Common use of HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY Clause in Contracts

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists. 47 Section 6.02 Preservation of Information; Communications to Holders. 47 Section 6.03 Reports by Trustee. 47 Section 6.04 Reports by Company. 47 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without Consent of Holders. 49 Section 8.02 Supplemental Indentures with Consent of Holders. 50 Section 8.03 Execution of Supplemental Indentures. 51 Section 8.04 Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture Act. 52 ARTICLE IX COVENANTS 52 Section 9.01 Payment of Principal and Interest. 52 Section 9.02 Maintenance of Office. 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in Trust. 53 Section 9.04 Corporate Existence. 53 Section 9.05 Maintenance of Properties. 54 Section 9.06 Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 Applicability of Article. 55 Section 10.02 Election to Redeem; Notice to Trustee. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section 10.04 Notice of Redemption. 56 Section 10.05 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. Section 7.1 Company and Guarantors to Furnish Trustee Names and Addresses of Holders 47 Section 6.01 Holder Lists. 47 Section 6.02 7.2 Preservation of Information; Communications to Holders. Holders 47 Section 6.03 7.3 Reports by Trustee. Trustee 47 Section 6.04 7.4 Reports by Company. Company and Guarantors; Rule 144A Information 47 ARTICLE VII SUCCESSORS 8 CONSOLIDATION, MERGER AND SALES Section 8.1 Company May Consolidate, etc., Only on Certain Terms 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 8.2 Successor Person Substituted for Company. Company 49 Section 8.3 Parent Guarantor May Consolidate, Etc., Only on Certain Terms 49 Section 8.4 Successor Person Substituted for Parent Guarantor 50 Section 8.5 Subsidiaries May Consolidate, Etc., Only on Certain Terms 50 Section 8.6 Successor Person Substituted for Subsidiary Guarantor 51 ARTICLE VIII 9 SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 9.1 Supplemental Indentures without Consent of Holders. 49 Holders 51 Section 8.02 9.2 Supplemental Indentures with Consent of Holders. 50 Holders 52 Section 8.03 9.3 Execution of Supplemental Indentures. 51 Indentures 53 Section 8.04 9.4 Effect of Supplemental Indentures. 51 Indentures 54 Section 8.05 9.5 Reference in Subordinated Notes Securities to Supplemental Indentures. 51 Indentures 54 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 9.6 Conformity with Trust Indenture Act. 52 Act 54 Section 9.7 Notice of Supplemental Indenture 54 ARTICLE IX 10 COVENANTS 52 Section 9.01 10.1 Payment of Principal Principal, any Premium, Interest and Interest. 52 Additional Amounts 54 Section 9.02 10.2 Maintenance of Office. 52 Office or Agency 54 Section 9.03 10.3 Money for Subordinated Notes Securities Payments to Be Held in Trust. 53 Trust 55 Section 9.04 Corporate Existence. 53 10.4 Additional Amounts 57 Section 9.05 Maintenance of Properties. 54 10.5 Limitation on Liens; Restriction on Sale-Leasebacks 57 Section 9.06 10.6 Legal Existence 59 Section 10.7 Subsequent Subsidiary Guarantors 59 Section 10.8 Waiver of Certain Covenants. 54 Covenants 59 Section 9.07 10.9 Company Statement as to Compliance. 54 ; Notice of Certain Defaults 60 Section 9.08 Tier 2 Capital. 54 10.10 Guarantor Statement as to Compliance; Notice of Certain Defaults 60 ARTICLE X 11 REDEMPTION OF SECURITIES 55 Section 10.01 11.1 Applicability of Article. 55 Article 61 Section 10.02 11.2 Election to Redeem; Notice to Trustee. 55 Trustee 61 Section 10.03 11.3 Selection by Trustee of Subordinated Notes Securities to be Redeemed. 55 Redeemed 61 Section 10.04 11.4 Notice of Redemption. 56 Redemption 61 Section 10.05 11.5 Deposit of Redemption Price. 57 Price 62 Section 10.06 Subordinated Notes 11.6 Securities Payable on Redemption Date. 57 Date 62 Section 10.07 Subordinated Notes 11.7 Securities Redeemed in Part. 57 Part 63 ARTICLE XI SUBORDINATION OF SECURITIES 58 12 SINKING FUNDS Section 11.01 Agreement to Subordinate. 58 12.1 Applicability of Article 64 Section 11.02 Distribution 12.2 Satisfaction of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Sinking Fund Payments with Securities 64

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 29 Section 6.01 Holder Lists. 47 7.1 Issuers To Furnish Trustee Names and Addresses of Holders 29 Section 6.02 7.2 Preservation of Information; Communications to Holders. 47 Holders 29 Section 6.03 7.3 Reports by Trustee. 47 Trustee 29 Section 6.04 7.4 Reports by Company. 47 the Issuers and the Guarantor 29 ARTICLE VII SUCCESSORS 48 8 GUARANTEE 30 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 8.1 Guarantee 30 Section 7.02 Successor Person Substituted for Company. 49 8.2 No Waiver 31 Section 8.3 Modification 31 Section 8.4 Non-Impairment 31 Section 8.5 Limitation on Guarantor Liability 32 ARTICLE VIII 9 SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 INDENTURE 32 Section 8.01 9.1 Supplemental Indentures without Consent of Holders. 49 Holders 32 Section 8.02 9.2 Supplemental Indentures with Consent of Holders. 50 Holders 33 Section 8.03 9.3 Execution of Supplemental Indentures. 51 Indentures 34 Section 8.04 9.4 Effect of Supplemental Indentures. 51 Indentures 34 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 9.5 Conformity with Trust Indenture Act. 52 Act 34 Section 9.6 Reference in Securities to Supplemental Indentures 34 ARTICLE IX 10 COVENANTS 52 34 Section 9.01 10.1 Payment of Principal Principal, Premium, if any, and Interest. 52 Interest 34 Section 9.02 10.2 Maintenance of Office. 52 Office or Agency 34 Section 9.03 10.3 Money for Subordinated Notes Securities Payments to To Be Held in Trust. 53 Trust 35 Section 9.04 Corporate Existence. 53 Section 9.05 Maintenance of Properties. 54 Section 9.06 Waiver of Certain Covenants. 54 Section 9.07 Company 10.4 Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 ; Notice of Certain Defaults 35 ARTICLE X 11 REDEMPTION OF SECURITIES 55 36 Section 10.01 11.1 Applicability of Article. 55 Article 36 Section 10.02 11.2 Election to Redeem; Notice to Trustee. 55 Trustee 36 Section 10.03 11.3 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Securities To Be Redeemed 36 Section 10.04 11.4 Notice of Redemption. 56 Redemption 36 Section 10.05 11.5 Deposit of Redemption Price. 57 Price 37 Section 10.06 Subordinated Notes 11.6 Securities Payable on Redemption Date. 57 Date 37 Section 10.07 Subordinated Notes 11.7 Securities Redeemed in Part. 57 Part 37 ARTICLE XI SUBORDINATION OF SECURITIES 58 12 SINKING FUNDS 38 Section 11.01 Agreement 12.1 Applicability of Article 38 Section 12.2 Satisfaction of Sinking Fund Payments with Securities 38 Section 12.3 Redemption of Securities for Sinking Fund 38 ARTICLE 13 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 38 Section 13.1 Issuers’ Option to Subordinate. 58 Effect Legal Defeasance or Covenant Defeasance 38 Section 11.02 Distribution 13.2 Legal Defeasance and Discharge 39 Section 13.3 Covenant Defeasance 39 Section 13.4 Conditions to Legal Defeasance or Covenant Defeasance 39 Section 13.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions 40 Section 13.6 Reinstatement 40 Reconciliation and tie between Trust Indenture Act of Assets. 58 1939 and Indenture Trust Indenture Act Section 11.03 Default With Respect to Senior Indebtedness. 60 Indenture Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination § 310 (a)(1) 6.9 (a)(2) 6.9 (a)(3) Not Applicable (a)(4) Not Applicable (a)(5) 6.9 (b) 6.8, 6.10 § 311 (a) 6.13 (b) 6.13 § 312 (a) 7.1, 7.2(a) (b) 7.2(b) (c) 7.2(c) § 313 (a) 7.3(a) (b)(1) Not Applicable (b)(2) 7.3(a) (c) 7.3(a) (d) 7.3(b) § 314 (a) 7.4; 10.4(a) (b) Not Applicable (c)(1) 1.2 (c)(2) 1.2 (c)(3) Not Applicable (d) Not Applicable (e) 1.2 § 315 (a) 6.1(a) (b) 6.2 (c) 6.1(b) (d) 6.1(c) (d)(1) 6.1(a)(i),(c)(i) (d)(2) 6.1(c)(ii) (d)(3) 6.1(c)(iii) (e) 5.14 § 316 (a) 1.1 (a)(1)(A) 5.2, 5.12 (a)(1)(B) 5.13 (a)(2) Not Applicable (b) 5.8 (c) 1.4(d) § 317 (a)(1) 5.3 (a)(2) 5.4 (b) 10.3 § 318 (a) 1.8 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. INDENTURE, dated as of May 24, 2017, between CTR Partnership, L.P. (the “Partnership”), a Delaware limited partnership, and CareTrust Capital Corp., a Delaware corporation (“CareTrust Capital”, and together with the Partnership, the “Issuers” or each, an “Issuer”), CareTrust REIT, Inc., a Maryland corporation (the “Parent” or the “Guarantor”), and Xxxxx Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, as Trustee Compensation. 62 {N4515371.5}123157889v4(the “Trustee”).

