Document:

INDENTURE

 Exhibit 4.1 

 
  

 
 BOYD GAMING CORPORATION

9 1/8% SENIOR NOTES DUE 2018 
  

 
 INDENTURE

 Dated as of November 10, 2010 
  

 
 U.S. Bank
National Association, 
 as Trustee 
  

 
  

 
  

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture

Act Section
	  	Indenture Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.05
	      (b)	  	12.03
	      (c)	  	12.03
	313(a)	  	7.06
	      (b)(1)	  	N.A.
	      (b)(2)	  	7.06;7.07
	      (c)	  	7.06;12.02
	      (d)	  	7.06
	314(a)	  	4.03;6.13;12.02;
12.05
	      (b)	  	N.A.
	      (c)(1)	  	12.04
	      (c)(2)	  	12.04
	      (c)(3)	  	N.A.
	      (d)	  	N.A.
	      (e)	  	12.05
	      (f)	  	N.A.
	      315(a)	  	7.01
	      (b)	  	7.05;12.02
	      (c)	  	7.01
	      (d)	  	7.01
	      (e)	  	6.11
	316(a) (last sentence)	  	2.09
	      (a)(1)(A)	  	6.05
	      (a)(1)(B)	  	6.04
	      (a)(2)	  	N.A.
	      (b)	  	6.07
	      (c)	  	9.04
	317(a)(1)	  	6.08
	      (a)(2)	  	6.09
	      (b)	  	2.04
	318(a)	  	12.01
	      (b)	  	N.A.
	      (c)	  	12.01

  
 N.A.
means not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	  
	 ARTICLE 1.
 DEFINITIONS AND INCORPORATION
 BY REFERENCE

 
	   

  
   

	Section 1.01.	  	Definitions.	  	 	1	  
	Section 1.02.	  	Other Definitions.	  	 	25	  
	Section 1.03.	  	Incorporation by Reference of Trust Indenture Act.	  	 	25	  
	Section 1.04.	  	Rules of Construction.	  	 	26	  
	
	 ARTICLE 2.
 THE NOTES
  
	   

  
 

	Section 2.01.	  	Form and Dating.	  	 	26	  
	Section 2.02.	  	Execution and Authentication.	  	 	27	  
	Section 2.03.	  	Registrar and Paying Agent.	  	 	28	  
	Section 2.04.	  	Paying Agent to Hold Money in Trust.	  	 	28	  
	Section 2.05.	  	Holder Lists.	  	 	28	  
	Section 2.06.	  	Transfer and Exchange.	  	 	28	  
	Section 2.07.	  	Replacement Notes.	  	 	37	  
	Section 2.08.	  	Outstanding Notes.	  	 	38	  
	Section 2.09.	  	Treasury Notes.	  	 	38	  
	Section 2.10.	  	Temporary Notes.	  	 	38	  
	Section 2.11.	  	Cancellation.	  	 	38	  
	Section 2.12.	  	Defaulted Interest.	  	 	39	  
	Section 2.13.	  	CUSIP, ISIN and Other Numbers.	  	 	39	  
	Section 2.14.	  	Issuance of Additional Notes.	  	 	39	  
	
	 ARTICLE 3.
 REDEMPTION AND PREPAYMENT
	   

  

			
	Section 3.01.	  	Notices to Trustee.	  	 	40	  
	Section 3.02.	  	Selection of Notes to Be Redeemed.	  	 	40	  
	Section 3.03.	  	Notice of Redemption.	  	 	40	  
	Section 3.04.	  	Effect of Notice of Redemption.	  	 	41	  
	Section 3.05.	  	Deposit of Redemption Price.	  	 	41	  
	Section 3.06.	  	Notes Redeemed in Part.	  	 	42	  
	Section 3.07.	  	Optional Redemption.	  	 	42	  
	Section 3.08.	  	Mandatory Redemption.	  	 	43	  
	Section 3.09.	  	Mandatory Disposition or Redemption Pursuant to Gaming Laws.	  	 	43	  
	
	ARTICLE 4.	  
	COVENANTS	  
			
	Section 4.01.	  	Payment of Notes.	  	 	43	  
	Section 4.02.	  	Maintenance of Office or Agency.	  	 	43	  
	Section 4.03.	  	Reports.	  	 	44	  
	Section 4.04.	  	Compliance Certificate.	  	 	44	  
		  		  			

  
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	Section 4.05.	  	Stay and Extension Laws.	  	 	45	  
	Section 4.06.	  	Restricted Payments.	  	 	45	  
	Section 4.07.	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	 	48	  
	Section 4.08.	  	Limitation on Indebtedness.	  	 	49	  
	Section 4.09.	  	Asset Sales; Event of Loss.	  	 	53	  
	Section 4.10.	  	Transactions with Affiliates.	  	 	55	  
	Section 4.11.	  	Liens.	  	 	56	  
	Section 4.12.	  	Corporate Existence.	  	 	56	  
	Section 4.13.	  	Offer to Repurchase Upon Change of Control.	  	 	56	  
	Section 4.14.	  	Limitation on Status of Investment Company.	  	 	58	  
	Section 4.15.	  	Payment for Consent.	  	 	58	  
	Section 4.16.	  	Limitation on Layered Indebtedness.	  	 	58	  
	Section 4.17.	  	Business Activities.	  	 	58	  
	Section 4.18.	  	Additional Note Guarantees.	  	 	58	  
	Section 4.19.	  	Designation of Restricted and Unrestricted Subsidiaries.	  	 	58	  
	Section 4.20.	  	Certain Suspended Covenants.	  	 	59	  
	
	 ARTICLE 5.
 SUCCESSORS
	   

  

			
	Section 5.01.	  	Merger, Consolidation and Sale of Assets.	  	 	60	  
	Section 5.02.	  	Successor Corporation Substituted.	  	 	61	  
	
	 ARTICLE 6.
 DEFAULTS AND REMEDIES
	   

  

			
	Section 6.01.	  	Events of Default.	  	 	61	  
	Section 6.02.	  	Acceleration.	  	 	63	  
	Section 6.03.	  	Other Remedies.	  	 	63	  
	Section 6.04.	  	Waiver of Past Defaults.	  	 	63	  
	Section 6.05.	  	Control by Majority.	  	 	64	  
	Section 6.06.	  	Limitation on Suits.	  	 	64	  
	Section 6.07.	  	Rights of Holders of Notes to Receive Payment.	  	 	64	  
	Section 6.08.	  	Collection Suit by Trustee.	  	 	64	  
	Section 6.09.	  	Trustee May File Proofs of Claim.	  	 	65	  
	Section 6.10.	  	Priorities.	  	 	65	  
	Section 6.11.	  	Undertaking for Costs.	  	 	65	  
	Section 6.12.	  	Redemption Provision Defaults.	  	 	66	  
	Section 6.13.	  	Reporting Defaults.	  	 	66	  
	
	 ARTICLE 7.
 TRUSTEE
	   

  

			
	Section 7.01.	  	Duties of Trustee.	  	 	66	  
	Section 7.02.	  	Rights of Trustee.	  	 	67	  
	Section 7.03.	  	Individual Rights of Trustee.	  	 	68	  
	Section 7.04.	  	Trustee’s Disclaimer.	  	 	68	  
	Section 7.05.	  	Notice of Defaults.	  	 	68	  
	Section 7.06.	  	Reports by Trustee to Holders of the Notes.	  	 	68	  
	Section 7.07.	  	Compensation and Indemnity.	  	 	69	  

  
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	Section 7.08.	  	Replacement of Trustee.	  	 	69	  
	Section 7.09.	  	Successor Trustee by Merger, etc.	  	 	70	  
	Section 7.10.	  	Eligibility; Disqualification.	  	 	71	  
	Section 7.11.	  	Preferential Collection of Claims Against Company.	  	 	71	  
	
	ARTICLE 8.	  
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 
	   
 

	Section 8.01.	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	 	71	  
	Section 8.02.	  	Legal Defeasance and Discharge.	  	 	71	  
	Section 8.03.	  	Covenant Defeasance.	  	 	72	  
	Section 8.04.	  	Conditions to Legal or Covenant Defeasance.	  	 	72	  
	Section 8.05.	  	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.	  	 	73	  
	Section 8.06.	  	Repayment to Company.	  	 	74	  
	Section 8.07.	  	Reinstatement.	  	 	74	  
	
	ARTICLE 9.	  
	 AMENDMENT, SUPPLEMENT AND WAIVER

 
	   
 

	Section 9.01.	  	Without Consent of Holders of Notes.	  	 	74	  
	Section 9.02.	  	With Consent of Holders of Notes.	  	 	75	  
	Section 9.03.	  	Compliance with Trust Indenture Act.	  	 	77	  
	Section 9.04.	  	Revocation and Effect of Consents.	  	 	77	  
	Section 9.05.	  	Notation on or Exchange of Notes.	  	 	77	  
	Section 9.06.	  	Trustee to Sign Amendments, etc.	  	 	77	  
	
	ARTICLE 10.	  
	 NOTE GUARANTEES
  
	   
 

	Section 10.01.	  	Note Guarantees.	  	 	77	  
	Section 10.02.	  	Limitation on Liability; Termination, Release and Discharge.	  	 	79	  
	Section 10.03.	  	Right of Contribution.	  	 	80	  
	Section 10.04.	  	No Subrogation.	  	 	80	  
	
	ARTICLE 11.	  
	 SATISFACTION AND DISCHARGE

 
	   
 

	Section 11.01.	  	Satisfaction and Discharge.	  	 	80	  
	Section 11.02.	  	Application of Trust Money.	  	 	81	  
	
	ARTICLE 12.	  
	 MISCELLANEOUS

 
	   
 

	Section 12.01.	  	Trust Indenture Act Controls.	  	 	82	  
	Section 12.02.	  	Notices.	  	 	82	  
	Section 12.03.	  	Communication by Holders of Notes with Other Holders of Notes.	  	 	83	  
	Section 12.04.	  	Certificate and Opinion as to Conditions Precedent.	  	 	83	  
	Section 12.05.	  	Statements Required in Certificate or Opinion.	  	 	83	  
	Section 12.06.	  	Rules by Trustee and Agents.	  	 	84	  
	Section 12.07.	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	 	84	  

  
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	Section 12.08.	  	Governing Law.	  	 	84	  
	Section 12.09.	  	No Adverse Interpretation of Other Agreements.	  	 	84	  
	Section 12.10.	  	Successors.	  	 	84	  
	Section 12.11.	  	Severability.	  	 	84	  
	Section 12.12.	  	Counterpart Originals.	  	 	84	  
	Section 12.13.	  	Table of Contents, Headings, etc.	  	 	84	  

  

			
	EXHIBITS
		
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	VARIABLE NOTE PROVISIONS (SCHEDULE OF PRINCIPAL AMOUNT AND LEGENDS)
	Exhibit C	  	FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM RESTRICTED GLOBAL NOTE TO REGULATION S GLOBAL NOTE
	Exhibit D	  	FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM REGULATION S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE
	Exhibit E	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit F	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit G	  	FORM OF SUPPLEMENTAL INDENTURE

  
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 INDENTURE dated as of November 10, 2010 by and among Boyd Gaming Corporation, a Nevada
corporation (including any and all successors thereto, the “Company”), the Guarantors (as defined herein) and U.S. Bank National Association, as trustee (the “Trustee”). 

The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders of the 9 1/8% Senior
Notes due 2018 (the “Notes”): 
 ARTICLE 1. 

DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01. Definitions. 

“144A Global Note” means a global note substantially in the form of Exhibit A hereto bearing a Global Note
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Additional Assets” means: 
 (i) any Property (other than cash, cash equivalents or securities) to be owned by the Company or a Restricted Subsidiary and used in a Related Business, 

(ii) the costs of improving, restoring, replacing or developing any Property owned by the Company or a Restricted Subsidiary which is
used in a Related Business or 
 (iii) Investments in any other Person engaged primarily in a Related Business (including the
acquisition from third parties of Capital Stock of such Person) as a result of which such other Person becomes a Restricted Subsidiary in compliance with the procedure for designation of Restricted Subsidiaries set forth below in the definition of
“Restricted Subsidiary.” 
 “Additional Interest” means all amounts, if any, payable
(i) pursuant to the provisions relating to additional interest described under Section 6.13 as the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described under Section 4.03 and
for any failure to comply with the requirements of Section 314(a) of the TIA and/or (ii) pursuant to the provisions relating to additional interest provided for in the Registration Rights Agreement. 

“Additional Notes” means any Notes (other than the Initial Notes) issued under this Indenture in accordance with
Sections 2.02 and 2.14 and subject to compliance with Article 4. 
 “Affiliate” means, with respect to any
Person, a Person: 
 (i) which directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such Person, 
 (ii) which directly or indirectly through one or more intermediaries beneficially
owns or holds 10% or more of any class of the Voting Stock of such Person (or a 10% or greater equity interest in a Person which is not a corporation) or 

 (iii) of which 10% or more of any class of the Voting Stock (or, in the case of a Person
which is not a corporation, 10% or more of the equity interest) is beneficially owned or held directly or indirectly through one or more intermediaries by such Person. 
 The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Agent” means any Registrar, Paying Agent or co-registrar.

 “Applicable Premium” means, with respect to any Note on any redemption date, the greater of: 

(i) 1.0% of the principal amount of the Note; or 
 (ii) the excess of: 
 (a) the present value at such redemption date
of (1) the redemption price of the Note at December 1, 2014 (such redemption price being set forth in the table in Section 3.07(a)) plus (2) all required interest payments due on the Note through December 1, 2014 (excluding
accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b) the principal amount of the Note, if greater. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means the sale, conveyance, transfer, lease or other disposition, whether in a single transaction or a
series of related transactions (including, without limitation, dispositions pursuant to Sale/Leaseback Transactions or pursuant to the merger of the Company or any of its Restricted Subsidiaries with or into any person other than the Company or one
of its Restricted Subsidiaries), by the Company or one of its Restricted Subsidiaries to any Person other than the Company or one of its Restricted Subsidiaries of: 
 (i) any of the Capital Stock or other ownership interests of any Subsidiary of the Company or 
 (ii) any other Property of the Company or any Property of its Restricted Subsidiaries, in each case not in the ordinary course of business of the Company or such Restricted Subsidiary. 

Notwithstanding the foregoing, the following items will not be deemed to be Asset Sales: 

(a) any single transaction or series of related transactions that involves assets having a Fair Market Value of $100.0 million or less;

 (b) any issuance or other such disposition of Capital Stock or other ownership interests of any Restricted Subsidiary to the
Company or another Restricted Subsidiary; 
 (c) any such disposition of Property between or among the Company and its
Restricted Subsidiaries; 

  
 -2-

 (d) the sale or other disposition of cash or Temporary Cash Investments; 

(e) any exchange of like Property pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, for use in a Related
Business; 
 (f) a Restricted Payment that is permitted under Section 4.06; 

(g) the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to the provisions described
under Section 5.01 or any disposition that constitutes a Change of Control; 
 (h) any grant of a non-exclusive license of
trademarks, know-how, patents and any other intellectual property or intellectual property rights; 
 (i) dispositions that
occur in the ordinary course of the Company’s or a Restricted Subsidiary’s business in connection with Permitted Liens; 
 (j) any sale of inventory or other assets or any disposition of any obsolete, damaged or worn out property or equipment; 
 (k) the disposition of receivables in connection with the compromise, settlement or collection thereof; and 
 (l) any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind that occur in the ordinary course of the Company’s
or any Restricted Subsidiary’s business. 
 “Attributable Indebtedness” means Indebtedness deemed to be
Incurred in respect of a Sale/Leaseback Transaction and shall be, at the date of determination, the present value (discounted at the actual rate of interest implicit in such transaction, compounded annually), of the total obligations of the lessee
for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended). 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors, to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Borgata Joint Venture” means Marina District Development Holding Co., LLC and its successors and assigns. 
 “Boyd Family” means William S. Boyd, any direct descendant or spouse of such person, or any direct descendant of such spouse, and any trust or other estate in which each person who has a
beneficial interest, directly or indirectly through one or more intermediaries, in Capital Stock of the Company is one of the foregoing persons. 

  
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 “Broker-Dealer” means any broker or dealer registered under the Exchange
Act. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligations” means Indebtedness represented by obligations under a lease that is required to be
capitalized for financial reporting purposes in accordance with GAAP and the amount of such Indebtedness shall be the capitalized amount of such obligations determined in accordance with GAAP. For purposes of Section 4.11, Capital Lease
Obligations shall be deemed secured by a Lien on the Property being leased. 
 “Capital Stock” means, with
respect to any Person, any and all shares or other equivalents (however designated) of corporate stock, partnership interests or any other participation, right, warrants, options or other interest in the nature of an equity interest in such Person,
but excluding any debt security convertible or exchangeable into such equity interest. 
 “Change of Control”
means the occurrence of any of the following: 
 (i) any “person” or “group” (within the meaning of Sections
13(d)(3) and 14(d)(2) of the Exchange Act or any successor provision to either of the foregoing, including any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), other than the Permitted Holders and other than a Restricted Subsidiary, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act, except that a Person shall be deemed to have “beneficial ownership”
of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of 50% or more of the total voting power of all classes of the Voting Stock of the Company and/or warrants
or options to acquire such Voting Stock, calculated on a fully diluted basis; provided that for purposes of this clause (i), the members of the Boyd Family shall be deemed to beneficially own any Voting Stock of a corporation held by any
other corporation (the “parent corporation”) so long as the members of the Boyd Family beneficially own (as so defined), directly or indirectly through one or more intermediaries, in the aggregate 50% or more of the total voting power of
the Voting Stock of the parent corporation; 
 (ii) the sale, lease, conveyance or other transfer of all or substantially all of
the Property of the Company (other than to any Restricted Subsidiary), determined on a consolidated basis, shall have occurred; 

(iii) the stockholders of the Company shall have approved any plan of liquidation or dissolution of the Company; 

(iv) the Company consolidates with or merges into another Person or any Person consolidates with or merges into the Company in any such
event pursuant to a transaction in which the outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where: 

(a) the outstanding Voting Stock of the Company is reclassified into or exchanged for Voting Stock of the surviving
corporation that is Capital Stock and 
 (b) the holders of the Voting Stock of the Company immediately prior to
such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the surviving corporation immediately after such transaction in substantially the same proportion as before the transaction; or 

  
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 (v) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board of Directors (together with any new directors whose election or appointment by such board or whose nomination for election by the stockholders of the Company was approved by a vote of either: 

(a) 66 2/3% of the directors then still in office who were either directors at the beginning of such period or whose election or
nomination for election was previously so approved, or 
 (b) members of the Boyd Family who beneficially own (as
defined for purposes of clause (i) above), directly or indirectly through one or more intermediaries, in the aggregate 50% or more of the total voting power of the Voting Stock of the Company), cease for any reason to constitute a majority of
the Board of Directors then in office. 
 “Change of Control Time” means the earlier of the public announcement
of (i) a Change of Control or (ii) (if applicable) the Company’s intention to effect a Change of Control. 

“Change of Control Triggering Event” means both a Change of Control and a Rating Decline with respect to the Notes;
provided, however, that a Change of Control Triggering Event shall not be deemed to have occurred if (i) at the Change of Control Time the Notes have Investment Grade Status and (ii) the Company effects defeasance of the
Notes pursuant to the provisions of this Indenture prior to a Rating Decline. 
 “Clearstream” means
Clearstream Banking, S.A. 
 “Company” means Boyd Gaming Corporation, a Nevada corporation, and any and all
successors thereto. 
 “Consolidated EBITDA” means, for any period, without duplication, the sum of:

 (i) Consolidated Net Income; and 
 (ii) to the extent Consolidated Net Income has been reduced thereby: (a) Consolidated Fixed Charges, (b) provisions for taxes based on income, (c) consolidated depreciation expense,
(d) consolidated amortization expense, (e) all preopening expenses paid or accrued, and (f) other noncash items reducing Consolidated Net Income, 
 minus other noncash items increasing Consolidated Net Income; 
 all as determined on a
consolidated basis for the Company and its Restricted Subsidiaries in conformity with GAAP. 
 “Consolidated Fixed
Charge Coverage Ratio” means the ratio of Consolidated EBITDA during the Reference Period to the aggregate amount of Consolidated Fixed Charges during the Reference Period. 

“Consolidated Fixed Charges” means, for any period, the total interest expense of the Company and its Restricted
Subsidiaries including: 

  
 -5-

 (i) the interest component of Capital Lease Obligations, which shall be deemed to accrue at
any interest rate reasonably determined by the Company to be the rate of interest implicit in such Capital Lease Obligations, 

(ii) one-third of the rental expense attributable to operating leases, 

(iii) amortization of Indebtedness discount and commissions, discounts and other similar fees and charges owed with respect to
Indebtedness, 
 (iv) noncash interest payments, 
 (v) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing, 

(vi) net costs pursuant to Interest Rate Agreements, 
 (vii) dividends on all Preferred Stock of Restricted Subsidiaries held by Persons other than the Company or a Restricted Subsidiary, 

(viii) interest attributable to the Indebtedness of any other Person for which the Company or any Restricted Subsidiary is responsible or
liable as obligor, guarantor or otherwise and 
 (ix) any dividend or distribution, whether in cash, Property or securities, on
Disqualified Stock of the Company; 
 minus interest income during such period. 
 For the avoidance of doubt and consistent with GAAP, Consolidated Fixed Charges shall not include any capitalized interest. 
 “Consolidated Net Income” means for any period, the net income (loss) of the Company and its Subsidiaries determined in accordance with GAAP; provided, however, that the
following items shall be excluded from the computation of Consolidated Net Income: 
 (i) any net income (loss) of any Person if
such Person is not a Restricted Subsidiary, except that, subject to the limitations contained in (iv) below, 
 (x) the net income (or, if applicable, the Company’s equity in the net income) of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained
in clause (iii) below) and 
 (y) the Company’s equity in a net loss of any such Person (other than an
Unrestricted Subsidiary) for such period shall be included in determining such Consolidated Net Income; 
 (ii) any net income
(loss) of any Person acquired by the Company or a Subsidiary in a pooling of interests transaction for any period prior to the date of such acquisition; 

  
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 (iii) any net income (loss) of any Restricted Subsidiary if such Subsidiary is subject to
restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that: 

(a) subject to the limitations contained in (iv) below, the Company’s equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted
Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause), and 
 (b) the Company’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining such Consolidated Net Income; 

(iv) any gain or loss realized upon the sale or other disposition of any Property of the Company or its consolidated Subsidiaries
(including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any Capital Stock of any Person; 

(v) items classified as extraordinary or any non-cash item classified as nonrecurring; 

(vi) any non-cash charges related to fair value adjustments; and 

(vii) the cumulative effect of a change in accounting principles. 

“Consolidated Net Tangible Assets” of any Person as of any date means the total assets of such Person and its Restricted
Subsidiaries as of the most recent fiscal quarter end for which a consolidated balance sheet of such Person and its Restricted Subsidiaries is available, minus all current liabilities of such Person and its Subsidiaries reflected on such balance
sheet other than the current portion of long term debt minus total goodwill and other intangible assets of such Person and its Restricted Subsidiaries reflected on such balance sheet, all calculated on a consolidated basis in accordance with GAAP
and after giving pro forma effect to the acquisition or disposition of any Property or any company or business by the Company or any Restricted Subsidiary since such most recent fiscal quarter end, including any acquisition or disposition which will
be consummated as of such date. Notwithstanding the foregoing, Consolidated Net Tangible Assets shall be reduced by the current portion of any long-term debt that is past due or that has been reclassified as a current liability in accordance with
GAAP as a result of an event of default. 
 “Consolidated Total Assets” of any Person as of any date means the
total assets of such Person and its Restricted Subsidiaries as of the most recent fiscal quarter end for which a consolidated balance sheet of such Person and its Restricted Subsidiaries is available, calculated on a consolidated basis in accordance
with GAAP. 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 12.02 or such other address as to which the Trustee may give notice to the Company. 
 “Core
Business” means (i) the gaming, card club, racing, sports, entertainment, leisure, amusement, lodging, restaurant, retail operations, service station operations, riverboat operations, real estate development and all other businesses
and activities necessary for or reasonably related or incident thereto, including, without limitation, related acquisition, construction, development or operation of related truck stop, transportation, retail and other facilities designed to enhance
any of the foregoing and 

  
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online or internet gaming, and (ii) any of the types of preexisting businesses being operated on land acquired (whether by purchase, lease or otherwise) by the Company or any Restricted
Subsidiary, or similar types of businesses conducted by the Company or such Restricted Subsidiary after such acquisition of land, and all other businesses and activities necessary for or reasonably related or incident thereto, provided that such
land was acquired by the Company or such Restricted Subsidiary for the purpose, determined in good faith by the Company, of ultimately conducting a business or activity described in clause (i) above at some time in the future. 

