee, partner, member, manager or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.
Section 10.9. 
    Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
Section 10.10. 
    Governing Law.
THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 10.11. 
    No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 10.12. 
    Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.
Section 10.13. 
    Severability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 10.14. 
    Table of Contents, Headings, Etc.
The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 10.15. 
    Securities in a Foreign Currency.
Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities.  Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.
All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.
Section 10.16. 
    Judgment Currency.
The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.
Section 10.17. 
    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 of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
Section 10.18. 
    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 10.19. 
    Jury Waiver.
EACH OF THE COMPANY, ANY GUARANTOR, THE SECURITYHOLDERS AND THE TRUSTEE 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 SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

ARTICLE XI.
     
SINKING FUNDS
Section 11.1. 
    Applicability of Article.
The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to  Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”  If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.
Section 11.2. 
    Satisfaction of Sinking Fund Payments with Securities.
The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.
Section 11.3. 
    Redemption of Securities for Sinking Fund.
Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
Spirit Realty, L.P.
By: Spirit General OP Holdings, LLC, 
its sole general partner 

By: /s/ Phillip D. Joseph, Jr.    
Name: Phillip D. Joseph, Jr.
		
	Its: 
	Chief Financial Officer, Executive Vice President and Treasurer

U.S. Bank National Association, as Trustee 

By: /s/ Christopher J. Grell 
Name: Christopher J. Grell
Its:    Vice President

US-DOCS\51569310.11

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