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Preservation Company to Furnish Trustee Names and Addresses 62 SECTION 702. Disclosure of Information; Communications to HoldersNames and Addresses of Holders 62 SECTION 703. 47 Section 6.03 Reports by TrusteeTrustee 62 ARTICLE EIGHT MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS SECTION 801. 47 Section 6.04 Reports by CompanyCompany May Consolidate, Etc., Only on Certain Terms 62 SECTION 802. 47 Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms 63 SECTION 803. Successor Substituted 64 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without SECTION 901. Amendments or Supplements Without Consent of HoldersHolders 65 SECTION 902. 49 Section 8.02 Supplemental Indentures Amendments, Supplements or Waivers with Consent of HoldersHolders 66 SECTION 903. 50 Section 8.03 Execution of Supplemental IndenturesAmendments, Supplements or Waivers 67 SECTION 904. 51 Section 8.04 Effect of Supplemental IndenturesAmendments, Supplements or Waivers 67 SECTION 905. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture ActAct 67 SECTION 906. 52 Reference in Notes to Supplemental Indentures 67 SECTION 907. Notice of Supplemental Indentures 67 ARTICLE IX TEN COVENANTS 52 Section 9.01 SECTION 1001. Payment of Principal Principal, Premium, if Any, and InterestInterest 67 SECTION 1002. 52 Section 9.02 Maintenance of OfficeOffice or Agency 67 SECTION 1003. 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in TrustTrust 68 SECTION 1004. 53 Section 9.04 Corporate ExistenceExistence 69 SECTION 1005. 53 Section 9.05 Payment of Taxes and Other Claims 69 SECTION 1006. Maintenance of PropertiesProperties 69 SECTION 1007. 54 Section 9.06 Insurance 69 SECTION 1008. Statement by Officers as to Default 70 SECTION 1009. Reports and Other Information 70 SECTION 1010. Limitation on Restricted Payments 71 SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock 76 SECTION 1012. Limitation on Liens 80 SECTION 1013. Limitations on Transactions with Affiliates 81 SECTION 1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 82 SECTION 1015. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries 83 SECTION 1016. [INTENTIONALLY DELETED] 85 SECTION 1017. Change of Control 85 SECTION 1018. Asset Sales 86 SECTION 1019. Waiver of Certain CovenantsCovenants 90 SECTION 1020. 54 Section 9.07 Company Statement as to ComplianceFurther Assurances and After-Acquired Property 90 SECTION 1021. 54 Section 9.08 Tier 2 CapitalInformation Regarding Collateral 90 Page SECTION 1022. 54 Impairment of Security Interest 91 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 NOTES SECTION 1101. Right of Redemption 91 SECTION 1102. Applicability of ArticleArticle 92 SECTION 1103. 55 Section 10.02 Election to Redeem; Notice to TrusteeTrustee 92 SECTION 1104. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be RedeemedBe Redeemed 92 SECTION 1105. 55 Section 10.04 Notice of RedemptionRedemption 92 SECTION 1106. 56 Section 10.05 Deposit of Redemption PricePrice 93 SECTION 1107. 57 Section 10.06 Subordinated Notes Payable on Redemption DateDate 93 SECTION 1108. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 Part 94 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4TWELVE

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 46 Section 6.01 Holder Lists. 47 7.1 Company to Furnish Trustee Names and Addresses of Holders 46 Section 6.02 7.2 Preservation of Information; Communications to Holders. Holders 46 Section 7.3 Reports by Trustee 46 Section 7.4 Reports by Company 46 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 47 Section 6.03 Reports by Trustee. 8.1 Company May Consolidate, etc., Only on Certain Terms 47 Section 6.04 Reports by Company. 47 8.2 Successor Substituted 48 ARTICLE VII SUCCESSORS IX SUPPLEMENTAL INDENTURES 48 Section 7.01 Merger, Consolidation or Sale 9.1 Supplemental Indentures Without Consent of All or Substantially All Assets. Holders 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without Consent of Holders. 49 Section 8.02 9.2 Supplemental Indentures with Consent of Holders. 50 Holders 49 Section 8.03 9.3 Execution of Supplemental Indentures. 51 Indentures 49 Section 8.04 9.4 Effect of Supplemental Indentures. 51 Indentures 50 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 9.5 Conformity with Trust Indenture Act. Act 50 Section 9.6 Reference in Securities to Supplemental Indentures 50 Section 9.7 Subordination Unimpaired 50 ARTICLE X COVENANTS 50 Section 10.1 Payment of Principal, Premium and Interest 50 Section 10.2 Maintenance of Office or Agency 50 Section 10.3 Money for Securities Payments to be Held in Trust 51 Section 10.4 Statement by Officers as to Default 51 Section 10.5 Existence 52 Section 10.6 Maintenance of Properties 52 ARTICLE IX COVENANTS 52 Section 9.01 Payment of Principal and Interest. 52 Section 9.02 Maintenance of Office. 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in Trust. 53 Section 9.04 Corporate Existence. 53 Section 9.05 Maintenance of Properties. 54 Section 9.06 Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 ARTICLE X XI REDEMPTION OF SECURITIES 55 52 Section 10.01 11.1 Applicability of Article. 55 Section 10.02 Election to Redeem; Notice to Trustee. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section 10.04 Notice of Redemption. 56 Section 10.05 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION Article 52 TABLE OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4CONTENTS (continued) Page

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 55 6.01 Holder Lists. 47 Section Lists 55 6.02 Preservation of Information; Communications to Holders. 47 Section Holders 55 6.03 Reports by Trustee. 47 Section Trustee 55 6.04 Reports by Company. 47 Company 56 ARTICLE VII SUCCESSORS 48 Section 57 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section Assets 57 7.02 Successor Person Substituted for Company. 49 Company 58 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 58 8.01 Supplemental Indentures without Consent of Holders. 49 Section Holders 58 8.02 Supplemental Indentures with Consent of Holders. 50 Section Holders 59 8.03 Execution of Supplemental Indentures. 51 Section Indentures 60 8.04 Effect of Supplemental Indentures. 51 Section Indentures 60 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section Indentures 60 8.06 Effect on Senior Indebtedness. 51 Section Indebtedness 61 8.07 Conformity with Trust Indenture Act. 52 Act 61 ARTICLE IX COVENANTS 52 Section 61 9.01 Payment of Principal and Interest. 52 Section Interest 61 9.02 Maintenance of Office. 52 Section Office 62 9.03 Money for Subordinated Notes Payments to Be Held in Trust. 53 Section Trust 62 9.04 Corporate Existence. 53 Section Existence 63 9.05 Maintenance of Properties. 54 Section Properties 63 9.06 Waiver of Certain Covenants. 54 Section Covenants 64 9.07 Company Statement as to Compliance. 54 Section Compliance 64 9.08 Tier 2 Capital. 54 Capital 64 ARTICLE X REDEMPTION OF SECURITIES 55 Section 64 10.01 Applicability of Article. 55 Section Article 64 10.02 Election to Redeem; Notice to Trustee. 55 Section Trustee 65 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section Redeemed 65 10.04 Notice of Redemption. 56 Section Redemption 66 10.05 Deposit of Redemption Price. 57 Section Price 67 10.06 Subordinated Notes Payable on Redemption Date. 57 Section Date 67 10.07 Subordinated Notes Redeemed in Part. 57 Part 67 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 68 11.01 Agreement to Subordinate. 58 Section Subordinate 68 11.02 Distribution of Assets. 58 Section Assets 68 11.03 Default With Respect to Senior Indebtedness. 60 Section Indebtedness 70 11.04 No Impairment. 60 Section Impairment 71 11.05 Effectuation of Subordination Provisions. 61 Section Provisions 71 11.06 Notice to Trustee. 61 Section Trustee 71 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section Indebtedness 72 11.08 Senior Indebtedness to Trustee. 62 Section Trustee 72 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 72