“Credit Facility” means (i) the Credit Agreement, dated as of May 24, 2007, among the Company, the
financial institutions named therein, Bank of America, National Association, as administrative agent and letter of credit issuer, and Wells Fargo Bank, N.A., as swing line lender, as amended, restated, supplemented, waived, replaced (whether or not
upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or
otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued
thereunder or altering the maturity thereof and (ii) whether or not the Credit Agreement referred to in clause (i) remains outstanding, if designated by the Company to be included in the definition of “Credit Facility,” one or
more (a) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders
against such receivables) or letters of credit, (b) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (c) instruments
or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in
whole or in part from time to time. 
 “Currency Exchange Protection Agreement” means, in respect of a Person,
any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 

“Custodian” means the Trustee, as custodian with respect to the Global Notes, or any successor entity thereto.

 “Default” means any event which is, or after notice or passage of time or both would be, an Event of
Default. 
 “Definitive Notes” means, individually and collectively, each certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto. 
 “Depositary” means, with respect to the Global Notes, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed
as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
 “Development
Services” means, with respect to any Qualified Facility, the provision (through retained professionals or otherwise) of development, design or construction services with respect to such Qualified Facility. 

“Disqualified Stock” of a Person means any Capital Stock of such Person: 

  
 -8-

 (i) that by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable) or otherwise 
 (a) matures or is mandatorily redeemable pursuant to a sinking fund
obligation or otherwise, 
 (b) is or may become redeemable or repurchaseable at the option of the holder
thereof, in whole or in part, or 
 (c) is convertible or exchangeable or exercisable for Indebtedness; and

 (ii) as to which the maturity, mandatory redemption, conversion or exchange or redemption at the option of the holder thereof
occurs, or may occur, 
 in the case of each of clauses (i) or (ii) on or prior to the first anniversary of the Stated Maturity of the
Notes; provided, however, that such Capital Stock of the Company or any of its Subsidiaries shall not constitute Disqualified Stock if it is redeemable prior to the first anniversary of the Stated Maturity of the Notes only if:

 (a) the holder or a beneficial owner of such Capital Stock is required to qualify under the Gaming Laws and
does not so qualify, or 
 (b) the Board of Directors determines in its reasonable, good faith judgment, as
evidenced by a Board Resolution, that as a result of a holder or beneficial owner owning such Capital Stock, the Company or any of its Subsidiaries has lost or may lose any Gaming License, which if lost or not reinstated, as the case may be, would
have a material adverse effect on the business of the Company and its Subsidiaries, taken as a whole, or would restrict the ability of the Company or any of its Subsidiaries to conduct business in any gaming jurisdiction. 

“Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States
or any state of the United States or the District of Columbia. 
 “Euroclear” means Euroclear Bank S.A./N.V.,
as operator of the Euroclear system. 
 “Event of Loss” means, with respect to any Property with a Fair Market
Value of more than $100.0 million, any loss, destruction or damage of such Property, or any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation or requisition of the use of such
Property. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means the Notes issued in the applicable Exchange Offer pursuant to Section 2.06(f). 

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

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

“Existing Indentures” means collectively, (i) the Indenture dated as of April 15, 2004 between the Company and
Wells Fargo Bank, National Association, as trustee, relating to the 6.75% Senior 

  
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Subordinated Notes due 2014; and (ii) the Indenture dated as of January 25, 2006 between the Company and Wells Fargo Bank, National Association, as trustee, as supplemented by the First
Supplemental Indenture dated as of January 30, 2006 between the Company and Wells Fargo Bank, National Association, as trustee, relating to the 7.125% Senior Subordinated Notes due 2016; each as in effect on the Issue Date and each as amended,
modified or supplemented. 
 “Fair Market Value” means with respect to any Property, the price which could be
negotiated in an arm’s- length free market transaction, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value will be determined, except as otherwise
provided: 
 (i) if such Property has a Fair Market Value of $25.0 million or less, by any Officer of the Company; or

 (ii) if such Property has a Fair Market Value in excess of $25.0 million, by a majority of the Board of Directors and
evidenced by a Board Resolution, dated within 30 days of the relevant transaction (or the date of the written agreement with respect to such transaction), delivered to the Trustee. 

“GAAP” means accounting principles generally accepted in the United States of America in effect on the date of this
Indenture. 
 “Gaming Authority” means any of the Nevada Gaming Commission, the Nevada State Gaming Control
Board, the Louisiana Gaming Control Board, the Mississippi Gaming Commission, the New Jersey Casino Control Commission, the New Jersey Division of Gaming Enforcement, the Illinois Gaming Board, the Indiana Gaming Commission and any other agency
(including, without limitation, any agency established by a federally-recognized Indian tribe to regulate gaming on such tribe’s reservation) which has, or may at any time after the date of this Indenture have, jurisdiction over the gaming
activities of the Company or any of its Subsidiaries or any successor to such authority. 
 “Gaming Facility”
means any gaming or pari-mutuel wagering establishment and other Property or assets directly ancillary thereto or used in connection therewith, including any building, restaurant, hotel, theater, parking facilities, retail shops, spa, land, golf
courses and other recreation and entertainment facilities, vessel, barge, ship and equipment or 100% of the equity interest of a Person the primary business of which is ownership and operation of any of the foregoing. 

“Gaming Laws” means the gaming laws of a jurisdiction or jurisdictions to which the Company or any of its Subsidiaries
is, or may at any time after the date of this Indenture be, subject. 
 “Gaming License” means any license,
permit, franchise or other authorization from any governmental authority required on the date of this Indenture or at any time thereafter to own, lease, operate or otherwise conduct the gaming business of the Company and its Subsidiaries, including
all licenses granted under Gaming Laws and other Legal Requirements. 
 “Global Note Legend” means the Legend
set forth in Exhibit B under the caption “Form of Global Note Legend,” which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto issued in
accordance with Section 2.01, 2.06(b)(iv), 2.06(d)(ii) or 2.06(f). 

  
 -10-

 “Guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such first Person: 
 (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise) or 
 (ii) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); 
 provided, however, that the term “Guarantee” shall not include (x) endorsements for
collection or deposit in the ordinary course of business; or (y) any obligation in the nature of a completion guaranty which is limited solely to an obligation to complete the development, construction or opening of any new Gaming Facility
entered into on behalf of any of any Person in which a Qualified Investment has been made by the Company or any Restricted Subsidiary. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantors” means any Subsidiary of the Company that gives a Note Guarantee in accordance with the provisions of this
Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 

“Holder” means a Person in whose name a Note is registered. 

“Incur” means, with respect to any Indebtedness or other obligation of any Person to create, issue, incur (by
conversion, exchange or otherwise), extend, assume, Guarantee or become liable, in respect of such Indebtedness or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or obligation on the
consolidated balance sheet of such Person including by merger or operation of law (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the
foregoing). The accretion of principal of a non-interest bearing or other discount security shall not be deemed the Incurrence of Indebtedness so long as the amount thereof is included in the computation of “Consolidated Fixed Charges” for
all purposes under this Indenture. 
 “Indebtedness” means (without duplication), with respect to any Person,
any indebtedness, secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the Property of such Person or only to a portion thereof), or the principal amount of such
indebtedness evidenced by bonds, notes, debentures or similar instruments or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute customer advance payments and deposits, accounts
payable or trade payables, and other accrued liabilities arising in the ordinary course of business) if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with
GAAP, and shall also include, to the extent not otherwise included: 
 (i) any Capital Lease Obligations; 

(ii) Indebtedness of other Persons secured by a Lien to which the Property owned or held by such Person is subject, whether or not the
obligation or obligations secured thereby shall have been assumed (the amount of such Indebtedness being deemed to be the lesser of the value of such Property or the amount of the Indebtedness so secured); 

  
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 (iii) Guarantees of Indebtedness of other Persons; 

(iv) any Disqualified Stock; 
 (v) any Attributable Indebtedness; 
 (vi) all obligations of such Person in
respect of letters of credit, bankers’ acceptances or other similar instruments or credit transactions issued for the account of such Person (including reimbursement obligations with respect thereto), other than obligations with respect to
letters of credit securing obligations (other than obligations described in this definition) of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the
third business day following receipt by such Person of a demand for reimbursement following payment on the letter of credit; 

(vii) in the case of the Company, Preferred Stock of its Restricted Subsidiaries; and 

(viii) obligations pursuant to any Interest Rate Agreement or Currency Exchange Protection Agreement. 

Notwithstanding the foregoing, Indebtedness shall not include any interest or accrued interest until due and payable. For purposes of this definition,
the maximum fixed repurchase price of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock
or Preferred Stock were repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture; provided, however, that if such Disqualified Stock or Preferred Stock is not then permitted to be
repurchased, the repurchase price shall be the book value of such Disqualified Stock or Preferred Stock. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described
above and the maximum liability of any other obligations described in clauses (i) through (viii) above in respect thereof at such date. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Independent Advisor” means, an investment banking firm of national standing with non-investment grade debt underwriting experience or any third party appraiser of national standing;
provided, however, that such firm or appraiser is not an Affiliate of the Company. 
 “Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means
the $500 million aggregate principal amount of Notes issued under this Indenture on the date hereof. 
 “Interest Rate
Agreement” means, for any Person, any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement. 

“Investment” by any Person means any direct or indirect loan, advance or other extension of credit or capital
contribution (by means of transfers of cash or other Property to others or payments for Property or services for the account or use of others), in connection with the performance of obligations under any completion guaranty or otherwise, to, or
Incurrence of a Guarantee of any obligation of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Indebtedness issued by, any other Person, including the designation by the Board of Directors of
a Person 

  
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to be an Unrestricted Subsidiary. The amount of any Investment shall be the original cost of such Investment, plus the cost of all additions thereto, and minus the amount of any portion of such
Investment repaid to the Person making such Investment in cash as a repayment of principal or a return of capital, as the case may be, but without any other adjustments for increases or decreases in value, write-ups, write-downs or write-offs with
respect to such Investment. In determining the amount of any Investment in respect of any Property other than cash, such Property shall be valued at its Fair Market Value at the time of such Investment. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s (or any
successor to the rating agency business thereof) and BBB– (or the equivalent) by S&P (or any successor to the rating agency business thereof). 
 “Investment Grade Status” means any time at which the ratings of the Notes by each of Moody’s (or any successor to the rating agency business thereof) and S&P (or any successor
to the rating agency business thereof) are Investment Grade Ratings. 
 “Issue Date” means November 10,
2010. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the cities of New
York, New York and Las Vegas, Nevada or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “Legal
Requirements” means all laws, statutes and ordinances and all rules, orders, rulings, regulations, directives, decrees, injunctions and requirements of all governmental authorities, that are now or may hereafter be in existence, and that
may be applicable to the Company or any Subsidiary or Affiliate thereof or the Trustee (including building codes, zoning and environmental laws, regulations and ordinances and Gaming Laws), as modified by any variances, special use permits, waivers,
exceptions or other exemptions which may from time to time be applicable. 
 “Letter of Transmittal” means the
letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
 “Lien” means with respect to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement
(other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority, or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such Property
(including any Capital Lease Obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). Any Sale/Leaseback Transaction shall be deemed to constitute a Lien on the Property
which is the subject of such Sale/Leaseback Transaction securing the Attributable Indebtedness represented thereby. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or
sale, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of
taxes paid or payable as a result thereof. 

  
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 “Net Proceeds” from any Asset Sale or Event of Loss by any Person or its
Restricted Subsidiaries means cash and cash equivalents received in respect of the Property sold or with respect to which an Event of Loss occurred, excluding business interruption or delay in completion insurance proceeds, and net of: 

(i) all reasonable out-of-pocket expenses of such Person or such Restricted Subsidiary incurred in connection with an Asset Sale or Event
of Loss, including, without limitation, all legal, title and recording tax expenses, commissions and fees and expenses incurred (but excluding any finder’s fee or broker’s fee payable to any Affiliate of such Person) and all Federal,
state, provincial, foreign and local taxes arising in connection with such Asset Sale or Event of Loss that are paid or required to be accrued as a liability under GAAP by such Person or its Restricted Subsidiaries, 

(ii) all payments made by such Person or its Restricted Subsidiaries on any Indebtedness which is secured by such Property in accordance
with the terms of any Lien upon or with respect to such Property or which must, by the terms of such Lien, or in order to obtain a necessary consent to such Asset Sale or by applicable law, be repaid out of the proceeds from such Asset Sale or Event
of Loss, and 
 (iii) all contractually required distributions and other payments made to minority interest holders (but
excluding distributions and payments to Affiliates of such Person) in Restricted Subsidiaries of such Person as a result of such Asset Sale or Event of Loss; provided, however, that, in the event that any consideration for an Asset
Sale or Event of Loss (which would otherwise constitute Net Proceeds) is required to be held in escrow pending determination of whether a purchase price adjustment will be made, such consideration (or any portion thereof) shall become Net Proceeds
only at such time as it is released to such Person or its Restricted Subsidiaries from escrow; and provided, further, that any noncash consideration received in connection with an Asset Sale or Event of Loss which is subsequently
converted to cash shall be deemed to be Net Proceeds at and from the time of such conversion. 
 “Non-Recourse
Indebtedness” means Indebtedness of a Person to the extent that under the terms thereof or pursuant to applicable law: 

(i) no personal recourse shall be had against such Person for the payment of the principal of or interest or premium, if any, on such
Indebtedness, and 
 (ii) enforcement of obligations on such Indebtedness is limited only to recourse against interests in
Property purchased with the proceeds of the Incurrence of such Indebtedness and as to which neither the Company nor any of its Restricted Subsidiaries provides any credit support or is liable. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the
Notes set forth in Article 10, including as a result of execution of a Supplemental Indenture. 
 “Notes” has
the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture except for redemption rights and obligations. Unless the context
otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Offering” means the offering of the Notes by the Company. 

  
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 “Offering Memorandum” means the Offering Memorandum dated October 28,
2010, pursuant to which the Initial Notes were offered. 
 “Officer” means the Chief Executive Officer,
President, Treasurer, any Executive Vice President, Senior Vice President or any Vice President of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers at least one of whom shall be the principal
executive officer, principal accounting officer or principal financial officer of the Company. 
 “Opinion of
Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company, any Guarantor or the Trustee. 

“Pari Passu Indebtedness” means: 
 (i) with respect to the Company, any Indebtedness which ranks pari passu in right of payment with the Notes; and 
 (ii) with respect to any Guarantor, any Indebtedness which ranks pari passu in right of payment with such Guarantor’s Note Guarantee. 

The determination of whether any Indebtedness ranks pari passu in right of payment shall not take into account whether or not such
Indebtedness is secured by any collateral. 
 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Permitted FF&E Financing” means Indebtedness of the Company or any of its Restricted Subsidiaries that is Incurred to finance the acquisition or lease after the date of this
Indenture of newly acquired or leased furniture, fixtures or equipment (“FF&E”) used directly in the operation of a Gaming Facility owned or leased by the Company or its Restricted Subsidiaries and secured by a Lien on such
FF&E in an amount not to exceed 100% of the cost of the FF&E so purchased or leased. 
 “Permitted
Holders” means the Boyd Family and any group (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) comprised solely of members of the Boyd Family. 
 “Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in: 
 (i) a Restricted Subsidiary or a Person which will, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted
Subsidiary is a Related Business; 
 (ii) another Person if as a result of such Investment such other Person is merged or
consolidated with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however, that such Person’s primary business is a Related Business; 

(iii) Temporary Cash Investments; 
 (iv) receivables owing to the Company or any Restricted Subsidiary, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms,
including without limitation credit extended to customers; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

  
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 (v) payroll, travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (vi) loans or advances to employees made in the ordinary course of business consistent with past practices of the Company or such Restricted Subsidiary, as the case may be; 

(vii) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the
Company or any Restricted Subsidiary or in satisfaction of judgments; 
 (viii) any Investment existing on, or made pursuant to
binding commitments existing on, the Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date so long as such extension, modification or renewal does not increase the Investment as
in effect at the Issue Date or is not materially adverse to the interests of the noteholders; 
 (ix) securities received
pursuant to clause (ii) of Section 4.09(a); 
 (x) Investments consisting of the licensing or contribution of
intellectual property pursuant to joint marketing arrangements with other Persons in the ordinary course of business; 
 (xi)
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property in the ordinary course of business;

 (xii) Qualified Investments provided that at the time such Qualified Investment is made and giving pro forma effect thereto
(A) the Consolidated Fixed Charge Coverage Ratio of the Company on the date of the Investment would have been greater than 2.5 to 1 and (B) no Default or Event of Default would exist; provided, however, that, if an Investment in any
Person made pursuant to this clause (xii) would, at any time after the date such Investment is made, cease to qualify as a Qualified Investment due to a failure to satisfy the requirements of clause (ii) of the definition of
“Qualified Investment,” then the Company will be deemed to have made an Investment equal to the value of its Investment in such Person at such time (valued in each case as provided in the definition of “Investment”) and the value
of such Investment at such time will, for the period such Investment does not so qualify, be included in the calculation of the aggregate amount of Restricted Payments referenced under clause (iii) of Section 4.06(a); and 

(xiii) payments with respect to a Guarantee or other extension of credit that qualified as a Qualified Investment at the time the
Guarantee was given or extension of credit was made, unless such Guarantee or extension of credit no longer qualifies as a Qualified Investment due to a failure to satisfy the requirements of clause (ii) of the definition of “Qualified
Investment.” 
 “Permitted Liens” means: 

(i) Liens securing Indebtedness and other obligations under a Credit Facility in an amount not to exceed the amount of Indebtedness
permitted to be Incurred pursuant to clause (3) of Section 4.08(b); 

  
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 (ii) Liens to secure Indebtedness permitted by clause (8) of Section 4.08(b)
covering only the assets acquired with or financed by such Indebtedness; 
 (iii) Liens for taxes, assessments or governmental
charges or levies on the Property of the Company or any Restricted Subsidiary if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings; 

(iv) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar Liens which secure
payment of obligations arising in the ordinary course of business; 
 (v) Liens in favor of issuers of performance bonds and
surety bonds obtained in the ordinary course of business; 
 (vi) other Liens incidental to the conduct of its business or the
ownership of its Properties which were not created in connection with the Incurrence of Indebtedness or the obtaining of advances or credit and which do not in the aggregate materially detract from the value of its Properties or materially impair
the use thereof in the operation of its business, including without limitation leases, subleases, licenses and sublicenses; 

(vii) Liens arising from Uniform Commercial Code financing statements regarding operating leases; 

(viii) pledges or deposits under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which the Company or any Restricted Subsidiary is a party, or deposits to secure public or statutory obligations of the Company or any
Restricted Subsidiary, or deposits for the payment of rent, or deposits to secure liability to insurance carriers, in each case Incurred in the ordinary course of business; 
 (ix) minor survey exceptions; 
 (x) utility easements, building or zoning
restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and do not materially detract from the value of such Property; 

(xi) Liens existing on the Issue Date (other than Liens securing Indebtedness); 

(xii) Liens securing obligations to a trustee pursuant to the compensation and indemnity provisions of any indenture and Liens created
for the benefit of (or to secure) the Notes or the Note Guarantees; 
 (xiii) Liens (including extensions and renewals thereof)
upon real or tangible personal property acquired by that Person after the date of this Indenture; provided that 
 (a) any such Lien is created solely for the purpose of securing Indebtedness representing, or Incurred to finance, refinance or refund, all costs (including the cost of construction, installation or
improvement) of the item of Property subject thereto, 
 (b) the principal amount of the Indebtedness secured by
that Lien does not exceed 100% of that cost, 

  
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 (c) that Lien does not extend to or cover any other Property other than that
item of Property and any improvements on that item or is otherwise a Permitted Lien under clause (30) of this definition, and 
 (d) the Incurrence of that Indebtedness is permitted under Section 4.08; 

(xiv) Liens on any property to secure all or part of the cost of improvements or construction thereon or Indebtedness incurred to provide
funds for that purpose in a principal amount not exceeding the cost of those improvements or construction; 
 (xv) Liens upon
specific items of inventory or other goods and proceeds of that Person securing that Person’s obligations in respect of bankers’ acceptances issued or created for the account of that Person to facilitate the purchase, shipment or storage
of that inventory or other goods; 
 (xvi) Liens securing reimbursement obligations with respect to commercial letters of credit
issued for the account of that Person which encumber documents and other Property relating to those commercial letters of credit and the products and proceeds thereof; 
 (xvii) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods by that Person; 

(xviii) licenses, leases or subleases granted to others not interfering in any material adverse respect with the business of that Person
or any of its Subsidiaries; 
 (xix) Liens encumbering Property or assets of that Person under construction arising from
progress or partial payments by a customer of that Person or one of its Subsidiaries relating to that Property or assets; 

(xx) Liens encumbering customary initial deposits and margin accounts, and other Liens incurred in the ordinary course of business and
which are within the general parameters customary in the gaming industry; 
 (xxi) Liens encumbering deposits made to secure
obligations arising from statutory or regulatory requirements of that Person or its Subsidiaries; 
 (xxii) Liens that are
contractual rights of setoff relating to depositary relations with financial institutions and securities intermediaries; 

(xxiii) Liens on cash collateral required to be deposited pursuant to the terms of a Credit Facility to secure the funding obligations of
any defaulting lender, including cash collateral deposited with respect to any unreimbursed drawing under a letter of credit; 

(xxiv) any interest or title of a lessor in the Property subject to any Capitalized Lease Obligation or operating lease which, in each
case, is permitted under this Indenture or purchase money Indebtedness which is permitted under Section 4.08; 
 (xxv)
Liens arising out of conditional sale, title retention consignment or similar arrangements for the sale of goods entered into by that Person or any of its Subsidiaries in the ordinary course of business; 

  
 -18-

 (xxvi) Liens for judgments or orders not giving rise to an Event of Default and deposits to
secure surety or appeal bonds; 
 (xxvii) Liens on Property acquired by the Company or any Restricted Subsidiary (including an
indirect acquisition of Property by way of a merger of a Person with or into the Company or any Restricted Subsidiary or the acquisition of a Person), provided that such Liens were in existence prior to the contemplation of such acquisition,
merger or consolidation, and were not created in connection therewith or in anticipation thereof, and provided, further, that such Liens do not extend to any additional Property or assets of the Company or any Restricted Subsidiary;

 (xxviii) pledges or deposits made by such Person in connection with any letter of intent or purchase agreement; 

(xxix) Liens securing Permitted Refinancing Indebtedness permitted to be Incurred under this Indenture; provided that such Liens
extend only to the Property or assets of the Company or any Restricted Subsidiary encumbered by the refinanced Indebtedness unless the Incurrence of such Liens is otherwise permitted under this Indenture; and 

(xxx) Liens not specified in the foregoing; provided that the aggregate Indebtedness secured by the Liens under this clause
(xxx) does not exceed 7.5% of the Company’s Consolidated Net Tangible Assets at any one time outstanding as of the date any such Lien is granted or otherwise becomes effective in reliance on this clause (xxx). For the avoidance of doubt,
Liens Incurred in reliance on this clause (xxx) may secure Indebtedness in an amount in addition to Indebtedness that is also secured by Liens Incurred in reliance on one or more other clauses of this definition. 

“Permitted Refinancing Indebtedness” means any renewals, repurchases, redemptions, extensions, substitutions,
refinancings or replacements of any Indebtedness of the Company or any of its Restricted Subsidiaries, including any successive extensions, renewals, substitutions, refinancings or replacements (and including refinancings by the Company of
Indebtedness of a Restricted Subsidiary): 
 (i) to the extent that the principal amount (or accreted value, if applicable) of
such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, repurchased, redeemed, extended, substituted, refinanced or replaced (plus all accrued interest on the
Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (ii) so long as
the Weighted Average Life to Maturity and Stated Maturity is not shortened, and 
 (iii) so long as the new Indebtedness is not
be senior in right of payment to the Indebtedness that is being renewed, repurchased, redeemed, extended, substituted, refinanced or replaced; 

provided, however, that Permitted Refinancing Indebtedness shall not include Indebtedness of the Company or any Guarantor that refinances
Indebtedness of a Subsidiary that is not a Guarantor. 
 “Person” means any individual, corporation, company
(including limited liability company), partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 -19-

 “Preferred Stock” means any Capital Stock of a Person, however designated,
which entitles the holder thereof to a preference with respect to dividends, distributions or liquidation proceeds of such Person over the holders of other Capital Stock issued by such Person. 

“Property” means, with respect to any Person, any interest of such Person in any kind of property or asset, whether
real, personal or mixed, or tangible or intangible, including, without limitation, Capital Stock in any other Person (but excluding Capital Stock or other securities issued by such first Person). 

“Public Equity Offering” means an underwritten public offering of Capital Stock of the Company pursuant to an effective
registration statement under the Securities Act. 
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Qualified Facility” has the meaning set forth in clause (i) of the definition of
“Qualified Investment.” 
 “Qualified Investment” means an Investment by the Company or any of its
Restricted Subsidiaries in any Person primarily engaged or preparing to engage in a Related Business; provided that: 

(i) the primary purpose for which such Investment was made was to finance or otherwise facilitate the development, construction or
acquisition of a facility (a “Qualified Facility”) that (a) is located in a jurisdiction in which the conduct of gaming using electronic gaming devices is permitted pursuant to applicable law and (b) conducts or, following
such development, construction or acquisition, will conduct gaming utilizing electronic gaming devices or is related to, ancillary or supportive of, connected with or arising out of such gaming business; 

(ii) the Company and any of its Restricted Subsidiaries at the time of the Investment (a) own in the aggregate at least 35% of the
outstanding Voting Stock of such Person or (b)(i) control the day-to-day gaming operation of such Person pursuant to a written agreement and (ii) provide or have provided Development Services with respect to the applicable Qualified Facility;
and 
 (iii) none of the Permitted Holders or any Affiliate of such Persons, other than the Company or any of its Subsidiaries,
is a direct or indirect obligor, contingently or otherwise, of any Indebtedness of such Person or a direct or indirect holder of any Capital Stock of such Person, other than through their respective ownership interests in the Company. 

“Qualified Non-Recourse Debt” means Indebtedness: 

(i) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness), or (b) is directly or indirectly liable as a guarantor or otherwise; provided, however, that the provision by the Company of a completion guaranty or the
making of payments with respect thereto, in each case, to the extent permitted under Section 4.06, shall not prevent any Indebtedness from constituting Qualified Non-Recourse Debt; 

(ii) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the
Indebtedness to be accelerated or payable prior to its stated maturity; and 

  
 -20-

 (iii) as to which the lenders have been notified in writing that they will not have any
recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 
 “Rating Agencies”
means S&P and Moody’s or any successor to the respective rating agency businesses thereof. 
 “Rating
Decline” shall have occurred if at any date within 90 calendar days after the date of public disclosure of the occurrence of a Change of Control (which period will be extended for so long as the Company’s debt ratings are under
publicly announced review for possible downgrading (or without an indication of the direction of a possible ratings change) by either Moody’s or S&P or their respective successors) the Notes no longer have Investment Grade Status.

 “Reference Period” means the period of four consecutive fiscal quarters ending with the last full fiscal
quarter immediately preceding the date of a proposed Incurrence, Restricted Payment or other transaction for which financial statements are available. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among the Company and the other parties named on the signature pages thereof,
as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements between the Company and the other parties thereto, as such agreement(s) may be
amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 

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

“Regulation S Global Note” means a Global Note in the form of Exhibit A bearing the Global Note Legend and
deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903. 

“Related Business” means the business conducted (or proposed to be conducted) by the Company and its Subsidiaries in
connection with any Gaming Facility and any and all reasonably related businesses necessary for, in support, furtherance or anticipation of and/or ancillary to or in preparation for, such business including, without limitation, the development,
expansion or operation of any Gaming Facility (including any land-based, dockside, riverboat or other type of casino), owned, or to be owned, leased or managed by the Company or one of its Subsidiaries. 

“Related Person” means any legal or beneficial owner of 5% or more of any class of Capital Stock of the Company or any
of its Subsidiaries. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within
the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Restricted Security Legend.

 “Restricted Global Note” means a Global Note bearing the Restricted Security Legend. 

  
 -21-

 “Restricted Notes” means a Restricted Global Note or a Restricted
Definitive Note. 
 “Restricted Payment” means: 

(i) any dividend or distribution (whether made in cash, Property or securities) declared or paid on or with respect to any shares of
Capital Stock of the Company or to the Company’s stockholders except for such dividends or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock of the Company); 

(ii) a payment made by the Company or any Restricted Subsidiary (other than to the Company or a Restricted Subsidiary) to purchase,
redeem, acquire or retire any Capital Stock of the Company or Capital Stock of any Affiliate of the Company or any warrants, rights or options, to directly or indirectly purchase or acquire any such Capital Stock or any securities exchangeable for
or convertible into any such Capital Stock; 
 (iii) a payment made by the Company or any Restricted Subsidiary after the Issue
Date to redeem, repurchase, defease or otherwise acquire or retire for value, prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment (other than the redemption, purchase, repurchase, defeasance or other acquisition
of any Indebtedness subordinate in right of payment to the Notes or any Note Guarantee made in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such
payment), Indebtedness of the Company or any Guarantor which is subordinate (whether pursuant to its terms or by operation of law) in right of payment to the Notes or any Note Guarantee; 

(iv) any Investment (other than a Permitted Investment) in any Person; or 

(v) any “Restricted Payment” as defined in either of the Existing Indentures that was made after March 31, 1997 and prior
to the Issue Date, including Investments in excess of $100.0 million in the Borgata Joint Venture. 
 “Restricted
Security Legend” means the Legend set forth in Exhibit B under the caption “Form of Restricted Security Legend,” which is required to be placed on all Restricted Notes issued under this Indenture. 

“Restricted Subsidiary” means any Subsidiary of the Company that: 

(i) has not been designated by the Board of Directors as an Unrestricted Subsidiary, or 

(ii) was an Unrestricted Subsidiary but has been redesignated by the Board of Directors as a Restricted Subsidiary, 

in each case as provided under the definition of “Unrestricted Subsidiary”; provided, however, that no Subsidiary shall be
redesignated from an Unrestricted Subsidiary to a Restricted Subsidiary unless, immediately after giving pro forma effect to such designation, the Company would be able to Incur at least $1.00 of additional Indebtedness pursuant to
Section 4.08(a). 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

“Rule 903” means Rule 903 promulgated under the Securities Act. 

  
 -22-

 “Rule 904” means Rule 904 promulgated under the Securities Act 

“Sale/Leaseback Transaction” means, with respect to any Person, any direct or indirect arrangement pursuant to which
Property is sold or transferred by such Person or a Restricted Subsidiary of such Person and is thereafter leased back from the purchaser or transferee thereof by such Person or one of its Restricted Subsidiaries. 

“S&P” means Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies, Inc. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 “Significant Subsidiary” means any Subsidiary of the Company that: 

(i) guarantees or otherwise provides direct credit support for any Indebtedness of the Company; or 

(ii) is a Domestic Subsidiary and a “Significant Subsidiary” as defined in the Credit Facility. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which a
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of
any contingency unless such contingency has occurred). 
 “Subsidiary” of any Person means any corporation,
association, partnership, limited liability company or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) 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: 
 (i) such Person, 
 (ii) such Person and one or more Subsidiaries of such Person or

 (iii) one or more Subsidiaries of such Person. 
 “Temporary Cash Investments” means any of the following: 
 (i)
Investments in U.S. Government Obligations maturing within 90 days of the date of acquisition thereof, 
 (ii) Investments in
time deposit accounts, certificates of deposit and money market deposits maturing within 90 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America or any state
thereof having capital, surplus and undivided profits aggregating in excess of $500,000,000 and whose long-term debt is rated “A-3” or higher, “A–” or higher or “A–” or higher according to Moody’s,
S&P or Fitch Credit Rating Co. (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)), respectively; 

  
 -23-

 (iii) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clause (i) above entered into with a bank meeting the qualifications described in clause (ii) above, 
 (iv) Investments in commercial paper, maturing not more than 90 days after the date of acquisition, issued by a corporation (other than the Company or an Affiliate of the Company) organized and in
existence under the laws of the United States of America with a rating at the time as of which any Investment therein is made of “P-1” (or higher) according to Moody’s, “A-1” (or higher) according to S&P or
“A-1” (or higher) according to Fitch Credit Rating Co. (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)), and 

(v) Investments in money market funds substantially all of whose assets comprise securities of the types described in clauses
(i) through (iv) above. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to December 1, 2014; provided, however, that if the period from the
redemption date to December 1, 2014, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means
one or more Definitive Notes that do not bear and are not required to bear the Restricted Security Legend. 

“Unrestricted Global Note” means one or more Global Notes that do not bear and are not required to bear the Restricted
Security Legend. 
 “Unrestricted Subsidiary” means (i) any Subsidiary of the Company which at the time of
determination shall be an Unrestricted Subsidiary (as designated by the Board of Directors) and (ii) any Subsidiary of an Unrestricted Subsidiary. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or
instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the issuer’s option. 

“U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act. 

  
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 “Voting Stock” means securities of any class or classes of a Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors (or Persons performing equivalent functions). 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

(i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payment of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by 
 (ii) the then outstanding principal amount of such Indebtedness. 

Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Lien”
	  	4.11
	 “Affiliate Transaction”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.13
	 “Change of Control Payment”
	  	4.13
	 “Change of Control Payment Date”
	  	4.13
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Effective Covenants”
	  	4.20
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.09
	 “Funding Guarantor”
	  	10.03
	 “Guarantor Obligations”
	  	10.01
	 “Investment Company Act”
	  	4.14
	 “Legal Defeasance”
	  	8.02
	 “Paying Agent”
	  	2.03
	 “Prepayment Offer”
	  	4.09
	 “Redemption Provision Default”
	  	6.12
	 “Redemption Date”
	  	3.07
	 “Registrar”
	  	2.03
	 “Successor”
	  	5.01
	 “Suspended Covenants”
	  	4.20

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 
 “indenture security holder” means a Holder of a Note; 

  
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 “indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any successor
obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 

Section 1.04. 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; 

(e) provisions apply to successive events and transactions; 

(f) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; and 
 (g) unsecured Indebtedness shall not be
deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness. 
 ARTICLE
2. 
 THE NOTES 

Section 2.01. Form and Dating. 
 (a) General. The Notes and the Trustee’s Certificate of Authentication shall be substantially in the form of Exhibit A. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 

(b) Global Notes. Global Notes shall be registered in the name of the Depositary and deposited with the Trustee, as custodian for
the Depositary, duly executed by the Company and authenticated by the Trustee (or an authenticating agent appointed by the Trustee in accordance with Section 2.02) as hereinafter provided, for credit to the respective accounts of owners of
beneficial interests in such Global Note or to such other accounts as they may direct. Each Global Note shall contain the Global Note Legend and shall contain a “Schedule of Principal Amount” in the form set forth under such heading on
Exhibit B hereto. Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to 

  
 -26-

 
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby
shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06. The aggregate principal amount of the Regulation S Global Note and
increases or decreases thereto shall also be recorded in the Note Register, as hereinafter provided. 
 (c) 144A Notes.
Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more Global Notes bearing the Legends set forth on Exhibit B hereto under the headings “Form of Global Note Legend” and “Form of
Restricted Security Legend.” 
 (d) Regulation S Global Note. Notes offered and sold in reliance on Regulation
S shall be issued initially in the form of one or more Global Notes bearing the Legends set forth on Exhibit B hereto under the headings “Form of Global Note Legend” and “Form of Restricted Security Legend.” 

(e) Definitive Notes. Except as set forth in Section 2.06(a), Definitive Notes will not be issued. Notes issued in definitive
form shall not contain the Global Note Legend, Restricted Security Legend or a “Schedule of Principal Amount.” 
 (f)
Indenture Governs in the Case of Inconsistency. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern
and be controlling. 
 Section 2.02. Execution and Authentication. 

At least one Officer shall sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless
be valid. 
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be
conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon
receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate and deliver: (i) on the date hereof, an aggregate principal amount of $500 million 9 1/8% Senior Notes due 2018 and (ii) Additional Notes issued in
compliance with Section 2.14 for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to this Section 2.02 and (iii) Exchange Notes for issue only in an Exchange Offer pursuant to a
Registration Rights Agreement, for a like principal amount of Notes. Such Authentication Order shall specify the amount of the Notes to be authenticated and the date on which the original issue of such Notes is to be authenticated. The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company, pursuant to one or more Authentication Orders, except as provided in Section 2.07.

 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an
Affiliate of the Company. 

  
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 Section 2.03. Registrar and Paying Agent. 

The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The
Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 

Section 2.04. Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, interest or Additional Interest, if any, on the Notes, and will notify the Trustee of any default by the Company in making any such payment. The Trustee and any Paying Agent (other than the Company) may
assume that no Additional Interest is payable unless it has received written notice from the Company or a Holder that Additional Interest is due and payable. 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 and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, the Paying Agent (if other than
the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05. Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA
§ 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as
of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, and the Company shall otherwise comply with TIA § 312(a). 
 Section 2.06. Transfer and Exchange. 
 (a) Transfer and Exchange of
Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by 

  
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the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer
a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary or (ii) there has occurred and is continuing an
Event of Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Holder of the Global Note and the Depositary shall instruct the
Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Except as described in the two preceding sentences, every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f). 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance
with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act.
Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Security Legend. Beneficial interests in any
Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.06(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1)
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or
(B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or
exchange referred to in (1) above. Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f), the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the
Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests
in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 

  
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 (iii) Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee will take
delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit E hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit E hereto, including the certifications in item (2) thereof. 
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in the Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(ii) above and: 
 (A) such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit F hereto, including the certifications in item (1)(a) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit E hereto, including the certifications in item (4) thereof;

 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security
Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a
time when the applicable Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit F hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit E hereto, including the certifications in item (1) thereof; 
 (C) if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit E hereto, including the certifications in item (3)(b) thereof; or 
 (F)
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item (3)(c) thereof,

 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized 

  
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denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear
the Restricted Security Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
 (A)
such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit F hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit E hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are
no longer required in order to maintain compliance with the Securities Act. 
 (iii) Beneficial Interests in Unrestricted
Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal

  
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amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall not bear the Restricted Security Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit F hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit E hereto, including the certifications in item (1) thereof; 
 (C) if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item
(2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit E hereto, including the certifications in item (3)(b) thereof; or 

(F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit E hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the appropriate 144A Global Note, and in the case of clause (C) above, the appropriate Regulation S Global Note. 

  
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 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer,
(2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in
the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit F hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit E hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are
no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the applicable Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of the applicable Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs
(ii)(B), (ii)(D) or (iii) above at a time when the applicable Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly

  
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endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred
to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit E hereto, including the certifications in item (1) thereof;

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a
certificate in the form of Exhibit E hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit E hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged
by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D) the Registrar receives the following: 

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit F hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit E hereto, including the certifications in item (4) thereof; 

  
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 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an
Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive
Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a
transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company
shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (x) they are not Broker-Dealers (except as otherwise contemplated by and in accordance
with the Registration Rights Agreement), (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company. Concurrently with the issuance of such Notes, the
Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly. 
 (g) Legends. As applicable, the Legends set forth in Exhibit B hereto shall appear on the face of all Restricted Global Notes and Restricted Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture. Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii)
or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Restricted Security Legend. 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial
interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to
a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at
the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges.

 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 

  
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 (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note
or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.09, 4.13 and 9.05). 
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes shall be the valid and legally binding obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 
 (v) Neither the Registrar nor the Company shall be required (A) to issue, to register the transfer of or to
exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next
succeeding interest payment date. 
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (vii) The Trustee shall authenticate
Global Notes and Definitive Notes in accordance with the provisions of Section 2.02. 
 (viii) All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07. Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, in the absence of notice to the
Company or the Trustee that the Note has been acquired by a bona fide purchaser, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that
any of them may suffer if a Note is replaced. The Company may charge a Holder for its expenses in replacing a Note. 
 Every
replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

  
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 Section 2.08. Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(b).

 If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and
shall cease to accrue interest. 
 Section 2.09. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes
owned by the Company, any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor, shall be considered as though not outstanding, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 

Section 2.10. Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be
substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes shall be entitled to
all of the benefits of this Indenture. 
 Section 2.11. Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such
canceled Notes in its customary manner (consistent with all applicable legal requirements). Certification of the disposition of all canceled Notes shall be delivered to the Company. The Company may not issue new Notes to replace Notes that it has
paid or that have been delivered to the Trustee for cancellation. 

  
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 Section 2.12. Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Company shall promptly notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such special record
date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of
the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 Section 2.13. CUSIP, ISIN and Other Numbers. 
 The Company in issuing
the Notes may use “CUSIP”, “ISIN” or other such numbers (if then generally in use) and, if it does so, the Trustee shall use the CUSIP, ISIN or other such numbers in notices of redemption or exchange as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or other such numbers printed in the notice or on the Notes and that reliance may be placed only on the other
identification numbers printed on the Notes and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the CUSIP numbers. 

Section 2.14. Issuance of Additional Notes. 
 The Company shall be entitled, from time to time, subject to its compliance with Section 4.09, without the consent of any Holder, to issue Additional Notes under this Indenture with identical terms
as the Notes issued on the Issue Date other than with respect to (i) the date of issuance, (ii) the issue price, (iii) the amount of interest payable on the first interest payment date, (iv) Additional Notes that are Restricted
Notes may contain mandatory or optional redemption provisions that apply only to such Additional Notes and that are agreed to by the Company and the purchasers of such Additional Notes; provided, that all such redemption rights and
obligations expire on or before the filing of a registration statement with respect to the Exchange Offer relating to any such Additional Notes, and (vi) any changes necessary to conform to and ensure compliance with the Securities Act (or
other applicable securities laws). Any redemption provisions applicable only to Additional Notes as contemplated by the preceding sentence shall expressly provide that prior to any Exchange Offer relating to such Notes, all such redemption
provisions shall be of no further force or effect, and shall not be deemed to be part of such Additional Notes. The Initial Notes issued on the Closing Date, any Additional Notes and all Exchange Notes issued in exchange therefor shall be treated as
a single class for all purposes under this Indenture, except redemption provisions. 
 With respect to any Additional Notes, the
Company shall set forth in an Officers’ Certificate prepared pursuant to a resolution of the Board of Directors of the Company, a copy of which shall be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

  
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 (b) the issue price, the issue date and the CUSIP or ISIN number of such
Additional Notes; provided, however, that no Additional Notes may be issued at a price that would cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Internal Revenue
Code of 1986, as amended; 
 (c) whether such Additional Notes shall be Restricted Notes or shall be issued in
the form of Exchange Notes; and 
 (d) whether such Additional Notes shall include mandatory or optional
redemption provisions pursuant to clause (iv) of the first sentence of the preceding paragraph and the terms of any such redemption provisions. 
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 or redemption provisions applicable only to Additional Notes in accordance with Section 2.14,
it shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture, and, if applicable, the Additional Notes, pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed, and (iv) the redemption price. 
 Section 3.02. Selection of Notes to Be Redeemed. 
 If less than all of
the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased among the Holders of the Notes, as applicable, that are subject to such redemption or purchase, by lot
unless otherwise required by law or applicable stock exchange requirements; provided that as long as DTC serves as Depositary for a Global Note, any redemption shall comply with DTC’s procedural requirements with respect to such note.

 The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note
selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of such class of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. 
 Section 3.03. Notice of Redemption. 

Subject to the provisions of Section 4.09, at least 30 days but not more than 60 days before a redemption date, the Company shall
mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Notes or in satisfaction and discharge of this Indenture. 
 The notice shall
identify the Notes (including CUSIP Numbers) to be redeemed and shall state: 
 (a) the redemption date;

  
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 (b) the redemption price; 

(c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion (so long as such amount is in a denomination of $2,000 or integral multiples of $1,000 in excess of $2,000) shall be issued upon
cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
 (h) that no representation is made
as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the
Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption
date, an Officers’ Certificate requesting that the Trustee give such notice and providing a form setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04. Effect of Notice of Redemption. 
 Any notice of redemption may be conditional. 
 Section 3.05. Deposit of Redemption Price.

 On the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the
redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 If the Company complies with the
provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest
not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 

  
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 Section 3.06. Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall
authenticate for the Holder at the expense of the Company, a new Note of the same class and equal in principal amount to the unredeemed portion of the Note surrendered. 
 Section 3.07. Optional Redemption. 
 (a) Except as set forth in clauses
(b) and (c) of this Section 3.07 or in any Additional Notes that contain optional redemption provisions in accordance with Section 2.14, the Company shall not have the option to redeem the Notes pursuant to this Section 3.07
prior to December 1, 2014. 
 On or after December 1, 2014, the Company shall have the option to redeem the Notes, in
whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during
the twelve-month period beginning on December 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2014
	  	 	104.563	% 
	 2015
	  	 	102.281	% 
	 2016 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of clause (a) of this Section 3.07, at any time prior to
December 1, 2013, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 109.125% of the principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the redemption date, subject to the rights of Holders of such Notes on any relevant record date to receive interest due on the relevant interest payment date, with the Net Cash Proceeds of one or more Public Equity Offerings;
provided that (i) at least 65% of the aggregate principal amount of the Notes originally issued under this Indenture remain outstanding immediately after the occurrence of such redemption (excluding any such Notes held by the Company and
its Subsidiaries); and (ii) the redemption occurs within 90 days of the date of the closing of such Public Equity Offering. 
 (c) Notwithstanding the provisions of clause (a) of this Section 3.07, at any time prior to December 1, 2014, the Company may redeem all or a part of the Notes, at a redemption price equal
to 100% of the principal amount thereof, plus the Applicable Premium as of the date of redemption, and accrued and unpaid interest and Additional Interest, if any, to the date of redemption (the “Redemption Date”), subject to the
rights of Holders of the Notes on any relevant record date to receive interest due on the relevant interest payment date. 
 (d)
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06. 

  
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 Section 3.08. Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes other than for any
Additional Notes that contain mandatory redemption provisions in accordance with Section 2.14. 
 Section 3.09. Mandatory
Disposition or Redemption Pursuant to Gaming Laws. 
 If a Holder or beneficial owner of a Note is required to be licensed,
qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to
dispose of such Holder’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall
be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company for the redemption of such Notes, such Holder’s Notes at a redemption price equal to the lesser of
(i) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (ii) the
price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or
reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to
be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor. 

ARTICLE 4. 