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists. 47 Section 6.02 Preservation 50 SECTION 7.1 Company to Furnish Trustee Names and Addresses of Information; Communications to Holders. 47 Section 6.03 Holders 50 SECTION 7.2 Disclosure of Names and Addresses of Holders 50 SECTION 7.3 Reports by Trustee. 47 Section 6.04 Trustee 50 SECTION 7.4 Reports by Company. 47 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 Company and Guarantors 51 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 51 SECTION 8.1 Company or Any Guarantor May Consolidate, etc., Only on Certain Terms 51 SECTION 8.2 Successor Substituted 53 ARTICLE IX SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 54 SECTION 9.1 Supplemental Indentures and Agreements without Consent of Holders. 49 Section 8.02 Holders 54 SECTION 9.2 Supplemental Indentures and Agreements with Consent of Holders. 50 Section 8.03 Holders 55 SECTION 9.3 Execution of Supplemental Indentures. 51 Section 8.04 Indentures and Agreements 56 SECTION 9.4 Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Indentures 56 SECTION 9.5 Conformity with Trust Indenture Act. 52 Act 56 SECTION 9.6 Reference in Securities to Supplemental Indentures 56 TABLE OF CONTENTS Page ARTICLE IX X COVENANTS 52 Section 9.01 57 SECTION 10.1 Payment of Principal Principal, Premium and Interest. 52 Section 9.02 Interest 57 SECTION 10.2 Maintenance of Office. 52 Section 9.03 Office or Agency 57 SECTION 10.3 Money for Subordinated Notes Security Payments to Be Held in Trust. 53 Section 9.04 Trust 57 SECTION 10.4 Corporate Existence. 53 Section 9.05 Existence 59 SECTION 10.5 Payment of Taxes and Other Claims 59 SECTION 10.6 Maintenance of Properties. 54 Section 9.06 Properties 59 SECTION 10.7 Insurance 60 SECTION 10.8 Statement by Officers as to Default 60 SECTION 10.9 Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Covenants 60 ARTICLE X XI REDEMPTION OF SECURITIES 55 Section 10.01 61 SECTION 11.1 Rights of Redemption 61 SECTION 11.2 Applicability of Article. 55 Section 10.02 Article 61 SECTION 11.3 Election to Redeem; Notice to Trustee. 55 Section 10.03 Trustee 61 SECTION 11.4 Selection by Trustee of Subordinated Notes Securities to be Redeemed. 55 Section 10.04 Be Redeemed 61 SECTION 11.5 Notice of Redemption. 56 Section 10.05 Redemption 62 SECTION 11.6 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Price 63 SECTION 11.7 Securities Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Date 63 SECTION 11.8 Securities Redeemed or Purchased in Part. 57 Part 63 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement XII SATISFACTION AND DISCHARGE 64 SECTION 12.1 Satisfaction and Discharge of Indenture 64 SECTION 12.2 Application of Trust Money 65 ARTICLE XIII GUARANTEE 65 SECTION 13.1 Guarantors’ Guarantee 65 SECTION 13.2 Continuing Guarantee; No Right of Set-Off; Independent Obligation 65 SECTION 13.3 Guarantee Absolute 66 SECTION 13.4 Right to Subordinate. 58 Section 11.02 Distribution Demand Full Performance 68 SECTION 13.5 Waivers 68 SECTION 13.6 The Guarantors Remain Obligated in Event the Company Is No Longer Obligated to Discharge Indenture Obligations 69 SECTION 13.7 Fraudulent Conveyance; Contribution Subrogation 69 SECTION 13.8 Guarantee Is in Addition to Other Security 70 SECTION 13.9 Release of Assets. 58 Section 11.03 Default With Respect Security Interests 70 SECTION 13.10 No Bar to Senior Indebtedness. 60 Section 11.04 Further Actions 70 SECTION 13.11 Failure to Exercise Rights Shall Not Operate as a Waiver; No Impairment. 60 Section 11.05 Effectuation Suspension of Subordination Provisions. 61 Section 11.06 Remedies 70 SECTION 13.12 Trustee’s Duties; Notice to Trustee 71 SECTION 13.13 Successors and Assigns 71 SECTION 13.14 Release of Guarantee 71 SECTION 13.15 Execution of Guarantee 72 Reconciliation and ties between Trust Indenture Act of 1939, as amended, and Indenture, dated as of April 15, 2004. Trust Indenture Act Section Indenture Section(s) (S)(S) 310 (a)(1) 6.8 (a)(2) 6.8 (b) 6.7, 6.9 (S)(S) 311 (a) 6.12 (S)(S) 312 (a) 7.1 (b) 7.2 (c) 7.2 (S)(S) 313 (a) 7.3 (c) 7.3, 7.4 (S)(S) 314 (a) 7.4 (a)(4) 10.8 (c)(1) 1.3, 1.4, 4.4, 11.3 (c)(2) 1.3, 1.4, 4.4, 11.3 (e) 1.3 (S)(S) 315 (a) 6.2, 9.3 (b) 6.1 (c) 6.2 (d) 6.2 (e) 5.14 (S)(S) 316 (a)(last sentence) 1.1 (a)(1)(A) 5.12 (a)(1)(B) 5.13 (b) 5.8 (c) 1.5 (S)(S) 317 (a)(1) 5.3 (a)(2) 5.4 (b) 10.3 (S)(S) 318 (a) 1.8 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Indenture. INDENTURE, dated as of April 15, 2004, between Capital Automotive REIT, a real estate investment trust organized under the laws of the State of Maryland (the “Company”), and Wxxxx Fargo Bank, National Association, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4”).

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Preservation Company to Furnish Trustee Names and Addresses 61 SECTION 702. Disclosure of Information; Communications to HoldersNames and Addresses of Holders 61 SECTION 703. 47 Section 6.03 Reports by TrusteeTrustee 61 ARTICLE EIGHT MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS SECTION 801. 47 Section 6.04 Reports by CompanyCompany May Consolidate, Etc., Only on Certain Terms 61 SECTION 802. 47 Guarantors May Consolidate, Etc., Only on Certain Terms 62 SECTION 803. Successor Substituted 64 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without SECTION 901. Amendments or Supplements Without Consent of HoldersHolders 64 SECTION 902. 49 Section 8.02 Supplemental Indentures Amendments, Supplements or Waivers with Consent of HoldersHolders 65 SECTION 903. 50 Section 8.03 Execution of Supplemental IndenturesAmendments, Supplements or Waivers 66 SECTION 904. 51 Section 8.04 Effect of Supplemental IndenturesAmendments, Supplements or Waivers 66 SECTION 905. 51 Section 8.05 Compliance with Trust Indenture Act 67 SECTION 906. Reference in Subordinated Notes to Supplemental IndenturesIndentures 67 SECTION 907. 51 Section 8.06 Notice of Supplemental Indentures 67 SECTION 908. Revocation and Effect on Senior Indebtednessof Consents and Waivers 67 ARTICLE TEN COVENANTS SECTION 1001. 51 Section 8.07 Conformity with Trust Indenture Act. 52 ARTICLE IX COVENANTS 52 Section 9.01 Payment of Principal Principal, Premium, if any, and InterestInterest 67 SECTION 1002. 52 Section 9.02 Maintenance of OfficeOffice or Agency 68 SECTION 1003. 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in TrustTrust 68 SECTION 1004. 53 Section 9.04 Corporate ExistenceExistence 69 SECTION 1005. 53 Section 9.05 Payment of Taxes and Other Claims 69 SECTION 1006. Maintenance of PropertiesProperties 69 SECTION 1007. 54 Section 9.06 Waiver of Certain CovenantsInsurance 70 SECTION 1008. 54 Section 9.07 Company Statement by Officers as to ComplianceDefault 70 SECTION 1009. 54 Section 9.08 Tier 2 CapitalReports and Other Information 70 SECTION 1010. 54 Limitation on Restricted Payments 71 SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock 79 SECTION 1012. Liens 83 SECTION 1013. Limitations on Transactions with Affiliates 84 SECTION 1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 86 SECTION 1015. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries 88 SECTION 1016. Change of Control 88 SECTION 1017. Asset Sales 90 SECTION 1018. Special Interest Notice 93 SECTION 1019. Suspension of Covenants 93 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 NOTES SECTION 1101. Right of Redemption 94 SECTION 1102. Applicability of ArticleArticle 95 SECTION 1103. 55 Section 10.02 Election to Redeem; Notice to TrusteeTrustee 95 SECTION 1104. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be RedeemedBe Redeemed 95 SECTION 1105. 55 Section 10.04 Notice of RedemptionRedemption 96 SECTION 1106. 56 Section 10.05 Deposit of Redemption PricePrice 97 SECTION 1107. 57 Section 10.06 Subordinated Notes Payable on Redemption DateDate 97 SECTION 1108. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 Part 97 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4TWELVE

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 53 Section 6.01 601 Holder Lists. 47 Lists 53 Section 6.02 602 Preservation of Information; Communications to Holders. 47 Holders 53 Section 6.03 603 Reports by Trustee. 47 Trustee 53 Section 6.04 604 Reports by Company. 47 Company 54 ARTICLE VII SUCCESSORS 48 55 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 55 Section 7.02 702 Successor Person Substituted for Company. 49 Company 56 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 56 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 56 Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 57 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 58 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 58 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 58 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 58 Section 8.07 807 Conformity with Trust Indenture Act. 52 Act 59 ARTICLE IX COVENANTS 52 59 Section 9.01 901 Payment of Principal and Interest. 52 Interest 59 Section 9.02 902 Maintenance of Office. 52 Office 59 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 60 Section 9.04 904 Corporate Existence. 53 Existence 61 Section 9.05 905 Maintenance of Properties. 54 Properties 61 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 61 Section 9.07 907 Company Statement as to Compliance. 54 Compliance 62 Section 9.08 908 Tier 2 Capital. 54 Capital 62 ARTICLE X REDEMPTION OF SECURITIES 55 62 Section 10.01 1001 Applicability of Article. 55 Article 62 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 63 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 63 Section 10.04 1004 Notice of Redemption. 56 Redemption 63 Section 10.05 1005 Deposit of Redemption Price. 57 Price 64 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 65 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 65 ARTICLE XI SUBORDINATION OF SECURITIES 58 65 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 65 Section 11.02 1102 Distribution of Assets. 58 Assets 66 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 68 Section 11.04 1104 No Impairment. 60 Impairment 68 Section 11.05 1105 Effectuation of Subordination Provisions. 61 Provisions 69 Section 11.06 1106 Notice to Trustee. 61 Trustee 69 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 70 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 70 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 70