COVENANTS 
 Section 4.01.
Payment of Notes. 
 The Company shall pay or cause to be paid the principal of, premium, if any, interest and Additional
Interest payable pursuant to Section 6.13, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, interest and Additional Interest payable pursuant to Section 6.13, if any, shall be
considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Pacific Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all such amounts. The Company shall pay all Additional Interest payable pursuant to the Registration Rights Agreement, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement.

 The Company shall pay interest on overdue principal at the rate equal to 1% per annum in excess of the then applicable
interest rate on the Notes to the extent lawful; it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 Section 4.02. Maintenance of Office or Agency. 
 The Company shall
maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for
exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The 

  
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Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in
the Borough of Manhattan, the City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Company hereby designates the office of the Trustee at U.S. Bank Trust N.A., 100 Wall Street, 16th Floor, New York, New York 10005 as one such office or agency of the
Company in accordance with Section 2.03. 
 Section 4.03. Reports. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall furnish to
the Trustee and the Holders within 15 days after the time periods specified in the SEC’s rules and regulations (i) all quarterly and annual reports, including financial information that would be required to be contained in a filing with
the SEC 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 certified independent accountants and (ii) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. All such reports will be prepared
in all material respects in accordance with the information requirements applicable to such reports. In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all such information and reports with
the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing) and will post the reports on its website within those time periods. 

(b) If, at any time the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the
Company will nevertheless continue filing the reports specified in Section 4.03(a) with the SEC within the time periods specified above unless the SEC will not accept such a filing. 

(c) The Company will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the
foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in Section 4.03(a) and (b) on its website within the time periods that would apply if the Company were required to
file those reports with the SEC. 
 (d) Notwithstanding the foregoing, the Company will be deemed to have furnished such reports
referred to above to the Trustee and the Holders of Notes if the Company has filed (or, in the case of a Form 8-K, furnished) such reports with the SEC via the EDGAR filing system and such reports are publicly available. 

  
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 Section 4.04. Compliance Certificate. 

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of
which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of
the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 

(b) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, not more than 30 days after any Officer
becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05. Stay and Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been
enacted. 
 Section 4.06. Restricted Payments. 
 (a) The Company shall not make, and shall not permit any Restricted Subsidiary to make, any Restricted Payment, if at the time of, and after giving effect to, such proposed Restricted Payment: 

(i) a Default or an Event of Default shall have occurred and be continuing; 

(ii) the Company could not Incur at least $1.00 of additional Indebtedness pursuant to Section 4.08(a); or

 (iii) the aggregate amount of such Restricted Payment and all other Restricted Payments made from and after
July 22, 1997 (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would exceed an amount equal, without duplication, to the sum of: 

(A) 50% of the Consolidated Net Income accrued during the period (treated as one accounting period) from April 1,
1997 to the end of the most recent fiscal quarter ended immediately prior to the date of such Restricted Payment (or, in the case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); 

(B) the aggregate proceeds received by the Company from the issue or sale of its Capital Stock (other than Disqualified
Stock) subsequent to March 31, 1997 (other than an issuance or sale (i) to a Subsidiary of the Company or an employee stock ownership plan or other trust established by the Company or any of its Subsidiaries or (ii) pursuant to
clauses (iii) or (iv) of Section 4.06(b) or (iii) in connection with the acquisition of Coast Casinos, Inc.); 

  
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 (C) the amount by which Indebtedness of the Company or any Restricted
Subsidiary is reduced on the Company’s balance sheet upon the conversion or exchange (other than an issuance or sale to a Subsidiary of the Company or an employee stock ownership plan or other trust established by the Company or any of its
Subsidiaries) subsequent to March 31, 1997, of any Indebtedness of the Company or any Restricted Subsidiary convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash or other
property distributed by the Company or any Restricted Subsidiary upon such conversion or exchange); and 
 (D)
the amount equal to the net reduction in Investments that were treated as Restricted Payments subsequent to March 31, 1997 resulting from: 
 (i) payments of dividends, repayments of loans or advances or other transfers of assets to the Company or any Restricted Subsidiary or the satisfaction or reduction (other than by means of payments by the
Company or any Restricted Subsidiary) of obligations of other Persons which have been Guaranteed by the Company or any Restricted Subsidiary; or 
 (ii) the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries, in each case such net reduction in Investments being: (x) valued as provided in the definition of
“Investment,” (y) an amount not to exceed the aggregate amount of Investments previously made by the Company or any Restricted Subsidiary which were treated as a Restricted Payment when made, and (z) included in this clause
(D) only to the extent not included in the Consolidated Net Income; 
 (E) payments of dividends, repayments
of loans or advances or other transfers of assets to the Company or any Restricted Subsidiary from the Borgata Joint Venture to the extent such dividends, repayments, advances or other transfers exceed $100.0 million; but only to the extent that any
such payments are excluded from the computation of Consolidated Net Income and in an aggregate amount not in excess of the amount of Investments in the Borgata Joint Venture that were treated as Restricted Payments when made; and 

(F) $150.0 million. 
 (b) The provisions of Section 4.06(a) shall not prohibit: 

(i) the payment of any dividend within 60 days after the date of its declaration if such dividend could have been paid on
the date of its declaration in compliance with the provisions of this Indenture; 
 (ii) the redemption or
repurchase of any Capital Stock or Indebtedness of the Company (other than any Capital Stock or Indebtedness which is held or beneficially owned by any member of the Boyd Family, the Company or any Affiliate of the Company): (x) if the holder
or beneficial owner of such Capital Stock or Indebtedness is required to qualify under the Gaming Laws and does not so qualify; or (y) necessary in the reasonable, good faith judgment of the

  
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Board of Directors of the Company, as evidenced by a Board Resolution, to prevent the loss or secure the reinstatement of any Gaming License which if lost or not reinstated, as the case may be,
would have a material adverse effect on the business of the Company and its Subsidiaries, taken as a whole, or would restrict the ability of the Company or any of its Subsidiaries to conduct business in any gaming jurisdiction; 

(iii) any purchase, redemption or other acquisition or retirement of Capital Stock of the Company made by exchange for, or
out of the proceeds of the substantially concurrent sale of, Capital Stock (other than Disqualified Stock) of the Company; 
 (iv) any purchase, redemption or other acquisition or retirement of the Indebtedness of any Person made by exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock
(other than Disqualified Stock) of the Company; 
 (v) any purchase, redemption, defeasance or other acquisition
or retirement for value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee from the proceeds of Permitted Refinancing Indebtedness Incurred within 60 days of such repurchase,
redemption, defeasance or other acquisition or retirement of such Indebtedness; 
 (vi) cash payments in lieu of
fractional shares issuable as dividends on Capital Stock of the Company or any of its Restricted Subsidiaries; 

(vii) the redemption or repurchase of any Capital Stock of the Company to the extent required by a final non-appealable
order or judgment entered by a court or courts of competent jurisdiction; 
 (viii) the purchase, redemption or
other acquisition or retirement of (A) the Company’s 7.75% Senior Subordinated Notes due December 15, 2012, and (B) other Indebtedness subordinated in right of payment to the Notes or any Note Guarantee in an aggregate amount not
to exceed $250.0 million for repurchases, redemptions, acquisitions and retirements pursuant to this clause (B); 
 (ix) so long as no Default of Event of Default has occurred and is continuing, repurchases by the Company of its common stock or options, warrants or other securities exercisable or convertible into such
common stock (excluding any debt security that is convertible into, or exercisable for, common stock) held by employees, officers, consultants or directors of the Company or any of its direct or indirect Subsidiaries upon death, disability or
termination of employment or directorship of such employees, officers, consultants or directors not to exceed $10.0 million in the aggregate in any fiscal year, with unused amounts in any fiscal year permitted to be carried over for the two
succeeding fiscal years; 
 (x) the repurchase of Capital Stock deemed to occur upon the exercise of stock
options to the extent such Capital Stock represents a portion of the exercise price of those stock options; 

(xi) the repurchase of Capital Stock upon the vesting of restricted stock, restricted stock units or performance share
units to the extent necessary to satisfy tax withholding obligations attributable to such vesting; 

  
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 (xii) other Investments in an aggregate amount not to exceed 10% of the
Company’s Consolidated Total Assets (in each case with Investments calculated at the time of such Investment); and 
 (xiii) so long as no Default or Event of Default has occurred and is continuing, the repurchase of Indebtedness subordinated in right of payment to the Notes or any Note Guarantee with any Excess Proceeds
as provided under Section 4.09 or pursuant to provisions requiring such repurchase similar to those described under Section 4.13; provided that all Notes tendered by Holders in connection with a Change of Control Offer or Prepayment
Offer, as applicable, have been repurchased, redeemed or acquired for value. 
 (c) The full amount of any Restricted Payments
made subsequent to March 31, 1997 pursuant to clauses (i) and (ii) of Section 4.06(b) (but not pursuant to any other clause of Section 4.06(b)) shall be included in the calculation of the aggregate amount of Restricted
Payments under Section 4.06(iii). 
 Section 4.07. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise
cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: (i) pay dividends or make any other distributions to the Company or any other Restricted Subsidiary on its Capital Stock
or with respect to any other interest or participation in, or measured by, its profits; (ii) pay any Indebtedness owed to the Company or any other Restricted Subsidiary; (iii) make loans or advances to the Company or any other Restricted
Subsidiary; or (iv) transfer any of its Property to the Company or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (a) agreements in effect on the Issue Date; (b) applicable
law including rules, regulations or orders issued by any Gaming Authority; (c) customary nonassignment provisions in contracts, leases or licenses entered into in the ordinary course of business and consistent with past practices that are
customary in the gaming, lodging or entertainment industry; (d) Permitted Refinancing Indebtedness; provided, however, that any restrictions of the type described in clauses (i) through (iv) of this Section 4.07
contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive than those contained in the agreements governing the Indebtedness being refinanced; (e) agreements in existence with respect to a Restricted
Subsidiary at the time it is so designated; provided, however, that such agreements are not entered into in anticipation or contemplation of such designation; (f) provisions limiting the disposition or distribution of assets or
Property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business with the approval of the Company’s Board of Directors,
which limitation is applicable only to the assets that are the subject of such agreements; (g) Liens permitted to be Incurred under Section 4.11 that limit the right of the debtor to dispose of the assets subject to such Liens;
(h) purchase money obligations for Property or equipment acquired for use in the business of the Company or any of its Restricted Subsidiaries and Capital Lease Obligations that impose restrictions on the Property or equipment purchased or
leased in the ordinary course of business; or (i) any instrument governing Indebtedness represented by industrial revenue or development bonds issued by a municipality and guaranteed by the Company or any of its Restricted Subsidiaries.

 Nothing contained in this Section 4.07 shall prevent the Company or any of its Restricted Subsidiaries from granting any
Lien permitted by Section 4.11. 

  
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 Section 4.08. Limitation on Indebtedness. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however,
that the Company or any Guarantor may Incur Indebtedness if no Event of Default has occurred and is continuing and the Company’s Consolidated Fixed Charge Coverage Ratio would exceed 2.0 to 1.0, after giving effect to: 

(i) the Incurrence of such Indebtedness as if such Indebtedness was Incurred at the beginning of the Reference Period and
(if applicable) the application of the net proceeds thereof to repay other Indebtedness as if the application of such proceeds occurred at the beginning of the Reference Period, 

(ii) the Incurrence and retirement of any other Indebtedness since the first day of the Reference Period as if such
Indebtedness was Incurred or retired at the beginning of the Reference Period, and 
 (iii) the acquisition or
disposition of any Property or any company or business by the Company or any Restricted Subsidiary since the first day of the Reference Period including any acquisition or disposition which will be consummated contemporaneously with the Incurrence
of such Indebtedness, as if such acquisition or disposition occurred at the beginning of the Reference Period, including without limitation any net reduction of lease payments in connection with any acquisition of Property. 

(b) Notwithstanding the foregoing limitation, the Company or any Restricted Subsidiary, as specified below, may Incur the following
Indebtedness: 
 (i) Indebtedness of the Company represented by the Initial Notes and of the Guarantors under the
Note Guarantees and the Exchange Notes and related Note Guarantees; 
 (ii) Indebtedness of Company or any
Restricted Subsidiary outstanding on the Issue Date (other than the senior subordinated notes to be repaid with the proceeds of this offering); 
 (iii) Indebtedness of the Company or any Guarantor under the Credit Facility in an aggregate amount outstanding at any time not to exceed $2.2 billion; 

(iv) Indebtedness of the Company or a Restricted Subsidiary owing to and held by a Restricted Subsidiary or the Company;
provided, however, that (A) if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior payment
in full in cash of all obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantees, in the case of a Guarantor; (B) any subsequent issuance or transfer of any Capital Stock or other event that results in
any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness except to the Company or a Restricted Subsidiary shall be deemed in each case to constitute the Incurrence of such Indebtedness
by the Company thereof; 
 (v) Indebtedness of the Company or a Restricted Subsidiary under Interest Rate
Agreements, provided that the obligations under such agreements were entered into in connection with payment obligations on Indebtedness otherwise permitted by the terms of this Section 4.08; 

  
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 (vi) Indebtedness of the Company or a Restricted Subsidiary under Currency
Exchange Protection Agreements, provided that such Currency Exchange Protection Agreements were entered into for the purpose of limiting exchange rate risks in connection with transactions entered into in the ordinary course of business;

 (vii) Indebtedness of the Company or any Restricted Subsidiary in connection with one or more standby letters
of credit, performance bonds or completion guarantees issued in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit; 

(viii) Indebtedness of the Company or any Restricted Subsidiary outstanding under Permitted FF&E Financings which are
either (a) Non-Recourse Indebtedness of the Company and its Restricted Subsidiaries; or (b) limited in amount (including all Permitted Refinancing Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any
Indebtedness Incurred pursuant to this clause (viii)(b)) for each Gaming Facility owned or leased by Boyd Gaming or any of its Restricted Subsidiaries to the lesser of (1) the amount of FF&E used in such Gaming Facility and financed by such
Permitted FF&E Financing, or (2) $25.0 million; 
 (ix) So long as no Event of Default has occurred and
is continuing, Indebtedness (including under a Credit Facility) of the Company or any Restricted Subsidiary not otherwise permitted to be Incurred pursuant to the provisions of the first paragraph of this covenant or this paragraph in an aggregate
amount outstanding as of the date of any Incurrence of such Indebtedness not to exceed 7.5% of the Company’s Consolidated Net Tangible Assets; or 
 (x) Permitted Refinancing Indebtedness Incurred by the Company or any Restricted Subsidiary in respect of Indebtedness of the Company or any of Restricted Subsidiary outstanding pursuant to the provisions
of Section 4.08(a) or clauses (i), (ii), (viii) and this clause (x) of this Section 4.08(b); provided, however, any such Permitted Refinancing Indebtedness may be Incurred up to 60 days prior to the repayment,
repurchase or redemption of the Indebtedness being refinanced, redeemed or repaid with such Permitted Refinancing Indebtedness; provided, further, that prior to any repayment, repurchase or redemption of the Indebtedness being
refinanced with such Permitted Refinancing Indebtedness, the Company or the applicable Restricted Subsidiary may temporarily invest the proceeds of such Permitted Refinancing Indebtedness in Temporary Cash Investments or use the proceeds of such
Permitted Refinancing Indebtedness to pay down Indebtedness under the revolving credit portion of the Credit Facility. 
 For
purposes of determining compliance with Section 4.08, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories described in clauses (i) through (x) of Section 4.08(b), or is
entitled to be Incurred pursuant to Section 4.08(a), the Company will be permitted to (a) classify such item of Indebtedness on the date of its Incurrence in any manner that complies with this Section 4.08 and (b) divide and
classify an item of Indebtedness in more than one of the types of Indebtedness described in clauses (i) through (x) of Section 4.08(b) or as Incurred pursuant to Section 4.08(a). The Company may reclassify such Indebtedness from
time to time in its sole discretion and may classify any item of Indebtedness in part under one or more of the categories described in clauses (i) through (x) of Section 4.08(b) and/or in part as Indebtedness entitled to be Incurred
pursuant to Section 4.08(a). Notwithstanding the foregoing, Indebtedness outstanding under the Company’s Credit Facility on the Issue Date, after giving effect to the application of the proceeds from the Initial Notes that are applied on
the Issue Date, initially will be deemed to have been Incurred on such date under clause (iii) of Section 4.08(b), and may later be reclassified. 

  
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 Accrual of interest, the accretion of principal amount, the payment of interest on any
Indebtedness in the form of additional Indebtedness and the payment of dividends in the form of additional Disqualified Stock or Preferred Stock, as applicable, in each case will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock
or Preferred Stock for purposes of this Section 4.08. The Company may rely on internal or publicly reported financial reports even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements.
For the avoidance of doubt, any Incurrence of Indebtedness which is based upon or made in reliance on a computation based on such internal or publicly reported financial statements, shall be deemed to continue to comply with this Section 4.08,
notwithstanding any subsequent adjustments that may result in changes to such internal or publicly reported financial statements. 
 (c) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided, however, that the Company or any Guarantor may Incur Indebtedness if no Event
of Default has occurred and is continuing and the Company’s Consolidated Fixed Charge Coverage Ratio would exceed 2.0 to 1.0, after giving effect to: 
 (i) the Incurrence of such Indebtedness as if such Indebtedness was Incurred at the beginning of the Reference Period and (if applicable) the application of the net proceeds thereof to repay other
Indebtedness as if the application of such proceeds occurred at the beginning of the Reference Period, 
 (ii)
the Incurrence and retirement of any other Indebtedness since the first day of the Reference Period as if such Indebtedness was Incurred or retired at the beginning of the Reference Period, and 

(iii) the acquisition or disposition of any Property or any company or business by the Company or any Restricted
Subsidiary since the first day of the Reference Period including any acquisition or disposition which will be consummated contemporaneously with the Incurrence of such Indebtedness, as if such acquisition or disposition occurred at the beginning of
the Reference Period, including without limitation any net reduction of lease payments in connection with any acquisition of Property. 
 (d) Notwithstanding the foregoing limitation, the Company or any Restricted Subsidiary, as specified below, may Incur the following Indebtedness: 

(i) Indebtedness of the Company represented by the Initial Notes and of the Guarantors under the Note Guarantees and the
Exchange Notes and related Note Guarantees; 
 (ii) Indebtedness of Company or any Restricted Subsidiary
outstanding on the Issue Date (other than the senior subordinated notes to be repaid with the proceeds of this offering); 
 (iii) Indebtedness of the Company or any Guarantor under the Credit Facility in an aggregate amount outstanding at any time not to exceed $2.2 billion; 

(iv) Indebtedness of the Company or a Restricted Subsidiary owing to and held by a Restricted Subsidiary or the Company;
provided, however, that (A) if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior payment
in full in cash of all obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantees, in the case of a Guarantor; (B) any subsequent issuance or transfer of any Capital Stock or other event that results in
any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness except to the Company or a Restricted Subsidiary shall be deemed in each case to constitute the Incurrence of such Indebtedness
by the Company thereof; 

  
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 (v) Indebtedness of the Company or a Restricted Subsidiary under Interest
Rate Agreements, provided that the obligations under such agreements were entered into in connection with payment obligations on Indebtedness otherwise permitted by the terms of this Section 4.08; 

(vi) Indebtedness of the Company or a Restricted Subsidiary under Currency Exchange Protection Agreements, provided
that such Currency Exchange Protection Agreements were entered into for the purpose of limiting exchange rate risks in connection with transactions entered into in the ordinary course of business; 

(vii) Indebtedness of the Company or any Restricted Subsidiary in connection with one or more standby letters of credit,
performance bonds or completion guarantees issued in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit; 

(viii) Indebtedness of the Company or any Restricted Subsidiary outstanding under Permitted FF&E Financings which are
either (a) Non-Recourse Indebtedness of the Company and its Restricted Subsidiaries; or (b) limited in amount (including all Permitted Refinancing Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any
Indebtedness Incurred pursuant to this clause (viii)(b)) to the lesser of (1) the amount of FF&E used in such Gaming Facility and financed by such Permitted FF&E Financing, or (2) $25.0 million; 

(ix) So long as no Event of Default has occurred and is continuing, Indebtedness (including under a Credit Facility) of
the Company or any Restricted Subsidiary not otherwise permitted to be Incurred pursuant to the provisions of the first paragraph of this covenant or this paragraph in an aggregate amount outstanding as of the date of any Incurrence of such
Indebtedness not to exceed 7.5% of the Company’s Consolidated Net Tangible Assets; or 
 (x) Permitted
Refinancing Indebtedness Incurred by the Company or any of Restricted Subsidiary in respect of Indebtedness of the Company or any of Restricted Subsidiary outstanding pursuant to the provisions of Section 4.08(a) or clauses (i), (ii),
(viii) and this clause (x) of this Section 4.08(b); provided, however, any such Permitted Refinancing Indebtedness may be Incurred up to 60 days prior to the repayment, repurchase or redemption of the Indebtedness being
refinanced, redeemed or repaid with such Permitted Refinancing Indebtedness; provided, further, that prior to any repayment, repurchase or redemption of the Indebtedness being refinanced with such Permitted Refinancing Indebtedness,
the Company or the applicable Restricted Subsidiary may temporarily invest the proceeds of such Permitted Refinancing Indebtedness in Temporary Cash Investments or use the proceeds of such Permitted Refinancing Indebtedness to pay down Indebtedness
under the revolving credit portion of the Credit Facility. 
 For purposes of determining compliance with Section 4.08, in
the event that an item of proposed Indebtedness meets the criteria of more than one of the categories described in clauses (i) through (x) of Section 4.08(b), or is entitled to be Incurred pursuant to Section 4.08(a), the Company
will be permitted to (a) classify such item of Indebtedness on the date of its Incurrence in any manner that complies with this Section 4.08 and (b) divide and classify an item of Indebtedness in more than one of the types of
Indebtedness described in clauses (i) through (x) of Section 4.08(b) or as Incurred pursuant to Section 4.08(a). The Company may reclassify such Indebtedness from time to time in its sole discretion and may classify any item of
Indebtedness in part under one or more of the categories described in clauses 

  
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(i) through (x) of Section 4.08(b) and/or in part as Indebtedness entitled to be Incurred pursuant to Section 4.08(a). Notwithstanding the foregoing, Indebtedness outstanding
under the Company’s Credit Facility on the Issue Date, after giving effect to the application of the proceeds from the Initial Notes that are applied on the Issue Date, initially will be deemed to have been Incurred on such date under clause
(iii) of Section 4.08(b), and may later be reclassified if there is a new Incurrence of such Indebtedness. 
 Accrual
of interest, the accretion of principal amount, the payment of interest on any Indebtedness in the form of additional Indebtedness and the payment of dividends in the form of additional Disqualified Stock or Preferred Stock, as applicable, in each
case will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.08. The Company may rely on internal or publicly reported financial reports even though there may be subsequent
adjustments (including review and audit adjustments) to such financial statements. For the avoidance of doubt, any Incurrence of Indebtedness which is based upon or made in reliance on a computation based on such internal or publicly reported
financial statements, shall be deemed to continue to comply with this Section 4.08, notwithstanding any subsequent adjustments that may result in changes to such internal or publicly reported financial statements. 

Section 4.09. Asset Sales; Event of Loss. 
 (a) Other than upon an Event of Loss, the Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale after the Issue Date, unless (i) the
Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the Property subject to such Asset Sale; (ii) at least 75% of such consideration
consists of cash, Temporary Cash Investments or any stock or assets of the kind referred to in clause (i) or (iii) of the definition of “Additional Assets;” provided, however, that for purposes of this clause (ii),
(A) the assumption of Indebtedness of the Company or a Restricted Subsidiary which is not subordinated to the Notes or any Note Guarantee shall be deemed to be Temporary Cash Investments if the Company or such Restricted Subsidiary, as the case
may be, and all other Restricted Subsidiaries of the Company, to the extent any of the foregoing are liable with respect to such Indebtedness, are expressly released from all liability for such Indebtedness by the holder thereof in connection with
such Asset Sale, (B) any securities or notes received by the Company or such Restricted Subsidiary, as the case may be, from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Temporary Cash Investments
within 30 days of the date of such Asset Sale shall be deemed to be Temporary Cash Investments, and (C) the Company and its Restricted Subsidiaries may receive consideration in the form of securities exceeding 25% of the consideration for one
or more Asset Sales so long as the Company and its Restricted Subsidiaries do not hold such securities having an aggregate Fair Market Value in excess of $100.0 million at any time outstanding; and (iii) no Default or Event of Default shall
have occurred and be continuing at the time of, or would occur after giving effect, on a pro forma basis, to, such Asset Sale. 

(b) Upon an Event of Loss incurred by the Company or any of its Restricted Subsidiaries, the Net Proceeds received from such Event of
Loss shall be applied in the same manner as proceeds from Asset Sales described below and pursuant to the procedures set forth in this Section 4.09. 
 (c) Within 360 days after the receipt of the Net Proceeds of an Asset Sale or Event of Loss, an amount equal to 100% of the Net Proceeds from such Asset Sale or Event of Loss may be applied by the Company
or a Restricted Subsidiary (i) to permanently repay, redeem or repurchase senior Indebtedness of the Company or any Guarantor, including Indebtedness under the Credit Facility or Notes; or (ii) to reinvest in Additional Assets (including
by means of an Investment in Additional Assets by a Restricted Subsidiary with Net Proceeds received by the Company or another Restricted Subsidiary; provided, however, that if the Company or any Restricted Subsidiary contractually
commits within such 

  
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360-day period to apply such Net Proceeds within 180 days of such contractual commitment in accordance with the above clause (i) or (ii), and such Net Proceeds are subsequently applied as
contemplated in such contractual commitment, then the requirement for application of Net Proceeds set forth in this Section 4.09(c) shall be considered satisfied. 
 (d) Any Net Proceeds from an Asset Sale or Event of Loss that are not used in accordance with the Section 4.09(c) shall constitute “Excess Proceeds.” When the aggregate amount of
Excess Proceeds exceeds $100.0 million the Company shall make an offer to purchase (the “Prepayment Offer”), on a pro rata basis, from all Holders of the Notes, and, at the election of the Company, the Holders of any other
outstanding Pari Passu Indebtedness containing comparable repurchase rights, an aggregate principal amount of Notes and, if applicable, such other Pari Passu Indebtedness equal to the Excess Proceeds, at a price in cash equal to 100% of the
principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon, in accordance with Section 4.09(e), (f), (g) and (h). To the extent that any portion of the Excess Proceeds remains after compliance with
the preceding sentence and provided that all Holders have been given the opportunity to tender the Notes for repurchase in accordance with Section 4.09(e), the Company or such Restricted Subsidiary may use such remaining amount for general
corporate purposes or the repurchase of Indebtedness subordinated in right of payment to the notes or the Note Guarantee if required to be repurchased pursuant to their respective terms and the amount of Excess Proceeds shall be reset to zero.
Pending application of Net Proceeds pursuant to clauses (i) and (ii) of Section 4.09(c), such Net Proceeds shall be invested in Temporary Cash Investments or used to temporarily repay Pari Passu Indebtedness that is revolving
Indebtedness. 
 (e) Within 15 Business Days after the amount of Excess Proceeds exceeds $100.0 million, the Company shall send
a prepayment offer notice, by first-class mail, to the Holders, accompanied by such information regarding the Company and its Subsidiaries as the Company in good faith believes will enable such Holders to make an informed decision with respect to
the Prepayment Offer. The prepayment offer notice (which may be conditional) shall state, among other things: 

(i) that the Company is offering to purchase Notes pursuant to Section 4.09 of this Indenture; 

(ii) that any Note (or any portion thereof) accepted for payment (and for which payment has been duly provided on the
purchase date) pursuant to the Prepayment Offer shall cease to accrue interest after the purchase date; 
 (iii)
the purchase price and purchase date, which shall be, subject to any contrary requirements of applicable law, no less than 30 days nor more than 60 days from the date the Prepayment Offer notice is mailed; 

(iv) the aggregate principal amount of Notes (or portions thereof) to be purchased; 

(v) a description of any conditions to such Prepayment Offer; and 

(vi) a description of the procedure which Holders must follow in order to tender their Notes (or portions thereof) and the
procedures that Holders must follow in order to withdraw an election to tender their Notes (or portions thereof) for payment. 

(f) Not later than the purchase date, the Company shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Company
is acting as its own paying agent, segregate and hold in trust) in Temporary Cash Investments an amount equal to the purchase price plus accrued and unpaid interest, if any, to be paid to the Holders entitled thereto, to be held for payment in
accordance with the 

  
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provisions of this Section 4.09. Holders electing to have a Note purchased will be required to surrender the Note, with an appropriate form duly completed, to the Company at the address
specified in the notice at least five Business Days prior to the purchase date. Holders will be entitled to withdraw their election if the Trustee or the Company receives not later than three Business Days prior to the purchase date, a telegram,
facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered for purchase by the Holder, the certificate number of such Note and a statement that such Holder is withdrawing his election
to have such Note purchased. 
 (g) On the purchase date, the Company shall deliver to the Trustee the Notes or portions thereof
which have been properly tendered to and are to be accepted by the Company. The Trustee (or Paying Agent) shall, on the purchase date, mail or deliver payment of the purchase price to each tendering Holder. In the event that the aggregate purchase
price of the Notes delivered by the Company to the Trustee is less than the amount deposited with the Trustee (or Paying Agent), the Trustee (or Paying Agent) shall deliver the excess to the Company immediately after the end of the payment date.

 (h) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act, and any
other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the purchase of Note required by this Section 4.09. To the extent that the provisions of any securities laws or
regulations conflict with the provisions relating to the Prepayment Offer, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.09 by virtue
thereof. 
 Section 4.10. Transactions with Affiliates. 
 (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into or suffer to exist any transaction or series of transactions
(including the purchase, sale, transfer, lease or exchange of any Property, the making of any Investment, the giving of any Guarantee or the rendering or receiving of any service) with, from or for the benefit of any Affiliate, any Related Person or
any officer or director of any Affiliate or a Related Person involving aggregate consideration in excess of $25.0 million (an “Affiliate Transaction”) unless: (i) the terms of such Affiliate Transaction are in writing, in the
best interest of the Company or such Restricted Subsidiary, as the case may be, and at least as favorable to the Company or such Restricted Subsidiary, as the case may be, as those that could be obtained at the time of such Affiliate Transaction in
a similar transaction in arm’s-length dealings with a Person who is not such an Affiliate, Related Person or officer or director of an Affiliate or Related Person; (ii) with respect to each Affiliate Transaction involving aggregate
payments to either party in excess of $50.0 million, such Affiliate Transaction was approved by a majority of the disinterested members of the Board of Directors and that such Affiliate Transaction complies with clause (i); and (iii) with
respect to each Affiliate Transaction involving aggregate payments in excess of $100.0 million, the Company delivers to the Trustee an opinion letter from an Independent Advisor to the effect that such Affiliate Transaction is fair, from a financial
point of view; provided, however, that the foregoing limitation shall not apply for so long as the Company’s common stock is listed for trading on the New York Stock Exchange or NYSE Amex Equities or is quoted on the National
Association of Securities Dealers Automated Quotation System and designated as a “national market system security.” 

(b) Notwithstanding the limitation of Section 4.10(a), the Company or any of its Restricted Subsidiaries may enter into or suffer to
exist the following: (i) any transaction pursuant to any contract in existence on the Issue Date; (ii) any Restricted Payment permitted to be made pursuant to Section 4.06; (iii) any transaction or series of transactions between
the Company and one or more of its Restricted Subsidiaries or between two or more of its Restricted Subsidiaries; (iv) the payment of compensation (including amounts paid pursuant to employee benefit plans) for the personal services of,
indemnity 

  
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provided on behalf of, and reimbursement of expense to, officers, directors and employees of the Company or any of its Restricted Subsidiaries; (v) any Investment made by the Company or any
of its Restricted Subsidiaries other than an Investment in a holder of 10% or more of the Capital Stock of the Company or an Investment in an entity controlled by a holder of 10% or more of the Capital Stock of the Company (other than indirect
control by reason of such holder’s ownership of Capital Stock of the Company); and (vi) any contribution of capital to any Restricted Subsidiary. 
 Section 4.11. Liens. 
 The Company shall not, and shall not permit any
Guarantor to, directly or indirectly, Incur or suffer to exist, any Lien (other than Permitted Liens) upon any of its Property, whether owned at the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom, which
secures Indebtedness that ranks pari passu with or is subordinated to the Notes unless: (i) if such Lien secures Indebtedness that ranks pari passu in right of payment with the Notes or any Note Guarantee, the Notes or such Note
Guarantee are secured on an equal and ratable basis with the obligations so secured; or (ii) if such Lien secures Indebtedness that is subordinate in right of payment to the Notes or any Note Guarantee, the Notes or such Note Guarantee are
secured on a senior basis to the obligations so secured. 
 Section 4.12. Corporate Existence. 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
(i) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such
Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or
the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the Holders. 
 Section 4.13. Offer to Repurchase Upon Change
of Control. 
 (a) Upon the occurrence of (i) a Change of Control (if, at the Change of Control Time the Notes do not
have Investment Grade Status) or (ii) a Change of Control Triggering Event (if, at the Change of Control Time the Notes have Investment Grade Status) each Holder shall have the right to require the Company to repurchase all or any part (equal
to $2,000 or an integral multiple of $1,000 in excess of $2,000) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, and Additional Interest if any, thereon to the purchase date (the “Change of Control Payment”). 
 (b) Within 30 days following (i) any Change of Control or, (ii) in the event the Notes have Investment Grade Status at the earlier of the public announcement of (x) a Change of
Control or (y) (if applicable) the intention of the Company to effect a Change of Control, a Change of Control Triggering Event, the Company shall mail a notice (which notice may be conditional) to the Trustee and each Holder stating, among
other things: (1) that a Change of Control or Change of Control Triggering Event, as the case may be, has occurred and a Change of Control Offer is being made pursuant to this Section 4.13 and that all Notes (or portions thereof) timely
tendered will be accepted for payment; (2) the purchase price and the purchase date, which shall be, subject to any contrary requirements of applicable law, no earlier than 30 days nor later than 60 days from the date such notice is mailed (the
“Change of Control Payment Date”); (3) that any Note (or portion thereof) accepted for payment (and for which payment has been duly  

  
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provided on the Change of Control Payment Date) pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; (4) that any Notes (or
portions thereof) not tendered will continue to accrue interest; (5) a description of the transaction or transactions constituting the Change of Control or Change of Control Triggering Event, as the case may be; and (6) the procedures that
Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 

(c) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of the making of the Change of Control Offer. In addition, the Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section 4.13 applicable to a Change of Control Offer made by the Company and such third party purchases all Notes properly tendered and
not withdrawn under such Change of Control Offer. 
 (d) Not later than the Change of Control Payment Date, the Company shall
irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust) in Temporary Cash Investments an amount equal to the purchase price plus accrued and unpaid interest, and
Additional Interest, if any, to be paid to the Holders entitled thereto, to be held for payment in accordance with the provisions of this Section 4.13. Holders electing to have a Note purchased will be required to surrender the Note, with an
appropriate form duly completed, to the Company at the address specified in the notice at least five Business Days prior to the purchase date. Holders will be entitled to withdraw their election if the Trustee or the Company receives not later than
three Business Days prior to the purchase date, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered for purchase by the Holder, the certificate number of such Note
and a statement that such Holder is withdrawing his election to have such Note purchased. 
 (e) On the Change of Control
Payment Date, the Company shall deliver to the Trustee the Notes or portions thereof which have been properly tendered to and are to be accepted by the Company, together with an Officers’ Certificate stating the aggregate principal amount of
Notes or portions of Notes being purchased by the Company. The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to
be transferred by book entry) to each Holder a new Note of the same class and equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an
integral multiple of $1,000 in excess of $2,000. In the event that the aggregate purchase price of the Notes delivered by the Company to the Trustee is less than the amount deposited with the Trustee (or Paying Agent), the Trustee (or Paying Agent)
shall deliver the excess to the Company immediately after the Change of Control Payment Date. 
 (f) The Company shall comply,
to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the purchase of Notes in
connection with a Change of Control or Change of Control Triggering Event, as the case may be. To the extent that the provisions of any securities laws or regulations conflict with the provisions relating to the Change of Control Offer, the Company
shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.13 by virtue thereof. 

  
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 Section 4.14. Limitation on Status of Investment Company. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, become an “investment company” (as that term
is defined in the Investment Company Act of 1940, as amended, the “Investment Company Act”), to the extent such status would subject the Company or any such Subsidiary to regulation under the Investment Company Act, except for
Subsidiaries established for the purpose of financing the operating businesses of the Company and its Subsidiaries. 
 Section 4.15.
Payment for Consent. 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, pay
or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to
be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.16. Limitation on Layered Indebtedness. 
 The Company shall
not Incur, and shall not permit any Guarantor to Incur, any Indebtedness (including any Indebtedness described in clauses (i) through (x) of Section 4.08(b)) that is contractually subordinated in right of payment to any other
Indebtedness of the Company or such Guarantor, as applicable, unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided,
however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority
basis. 
 Section 4.17. Business Activities. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any business other than a Core Business, except to such extent as would not be material to the Company and its
Restricted Subsidiaries taken as a whole. 
 Section 4.18. Additional Note Guarantees. 

If the Company or any of its Restricted Subsidiaries acquires or creates a Significant Subsidiary, or any non-Guarantor Restricted
Subsidiary becomes a Significant Subsidiary after the date of this Indenture, then such Restricted Subsidiary shall become a Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel satisfying the requirements of this
Indenture within 30 days following the date on which it was acquired, created or otherwise became a Significant Subsidiary (or such longer period as may be required to obtain any necessary approvals under applicable Gaming Laws or other regulatory
requirements). Any Subsidiary that does not constitute a Significant Subsidiary need not become a Guarantor unless and until such time as it becomes a Significant Subsidiary. The Company shall use reasonable commercial efforts to obtain all
approvals of any Gaming Authority necessary to permit any Significant Subsidiary to become a Guarantor as promptly as practicable. 

Section 4.19. Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors of the Company may designate any Restricted Subsidiary and any newly acquired or newly formed Subsidiary to be an
Unrestricted Subsidiary; provided, that: 
 (i) such designation would not cause a Default; 

  
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 (ii) such Subsidiary has no Indebtedness other than Qualified Non-Recourse
Debt; 
 (iii) such Subsidiary does not own any Capital Stock or Indebtedness of or own or hold any Lien on any
Property of the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; and 
 (iv) such Subsidiary is not a Significant Subsidiary. 
 If a Restricted Subsidiary
is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an
Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.06 or under one or more clauses of the definition of “Permitted Investment,” as determined by the Company.
That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of “Unrestricted Subsidiary.” 

Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee
a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that (1) such designation complied with the preceding conditions and (2) was permitted
by Section 4.06 and giving the effective date of such designation, such filing with the Trustee to occur within 75 days after the end of the fiscal quarter of the Company in which such designation is made (or, in the case of a designation made
during the last fiscal quarter of the fiscal year, within 120 days after the end of such fiscal year). If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be Incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be Incurred
as of such date under Section 4.08, the Company will be in default of such covenant. 
 The Board of Directors of the
Company may at any time designate, or redesignate, any Unrestricted Subsidiary of the Company to be a Restricted Subsidiary of the Company; provided that such designation, or redesignation, will be deemed to be an Incurrence of Indebtedness
by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation, or redesignation, will only be permitted if (1) such Indebtedness is permitted under Section 4.08 calculated
on a pro forma basis as if such designation had occurred at the beginning of the applicable Reference Period and (2) no Default or Event of Default would be in existence following such designation or redesignation. 

Section 4.20. Certain Suspended Covenants. 
 During any period of time that: (a) the Notes have Investment Grade Status, and (b) no Default or Event of Default has occurred and is continuing, neither the Company nor any of its Restricted
Subsidiaries will be subject to Sections 4.06, 4.08 and 4.09 (collectively, the “Suspended Covenants”); provided, that with respect to those covenants that will remain in effect (the “Effective Covenants”),
references in such Effective Covenants to clauses in the Suspended Covenants will be deemed to continue to exist for purposes of interpretation of the Effective Covenants. In the event that the Company and its Restricted Subsidiaries are not subject
to the Suspended Covenants with respect to the Notes for any period of time as a result of the preceding sentence and, subsequently, at least one of the two designated Rating Agencies withdraws its rating or assigns the Notes a rating below the
required Investment Grade 

  
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Ratings, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for the benefit of the Notes. Calculations under the reinstated
Section 4.06 will be made as if Section 4.06 had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.

 ARTICLE 5. 
 SUCCESSORS 
 Section 5.01. Merger, Consolidation and Sale of Assets. 

(a) The Company shall not merge or consolidate with or into any other entity (other than a merger or consolidation of a Restricted
Subsidiary with or into the Company) or in one transaction or a series of related transactions sell, convey, assign, transfer, lease or otherwise dispose of all or substantially all of its Property unless: 

(i) the entity formed by or surviving any such consolidation or merger (if the Company is not the surviving entity) or the
Person to which such sale, assignment, transfer, lease or conveyance is made (the “Successor”) 

(A) shall be a corporation organized and existing under the laws of the United States of America or a State thereof or the
District of Columbia and such corporation expressly assumes, by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, the due and punctual payment of the principal, premium, if any, interest
and Additional Interest, if any, on all the Notes, according to their tenor, and the due and punctual performance and observance of all the covenants, conditions and obligations under the Notes, this Indenture and the Registration Rights Agreement
to be performed by the Company; and 
 (B) the Successor shall have all Gaming Licenses required to operate all
Gaming Facilities to be owned by such Successor; 
 (ii) in the case of a sale, transfer, assignment, lease,
conveyance or other disposition of all or substantially all of the Company’s Property such Property shall have been transferred as an entirety or virtually as an entirety to one Person; 

(iii) immediately before and after giving effect to such transaction or series of transactions on a pro forma basis, no
Default or Event of Default shall have occurred and be continuing; and 
 (iv) immediately after giving effect to
such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness Incurred or anticipated to be Incurred in connection with such transaction or series of transactions), the Company or the Successor, as
the case may be, would be able to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.08(a). 
 (b) No
Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor,
unless: 
 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and

  
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 (ii) either: (a) the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger unconditionally assumes all the obligations of that Guarantor under its Note Guarantee, this Indenture and the Registration Rights Agreement pursuant to a supplemental
indenture satisfactory to the Trustee; or (b) the Net Proceeds of such sale or other disposition are applied in accordance with Section 4.09. 
 Section 5.02. Successor Corporation Substituted. 
 Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the Successor shall succeed to, and be substituted for
(so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the Successor and not to the Company), and may
exercise every right and power of the Company under this Indenture with the same effect as if the Successor had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation
to pay the principal of and interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the Company’s assets that meets the requirements of Section 5.01(a). 

ARTICLE 6. 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. 
 An “Event of Default” occurs if: 
 (a) The Company
defaults in the payment of interest (including Additional Interest, if any) on any of the Notes when it becomes due and payable and such default continues for a period of 30 days; 

(b) The Company defaults in the payment when due of principal of or premium, if any, on the Notes when due at maturity,
upon acceleration, required purchase or otherwise; 
 (c) The Company fails to observe, perform or comply with
the covenants and agreements of Section 5.01(a); 
 (d) The Company or any Guarantor fails to observe,
perform or comply with any of the other covenants and agreements in this Indenture, the Notes, or the Note Guarantees and such failure to observe, perform or comply continues for a period of 60 days after receipt by the Company of a written notice
from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding; 
 (e) Indebtedness of the Company or any Restricted Subsidiary is not paid when due or within any applicable grace period or is accelerated by the holders thereof and, in either case, the total amount of
such unpaid or accelerated Indebtedness exceeds $50.0 million; 
 (f) the entry by a court of competent
jurisdiction of one or more judgments or orders against the Company or any Restricted Subsidiary in an uninsured aggregate amount in excess of $50.0 million and such judgment or order is not discharged, waived, stayed or satisfied for a period of 60
consecutive days; 

  
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 (g) the Company or any Guarantor pursuant to or within the meaning of
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, or 

(iv) makes a general assignment for the benefit of its creditors; 

(h) a court of competent jurisdiction enters an order or decree with respect to the Company or any Guarantor, under any
Bankruptcy Law that: 
 (i) is for relief against such Person(s) in an involuntary case; 

(ii) appoints a custodian of such Person(s) or for all or substantially all of the property of such Person(s); or

 (iii) orders the liquidation of such Person(s); 

and the order or decree remains unstayed and in effect for 60 consecutive days; 

(i) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or
invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person controlling such Guarantor, denies or disaffirms its obligations under its Note Guarantee, and such default continues for a period of 10 days; and

 (j) any revocation, suspension or loss of any Gaming License which results in the cessation of business for a
period of more than 90 consecutive days of the business of any Gaming Facility or Gaming Facilities owned, leased or operated directly or indirectly by the Company or any of its Subsidiaries which, taken together, collectively contribute more than
10% of the Company’s Consolidated EBITDA (other than any voluntary relinquishment of a Gaming License if such relinquishment is, in the reasonable, good faith judgment of the Board of Directors, evidenced by a Board Resolution, both desirable
in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and not disadvantageous in any material respect to the Holders). 
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
 A Default under
clause (e), (f) or (j) of this Section 6.01 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Notes (including Additional Notes, if any) then outstanding notify the Company of the
Default; provided that any Default under clause (e)

  
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above resulting from a default or acceleration with respect to Indebtedness will not be considered an Event of Default if such default or acceleration is cured or annulled, respectively, within
30 days of the receipt by the Company of such notice of default from the Trustee or Holders of not less than 25% in aggregate principal amount of the Notes. Such notice must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default.” 
 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof,
written notice in the form of an Officers’ Certificate of any Event of Default, its status and what action the Company and/or any Guarantor is taking or proposes to take with respect thereto. 

Section 6.02. Acceleration. 
 Subject to Section 6.12 and Section 6.13, if an Event of Default (other than an Event of Default resulting from Section 6.01(g) or (h)) shall have occurred and be continuing, the Trustee or
the Holders of not less than 25% in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding may accelerate the maturity of all the Notes by a notice in writing to the Company (and to the Trustee, if given by the
Holders) specifying the Event of Default and that it is a “notice of acceleration” and on the fifth Business Day after delivery of such notice, the principal amount, together with any accrued and unpaid interest and Additional Interest, if
any, on all of the Notes then outstanding, will become immediately due and payable. In case an Event of Default resulting from Section 6.01(g) or (h) shall occur, the Notes (including any accrued interest and, if applicable, Additional
Interest, thereon) shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders. 

Section 6.03. Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal and interest on the Notes or to enforce the performance of any provision of
the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults.

 The Holders of a majority in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding
voting as a single class by written notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive an existing Event of Default or Default and its consequences hereunder if the rescission would not conflict
with any judgment or decree except a continuing Default in the payment of principal of premium or interest or Additional Interest, if any, on a Note. Upon any such waiver, such Default or Event of Default shall cease to exist and 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. 

  
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 Section 6.05. Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification or security satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

Section 6.06. Limitation on Suits. 
 A Holder of a Note may pursue a remedy with respect to this Indenture, the Notes or the Note Guarantees only if: 
 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 

(c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to
the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60
days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e) during
such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 

Section 6.07. Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Additional Interest, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
 Section 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as Trustee of an express trust against the
Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal to the extent lawful, and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09. Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07, including payment of all
compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to
the amounts due and payable on the applicable Notes for principal, premium and Additional Interest, if any and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11. Undertaking for Costs. 
 In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made
by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

  
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 Section 6.12. Redemption Provision Defaults. 