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 39 Section 6.01 601 Holder Lists. 47 Lists 39 Section 6.02 602 Preservation of Information; Communications to Holders. 47 Holders 39 Section 6.03 603 Reports by Trustee. 47 Trustee 40 Section 6.04 604 Reports by CompanyCompany 40 ARTICLE VII. 47 ARTICLE VII SUCCESSORS 48 41 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 41 Section 7.02 702 Successor Person Substituted for CompanyCompany 42 ARTCLE VIII. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 42 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 42 Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 43 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 44 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 44 Section 8.05 805 Reference in Subordinated Senior Notes to Supplemental Indentures. 51 Indentures 44 ii Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 806 Conformity with Trust Indenture ActAct 45 ARTICLE IX. 52 ARTICLE IX COVENANTS 52 45 Section 9.01 901 Payment of Principal Principal, Premium and Interest. 52 Interest 45 Section 9.02 902 Maintenance of Office. 52 Office 45 Section 9.03 903 Money for Subordinated Senior Notes Payments to Be Held in Trust. 53 Trust 45 Section 9.04 904 Corporate Existence. 53 Existence 46 Section 9.05 905 Maintenance of Properties. 54 Properties 47 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 47 Section 9.07 907 Company Statement as a to Compliance. 54 Compliance 47 ARTICLE X. REDEMPTION 47 Section 9.08 Tier 2 Capital. 54 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 1001 Applicability of Article. 55 Article 47 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 47 Section 10.03 1003 Selection by Trustee of Subordinated Senior Notes to be Redeemed. 55 Redeemed 48 Section 10.04 1004 Notice of Redemption. 56 Redemption 48 Section 10.05 1005 Deposit of Redemption Price. 57 Price 49 Section 10.06 Subordinated 1006 Senior Notes Payable on Redemption Date. 57 Date 50 Section 10.07 Subordinated 1007 Senior Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 Part 50 CROSS-REFERENCE TABLE Trust Indenture Act Section 11.01 Agreement to Subordinate. 58 Indenture Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4§310 (a)(1) 508 (a)(2) 508 (a)(5) 508 (b) 509 §311 (a) 505 (b) 505 §312 (a) 601 (b) 602 (c) 602 §313 (a) 603 (b)(2) 603 (c) 603 (d) 603 §314 (a) 604 (a)(4) 907 (c)(1) 102 (c)(2) 102 (e) 102 §315 (a) 501, 502 (b) 503 (c) 501 (d) 501, 502 (e) 413 §316 (a) (last sentence) 101 (a)(1)(A) 402, 411 (a)(1)(B) 411, 412 (b) 407

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Company to Furnish Trustee Names and Addresses of Holders 37 SECTION 702. Preservation of Information; Communications to HoldersHolders 37 SECTION 703. 47 Section 6.03 Reports by TrusteeTrustee 37 SECTION 704. 47 Section 6.04 Reports by CompanyCompany and Subsidiary Guarantors 37 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE SECTION 801. 47 Company May Consolidate, Etc., Only on Certain Terms 37 SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms 38 SECTION 803. Successor Substituted 38 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 SECTION 901. Supplemental Indentures without Without Consent of HoldersHolders 39 SECTION 902. 49 Section 8.02 Supplemental Indentures with With Consent of HoldersHolders 40 SECTION 903. 50 Section 8.03 Execution of Supplemental IndenturesIndentures 41 SECTION 904. 51 Section 8.04 Effect of Supplemental IndenturesIndentures 41 SECTION 905. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture ActAct 41 SECTION 906. 52 Reference in Securities to Supplemental Indentures 41 ARTICLE IX TEN COVENANTS 52 Section 9.01 SECTION 1001. Payment of Principal Principal, Premium and InterestInterest 41 SECTION 1002. 52 Section 9.02 Maintenance of OfficeOffice or Agency 41 SECTION 1003. 52 Section 9.03 Money for Subordinated Notes Securities Payments to Be Held in TrustTrust 42 SECTION 1004. 53 Section 9.04 Corporate ExistenceStatement by Officers as to Default 42 SECTION 1005. 53 Section 9.05 Existence 43 SECTION 1006. Maintenance of PropertiesProperties 43 SECTION 1007. 54 Section 9.06 Payment of Taxes and Other Claims 43 SECTION 1008. Maintenance of Insurance 43 SECTION 1009. Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Covenants 43 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 Applicability of Article. 55 Section 10.02 Election to Redeem; Notice to Trustee. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section 10.04 Notice of Redemption. 56 Section 10.05 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4ELEVEN

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists48 SECTION 701 Company to Furnish Trustee Names and Addresses of Holders. 47 Section 6.02 48 SECTION 702 Preservation of Information; Communications to Holders. 47 Section 6.03 48 SECTION 703 Reports by Trustee. 47 Section 6.04 48 SECTION 704 Reports by Company. 47 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for CompanyCompany and Subsidiary Guarantors. 49 ARTICLE VIII EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 49 SECTION 801 Company May Consolidate, Etc., Only on Certain Terms. 49 SECTION 802 Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms. 50 SECTION 803 Successor Substituted. 50 ARTICLE NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 51 SECTION 901 Supplemental Indentures without Without Consent of Holders. 49 Section 8.02 51 SECTION 902 Supplemental Indentures with With Consent of Holders. 50 Section 8.03 52 SECTION 903 Execution of Supplemental Indentures. 51 Section 8.04 53 SECTION 904 Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 53 SECTION 905 Conformity with Trust Indenture Act. 52 53 SECTION 906 Reference in Securities to Supplemental Indentures. 53 ARTICLE IX TEN COVENANTS 52 Section 9.01 54 SECTION 1001 Payment of Principal Principal, Premium and Interest. 52 Section 9.02 54 SECTION 1002 Maintenance of OfficeOffice or Agency. 52 Section 9.03 54 SECTION 1003 Money for Subordinated Notes Securities Payments to Be Held in Trust. 53 Section 9.04 Corporate 54 SECTION 1004 Statement by Officers as to Default. 55 SECTION 1005 Existence. 53 Section 9.05 55 SECTION 1006 Maintenance of Properties. 54 Section 9.06 55 SECTION 1007 Payment of Taxes and Other Claims. 56 SECTION 1008 Maintenance of Insurance. 56 SECTION 1009 Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 56 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 57 SECTION 1101 Applicability of Article. 55 Section 10.02 57 SECTION 1102 Election to Redeem; Notice to Trustee. 55 Section 10.03 57 SECTION 1103 Selection by Trustee of Subordinated Notes Securities to be Be Redeemed. 55 Section 10.04 57 SECTION 1104 Notice of Redemption. 56 Section 10.05 58 SECTION 1105 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes 58 SECTION 1106 Securities Payable on Redemption Date. 57 Section 10.07 Subordinated Notes 58 SECTION 1107 Securities Redeemed in Part. 57 58 ARTICLE XI TWELVE SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate59 SECTION 1201 Applicability of Article. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect 59 SECTION 1202 Securities Subordinate to Senior IndebtednessDebt. 59 SECTION 1203 Payment Over of Proceeds Upon Dissolution, Etc. 59 SECTION 1204 No Payment When Senior Debt of the Company in Default. 60 Section 11.04 SECTION 1205 Payment Permitted If No ImpairmentDefault. 60 Section 11.05 Effectuation 61 SECTION 1206 Subrogation to Rights of Holders of Senior Debt of the Company. 62 SECTION 1207 Provisions Solely to Define Relative Rights. 62 SECTION 1208 Trustee to Effectuate Subordination. 62 SECTION 1209 No Waiver of Subordination Provisions. 61 Section 11.06 62 SECTION 1210 Notice to Trustee. 61 Section 11.07 63 SECTION 1211 Reliance on Judicial Order or Certificate of Liquidating Agent. 64 SECTION 1212 Trustee Knowledge Not Fiduciary for Holders of Senior IndebtednessDebt of the Company. 61 Section 11.08 64 SECTION 1213 Rights of Trustee as Holder of Senior Indebtedness to Debt of the Company; Preservation of Trustee’s Rights. 62 Section 11.09 Subordination Not 64 SECTION 1214 Article Applicable to Trustee CompensationPaying Agents. 62 {N4515371.5}123157889v464 SECTION 1215 Defeasance of this Article Twelve. 64 ARTICLE THIRTEEN SUBSIDIARY GUARANTEES 65 SECTION 1301 Applicability of Article. 65 SECTION 1302 Subsidiary Guarantees. 65 SECTION 1303 Execution and Delivery of Subsidiary Guarantees. 67 SECTION 1304 Release of Subsidiary Guarantors. 67 SECTION 1305 Additional Subsidiary Guarantors. 68 SECTION 1306 Limitation on Liability. 68