Notwithstanding the above, for purposes of this Article 6, if any Event of Default occurs with respect to mandatory or optional redemption
provisions included solely in any Additional Notes as contemplated by Section 2.14 (a “Redemption Provision Default”), such Redemption Provision Default shall constitute an Event of Default only with respect to the Additional
Notes containing such mandatory or optional redemption provisions and such Additional Notes shall be considered to be Indebtedness for purposes of Section 6.01(e). In addition, (i) solely with respect to any Redemption Provision Default,
all references to the Holders of Notes set forth in this Article 6 (including, without limitation, any applicable voting and consent thresholds regarding notice, waiver, acceleration, remedies, direction of the Trustee and limitations on suits),
shall be deemed to refer only to the Holders of the Additional Notes subject to such Redemption Provision Default and (ii) solely with respect to any Default under Section 6.01(e) that occurs as a result of a Redemption Provision Default,
all references to the Holders of Notes set forth in this Article 6 (including, without limitation, any applicable voting and consent thresholds regarding notice, waiver, acceleration, remedies, direction of the Trustee and limitations on suits),
shall be deemed to refer only to the Holders of Notes other than the Additional Notes subject to such Redemption Provision Default. 

Section 6.13. Reporting Defaults. 
 Notwithstanding any other provision of this Indenture, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described in Section 4.03 and for any
failure to comply with the requirements of Section 314(a) of the TIA, will for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the principal amount of the Notes at
a rate equal to 0.50% per annum. The Additional Interest will be payable in the same manner and subject to the same terms as other interest payable under this Indenture. The Additional Interest will accrue on all outstanding Notes from and
including the date on which an Event of Default relating to a failure to comply with the reporting obligations under Section 4.03 or TIA § 314(a) first occurs to but excluding the 365th day thereafter (or such earlier date on which
the Event of Default relating to such reporting obligations is cured or waived). If the Event of Default resulting from such failure to comply with the reporting obligations is continuing on such 365th day, such Additional Interest will cease to
accrue and the Notes will be subject to the other remedies provided under this Article 6. 
 ARTICLE 7. 

TRUSTEE 
 Section 7.01.
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its 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 duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee pursuant to the requirements of this Indenture. However, the Trustee shall examine the certificates
and opinions specifically required to be furnished to it hereunder to determine whether or not they substantially conform to the procedural requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holders shall have offered to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense. 
 (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. 
 Section 7.02. Rights of Trustee. 
 (a) The Trustee may rely 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. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ 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 Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection with respect to legal matters relating
to this Indenture and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with such advice or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care. 

  
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 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (f) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 Section 7.03. Individual
Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.04. Trustee’s Disclaimer. 
 The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. 
 If a Default or Event of Default
occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or
Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the
Holders of the Notes. 
 Section 7.06. Reports by Trustee to Holders of the Notes. 

Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 

A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each
stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom. 

  
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 Section 7.07. Compensation and Indemnity. 

The Company shall pay to the Trustee as agreed upon in writing from time to time reasonable compensation for its acceptance of this
Indenture and services hereunder. 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 promptly upon request for all reasonable out-of-pocket
expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Company shall fully indemnify the Trustee against any and all losses, liabilities, claims, damages or expenses (including reasonable
legal fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this
Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
any such loss, liability or expense shall be determined by a court of competent jurisdiction to have been caused by its own negligence, bad faith or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually prejudiced by failure of the Trustee to provide timely notice of claims of which
a Responsible Officer has actual notice. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have 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 shall not be unreasonably withheld. 
 The obligations
of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to
pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(g) or (h) occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08. 

  
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 The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee 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. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company, or the Holders of at least 20% in principal amount of the then outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee.

 If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and 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. Thereupon, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall
continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or banking association, the successor corporation or association without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture and any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which is
anywhere provided in the Notes or in this Indenture. 

  
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 Section 7.10. Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50 million
as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to 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 therein. 
 ARTICLE 8. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any
time, elect to have either Section 8.02 or 8.03 applied to all outstanding Notes, and all obligations of the Guarantors discharged with respect to their Note Guarantees, upon compliance with the conditions set forth below in this Article 8.

 Section 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in
Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes and all obligations of the Guarantors discharged with respect to their Note Guarantees on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its other obligations under such Notes and this
Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:
(a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04, and as more fully set forth in such Section, payments solely in respect of the principal of, premium, if any, Additional
Interest, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations with respect to such Notes under Article 2 and Section 4.02, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03. 

  
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 Section 8.03. Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company shall, subject to
the satisfaction of the conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and 4.19 and Section 5.01 with
respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or
in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition,
upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(c) through 6.01(j), except for Sections 6.01(g)
and 6.01(h) with respect to the Company (but not with respect to any Restricted Subsidiary) shall not constitute Events of Default. 

Section 8.04. Conditions to Legal or Covenant Defeasance. 
 The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant Defeasance: 
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable U.S. Government Obligations, or a combination thereof, in
such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, Additional Interest or premium, if any, and interest on the outstanding Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be; and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(b) in the case of an election under Section 8.02, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming 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 this Indenture, there has
been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income
tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of an election under Section 8.03, the Company shall have delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  
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 (d) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article 8 concurrently with such
incurrence); 
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of the Guarantors is a party or by which the Company or any of the Guarantors is bound; 

(f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as applicable, have been complied with. 
 Section 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06, all money and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional
Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable U.S. Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time
to time upon the request of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance. 

  
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 Section 8.06. Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of,
premium and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its
request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to
be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07.
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government
Obligations in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, Additional Interest, if any, or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes, or the Note Guarantees without the consent of any Holder of a Note to:

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

(b) provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes or Note
Guarantees, as applicable, by a Successor to the Company or a successor to such Guarantor pursuant to Article 5; 

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

(d) add any Note Guarantees with respect to the Notes and to release Note Guarantees when required or permitted by the
terms of this Indenture; 
 (e) secure the Notes; 

(f) add to the covenants of the Company or any Guarantor for the benefit of the Holders of the Notes or the Note
Guarantees or to surrender any right or power conferred upon the Company or any Guarantor; 

  
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 (g) make any change that would provide any additional rights or benefits to
the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 
 (h)
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (i) conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of notes” section of the Offering Memorandum, to the extent that such provision in
that “Description of notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantee; 
 (j) provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof; or 

(k) remove redemption provisions included in any Additional Notes pursuant to Section 2.14 that, pursuant to the
terms of such redemption provisions, are no longer in effect. 
 Upon the request of the Company accompanied by a resolution of
its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02(b), the Trustee shall join with the Company and the Guarantors in the
execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter
into such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

Section 9.02. With Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Note Guarantees without notice to any Holder of
Notes but with the consent of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium and Additional Interest, if any,
or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 Notwithstanding the preceding paragraph, with respect to the amendment, supplement or waiver of any mandatory or optional redemption provisions included in any Additional Notes as contemplated by
Section 2.14, the references in the preceding paragraph to Holders of a majority in principal amount of the Notes shall be deemed to refer to a majority in principal amount of the Additional Notes which contain such mandatory or optional
redemption provisions. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in
Section 7.02(b), the Trustee shall join with the 

  
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Company and the Guarantors in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture. 

It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment,
supplement or waiver of this Indenture becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. 

Without the consent of each Holder of Notes affected, an amendment, supplement or waiver under this Section 9.02 may not (with
respect to any Notes held by a non-consenting Holder): 
 (a) reduce the principal amount of Notes whose Holders
must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or extend the time for payment of
interest on any Note; 
 (c) reduce the principal of or extend the stated maturity of any Note; 

(d) reduce the premium payable upon the redemption of any Note, waive a redemption payment with respect to any Note or
change the time at which a Note may be redeemed other than provisions relating to the covenants in Sections 4.09 and 4.13; 
 (e) impair the right of any Holder to receive payment of principal of, or interest, premium, or Additional Interest, if any, on the Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment
default that resulted from such acceleration); 
 (f) make any Note payable in money other than that stated in
the Notes; 
 (g) make any change in the provisions of this Indenture relating to waivers of past Defaults; or

 (h) make any change in the foregoing amendment and waiver provisions. 

In addition, any amendment which releases any Guarantor from its obligations under any Note Guarantee (except as
specified in Article 5 or Section 10.02 prior to any such amendment) will require the consent of the Holders of at least
66 2/3% in aggregate principal amount of the Notes
then outstanding. 

  
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 Section 9.03. Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental Indenture that complies with
the TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of
a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of
a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. From and after the date an amendment, supplement or waiver becomes effective in
accordance with its terms, it shall bind every Holder. 
 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 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 to 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 9.05. Notation on or Exchange of Notes. 
 The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver. 
 Section 9.06. Trustee to Sign Amendments, etc. 

The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee
shall receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10. 

NOTE GUARANTEES 

Section 10.01. Note Guarantees. 
 (a) Subject to the provisions of this Article 10, each Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each
other Guarantor, to each Holder of the Notes, to the extent lawful, and the Trustee the full and punctual 

  
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payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, interest and Additional Interest, if any, on the Notes and all other
obligations of the Company under this Indenture (including under Section 7.07) and the Notes (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, relating to the Company or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) (all the foregoing being hereinafter collectively called the “Guarantor
Obligations”). Each Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article 10
notwithstanding any extension or renewal of any Guarantor Obligation. 
 (b) Each Guarantor waives (to the extent lawful)
presentation to, demand of, and protest to the Company of any of the Guarantor Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or
the Guarantor Obligations. 
 (c) Each Guarantor further agrees that its Note Guarantee constitutes a guarantee of payment when
due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Guarantor Obligations. 
 (d) Except as set forth in Section 10.02 and Article 8, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other
than payment of the Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not (to the extent lawful) be
discharged or impaired or otherwise affected by (i) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the Notes or any other agreement or
otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security
held by any Holder or the Trustee for the Guarantor Obligations or any of them; (v) the failure of any Holder to exercise any right or remedy against any other Guarantor; (vi) any change in the ownership of the Company; (vii) any
default, failure or delay, willful or otherwise, in the performance of the Guarantor Obligations; or (viii) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk
of any Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. 
 (e) Each Guarantor
agrees that its Note Guarantee shall remain in full force and effect until payment in full of all the Guarantor Obligations or such Guarantor is released from its Note Guarantee in compliance with Section 5.01, Section 10.02,
Section 11.01 or Article 8. Each Guarantor further agrees that its Note Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest or
Additional Interest, if any, on any of the Guarantor Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 

(f) In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any
Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and shall,
upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on 

  
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behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor
Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the
Company or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 
 (g)
Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand, (i) the maturity of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the
purposes of its Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantor Obligations guaranteed and (ii) in the event of any such declaration of acceleration of such
Guarantor Obligations, such Guarantor Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of such Guarantor’s Note Guarantee. 

(h) Each Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by
the Trustee or the Holders in enforcing any rights under this Section 10.01. 
 (i) Neither the Company nor the Guarantors
shall be required to make a notation on the Notes to reflect any Note Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Note Guarantee. 

Section 10.02. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be limited
to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
 (b) A Note Guarantee of a Guarantor shall be automatically and unconditionally released and discharged, and each Guarantor and its obligations under the Note Guarantee and this Indenture shall be released
and discharged: 
 (i) in connection with any sale or other disposition of all or substantially all of the assets
of that Guarantor (by way of merger, consolidation, or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale or other disposition does not violate
Section 4.09; 
 (ii) in connection with any sale or other disposition of Capital Stock of that Guarantor to
a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09 and the Guarantor ceases to be a Restricted Subsidiary of the
Company as a result of the sale or other disposition; 
 (iii) if the Company designates any Restricted
Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.19; or 

  
 -79-

 (iv) upon legal defeasance, covenant defeasance or satisfaction and
discharge of this Indenture pursuant to Section 8.02, Section 8.03, or Section 11.01. 
 (c) If any Guarantor is
released from its Note Guarantee, any of its Subsidiaries that are Guarantors will be released from their Note Guarantees. 

(d) In the case of any transaction described in Section 10.02(b)(i) or (b)(ii), the Company shall deliver to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 

(e) The release of a Guarantor from its Note Guarantee and its obligations under this Indenture in accordance with the provisions of this
Section 10.02 shall not preclude the future application of Section 4.19 to such Person. 
 Section 10.03. Right of
Contribution. 
 Subject to Section 10.04, each Guarantor agrees that in the event any payment or distribution is made
by any Guarantor (a “Funding Guarantor”) in respect of the Guarantor Obligations, such Funding Guarantor shall be entitled to a contribution from each other Guarantor in a pro rata amount based on the relative net worth of
each Guarantor (including the Funding Guarantor) as of the date of such payment or distribution for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Guarantor Obligations. The provisions of this
Section 10.03 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor
hereunder. 
 Section 10.04. No Subrogation. 
 Notwithstanding any payment or payments made by any Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Company or any other
Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the
Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Guarantor Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Guarantor Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be
turned over to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor Obligations. 

ARTICLE 11. 

SATISFACTION AND DISCHARGE 

Section 11.01. Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (1) either: 
 (a) all Notes that have been authenticated (except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or 

  
 -80-

 (b) all Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and
discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, and Additional Interest, if any, and accrued interest to the date of maturity or redemption; 

(2) other than with respect to a discharge when the Notes have become due and payable, no Default or Event of Default
shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and such deposit will not
result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 

(3) the Company or any Guarantor has paid or caused to be paid all other sums payable by it under this Indenture; and

 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
 In addition, the Company must deliver
an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 11.01, the
provisions of Section 11.02 and Section 8.06 shall survive such satisfaction and discharge. 
 Section 11.02. Application of
Trust Money. 
 Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to
Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any), interest and Additional Interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal of, premium, if
any, interest and Additional Interest, if any, on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent. 

  
 -81-

 ARTICLE 12. 
 MISCELLANEOUS 
 Section 12.01. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA, as described in §318(c), the
imposed duties shall control. 
 Section 12.02. Notices. 
 Any notice or communication by the Company, any Guarantor or the Trustee to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the other’s address, as follows: 
  

	
	 If to the Company or any Guarantor:

 

	 Boyd Gaming Corporation
 3883
Howard Hughes Parkway, 9th Floor

	 Las Vegas, NV 89169
 Telecopier
No.: (702) 792-7214
 Attention: Josh Hirsberg

	 and
 Telecopier No.:
(702) 696-1114
 Attention: Brian A. Larson, Esq.

	  
 With a copy to (which shall not constitute notice):

 

	Morrison & Foerster LLP
	 555 West 5th Street, Suite 3500

Los Angeles, CA 90013
 Telecopier No.:
(213) 892-5454

	Attention: Kathryn Johnstone, Esq.
	  
 If to the Trustee:

 

	U.S. Bank National Association
	 225 Asylum Street, 23rd Floor

Hartford, CT 06103
 Telecopier No.:
(860) 241-6897

	Attention: Corporate Trust Administration

 The Company, the Guarantors or the Trustee, by notice to the others may designate additional or different
addresses for subsequent notices or communications. 

  
 -82-

 All notices and communications (other than those sent to Holders) shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall
be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so
mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 If the Company or any Guarantor mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time. 
 Section 12.03. Communication by Holders of Notes with Other Holders of Notes.

 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this
Indenture or the Notes. The Company, the Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04. 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 Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 12.05. Statements Required in Certificate or Opinion. 
 Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and
shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or
condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the
opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

  
 -83-

 (d) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been satisfied. 
 Section 12.06. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules
and set reasonable requirements for its functions. 
 Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture and the Note Guarantees 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 issuance of the Notes. 
 Section 12.08. Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEE 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. 
 Section 12.09. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company, any of its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10. Successors.

 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in
this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.02. 
 Section 12.11. Severability. 
 In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12. Counterpart Originals. 
 The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 12.13. Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions. Unless otherwise indicated, references in this Indenture to Articles and Sections are to the articles and sections of this Indenture. 

[Signatures on following page] 

  
 -84-

 
							
	SIGNATURES
		
		 	BOYD GAMING CORPORATION
			
		 	By:	 	 /s/ Josh Hirsberg

		 		 	Name:	 	Josh Hirsberg
		 		 	Title:	 	Senior Vice President, Chief
		 		 		 	Financial Officer and Treasurer
		
		 	BOYD ATLANTIC CITY, INC.
			
		 	By:	 	 /s/ Keith E. Smith

		 		 	Name:	 	Keith E. Smith
		 		 	Title:	 	President
		
		 	BOYD TUNICA, INC.
			
		 	By:	 	 /s/ Keith E. Smith

		 		 	Name:	 	Keith E. Smith
		 		 	Title:	 	President
		
		 	BLUE CHIP CASINO, LLC
			
		 	By:	 	 /s/ Keith E. Smith

		 		 	Name:	 	Keith E. Smith
		 		 	Title:	 	Manager and President
		
		 	CALIFORNIA HOTEL AND CASINO
			
		 	By:	 	 /s/ Keith E. Smith

		 		 	Name:	 	Keith E. Smith
		 		 	Title:	 	President
		
		 	TREASURE CHEST CASINO, L.L.C.
			
		 	BY:	 	 /s/ Keith E. Smith

		 		 	Name:	 	Keith E. Smith
		 		 	Title:	 	President and Chief Executive
		 		 		 	Officer

  

  
 S-1

 
					
	RED RIVER ENTERTAINMENT OF SHREVEPORT, L.L.C.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and President
	
	BOYD RACING, L.L.C.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and President
	
	PAR-A-DICE GAMING CORPORATION
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President and Secretary
	
	COAST CASINOS, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	COAST HOTELS AND CASINOS, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	SAM-WILL, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
		 		 	

  
 S-2

 
					
	M.S.W., INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	CALIFORNIA HOTEL FINANCE CORPORATION
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	ECHELON RESORTS, LLC
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and Executive Vice
		 		 	President
	
	BOYD LOUISIANA RACING, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Michael M. Hopkins

		 	Name:	 	Michael M. Hopkins
		 	Title:	 	Vice President

  
 S-3

 EXHIBIT A 
 [Face of Note] 
  
  

 

							
		  	CUSIP Numbers:	  	144A Notes:	    	103304 BE0
		  		  	Reg S Notes:	    	U1021P AF1
		  	ISIN Numbers:	  	144A Notes:	    	US103304BE08
		  		  	Reg S Notes:	    	USU1021PAF19

9 
1/8 % Senior Note due 2018 
  

			
	 No.         
	 	$                    

 BOYD GAMING CORPORATION 
 promises to pay to
                                         
                                         
                                         
                              or registered assigns, 

on December 1, 2018, 
 the principal sum
of
                                         
                                         
                   Dollars[, as such amount may increase or decrease as set forth on Schedule A]. 
 Interest Payment Dates: December 1 and June 1 
 Record Dates: November 15 and
May 15 
 Dated:
                        , 201    . 

 

			
	BOYD GAMING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
 U.S. BANK NATIONAL ASSOCIATION, 

    as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
  

  
 A-2

 [Back of Note] 

9 
1/8 % Senior Note due 2018 
 [Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the Restricted Security Legend, if applicable, pursuant to the provisions of the Indenture] 

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

 1. INTEREST. Boyd Gaming Corporation, a Nevada corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 9 1/8 % per annum from November 10, 2010 until maturity. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on December 1 and June 1 of each year,
or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be June 1, 2011. The Company shall pay interest on overdue principal and premium, if any, from
time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest on overdue installments of interest and Additional Interest, if any, from time to time on demand at the same rate to the extent
lawful. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2.
METHOD OF PAYMENT. The Company will pay interest and Additional Interest, if any, on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the
close of business on the November 15 or May 15 immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of
the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Interest, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and
State of New York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire
transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions
to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank
National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company, or any of its Subsidiaries may act as Paying Agent and
Registrar. 
 4. INDENTURE. The Company issued the Notes under an Indenture dated as of
November 10, 2010 (the “Indenture”) among the Company, the Guarantors listed therein and the Trustee. The terms of the Notes include those stated in the Indenture and if the Notes are registered under the Securities Act, those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A-3

 5. OPTIONAL REDEMPTION. 

(a) Except as set forth in clauses (b) and (c) of Section 3.07 of the Indenture or in any Additional Notes that contain
optional redemption provisions in accordance with Section 2.14, the Company shall not have the option to redeem the Notes prior to December 1, 2014. 
 On or after December 1, 2014, the Company shall have the option to redeem the Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on December 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2014
	  	 	104.563	% 
	 2015
	  	 	102.281	% 
	 2016 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of clause (a) of Section 3.07 of the Indenture, at any time
prior to December 1, 2013, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 109.125% of the principal amount thereof, plus accrued and unpaid interest and
Additional Interest, if any, to the redemption date, subject to the rights of Holders of such Notes on any relevant record date to receive interest due on the relevant Interest Payment Date, with the Net Cash Proceeds of one or more Public Equity
Offerings; provided that (i) at least 65% of the aggregate principal amount of the Notes originally issued under the Indenture remain outstanding immediately after the occurrence of such redemption (excluding any such Notes held by the
Company and its Subsidiaries); and (ii) the redemption occurs within 90 days of the date of the closing of such Public Equity Offering. 
 (c) Notwithstanding the provisions of clause (a) of Section 3.07 of the Indenture, at any time prior to December 1, 2014, the Company may redeem all or a part of the Notes, at a redemption
price equal to 100% of the principal amount thereof, plus the Applicable Premium as of the date of redemption, and accrued and unpaid interest and Additional Interest, if any, to the date of redemption, subject to the rights of Holders of the Notes
on any relevant record date to receive interest due on the relevant Interest Payment Date. 
 6. MANDATORY
REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7. MANDATORY DISPOSITION OR REDEMPTION PURSUANT TO GAMING
LAWS. Pursuant to the Indenture, the Company will have the right to require a Holder to dispose of such Holder’s Notes if such Holder or the beneficial owner of such Notes is required to be licensed, qualified
or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority. In the event any such Holder fails to dispose of Notes within a prescribed time
period, the Company shall have the right to call such Notes for redemption at a redemption price equal to the lesser of (i) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon which
the Company shall have received notice from such Gaming Authority of such Holder’s disqualification or (ii) the price at which such Holder or beneficial owner acquired the Notes, unless a different redemption price is required by such
Gaming Authority, in which event such required price shall be the redemption price. 

  
 A-4

 8. REPURCHASE AT OPTION OF
THE HOLDER. 
 (a) Upon the occurrence of (i) a Change of Control (if, at
the Change of Control Time the Notes do not have Investment Grade Status) or (ii) a Change of Control Triggering Event (if, at the Change of Control Time the Notes have Investment Grade Status), each Holder of Notes shall have the right to
require the Company to purchase such Holder’s Notes, in whole, or in part in a principal amount that is $2,000 or an integral multiple of $1,000 in excess of $2,000, pursuant to a Change of Control Offer, at a purchase price in cash equal to
101% of the principal amount thereof on any Change of Control Payment Date plus accrued and unpaid interest and Additional Interest, if any, to the Change of Control Payment Date. 

Within 30 days following (i) any Change of Control or (ii) in the event the Notes have Investment Grade Status at the earlier
of the public announcement of (x) a Change of Control or (y) if applicable, the intention of the Company to effect a Change of Control, a Change of Control Triggering Event, the Company shall send, or cause to be sent, by first-class mail,
postage prepaid, a notice regarding the Change of Control Offer to the Trustee and each Holder of Notes. The Holder of this Note may elect to have this Note or a portion hereof in an authorized denomination purchased by completing the form entitled
“Option of Holder to Elect Purchase” appearing below and tendering this Note pursuant to the Change of Control Offer. Unless the Company defaults in the payment of the Change of Control Purchase Price with respect thereto, all Notes or
portions thereof accepted for payment pursuant to the Change of Control Offer will cease to accrue interest from and after the Change of Control Payment Date. 
 (b) If at any time the Company or any Restricted Subsidiary engages in any Asset Sale and/or suffers (or incurs) an Event of Loss, as a result of which the aggregate amount of Excess Proceeds exceeds
$100,000,000, the Company shall, within fifteen Business Days of the date the amount of Excess Proceeds exceeds $100,000,000, use the then-existing Excess Proceeds to make an offer to purchase, on a pro rata basis, from all Holders of the
Notes (including Additional Notes, if any), and at the election of the Company, the holders of any other outstanding Pari Passu Indebtedness having comparable rights, an aggregate principal amount of Notes, and, if applicable, such other Pari Passu
Indebtedness, equal to the Excess Proceeds, at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon. Upon completion of a Prepayment Offer (including
payment for accepted Notes), any surplus Excess Proceeds that were the subject of such offer shall cease to be Excess Proceeds, and the Company may then use such amounts for general corporate purposes or for the repurchase of Indebtedness
subordinated in right of payment to the Notes or the Note Guarantees if required to be purchased pursuant to their respective terms. 
 Within 15 Business Days of the date the amount of Excess Proceeds exceeds $100,000,000, the Company shall send, or cause to be sent, by first-class mail, postage prepaid, a notice regarding the Prepayment
Offer to each Holder of Notes. The Holder of this Note may elect to have this Note or a portion hereof in an authorized denomination purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and
tendering this Note pursuant to the Prepayment Offer. Unless the Company defaults in the payment of the purchase price with respect thereto, all Notes or portions thereof selected for payment pursuant to the Prepayment Offer will cease to accrue
interest from and after the purchase date. 
 9. NOTICE OF
REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notices of redemption
may be conditional. Notes in denominations larger than 

  
 A-5

 
$2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. Unless the Company defaults in making such redemption payment,
on and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
 10.
DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. The transfer of
Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. In addition, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

 11. PERSONS DEEMED OWNERS. The registered Holder of a Note
may be treated as its owner for all purposes. 
 12. AMENDMENT, SUPPLEMENT AND
WAIVER. Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Notes may be amended without prior notice to any Holder of Notes but with the written consent of the Holders of at
least a majority in principal amount of the outstanding Notes (including Additional Notes, if any) and (ii) any past Default and its consequences may be waived with the written consent of the Holders of at least a majority in principal amount
of the outstanding Notes (including Additional Notes, if any). Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of Notes, the Company, the Guarantors, and the Trustee may amend or supplement the Indenture
or the Notes to (a) cure any ambiguity, defect, mistake, omission, or inconsistency; (b) provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes or Note Guarantees, as applicable, by a
successor to the Company or such Guarantor pursuant to Article 5 of the Indenture; (c) provide for uncertificated Notes in addition to or in place of certificated Notes; (d) add any Note Guarantees with respect to the Notes and to release
such Note Guarantees when required or permitted by the terms of the Indenture; (e) secure the Notes; (f) add to the covenants of the Company or any Guarantor for the benefit of the Holders of the Notes or the Note Guarantees or to
surrender any right or power conferred upon the Company or any Guarantor; (g) make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the
Indenture of any Holder; (h) comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; (i) conform the text of the Indenture, the Notes or the Note Guarantees to any provision
of the “Description of notes” section of the Company’s Offering Memorandum dated October 28, 2010, relating to the initial offering of the Notes, to the extent that such provision in that “Description of notes” was
intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note Guarantee; (j) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as in effect on the Issue
Date; or (k) remove redemption provisions included in any Additional Notes pursuant to Section 2.14 of the Indenture that, pursuant to the terms of such redemption provisions, are no longer in effect. 

13. DEFAULTS AND REMEDIES. Events of Default include: (i) default
for 30 days in the payment when due of interest (including Additional Interest, if any) on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes when the same becomes due and payable at maturity, upon
acceleration, required purchase or otherwise; (iii) failure by the Company to comply with Section 5.01(a) of the Indenture; (iv) failure by the Company or any Guarantor to observe, perform or comply with any of the other covenants and
agreements in the Indenture, the Notes, or the Note Guarantees and such failure to observe, perform or comply continues for a period of 60 days after receipt 

  
 A-6

 
by the Company of a written notice from the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting as
a single class; (v) Indebtedness of the Company or any of its Restricted Subsidiaries is not paid when due or within any applicable grace period or is accelerated by the holders thereof and, in either case, the total amount of such unpaid or
accelerated Indebtedness exceeds $50,000,000; (vi) the entry by a court of competent jurisdiction of one or more judgments or orders against the Company or any of its Restricted Subsidiaries in an uninsured aggregate amount in excess of
$50,000,000 and such judgment or order is not discharged, waived, stayed or satisfied for a period of 60 consecutive days; (vii) certain events of bankruptcy, insolvency or reorganization affecting the Company or any Restricted Subsidiary that
is a Significant Subsidiary or a group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; (viii) except as permitted by the Indenture, any Note Guarantee is held in any judicial proceeding to be
unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person controlling such Guarantor, denies or disaffirms its obligations under its Note Guarantee, and such default continues for a period of
10 days; and (ix) any revocation, suspension or loss of any Gaming License which results in the cessation of business for a period of more than 90 consecutive days of the business of any Gaming Facility or Gaming Facilities owned, leased or
operated directly or indirectly by the Company or any of its Subsidiaries which, taken together, collectively contribute more than 10% of the Company’s Consolidated EBITDA (other than any voluntary relinquishment of a Gaming License if such
relinquishment is, in the reasonable, good faith judgment of the Board of Directors, evidenced by a Board Resolution, both desirable in the conduct of business of the Company and its Subsidiaries, taken as a whole, and not disadvantageous in any
material respect to the Holders). A Default under clause (v), (vi) or (ix) is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Notes (including Additional Notes, if any) notify the Company
of the Default; provided that any Default under clause (v) above resulting from a default or acceleration with respect to Indebtedness will not be considered an Event of Default if such default or acceleration is cured or annulled,
respectively, within 30 days of the receipt by the Company of such notice of default from the Trustee or Holders of not less than 25% in aggregate principal amount of the Notes. Subject to the following paragraph, if any Event of Default occurs and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes (including Additional Notes, if any) may declare all the Notes to be due and payable by a notice in writing to the Company (and to the
Trustee, if given by the Holders) specifying the Event of Default and that it is a “notice of acceleration” and on the fifth Business Day after delivery of such notice, the principal amount, together with any accrued and unpaid interest
and Additional Interest, if any, on all of the Notes then outstanding, will become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power. 
 The sole remedy for an Event of Default
relating to the failure to comply with the reporting obligations described under Section 4.03 of the Indenture and for any failure to comply with the requirements of TIA § 314(a) will, for the 365 days after the occurrence of such an Event
of Default, consist exclusively of the right to receive Additional Interest on the principal amount of the Notes at a rate equal to 0.50% per annum. If the Event of Default resulting from such failure to comply with the reporting obligations is
continuing on such 365th day, such Additional Interest will cease to accrue and the Notes will be subject to the other remedies provided in the Indenture. 
 The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and
its consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of, the Notes. 

  
 A-7

 The provisions of this Paragraph 13 are subject to certain limitations and exceptions set
forth in the Indenture with respect to an Event of Default that occurs by reason of a default with respect to any redemption provisions contained solely in Additional Notes. 
 14. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 15. NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder of the Company or any of the
Guarantors, as such, shall not have any liability for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 16. AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

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

18. CUSIP NUMBERS; ISINS. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Company has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP numbers and ISINs 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. 

19. ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Notes shall have all the rights set forth in the Registration Rights Agreement dated
as of November 10, 2010, among the Company, the Guarantors and the parties named on the signature pages thereof. 
 20.
GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE NOTES 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. 
 The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to Boyd Gaming Corporation, 3883 Howard Hughes Parkway, 9th Floor, Las Vegas, NV 89169, Attention: General Counsel. 

[Insert the Schedule of Principal Amount, if a Global Note] 

  
 A-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to

  
  
 (insert assignee’s social security or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s
name, address and zip code) 
  

			
	 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:	 	  

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

  

			
	Signature Guarantee:	 	  

 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the date that is one
year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Notes are being transferred: 

  
 A-9

 CHECK ONE BOX BELOW 

(1)  ̈ to the Company or a subsidiary thereof; or 

(2)  ̈ inside the United States to a qualified institutional buyer in compliance with Rule
144A under the Securities Act of 1933, as amended; or 
 (3)  ̈ outside the
United States to a non-U.S. Person in compliance with Rule 904 of Regulation S under the Securities Act of 1933, as amended; or 
 (4)  ̈ pursuant to another available exemption from registration under the Securities Act of 1933, as amended (if available); or 

(5)  ̈ pursuant to a registration statement which has been declared effective under the
Securities Act of 1933, as amended. 
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any person other than the registered Holder thereof; provided that if box (3) or (4) is checked, the Holder must, prior to such transfer, furnish to the Trustee such certifications, legal
opinions, or other information as the Company may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as
amended. 
  

					
	Signature Guarantee:	 		 	  

Signature

			
	  
	 		 	  

Signature

  
 A-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have all of this Note purchased by the Company pursuant to Section 4.13 or 4.09 of the Indenture, check the
box: 
  ̈ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.13 or 4.09 of the Indenture,
state the principal amount: 
 $         

 

							
	Date:                     	 		 	Your signature:	 	  

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

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
 A-11

 EXHIBIT B 
 VARIABLE NOTE PROVISIONS 
 [FORM OF] 

SCHEDULE OF PRINCIPAL AMOUNT 
 The following decreases/increases in the principal amount of this Note have been made: 
  

									
	 Date of

Decrease/

Increase
	 	 Decrease in

Principal Amount
	 	 Increase in

Principal Amount
	 	 Principal Amount
Following
such
Decrease/Increase
	 	 Notation Made

by or on Behalf
 of
Registrar

					
	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

  
 B-1

 EXHIBIT B 
 [FORM OF GLOBAL NOTE LEGEND] 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 [FORM OF RESTRICTED SECURITY LEGEND] 
 THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON
WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (2) TO THE COMPANY OR ANY SUBSIDIARY THEREOF OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (A)(1)(c) OR (d) ABOVE, THE COMPANY AND THE
TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 

  
 B-2

 EXHIBIT C 
 FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM RESTRICTED GLOBAL NOTE TO REGULATION S GLOBAL NOTE 

(Transfers pursuant to § 2.06(b) of the Indenture) 
 U.S. Bank National Association, as Trustee and Transfer Agent 
 225 Asylum Street 

23rd Floor 
 Hartford, Connecticut 06103

 Attention: Corporate Trust Administration 
 Re:        
9 1/8 % Senior Notes due 2018 (the
“Notes”) 
 Reference is hereby made to
the Indenture dated as of November 10, 2010 (the “Indenture”) among Boyd Gaming Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the
“Guarantors”) and U.S. Bank National Association (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

This letter relates to $         aggregate principal amount of Notes that are held as a
beneficial interest in the form of the Restricted Global Note (CUSIP No.             ; ISIN No:             ) with
the Depositary in the name of [name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note (ISIN
No.             ). 
 In connection with such request, the
Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Notes and: 
 (a) with respect to transfers made in reliance on Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”), does certify that: 
 (i) the offer of such Notes was not made to a person in the United States;

 (ii) either: 
 (1) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the
United States; 
 (2) in the case of Rule 903, the transaction was executed in, on or through a physical trading
floor of an established foreign securities exchange that is located outside the United States; or 
 (3) in the
case of Rule 904, the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the
United States; 

  
 C-1

 (iii) no directed selling efforts have been made in the United States by the
Transferor, an affiliate thereof or any person acting on their behalf in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable; 

(iv) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act;
and 
 (v) the Transferor is not the Company, a distributor of the Notes, an affiliate of the Company or any such
distributor (except any officer or director who is an affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing. 
 (b) with respect to transfers made in reliance on Rule 144 the Transferor certifies that such Notes are being transferred in a transaction permitted by Rule 144 under the U.S. Securities Act. 

We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you, the Company, the Guarantors and the Trustee to produce this certificate to any
interested party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Company, the Guarantors and Initial Purchasers of the Notes under the Purchase Agreement, dated
October 28, 2010 among the Company, the Guarantors and the Initial Purchasers relating to the Notes. Terms used in this certificate and not otherwise defined in the Indenture have the meanings set forth in Regulation S under the U.S.
Securities Act. 
  

			
	[Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Date:

  

			
	cc:	  	Attn:

  
 C-2

 EXHIBIT D 
 FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM REGULATION S GLOBAL 
 NOTE TO
RESTRICTED GLOBAL NOTE 
 (Transfers pursuant to § 2.06(b) of the Indenture) 
 U.S. Bank National Association, as Trustee and Transfer Agent 
 225 Asylum Street 

23rd Floor 
 Hartford, Connecticut 06103

 Attention: Corporate Trust Administration 
 Re:        
9 1/8 % Senior Notes due 2018 (the
“Notes”) 
 Reference is hereby made to
the Indenture dated as of November 10, 2010 (the “Indenture”) among Boyd Gaming Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the
“Guarantors”) and U.S. Bank National Association (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

This letter relates to $         aggregate principal amount of Notes that are held in the
form of the Regulation S Global Note (ISIN No. USU1021PAF19) in the name of [name of transferor] (the “Transferor”) to effect the transfer of such Notes in exchange for an equivalent beneficial interest in the
Restricted Global Note (CUSIP No.             , ISIN No.             ). 

In connection with such request, and in respect of such Notes the Transferor does hereby certify that such Notes are being transferred in
accordance with the transfer restrictions set forth in the Notes and that: 
 CHECK ONE BOX BELOW: 

 

	 	 ̈	the Transferor is relying on Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”) for exemption from such
Act’s registration requirements; it is transferring such Notes to a person it reasonably believes is a “qualified institutional buyer” as defined in Rule 144A that purchases for its own account, or for the account of a qualified
institutional buyer, and to whom the Transferor has given notice that the transfer is made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state of the United States; or

  

	 	 ̈	the Transferor is relying on an exemption other than Rule 144A from the registration requirements of the Securities Act, subject to the Company’s right prior to
any such offer, sale or transfer to require the delivery of an Opinion of Counsel, certification and/or other information satisfactory to it. 

 We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened
in connection with which this certificate is or would be relevant, we irrevocably authorize you, the Company, the Guarantors and the Trustee to produce this certificate to any interested party in such proceeding. This certificate and the statements
contained herein are made for your benefit and the benefit 

  
 D-1

 
of the Company, the Guarantors and the Initial Purchasers of the Notes under the Purchase Agreement dated October 28, 2010 among the Company, the Guarantors and the Initial Purchasers
relating to the Notes. 
  

			
	[Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Date:

  

			
	cc:	  	Attn:

  
 D-2

 EXHIBIT E 
 FORM OF CERTIFICATE OF TRANSFER 
  

	
	Boyd Gaming Corporation
	3883 Howard Hughes Parkway
	9th Floor
	Las Vegas, NV 89169
	Attention: General Counsel
	
	[Registrar address block]

  

			
	Re:	  	9 1/8 % Senior Notes due 2018 (the “Notes”)

 Reference is hereby made to the Indenture dated as of November 10, 2010 (the
“Indenture”) among Boyd Gaming Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the “Guarantors”) and U.S. Bank National Association (the
“Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to                      (the “Transferee”), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.   ̈  Check if Transferee will take delivery of a beneficial
interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Restricted Security Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and
the Securities Act. 
 2.   ̈  Check if Transferee will
take delivery of a beneficial interest in a Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market
and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been 

  
 E-1

 
made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the “Distribution Compliance Period” within the meaning of Regulation S, the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Restricted Security Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

3.   ̈  Check and complete if Transferee will take delivery of a
beneficial interest in a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one): 

(a)   ̈  such Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act; 
 or 

(b)    ̈  such Transfer is being effected to the Company or a
subsidiary thereof; 
 or 
 (c)   ̈  such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act. 

4.   ̈  Check if Transferee will take delivery
of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)   ̈  Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Restricted Security Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b)   ̈  Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Restricted Security Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Security Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 E-2

 (c)   ̈  Check if
Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Restricted Security Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Trustee and the Guarantors. 

 

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 E-3

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	 	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 

(a)   ̈  a beneficial interest in the: 

(i)
           ̈      144A Global Note (CUSIP
            ), or 

(ii)           ̈    
  Regulation S Global Note (CUSIP             ), or 
 (b)    ̈  a Restricted Definitive Note. 
  

	 	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
 (a)
   ̈   a beneficial interest in the: 
 (i)
           ̈          144A Global Note (CUSIP
            ), or 
 (ii)
           ̈          Regulation S Global Note (CUSIP
            ), or 

(iv)           ̈    
      Unrestricted Global Note (CUSIP             ); or 
 (b)    ̈   a Restricted Definitive Note; or 
 (c)    ̈   an Unrestricted Definitive Note, 
 in accordance with the terms of the Indenture. 

  
 E-4

 EXHIBIT F 
 FORM OF CERTIFICATE OF EXCHANGE 
  

	
	 Boyd Gaming Corporation

	 3883 Howard Hughes Parkway

	 9th Floor

	 Las Vegas, NV 89169

	 Attention: General Counsel

	
	 [Registrar address block]

  

			
	 Re:
	  	9 1/8 % Senior Notes due 2018 (the “Notes”)

 (CUSIP
                    ) 
 Reference is hereby made to the Indenture dated as of November 10, 2010 (the “Indenture”) among Boyd Gaming Corporation, a corporation organized under the laws of Nevada (the
“Company”), the Guarantors listed therein (the “Guarantors”) and U.S. Bank National Association (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in
the Indenture. 

                      
   (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of
Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to such Restricted Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 

  
 F-1

 (c)  ̈ Check if Exchange is from
Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable such
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Security Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Restricted Security Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the
Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to such Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Restricted Security Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

  
 F-2

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Trustee and the Guarantors. 
  

			
	  

		 	[Insert Name of Owner]
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	
Dated:                     

  
 F-3

 EXHIBIT G 
 FORM OF SUPPLEMENTAL INDENTURE 
 BOYD GAMING CORPORATION 

and 
 the
Guarantors named herein 
  
  

9 
1/8% SENIOR NOTES DUE 2018 
  

 
  

 
 FORM OF
SUPPLEMENTAL INDENTURE 
 DATED AS OF
                         ,          

 
  

U.S. BANK NATIONAL ASSOCIATION, 
 Trustee 
  

 

 This SUPPLEMENTAL INDENTURE, dated as of
                         , 201   is by and among Boyd Gaming Corporation, a Nevada corporation
(“Company”), each of the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and U.S. Bank National Association, as Trustee. 

RECITALS 
 WHEREAS, the Company, the Guarantors and the Trustee entered into an Indenture dated as of November 10, 2010 (the “Indenture”) pursuant to which the Company issued $500 million in
principal amount of 9 1/8 % Senior Notes due 2018
(the “Notes”); 
 WHEREAS, Section 9.01(d) of the Indenture provides that the Company, the
Guarantors and the Trustee may amend or supplement the Indenture in order to add Guarantors pursuant to Section 4.18 thereof, without the consent of the Holders of the Notes; and 

WHEREAS, all acts and things prescribed by the Indenture to make this Supplemental Indenture a valid instrument legally binding on the
Company, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed; 
 NOW, THEREFORE, in
compliance with the provisions of the Indenture and in consideration of the above premises, the Company, the Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

 1. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part
of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 2. This
Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company, the Guarantors and the Trustee. 
 3. From this date, in accordance with Section 8 of this Supplemental Indenture and by executing this Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions
of the Indenture to the extent provided for in Article 10 thereof. 
 4. Except as specifically modified herein,
the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same
respective meanings ascribed to them as in the Indenture. 
 5. Except as otherwise expressly provided herein, no
duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 

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

 7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE 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. 

8. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of such executed copies together shall represent the same agreement. 
 [NEXT PAGE IS SIGNATURE PAGE] 

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

			
	BOYD GAMING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EACH GUARANTOR SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
   as Trustee

		
	By:	 	  

		 	Name:
		 	Title:Registration Rights Agreement

 Exhibit 4.3 
 Execution Version 
 REGISTRATION RIGHTS AGREEMENT 

by and among 

Boyd Gaming Corporation 
 and the Guarantors party hereto 
 and 

J.P. Morgan Securities LLC 
 Dated as of November 10, 2010 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 10,
2010, by and among Boyd Gaming Corporation, a Nevada corporation (the “Company”), the guarantors named in Schedule A hereto and any subsidiary of the Company formed or acquired after the Closing Date that executes an additional
guarantee in accordance with the terms of the Indenture (as defined below), and their respective successors and assigns (collectively, the “Guarantors”), and J.P. Morgan Securities LLC, on behalf of itself and as representative (the
“Representative”) of the several initial purchasers listed on Schedule A to the Purchase Agreement (as defined below) (collectively, the “Initial Purchasers”), who have agreed to purchase the Company’s 9  1/8% Senior Notes due 2018 (the “Initial Notes”) fully and
unconditionally guaranteed by the Guarantors (the “Guarantees”) pursuant to the Purchase Agreement (as defined below). The Initial Notes and the Guarantees attached thereto are herein collectively referred to as the “Initial
Securities.” 
 This Agreement is made pursuant to the Purchase Agreement, dated October 28, 2010 (the
“Purchase Agreement”), among the Company, the Guarantors and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of Initial Securities, including the
Initial Purchasers. In order to induce the Initial Purchasers to purchase the Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase Agreement. 
 The parties hereby agree as
follows: 
 SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings: 
 Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in Section 6(c) hereof. 
 Affiliate: As defined in Rule 144 of the Securities Act. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this
Agreement. 
 Commission: The U.S. Securities and Exchange Commission. 

Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange 

 
Offer, (ii) the maintenance of such Exchange Offer Registration Statement continuously effective (subject to the terms hereof) and the keeping of the Exchange Offer open for a period not
less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal
amount of Initial Securities that were validly tendered by Holders thereof pursuant to the Exchange Offer. The term “Consummation” has a corresponding meaning. 
 Effectiveness Target Date: As defined in Section 5 hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 Exchange Offer: An offer registered under the Securities Act by the Company and the Guarantors pursuant to
a Registration Statement pursuant to which the Company and the Guarantors shall offer the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders
for Exchange Securities in the aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities validly tendered in such exchange offer by such Holders and with terms that are identical in all respects to the
Transfer Restricted Securities (except that the Exchange Securities will not contain terms with respect to the Additional Interest provisions contained in Section 5 hereof and transfer restrictions). 

Exchange Offer Registration Statement: The Registration Statement required to be filed by the Company and the Guarantors with the
Commission pursuant to this Agreement relating to the Exchange Offer, including the related Prospectus. 
 Exempt Resales:
The transactions in which the Initial Purchasers propose to sell the Initial Securities to certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons pursuant
to Regulation S under the Securities Act, in accordance with the terms of the Purchase Agreement. 

Exchange Securities: The 9  1/8% Senior Notes due 2018 of the same series under the Indenture as
the Initial Securities, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 
 FINRA: The Financial Industry Regulatory Authority, Inc. 
 Guarantees:
As defined in the preamble hereto. 
 Guarantors: As defined in the preamble hereto. 

Holders: As defined in Section 2(b) hereof. 
 Indemnified Holder: As defined in Section 8(a) hereof. 

  
 -2-

 Indenture: The Indenture, dated as of November 10, 2010, by and among the
Company, the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof.

 Initial Purchasers: As defined in the preamble hereto. 

Initial Notes: As defined in the preamble hereto. 
 Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement. 