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 49 Section 6.01 Holder Lists7.01. 47 Company to Furnish Trustee Names and Addresses of Holders 49 Section 6.02 7.02. Preservation of Information; Communications to HoldersHolders 49 Section 7.03. 47 Section 6.03 Reports by TrusteeTrustee 49 Section 7.04. 47 Section 6.04 Reports by Company. 47 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 Company 50 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 50 Section 8.01. Company May Consolidate, Etc., Only on Certain Terms 50 Section 8.02. Successor Substituted 51 ARTICLE IX SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 51 Section 8.01 9.01. Supplemental Indentures without Without Consent of HoldersHolders 51 Section 9.02. 49 Section 8.02 Supplemental Indentures with With Consent of HoldersHolders 52 Section 9.03. 50 Section 8.03 Execution of Supplemental IndenturesIndentures 54 Section 9.04. 51 Section 8.04 Effect of Supplemental IndenturesIndentures 54 Section 9.05. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture ActAct 54 Section 9.06. 52 Reference in Securities to Supplemental Indentures 54 ARTICLE IX X COVENANTS 52 54 Section 9.01 10.01. Payment of Principal Principal, Premium and InterestInterest 54 Section 10.02. 52 Section 9.02 Maintenance of OfficeOffice or Agency 55 Section 10.03. 52 Section 9.03 Money for Subordinated Notes Securities Payments to Be Held in TrustTrust 55 Section 10.04. 53 Corporate Existence 56 Section 9.04 Corporate Existence10.05. 53 Statement by Officers as to Default 56 Section 9.05 Maintenance of Properties10.06. 54 Section 9.06 Waiver of Certain CovenantsCovenants 57 Section 10.07. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Calculation of Original Issue Discount 57 ARTICLE X XI REDEMPTION OF SECURITIES 55 57 Section 10.01 11.01. Applicability of ArticleArticle 57 Section 11.02. 55 Section 10.02 Election to Redeem; Notice to TrusteeTrustee 58 Section 11.03. 55 Section 10.03 Selection by Trustee of Subordinated Notes Securities to be RedeemedBe Redeemed 58 Section 11.04. 55 Section 10.04 Notice of RedemptionRedemption 59 Section 11.05. 56 Section 10.05 Deposit of Redemption PricePrice 59 Section 11.06. 57 Section 10.06 Subordinated Notes Securities Payable on Redemption DateDate 60 Section 11.07. 57 Section 10.07 Subordinated Notes Securities Redeemed in Part. 57 Part 60 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. XII SINKING FUNDS 60 Section 11.04 No Impairment12.01. Applicability of Article 60 Section 11.05 Effectuation 12.02. Satisfaction of Subordination Provisions. Sinking Fund Payments with Securities 61 Section 11.06 Notice to Trustee12.03. Redemption of Securities for Sinking Fund 61 ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE 61 Section 11.07 Trustee Knowledge of Senior Indebtedness13.01. Company’s Option to Effect Defeasance or Covenant Defeasance 61 Section 11.08 Senior Indebtedness to Trustee13.02. Defeasance and Discharge 62 Section 11.09 Subordination Not Applicable 13.03. Covenant Defeasance 62 Section 13.04. Conditions to Defeasance or Covenant Defeasance 63 Section 13.05. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions 64 Section 13.06. Reinstatement 65 ARTICLE XIV GUARANTEES 65 Section 14.01. Guarantees 65 ARTICLE XV SECURITY 68 Section 15.01. Security 68 INDENTURE, dated as of [ ], among RUTH’S HOSPITALITY GROUP, INC., a corporation duly organized and existing under the laws of Delaware (herein called the “Company”), having its principal office at 000 Xxxxxxxxxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxxx, XX 00000, the Guarantors (as defined hereinafter), each having its principal office at 000 Xxxxxxxxxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxxx, XX 00000, and XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee Compensation. 62 {N4515371.5}123157889v4(herein called the “Trustee”).

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 46 Section 6.01 Holder Lists. 47 Lists 46 Section 6.02 Preservation of Information; Communications to Holders. 47 Holders 46 Section 6.03 Reports by Trustee. Trustee 47 Section 6.04 Reports by Company. Company 47 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. Assets 48 Section 7.02 Successor Person Substituted for Company. Company 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without Consent of Holders. Holders 49 Section 8.02 Supplemental Indentures with Consent of Holders. Holders 50 Section 8.03 Execution of Supplemental Indentures. 51 Indentures 50 Section 8.04 Effect of Supplemental Indentures. Indentures 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. Indentures 51 Section 8.06 Effect on Senior Indebtedness. Indebtedness 51 Section 8.07 Conformity with Trust Indenture Act. 52 Act 51 ARTICLE IX COVENANTS 52 51 Section 9.01 Payment of Principal and Interest. 52 Interest 51 Section 9.02 Maintenance of Office. Office 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 52 Section 9.04 Corporate Existence. Existence 53 Section 9.05 Maintenance of Properties. 54 Properties 53 Section 9.06 Waiver of Certain Covenants. Covenants 54 Section 9.07 Company Statement as to Compliance. Compliance 54 Section 9.08 Tier 2 Capital. Capital 54 ARTICLE X REDEMPTION OF SECURITIES 55 54 Section 10.01 Applicability of Article. 55 Section 10.02 Election to Redeem; Notice to Trustee. 55 Section 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section 10.04 Notice of Redemption. 56 Section 10.05 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Article 54

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Company to Furnish Trustee Names and Addresses of Holders. 56 SECTION 702. Preservation of Information; Communications to Holders. 47 Section 6.03 57 SECTION 703. Reports by Trustee. 47 Section 6.04 57 SECTION 704. Reports by CompanyCompany and Subsidiary Guarantors. 47 57 ARTICLE VII SUCCESSORS 48 Section 7.01 MergerEIGHT CONSOLIDATION, Consolidation or Sale of All or Substantially All AssetsMERGER, CONVEYANCE, TRANSFER OR LEASE SECTION 801. 48 Section 7.02 Company May Consolidate, Etc., Only on Certain Terms. 57 SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms. 58 SECTION 803. Successor Person Substituted for CompanySubstituted. 49 59 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 SECTION 901. Supplemental Indentures without Without Consent of Holders. 49 Section 8.02 59 SECTION 902. Supplemental Indentures with With Consent of Holders. 50 Section 8.03 61 SECTION 903. Execution of Supplemental Indentures. 51 Section 8.04 62 SECTION 904. Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures62 SECTION 905. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture Act. 52 62 SECTION 906. Reference in Securities to Supplemental Indentures. 62 ARTICLE IX TEN COVENANTS 52 Section 9.01 SECTION 1001. Payment of Principal Principal, Premium and Interest. 52 Section 9.02 63 SECTION 1002. Maintenance of OfficeOffice or Agency. 52 Section 9.03 63 SECTION 1003. Money for Subordinated Notes Securities Payments to Be Held in Trust. 53 Section 9.04 Corporate 63 SECTION 1004. Statement by Officers as to Default. 64 SECTION 1005. Existence. 53 Section 9.05 65 SECTION 1006. Maintenance of Properties. 54 Section 9.06 65 SECTION 1007. Payment of Taxes and Other Claims. 65 SECTION 1008. Maintenance of Insurance. 66 SECTION 1009. Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 66 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 SECTION 1101. Applicability of Article. 55 Section 10.02 66 SECTION 1102. Election to Redeem; Notice to Trustee. 55 Section 10.03 66 SECTION 1103. Selection by Trustee of Subordinated Notes Securities to be Be Redeemed. 55 Section 10.04 67 SECTION 1104. Notice of Redemption. 56 Section 10.05 67 SECTION 1105. Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes 68 SECTION 1106. Securities Payable on Redemption Date. 57 Section 10.07 Subordinated Notes 68 SECTION 1107. Securities Redeemed in Part. 57 69 ARTICLE XI TWELVE SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to SubordinateSECTION 1201. 58 Section 11.02 Distribution Applicability of AssetsArticle. 58 Section 11.03 Default With Respect 69 SECTION 1202. Securities Subordinate to Senior IndebtednessDebt. 60 Section 11.04 69 SECTION 1203. Payment Over of Proceeds Upon Dissolution, Etc. 70 SECTION 1204. No ImpairmentPayment When Senior Debt of the Company in Default. 60 Section 11.05 Effectuation 71 SECTION 1205. Payment Permitted If No Default. 72 SECTION 1206. Subrogation to Rights of Holders of Senior Debt of the Company. 72 SECTION 1207. Provisions Solely to Define Relative Rights. 73 SECTION 1208. Trustee to Effectuate Subordination. 73 SECTION 1209. No Waiver of Subordination Provisions. 61 Section 11.06 73 SECTION 1210. Notice to Trustee. 61 Section 11.07 74 SECTION 1211. Reliance on Judicial Order or Certificate of Liquidating Agent. 74 SECTION 1212. Trustee Knowledge Not Fiduciary for Holders of Senior IndebtednessDebt of the Company. 61 Section 11.08 74 SECTION 1213. Rights of Trustee as Holder of Senior Indebtedness to Debt of the Company; Preservation of Trustee’s Rights. 62 Section 11.09 Subordination Not 75 SECTION 1214. Article Applicable to Trustee CompensationPaying Agents. 62 {N4515371.5}123157889v475 SECTION 1215. Defeasance of this Article Twelve. 75 ARTICLE THIRTEEN

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 53 Section 6.01 601 Holder Lists. 47 Lists 53 Section 6.02 602 Preservation of Information; Communications to Holders. 47 Holders 53 Section 6.03 603 Reports by Trustee. 47 Trustee 53 Section 6.04 604 Reports by Company. 47 Company 54 ARTICLE VII SUCCESSORS 48 55 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 55 Section 7.02 702 Successor Person Substituted for Company. 49 Company 56 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 56 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 56 Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 57 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 58 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 58 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 58 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 58 Section 8.07 807 Conformity with Trust Indenture Act. 52 Act 59 ARTICLE IX COVENANTS 52 59 Section 9.01 901 Payment of Principal and Interest. 52 Interest 59 Section 9.02 902 Maintenance of Office. 52 Office 59 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 60 Section 9.04 904 Corporate Existence. 53 Existence 61 Section 9.05 905 Maintenance of Properties. 54 Properties 61 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 61 Section 9.07 907 Company Statement as to Compliance. 54 Compliance 62 Section 9.08 908 Tier 2 Capital. 54 Capital 62 ARTICLE X REDEMPTION OF SECURITIES 55 62 Section 10.01 1001 Applicability of Article. 55 Article 62 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 62 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 63 Section 10.04 1004 Notice of Redemption. 56 Redemption 63 Section 10.05 1005 Deposit of Redemption Price. 57 Price 64 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 64 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 65 ARTICLE XI SUBORDINATION OF SECURITIES 58 65 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 65 Section 11.02 1102 Distribution of Assets. 58 Assets 66 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 68 Section 11.04 1104 No Impairment. 60 Impairment 68 Section 11.05 1105 Effectuation of Subordination Provisions. 61 Provisions 69 Section 11.06 1106 Notice to Trustee. 61 Trustee 69 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 69 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 70 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 70

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists. 47 Section 6.02 44 SECTION 701 Company to Furnish Trustee Names and Addresses of Holders 44 SECTION 702 Preservation of Information; Communications to Holders. 47 Section 6.03 Holders 44 SECTION 703 Reports by Trustee. 47 Section 6.04 Trustee 44 SECTION 704 Reports by Company. 47 Company and Subsidiary Guarantors 44 ARTICLE VII SUCCESSORS 48 Section 7.01 MergerEIGHT CONSOLIDATION, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 MERGER, CONVEYANCE, TRANSFER OR LEASE 45 SECTION 801 Company May Consolidate, Etc., Only on Certain Terms 45 SECTION 802 Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms 45 SECTION 803 Successor Person Substituted for Company. 49 46 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 46 SECTION 901 Supplemental Indentures without Without Consent of Holders. 49 Section 8.02 Holders 46 SECTION 902 Supplemental Indentures with With Consent of Holders. 50 Section 8.03 Holders 47 SECTION 903 Execution of Supplemental Indentures. 51 Section 8.04 Indentures 48 SECTION 904 Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Indentures 48 SECTION 905 Conformity with Trust Indenture Act. 52 Act 48 SECTION 906 Reference in Securities to Supplemental Indentures 48 ARTICLE IX TEN COVENANTS 52 Section 9.01 49 SECTION 1001 Payment of Principal Principal, Premium and Interest. 52 Section 9.02 Interest 49 SECTION 1002 Maintenance of Office. 52 Section 9.03 Office or Agency 49 SECTION 1003 Money for Subordinated Notes Securities Payments to Be Held in Trust. 53 Section 9.04 Corporate Existence. 53 Section 9.05 Trust 49 SECTION 1004 Statement by Officers as to Default 50 SECTION 1005 Existence 50 SECTION 1006 Maintenance of Properties. 54 Section 9.06 Properties 50 SECTION 1007 Payment of Taxes and Other Claims 50 SECTION 1008 Maintenance of Insurance 50 SECTION 1009 Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Covenants 50 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 51 SECTION 1101 Applicability of Article. 55 Section 10.02 Article 51 SECTION 1102 Election to Redeem; Notice to Trustee. 55 Section 10.03 Trustee 51 SECTION 1103 Selection by Trustee of Subordinated Notes Securities to be Redeemed. 55 Section 10.04 Be Redeemed 51 SECTION 1104 Notice of Redemption. 56 Section 10.05 Redemption 52 SECTION 1105 Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes Price 52 SECTION 1106 Securities Payable on Redemption Date. 57 Section 10.07 Subordinated Notes Date 52 SECTION 1107 Securities Redeemed in Part. Part 52 ARTICLE TWELVE [INTENTIONALLY OMITTED] 53 ARTICLE THIRTEEN SUBSIDIARY GUARANTEES 53 SECTION 1301 Applicability of Article 53 SECTION 1302 Subsidiary Guarantees 53 SECTION 1303 Execution and Delivery of Subsidiary Guarantees 54 SECTION 1304 Release of Subsidiary Guarantors 55 SECTION 1305 Additional Subsidiary Guarantors 55 SECTION 1306 Limitation on Liability 55 ARTICLE FOURTEEN [INTENTIONALLY OMITTED] 56 ARTICLE FIFTEEN DEFEASANCE AND COVENANT DEFEASANCE 56 SECTION 1501 Company’s Option to Effect Defeasance or Covenant Defeasance 56 SECTION 1502 Defeasance and Discharge 56 SECTION 1503 Covenant Defeasance 56 SECTION 1504 Conditions to Defeasance or Covenant Defeasance 57 SECTION 1505 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions 59 SECTION 1506 Reinstatement 59 ARTICLE XI SUBORDINATION SIXTEEN SINKING FUNDS 60 SECTION 1601 Applicability of Article 60 SECTION 1602 Satisfaction of Sinking Fund Payments with Securities 60 SECTION 1603 Redemption of Securities for Sinking Fund 60 GULFPORT ENERGY CORPORATION RECONCILIATION AND TIE OF SECURITIES 58 CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939: TRUST INDENTURE ACT SECTION INDENTURE SECTION Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4310(a)(1) 609 (a)(2) 609

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 41 Section 6.01 601 Holder Lists. 47 List 41 Section 6.02 602 Preservation of Information; Communications to Holders. 47 Holders 41 Section 6.03 603 Reports by Trustee. 47 Trustee 42 Section 6.04 604 Reports by CompanyCompany 42 ARTICLE VII. 47 ARTICLE VII SUCCESSORS 48 43 ii Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 43 Section 7.02 702 Successor Person Substituted for CompanyCompany 44 ARTICLE VIII. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 44 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 44 Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 45 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 46 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 46 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 46 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 47 Section 8.07 807 Conformity with Trust Indenture ActAct 47 ARTICLE IX. 52 ARTICLE IX COVENANTS 52 47 Section 9.01 901 Payment of Principal Principal, Premium and Interest. 52 Interest 47 Section 9.02 902 Maintenance of Office. 52 Office 47 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 47 Section 9.04 904 Corporate Existence. 53 Existence 48 Section 9.05 905 Maintenance of Properties. 54 Properties 49 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 49 Section 9.07 907 Company Statement as to Compliance. 54 Compliance 49 ARTICLE X. REDEMPTION 49 Section 9.08 Tier 2 Capital. 54 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 1001 Applicability of Article. 55 Article 49 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 50 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 50 Section 10.04 1004 Notice of Redemption. 56 Redemption 50 Section 10.05 1005 Deposit of Redemption Price. 57 Price 51 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 52 Section 10.07 1007 Subordinated Notes Redeemed in PartPart 52 ARTICLE XI. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 53 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 53 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 1102 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 53 Section 11.08 1103 Senior Indebtedness to Trustee. 62 Trustee 53 Section 11.09 1104 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 53 CROSS-REFERENCE TABLE Trust Indenture Act Section Indenture Section §310 (a)(1) 508 (a)(2) 508 (a)(5) 508 (b) 509 §311 (a) 505 (b) 505 §312 (a) 601 (b) 602 (c) 602 §313 (a) 603 (b)(2) 603 (c) 603 (d) 603 §314 (a) 604 (a)(4) 907 (c)(1) 102 (c)(2) 102 (e) 102 §315 (a) 501, 502 (b) 503 (c) 501 (d) 501, 502 (e) 413 §316 (a) (last sentence) 101 (a)(1)(A) 402, 411 (a)(1)(B) 411, 412 (b) 407