Initial Purchasers: As defined in the preamble hereto. 
 Initial Securities: As defined in the preamble hereto. 
 Interest
Payment Date: As defined in the Indenture and the Securities. 
 Person: An individual, partnership, corporation,
limited liability company, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by
all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
 Recommencement Date: As defined in Section 6(d) hereof. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any Exchange Offer Registration Statement or Shelf Registration Statement, which is filed pursuant to the
provisions of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities: The Initial Securities and the Exchange Securities. 

Securities Act: The Securities Act of 1933, as amended. 
 Shelf Registration Statement: As defined in Section 4(a) hereof. 

Suspension Notice: As defined in Section 6(d) hereof. 

Suspension Rights: As defined in Section 6(c)(i) hereof. 

Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the date on which such Initial
Security is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Initial
Security has been 

  
 -3-

 
effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Initial Security is distributed to the public by
a Broker-Dealer pursuant to the “Plan of distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein), (d) the date that the Initial Securities are freely
transferable (the “Freely Transferable Date”) in accordance with Rule 144 by a person that is not an Affiliate of the Company where no conditions under Rule 144 are then applicable; provided, however, that the Freely Transferable
Date shall not precede (i) the Consummation of the Exchange Offer, or (ii) as to such Initial Securities held by Holders that require the Company to file a Shelf Registration Statement pursuant to Section 4(a) hereof, the expiration
of the period that the Company is required, pursuant to Section 4(a) hereof, to keep such Shelf Registration Statement effective, and (e) such Initial Securities have ceased to be outstanding. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter
for reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement. 

(a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted
Securities. 
 (b) Holders. Each of the following is a “Holder” (and collectively the “Holders”):
(i) the Initial Purchasers; and (ii) each Person who owns Transfer Restricted Securities. 
 SECTION 3.
Registered Exchange Offer. 
 (a) Subject to Section 6(c)(i), unless the Exchange Offer shall not be permissible
under applicable federal law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), each of the Company and the Guarantors will use their commercially reasonable efforts to (i) cause a
Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer to become effective in accordance with the requirements of Section 3(b) hereof, (ii) in connection with the foregoing, (A) file
all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) file, if applicable, a post-effective amendment to such Registration Statement pursuant to
Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer, and (iii) promptly following the effectiveness of such Registration Statement, commence the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate form
permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof. 

(b) The Company and the Guarantors shall use their respective commercially reasonable efforts to cause the Exchange Offer Registration
Statement to be effective continuously 

  
 -4-

 
(subject to the terms hereof) and shall use their respective commercially reasonable efforts to keep the Exchange Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The
Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Company and the Guarantors
shall use their commercially reasonable efforts to cause the Exchange Offer to be Consummated not later than 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day). 

(c) The Company shall include in a “Plan of distribution” section contained in the Prospectus forming a part of the Exchange
Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other than
Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities
Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be
satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of distribution” section shall also contain all other information with respect to such resales by
Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such
Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 
 Each of the Company and the Guarantors shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective (subject to the terms hereof), supplemented
and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities
or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of
(i) 90 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading
activities. 
 The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly
upon request at any time during such 90-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 
 SECTION 4. Shelf Registration. 
 (a) Shelf Registration.
Subject to Section 6(c)(i), if (i) the Company and the Guarantors are not required to file an Exchange Offer Registration Statement or to consummate the 

  
 -5-

 
Exchange Offer because the Exchange Offer is not permitted by applicable federal law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with),
(ii) for any reason the Exchange Offer is not Consummated within 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Transfer Restricted
Securities, such Holder notifies the Company prior to the 10th Business Day following Consummation of the Exchange Offer that (A) such Holder, alone or together with Holders who hold in the aggregate at least $1.0 million in principal amount of Transfer
Restricted Securities, was prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without
delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired
directly from the Company or one of its Affiliates, then, upon such Holder’s request prior to the 10th Business Day following Consummation of the Exchange Offer, the Company and the Guarantors shall, subject to the Suspension Rights set forth in Section 6(c)(i) below, use commercially reasonable
efforts to: (i) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration
Statement”); and (ii) cause such Shelf Registration Statement to be declared effective by the Commission not later than 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day).

 Each of the Company and the Guarantors shall use its commercially reasonable efforts to keep such Shelf Registration
Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer
Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to
time, for a period of at least two years following the Closing Date, or one year following its effectiveness if such Shelf Registration Statement is filed at the request of a Holder or Holders, (in each case, as such time may be extended pursuant to
Section 6(d) hereof), or such shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto or when all Initial Securities cease to be Transfer Restricted
Securities. 
 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No
Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 10 Business Days
after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf
Registration Statement is being effected agrees to furnish promptly to the Company all information as requested by the Commission or as required to be disclosed in order to make the information previously furnished to the Company by such Holder not
materially misleading. No Holder shall be entitled to Additional Interest pursuant to Section 5 hereof unless and until (and from and after such time) such Holder shall have provided all information required pursuant to this Section 4(b).

  
 -6-

 SECTION 5. Additional Interest. Subject to the Section 6(c)(i), if
(i) any of such Shelf Registration Statement has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (ii) the Exchange Offer
has not been Consummated within 365 days after the Closing Date with respect to the Exchange Offer Registration Statement or (iii) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease
to be effective or fail to be usable for its intended purpose for a period in excess of 30 days without being succeeded immediately by a post-effective amendment to such Registration Statement that cures such failure and that is itself declared
effective (each such event referred to in clauses (i) through (iii), a “Registration Default”), the Company hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum
during the 90-day period immediately following the occurrence of any Registration Default (provided that the Additional Interest on the Transfer Restricted Securities may not accrue under more than one Registration Default at any one time)
and shall increase by 0.25% per annum at the end of each subsequent 90-day period during which such Registration Default continues (any such increase, “Additional Interest”), but in no event shall such Additional Interest exceed
1.00% per annum. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest rate
borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again
be increased pursuant to the foregoing provisions. 
 A Registration Default referred to in this Section 5 shall be deemed
not to have occurred and be continuing in relation to any Registration Statement required by this Agreement or the related Prospectus if such Registration Default has occurred solely as a result of the exercise of a Suspension Right by the Company
pursuant to Section 6(c)(i) hereof. 
 All obligations of the Company and the Guarantors set forth in the preceding
paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been
satisfied in full. 
 The Additional Interest set forth in this Section 5 shall be the exclusive monetary remedy available
to Holders for each Registration Default. 

  
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 SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantor shall comply with
all of the provisions of Section 6(c) hereof, shall use their respective commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods
of distribution thereof, and shall comply with all of the following provisions: 
 (i) If in the reasonable
opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Company and the Guarantors hereby agrees to use its commercially reasonable efforts to seek a no-action letter or
other favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Initial Securities. Each of the Company and the Guarantors hereby agrees to pursue the issuance of such a decision to the
Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. Each of the Company and the Guarantors hereby agrees, however, to (A) participate in telephonic conferences with
the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and
(C) diligently pursue a resolution by the Commission staff of such submission. 
 (ii) As a condition to its
participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation of the Exchange Offer, a written representation to
the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in, and does not intend to
engage in, and has no arrangement or understanding with any Person to participate in, a distribution (within the meaning of the Securities Act) of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange
Securities in its ordinary course of business, (D) if such Holder is a Broker-Dealer, such Holder acquired the Transfer Restricted Securities as a result of market-making activities or other trading activities and that it will comply with the
applicable provisions of the Securities Act and the applicable no-action positions of the Commission with respect to any resale of any Exchange Securities, and (E) such Holder has full corporate (or similar) power and authority to transfer the
Transfer Restricted Securities in exchange for the Exchange Securities. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder will be required
to acknowledge and agree that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date
of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the
Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and
prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

  
 -8-

 (b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, each of the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities
being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantors will as expeditiously as is commercially reasonably practicable prepare and file with the Commission a
Registration Statement (subject to the terms hereof) relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended
method or methods of distribution thereof. 
 (c) General Provisions. In connection with any Registration Statement and
any related Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities
by Broker-Dealers), each of the Company and the Guarantors shall: 
 (i) use its commercially reasonable efforts
to keep such Registration Statement continuously effective (subject to the terms hereof) and provide all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the
Guarantors) for the period specified in Section 3 or 4 hereof (it being understood that such financial statements shall be deemed provided to the extent filed with the Commission), as applicable. Upon the occurrence of any event that would
cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state any material fact necessary to make the statements therein (and in the case of the Prospectus or any
supplement thereto, in light of the circumstances under which they were made) not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file
as soon as practicable an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to
cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter. Notwithstanding anything in this Agreement to the contrary,
the Company and the Guarantors may allow the Exchange Offer Registration Statement or, if applicable, the Shelf Registration Statement, and the related Prospectus to cease to remain effective and usable or may delay the filing or the effectiveness
of the Exchange Registration Statement or, as applicable, the Shelf Registration Statement if not then filed or effective, as applicable (collectively, the “Suspension Rights”), from time to time but in no event for more than 90 days in
the aggregate in any six month period if (x) the board of directors of the Company (or a duly-appointed committee of the board of directors having power over the subject matter) determines in good faith that it is in the best interests of the
Company not to disclose the existence of or facts surrounding any proposed or pending material event involving the Company, the Guarantors or any of their respective Affiliates, or (y) the Prospectus contained in the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, contains an untrue 

  
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statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each
case, if the Company determines reasonably and in good faith that compliance with the disclosure obligations of the applicable Registration Statement at such time (either in filing or amending such Registration Statement or to maintain the
effectiveness of such Registration Statement) would reasonably be expected to materially adversely effect the Company, the Guarantors, any of their respective Affiliates, or a pending financing, acquisition, disposition, merger or other material
corporate event involving the Company, the Guarantors or any of their respective Affiliates (it being understood that the Company and the Guarantors shall be required to use their commercially reasonable efforts to proceed in good faith to prepare
or amend such Registration Statement or supplement to such related Prospectus, as applicable, as soon as practicable to describe such events or to otherwise cause such Registration Statement to be filed or become effective and the related Prospectus
to again be usable at such time as so doing would not have such a material adverse effect); provided that the 90-day period referred to in Section 3(c) during which the Exchange Offer Registration Statement is required to be effective and
usable or the period referred to in Section 4(a) hereof during which the Shelf Registration Statement is required to be effective and usable shall be extended by the number of days during which such Registration Statement was not effective or
usable pursuant to the foregoing provisions (which extension shall be the Holders’ sole remedy for the exercise by the Company of the Suspension Rights during the time period permitted hereunder, but only to the extent that any suspension
period does not violate the 90-day period set forth above). In the event of the exercise of a Suspension Right pursuant to this Section 6(c)(i), the Company shall mail notification to the Holders within five Business Days after the board of
directors (or applicable committee thereof) has made such election. 
 (ii) subject to the Section 6(c)(i),
prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4
hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus; 
 (iii) advise the underwriter(s), if any, and selling Holders named in any
Registration Statement promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration
Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or 

  
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supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the
preceding purposes, and (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement or the related Prospectus, any amendment or supplement thereto, or any
document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein (in the case of the Prospectus, in light of the
circumstances under which they were made) not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall
issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, each of the Company and the Guarantors shall use its commercially reasonable efforts to obtain
the withdrawal or lifting of such order at the earliest possible time; 
 (iv) furnish without charge to each of
the Initial Purchasers, each selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and reasonable comment of such
Holders and underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration
Statement or Prospectus (including all such documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing
within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be
reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

(v) promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or
Prospectus, provide copies of such document to the Initial Purchasers, each selling Holder named in any Registration Statement, and to the underwriter(s), if any, make the Company’s and the Guarantors’ representatives available for
discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request; 

(vi) make available at reasonable times for inspection by the Initial Purchasers, the managing underwriter(s), if any,
participating in any disposition pursuant to such 

  
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Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other records, pertinent corporate documents and
properties of each of the Company and the Guarantors reasonably requested and cause the Company’s and the Guarantors’ officers, directors and employees to supply all such information reasonably requested by any such Holder, underwriter,
attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by
the managing underwriter(s), if any; provided, however, that if any information is reasonably and in good faith designated by the Company and the Guarantors in writing as confidential at the time of delivery of such information, the
Initial Purchasers or any such underwriter, attorney, accountant or other agent requesting or receiving such information shall agree to be bound by reasonable confidentiality agreements and procedures with respect thereto; 

(vii) if requested by any selling Holders or the underwriter(s), if any, to the extent permissible under the Securities
Act or the Exchange Act, incorporate as promptly as practicable in any Registration Statement or related Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if
any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer
Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus
supplement or post-effective amendment as promptly as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii) use its commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration
Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Securities covered thereby or the underwriter(s), if any; 

(ix) to the extent requested, furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if
any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, but excluding all documents incorporated by reference therein, if
any, and all exhibits unless requested; 
 (x) deliver to each selling Holder and each of the underwriter(s), if
any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Company and the Guarantors hereby consents to the use (in
accordance with law and subject to Section 6(d) hereof and any Suspension Rights) of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering
and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 

  
 -12-

 (xi) enter into such agreements (including an underwriting agreement) and
make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this
Agreement, all to such extent as may be customarily and reasonably requested by the Initial Purchasers or, in the case of registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, by any Initial
Purchaser, if any, or any Holder or Holders of Transfer Restricted Securities who hold at least $25.0 million in aggregate principal amount of Transfer Restricted Securities; provided, that, the Company and the Guarantors shall not be
required to enter into any such agreement more than once with respect to all of the Transfer Restricted Securities and, in the case of a Shelf Registration Statement, may delay entering into such agreement if the board of directors (or any committee
thereof) of the Company determines in good faith that it is in the best interests of the Company and the Guarantors not to disclose the existence of or facts surrounding any proposed or pending material corporate event consistent with
Section 6(c)(i). In such connection, the Company and the Guarantors shall: 
 (A) furnish to each Initial
Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of
the Exchange Offer or, if applicable, the effectiveness of the Shelf Registration Statement: 
 (1) a
certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by (y) the President or any Vice President and (z) a principal financial or
accounting officer of each of the Company and the Guarantors, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 5(e) of the Purchase Agreement and such other matters as such parties
may reasonably request; 
 (2) an opinion and negative assurance letter, dated the date of Consummation of the
Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the Company and the Guarantors, covering the matters set forth in Section 5(c) of the Purchase Agreement and such other matter
as such parties may reasonably request; and 
 (3) use its commercially reasonable efforts to cause to have
delivered a customary comfort letter, dated as of the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Company’s independent accountants, in customary form
and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to
Section 5(a) of the Purchase Agreement, without exception; 

  
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 (B) set forth in full or incorporate by reference in the underwriting
agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance
with Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or the Guarantors pursuant to this Section 6(c)(xi), if any. 

(xii) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the
underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or
underwriter(s), if any, may reasonably request and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration
Statement; provided, however, that none of the Company or any of the Guarantors shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of
process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 

(xiii) shall issue, upon the request of any Holder of Initial Securities covered by the Shelf Registration Statement,
Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities validly tendered or surrendered, as applicable, to the Company by such Holder in exchange therefor or being sold by such Holder;
such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; and, in return, the Initial Securities held by such Holder shall be surrendered to the Company for
cancellation; 
 (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names
as the Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s); 

(xv) use its commercially reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in Section 6(c)(xii) hereof; 

  
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 (xvi) subject to Section 6(d), if any fact or event contemplated by
Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not
misleading; 
 (xvii) provide a CUSIP number for all Securities not later than the effective date of the
Registration Statement covering such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action reasonably
necessary to ensure that all such Securities are eligible for deposit with the Depository Trust Company; 

(xviii) cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xix) otherwise use its commercially reasonable efforts to comply, in all material respects, with all applicable rules and
regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period
(A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning
with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 
 (xx) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith,
cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its
commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a
timely manner; and 
 (xxi) provide promptly to each Holder upon request each document filed with the Commission
pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 

  
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 (d) Restrictions on Holders. Each Holder agrees by acquisition of a Transfer
Restricted Security that, upon receipt of the notice referred to in Section 6(c)(i) or 6(c)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a
“Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof, or (ii) such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent file copies, then in
such Holder’s possession which have been replaced by the Company with more recently dated Prospectuses or (ii) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s
possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4
hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of the Suspension Notice to the Recommencement Date. Each Holder, by acquisition of a Transfer Restricted
Security, further agrees to hold the fact that it has received any Suspension Notice, and any communication from the Company to the Holder relating to an event giving rise to a Suspension Notice, in confidence, subject to clauses (1) through
(4) of Section 6(c)(vi) hereof. 
 SECTION 7. Registration Expenses. 

(a) All reasonable and customary expenses incident to the Company’s and the Guarantors’ performance of or compliance with this
Agreement will be borne by the Company and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including
filings made by any Initial Purchaser or Holder with the FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA));
(ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and
printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities;
(v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent
certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance). 
 Each of the Company and the Guarantors will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the Guarantors. Each Holder shall 

  
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pay all underwriting discounts, commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Transfer Restricted Securities pursuant to
the Shelf Registration Statement. 
 (b) In connection with any Shelf Registration Statement, the Company and the Guarantors,
jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being resold pursuant to the Shelf Registration Statement for the reasonable fees and disbursements of not more than one counsel, who
shall be Cahill Gordon & Reindel LLP or such other counsel reasonably acceptable to the Company and the Guarantors as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for
whose benefit such Registration Statement is being prepared. 
 SECTION 8. Indemnification. 

(a) Indemnification of Indemnified Holder. The Company and the Guarantors, jointly and severally, agree to indemnify and hold
harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause
(ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause
(i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without
limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with (x) any untrue statement
or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading or (y) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except with respect to clauses (x) or (y) insofar as such losses, claims, damages, liabilities or expenses
are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly
for use therein. This indemnity agreement shall be in addition to any liability which the Company or the Guarantors may otherwise have. 
 (b) Indemnification of the Company and the Guarantors. Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors
and their respective directors, officers of the Company and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company
or any of the Guarantors, 

  
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and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to
each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be
brought against the Company, the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights
and duties given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

(c) Notification and Other Indemnification Procedure. Promptly after receipt by an indemnified party under this Section 8 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the
failure to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any liability other than the indemnification obligation provided in paragraph (a) or (b) above. In case any
such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in and, to the extent that it shall elect, jointly
with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably
satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between
the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those
available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or
parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will
not be liable to such indemnified party under this Section 8 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed
separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel (in
each jurisdiction)), which shall be approved by the indemnified party or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice
of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. 

  
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 (d) Settlements. The indemnifying party under this Section 8 shall not be liable
for any settlement of any proceeding effected without its written consent, which will not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by this Section 8, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request or disputed in good faith the
indemnified party’s entitlement to such reimbursement prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of
judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement,
compromise or consent (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding and (ii) does not include any statements as to or an
admission of fault, culpability or failure to act by or on behalf of any indemnified party. 
 (e) If the indemnification
provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments,
actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the
Company and the Guarantors shall be deemed to be equal to the total gross proceeds to the Company and the Guarantors from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the
Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company and the
Guarantors, on the one hand, and the Indemnified Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable
considerations. The relative fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 8(e) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

  
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 The Company, the Guarantors and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(e) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discounts and commissions
received by such Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to
contribute pursuant to this Section 8(e) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint. 

SECTION 9. Rule 144A. Each of the Company and the Guarantors hereby agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding, if the Company is not required to file reports under the Exchange Act (and the Initial Securities are deemed Transfer Restricted Securities), to make available to any Holder or beneficial owner of Transfer
Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to
permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 
 SECTION 10.
Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other
documents required under the terms of such underwriting arrangements. 
 SECTION 11. Selection of Underwriters. The
Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and
managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment
banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company. 

  
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 SECTION 12. Miscellaneous. 

(a) Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this Agreement, except as
permitted by, or pursuant to the terms of, the Indenture, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Company nor any of the Guarantors has previously entered into any agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under any agreement in effect on the date hereof. 
 (c) Adjustments Affecting the Securities. Except as permitted by, or pursuant to the terms of, the Indenture, the Company and the Guarantors will not take any action, or permit any change to occur,
with respect to the Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given
unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof,
obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver
or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that, with
respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement,
waiver, consent or departure is to be effective. 
 (e) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), facsimile or courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the
Registrar under the Indenture; and 

  
 -21-

 (ii) if to the Company or the Guarantors: 

Boyd Gaming Corporation 
 3883 Howard Hughes Parkway, 9th Floor 
 Las Vegas, NV 89169 

			
	Facsimile:	 	(702) 792-7214
	Attention:	 	Josh Hirsberg

 With a copy to: 
 Boyd Gaming Corporation 
 3883 Howard Hughes Parkway, 9th Floor 

Las Vegas, NV 89169 

			
	Facsimile:	 	(702) 696-1114
	Attention:	 	Brian A. Larson

 With a further copy (which shall not constitute notice) to: 

Morrison & Foerster LLP 
 425 Market Street 
 San Francisco, California 94105 

			
	Facsimile:	 	(415) 268-7522
	Attention:	 	Brandon C. Parris

 All such notices and communications shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if by facsimile; and on the next Business Day, if timely delivered to a courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving
the same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided,
however, nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder
shall acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted
Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase
Agreement, and such Person shall be entitled to receive the benefits hereof. 
 (g) Counterparts. This Agreement 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

  
 -22-

 
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, email or other electronic means shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 (h) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j)
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

(Signature Pages Follow) 

  
 -23-

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	BOYD GAMING CORPORATION
		
	By:	 	 /s/ Josh Hirsberg

		 	Name:	 	Josh Hirsberg
		 	Title:	 	Senior Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	BOYD ATLANTIC CITY, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	BOYD TUNICA, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	BLUE CHIP CASINO, LLC
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and President
	
	CALIFORNIA HOTEL AND CASINO
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President

  
 -24-

 
					
	SAM-WILL, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	M.S.W., INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	CALIFORNIA HOTEL FINANCE CORPORATION
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	ECHELON RESORTS, LLC
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and Executive Vice President
	
	BOYD LOUISIANA RACING, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	TREASURE CHEST CASINO, L.L.C.
		
	BY:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President and Chief Executive Officer

  
 -25-

 
					
	RED RIVER ENTERTAINMENT OF SHREVEPORT, L.L.C.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and President
	
	BOYD RACING, L.L.C.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	Manager and President
	
	PAR-A-DICE GAMING CORPORATION
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President and Secretary
	
	COAST CASINOS, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President
	
	COAST HOTELS AND CASINOS, INC.
		
	By:	 	 /s/ Keith E. Smith

		 	Name:	 	Keith E. Smith
		 	Title:	 	President

  
 -26-

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

			
	J.P. MORGAN SECURITIES LLC
	Acting on behalf of itself and as the
Representative of the several Initial Purchasers
		
	By:	 	J.P. Morgan Securities LLC
		
	By:	 	 /s/ Jack D. Smith

	Name:	 	Jack D. Smith
	Title:	 	Executive Director

  
 -27-

 SCHEDULE A 
 GUARANTORS 
 California Hotel and Casino, a Nevada corporation 

California Hotel Finance Corporation, a Nevada corporation 
 Coast Casinos, Inc., a Nevada corporation 
 Coast Hotels and Casinos, Inc., a Nevada corporation

 Echelon Resorts LLC, a Nevada limited liability company 
 M.S.W., Inc., a Nevada corporation 
 Sam-Will, Inc., a Nevada corporation 

Par-A-Dice Gaming Corporation, an Illinois corporation 
 Blue Chip Casino, LLC., an Indiana limited liability company 
 Boyd Louisiana Racing, Inc., a
Louisiana corporation 
 Boyd Racing, L.L.C., a Louisiana limited liability company 
 Red River Entertainment of Shreveport, L.L.C., a Louisiana limited liability company 
 Treasure
Chest Casino, L.L.C., a Louisiana limited liability company 
 Boyd Tunica, Inc., a Mississippi corporation 

Boyd Atlantic City, Inc., a New Jersey corporation 

  
 Schedule A-1

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