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 46 Section 6.01 601 Holder Lists. 47 Lists 46 Section 6.02 602 Preservation of Information; Communications to Holders. Holders 47 Section 6.03 603 Reports by Trustee. Trustee 47 Section 6.04 604 Reports by Company. Company 47 ARTICLE VII SUCCESSORS 48 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. Assets 48 Section 7.02 702 Successor Person Substituted for Company. Company 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 801 Supplemental Indentures without Consent of Holders. Holders 49 Section 8.02 802 Supplemental Indentures with Consent of Holders. Holders 50 Section 8.03 803 Execution of Supplemental Indentures. Indentures 51 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 52 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 52 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 52 Section 8.07 807 Conformity with Trust Indenture Act. Act 52 ARTICLE IX COVENANTS 52 Section 9.01 901 Payment of Principal and Interest. Interest 52 Section 9.02 902 Maintenance of Office. 52 Office 53 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. Trust 53 Section 9.04 904 Corporate Existence. 53 Existence 54 Section 9.05 905 Maintenance of Properties. 54 Properties 55 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 55 Section 9.07 907 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Compliance 55 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 1001 Applicability of Article. Article 55 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 56 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 56 Section 10.04 1004 Notice of Redemption. Redemption 56 Section 10.05 1005 Deposit of Redemption Price. Price 57 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 58 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 58 ARTICLE XI SUBORDINATION OF SECURITIES 58 59 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 59 Section 11.02 1102 Distribution of Assets. 58 Assets 59 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 61 Section 11.04 1104 No Impairment. 60 Impairment 61 Section 11.05 1105 Effectuation of Subordination Provisions. 61 Provisions 62 Section 11.06 1106 Notice to Trustee. 61 Trustee 62 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 63 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 63 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 63

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists701. 47 Company to Furnish Trustee Names and Addresses of Holders 69 Section 6.02 702. Preservation of Information; Communications to HoldersHolders 69 Section 703. 47 Section 6.03 Reports by TrusteeTrustee 69 Section 704. 47 Section 6.04 Reports by CompanyCompany 70 ARTICLE EIGHT CONSOLIDATION, MERGER AND SALES Section 801. 47 ARTICLE VII SUCCESSORS 48 Company May Consolidate, Etc, 71 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets802. 48 Section 7.02 Successor Person Substituted for Company. 49 Company 71 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 901. Supplemental Indentures without Consent of HoldersHolders 72 Section 902. 49 Section 8.02 Supplemental Indentures with Consent of HoldersHolders 74 Section 903. 50 Section 8.03 Execution of Supplemental IndenturesIndentures 76 Section 904. 51 Section 8.04 Effect of Supplemental IndenturesIndentures 76 Section 905. 51 Section 8.05 Reference in Subordinated Notes Securities to Supplemental IndenturesIndentures 76 Section 906. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture ActAct 76 ARTICLE TEN COVENANTS Section 1001. 52 ARTICLE IX COVENANTS 52 Section 9.01 Payment of Principal Principal, Premium, Interest and InterestAdditional Amounts 77 Section 1002. 52 Section 9.02 Maintenance of OfficeOffice or Agency 77 Section 1003. 52 Section 9.03 Money for Subordinated Notes Securities Payments to Be Held in TrustTrust 78 Section 1004. 53 Additional Amounts 80 Section 9.04 Corporate Existence1005. 53 Legal Existence 81 Section 9.05 Maintenance of Properties1006. 54 Section 9.06 Waiver of Certain CovenantsCovenants 81 Section 1007. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Compliance 81 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 1101. Applicability of ArticleArticle 81 Section 1102. 55 Section 10.02 Election to Redeem; Notice to TrusteeTrustee 82 Section 1103. 55 Section 10.03 Selection by Trustee of Subordinated Notes Securities to be RedeemedRedeemed 82 Section 1104. 55 Section 10.04 Notice of RedemptionRedemption 83 Section 1105. 56 Section 10.05 Deposit of Redemption PricePrice 85 Section 1106. 57 Section 10.06 Subordinated Notes Securities Payable on Redemption DateDate 85 Section 1107. 57 Section 10.07 Subordinated Notes Securities Redeemed in PartPart 86 ARTICLE TWELVE SINKING FUNDS Section 1201. 57 Applicability of Article 87 Section 1202. Satisfaction of Sinking Fund Payments with Securities 87 Section 1203. Redemption of Securities for Sinking Fund 88 ARTICLE XI SUBORDINATION THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS Section 1301. Applicability of Article 88 ARTICLE FOURTEEN SECURITIES 58 IN FOREIGN CURRENCIES Section 11.01 Agreement to Subordinate1401. 58 Section 11.02 Distribution Applicability of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Article 89 ARTICLE FIFTEEN

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Company to Furnish Trustee Names and Addresses of Holders. 56 SECTION 702. Preservation of Information; Communications to Holders. 47 Section 6.03 57 SECTION 703. Reports by Trustee. 47 Section 6.04 57 SECTION 704. Reports by CompanyCompany and Subsidiary Guarantors. 47 57 ARTICLE VII SUCCESSORS 48 Section 7.01 MergerEIGHT CONSOLIDATION, Consolidation or Sale of All or Substantially All AssetsMERGER, CONVEYANCE, TRANSFER OR LEASE SECTION 801. 48 Section 7.02 Company May Consolidate, Etc., Only on Certain Terms. 57 SECTION 802. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms. 58 SECTION 803. Successor Person Substituted for CompanySubstituted. 49 59 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 SECTION 901. Supplemental Indentures without Without Consent of Holders. 49 Section 8.02 59 SECTION 902. Supplemental Indentures with With Consent of Holders. 50 Section 8.03 61 SECTION 903. Execution of Supplemental Indentures. 51 Section 8.04 62 SECTION 904. Effect of Supplemental Indentures. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures62 SECTION 905. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture Act. 52 62 SECTION 906. Reference in Securities to Supplemental Indentures. 62 ARTICLE IX TEN COVENANTS 52 Section 9.01 SECTION 1001. Payment of Principal Principal, Premium and Interest. 52 Section 9.02 63 SECTION 1002. Maintenance of OfficeOffice or Agency. 52 Section 9.03 63 SECTION 1003. Money for Subordinated Notes Securities Payments to Be Held in Trust. 53 Section 9.04 Corporate 63 SECTION 1004. Statement by Officers as to Default. 64 SECTION 1005. Existence. 53 Section 9.05 65 SECTION 1006. Maintenance of Properties. 54 Section 9.06 65 SECTION 1007. Payment of Taxes and Other Claims. 65 SECTION 1008. Maintenance of Insurance. 66 SECTION 1009. Waiver of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 66 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 SECTION 1101. Applicability of Article. 55 Section 10.02 66 SECTION 1102. Election to Redeem; Notice to Trustee. 55 Section 10.03 66 SECTION 1103. Selection by Trustee of Subordinated Notes Securities to be Be Redeemed. 55 Section 10.04 67 SECTION 1104. Notice of Redemption. 56 Section 10.05 67 SECTION 1105. Deposit of Redemption Price. 57 Section 10.06 Subordinated Notes 68 SECTION 1106. Securities Payable on Redemption Date. 57 Section 10.07 Subordinated Notes 68 SECTION 1107. Securities Redeemed in Part. 57 69 ARTICLE XI TWELVE SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to SubordinateSECTION 1201. 58 Section 11.02 Distribution Applicability of AssetsArticle. 58 Section 11.03 Default With Respect 69 SECTION 1202. Securities Subordinate to Senior IndebtednessDebt. 60 Section 11.04 69 SECTION 1203. Payment Over of Proceeds Upon Dissolution, Etc. 69 SECTION 1204. No ImpairmentPayment When Senior Debt of the Company in Default. 60 Section 11.05 Effectuation 71 SECTION 1205. Payment Permitted If No Default. 72 SECTION 1206. Subrogation to Rights of Holders of Senior Debt of the Company. 72 SECTION 1207. Provisions Solely to Define Relative Rights. 72 SECTION 1208. Trustee to Effectuate Subordination. 73 SECTION 1209. No Waiver of Subordination Provisions. 61 Section 11.06 73 SECTION 1210. Notice to Trustee. 61 Section 11.07 73 SECTION 1211. Reliance on Judicial Order or Certificate of Liquidating Agent. 74 SECTION 1212. Trustee Knowledge Not Fiduciary for Holders of Senior IndebtednessDebt of the Company. 61 Section 11.08 74 SECTION 1213. Rights of Trustee as Holder of Senior Indebtedness to Debt of the Company; Preservation of Trustee’s Rights. 62 Section 11.09 Subordination Not 75 SECTION 1214. Article Applicable to Trustee CompensationPaying Agents. 62 {N4515371.5}123157889v475 SECTION 1215. Defeasance of this Article Twelve. 75 ARTICLE THIRTEEN

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 601 Holder Lists. Lists 47 Section 6.02 602 Preservation of Information; Communications to Holders. Holders 47 Section 6.03 603 Reports by Trustee. Trustee 47 Section 6.04 604 Reports by Company. 47 Company 48 ARTICLE VII SUCCESSORS 48 49 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 49 Section 7.02 702 Successor Person Substituted for Company. Company 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 50 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 50 ii Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 51 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 52 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 52 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 52 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 52 Section 8.07 807 Conformity with Trust Indenture Act. Act 52 ARTICLE IX COVENANTS 52 53 Section 9.01 901 Payment of Principal and Interest. 52 Interest 53 Section 9.02 902 Maintenance of Office. 52 Office 53 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 54 Section 9.04 904 Corporate Existence. 53 Existence 55 Section 9.05 905 Maintenance of Properties. 54 Properties 55 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 55 Section 9.07 907 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Compliance 55 ARTICLE X REDEMPTION OF SECURITIES 55 56 Section 10.01 1001 Applicability of Article. 55 Article 56 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 56 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 56 Section 10.04 1004 Notice of Redemption. 56 Redemption 57 Section 10.05 1005 Deposit of Redemption Price. 57 Price 58 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 58 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 59 ARTICLE XI SUBORDINATION OF SECURITIES 58 59 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 59 Section 11.02 1102 Distribution of Assets. 58 Assets 59 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 62 Section 11.04 1104 No Impairment. 60 Impairment 62 Section 11.05 1105 Effectuation of Subordination Provisions. 61 Provisions 62 Section 11.06 1106 Notice to Trustee. 61 Trustee 63 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 63 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 64 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 64

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 46 Section 6.01 601 Holder Lists. 47 Lists 46 Section 6.02 602 Preservation of Information; Communications to Holders. Holders 46 Section 603 Reports by Trustee 47 Section 6.03 604 Reports by Trustee. 47 Section 6.04 Reports by Company. Company 47 ARTICLE VII SUCCESSORS 48 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. Assets 48 Section 7.02 702 Successor Person Substituted for Company. Company 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 801 Supplemental Indentures without Consent of Holders. Holders 49 ii Section 8.02 802 Supplemental Indentures with Consent of Holders. Holders 50 Section 8.03 803 Execution of Supplemental Indentures. Indentures 51 Section 8.04 804 Effect of Supplemental Indentures. Indentures 51 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. Indentures 51 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 52 Section 8.07 807 Conformity with Trust Indenture Act. Act 52 ARTICLE IX COVENANTS 52 Section 9.01 901 Payment of Principal and Interest. Interest 52 Section 9.02 902 Maintenance of Office. Office 52 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. Trust 53 Section 9.04 904 Corporate Existence. 53 Existence 54 Section 9.05 905 Maintenance of Properties. Properties 54 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 55 Section 9.07 907 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Compliance 55 ARTICLE X REDEMPTION OF SECURITIES 55 Section 10.01 1001 Applicability of Article. Article 55 Section 10.02 1002 Election to Redeem; Notice to Trustee. Trustee 55 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 56 Section 10.04 1004 Notice of Redemption. Redemption 56 Section 10.05 1005 Deposit of Redemption Price. Price 57 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. Date 57 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 58 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 1101 Agreement to Subordinate. Subordinate 58 Section 11.02 1102 Distribution of Assets. 58 Assets 59 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 61 Section 11.04 1104 No Impairment. 60 Impairment 61 Section 11.05 1105 Effectuation of Subordination Provisions. Provisions 61 Section 11.06 1106 Notice to Trustee. 61 Trustee 62 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 62 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 63 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 63 CROSS-REFERENCE TABLE Trust Indenture Act Section Indenture Section §310 (a)(1) 508 (a)(2) 508 (a)(5) 500 (x) 000, 000 §000 (a) 505 (b) 505 §312 (a) 601 (b) 602 (c) 602 §313 (a) 603 (b)(2) 603 (c) 603 (d) 603 §314 (a) 604 (a)(4) 907 (c)(1) 102 (c)(2) 102 (e) 102 §315 (a) 501,502 (b) 503 (c) 501 (d) 501,502 (e) 413 §316 (a) (last sentence) 101 (a)(1)(A) 402,411 (a)(1)(B) 411,412 (b) 407 (c) 104 §317 (a)(1)( 402 (a)(2) 403 (b) 903 §318 (a) 107 (b) 107

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 29 Section 6.01 Holder Lists. 47 7.1 Issuers To Furnish Trustee Names and Addresses of Holders 29 Section 6.02 7.2 Preservation of Information; Communications to Holders. 47 Holders 29 Section 6.03 7.3 Reports by Trustee. 47 Trustee 29 Section 6.04 7.4 Reports by Company. 47 the Issuers and the Guarantor 29 ARTICLE VII SUCCESSORS 48 8 GUARANTEE 30 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 8.1 Guarantee 30 Section 7.02 Successor Person Substituted for Company. 49 8.2 No Waiver 31 Section 8.3 Modification 31 Section 8.4 Non-Impairment 31 Section 8.5 Limitation on Guarantor Liability 32 ARTICLE VIII 9 SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 INDENTURE 32 Section 8.01 9.1 Supplemental Indentures without Consent of Holders. 49 Holders 32 Section 8.02 9.2 Supplemental Indentures with Consent of Holders. 50 Holders 33 Section 8.03 9.3 Execution of Supplemental Indentures. 51 Indentures 34 Section 8.04 9.4 Effect of Supplemental Indentures. 51 Indentures 34 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 9.5 Conformity with Trust Indenture Act. 52 Act 34 Section 9.6 Reference in Securities to Supplemental Indentures 34 ARTICLE IX 10 COVENANTS 52 34 Section 9.01 10.1 Payment of Principal Principal, Premium, if any, and Interest. 52 Interest 34 Section 9.02 10.2 Maintenance of Office. 52 Office or Agency 34 Section 9.03 10.3 Money for Subordinated Notes Securities Payments to To Be Held in Trust. 53 Trust 35 Section 9.04 Corporate Existence. 53 Section 9.05 Maintenance of Properties. 54 Section 9.06 Waiver of Certain Covenants. 54 Section 9.07 Company 10.4 Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 ; Notice of Certain Defaults 35 ARTICLE X 11 REDEMPTION OF SECURITIES 55 36 Section 10.01 11.1 Applicability of Article. 55 Article 36 Section 10.02 11.2 Election to Redeem; Notice to Trustee. 55 Trustee 36 Section 10.03 11.3 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Securities To Be Redeemed 36 Section 10.04 11.4 Notice of Redemption. 56 Redemption 36 Section 10.05 11.5 Deposit of Redemption Price. 57 Price 37 Section 10.06 Subordinated Notes 11.6 Securities Payable on Redemption Date. 57 Date 37 Section 10.07 Subordinated Notes 11.7 Securities Redeemed in Part. 57 Part 37 ARTICLE XI SUBORDINATION OF SECURITIES 58 12 SINKING FUNDS 38 Section 11.01 Agreement 12.1 Applicability of Article 38 Section 12.2 Satisfaction of Sinking Fund Payments with Securities 38 Section 12.3 Redemption of Securities for Sinking Fund 38 ARTICLE 13 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 38 Section 13.1 Issuers’ Option to Subordinate. 58 Effect Legal Defeasance or Covenant Defeasance 38 Section 11.02 Distribution 13.2 Legal Defeasance and Discharge 39 Section 13.3 Covenant Defeasance 39 Section 13.4 Conditions to Legal Defeasance or Covenant Defeasance 39 Section 13.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions 40 Section 13.6 Reinstatement 40 Reconciliation and tie between Trust Indenture Act of Assets. 58 1939 and Indenture Trust Indenture Act Section 11.03 Default With Respect to Senior Indebtedness. 60 Indenture Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination § 310 (a)(1) 6.9 (a)(2) 6.9 (a)(3) Not Applicable (a)(4) Not Applicable (a)(5) 6.9 (b) 6.8, 6.10 § 311 (a) 6.13 (b) 6.13 § 312 (a) 7.1, 7.2(a) (b) 7.2(b) (c) 7.2(c) § 313 (a) 7.3(a) (b)(1) Not Applicable (b)(2) 7.3(a) (c) 7.3(a) (d) 7.3(b) § 314 (a) 7.4; 10.4(a) (b) Not Applicable (c)(1) 1.2 (c)(2) 1.2 (c)(3) Not Applicable (d) Not Applicable (e) 1.2 § 315 (a) 6.1(a) (b) 6.2 (c) 6.1(b) (d) 6.1(c) (d)(1) 6.1(a)(i),(c)(i) (d)(2) 6.1(c)(ii) (d)(3) 6.1(c)(iii) (e) 5.14 § 316 (a) 1.1 (a)(1)(A) 5.2, 5.12 (a)(1)(B) 5.13 (a)(2) Not Applicable (b) 5.8 (c) 1.4(d) § 317 (a)(1) 5.3 (a)(2) 5.4 (b) 10.3 § 318 (a) 1.8 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. INDENTURE, dated as of , 2017, between CTR Partnership, L.P. (the “Partnership”), a Delaware limited partnership, and CareTrust Capital Corp., a Delaware corporation (“CareTrust Capital”, and together with the Partnership, the “Issuers” or each, an “Issuer”), CareTrust REIT, Inc., a Maryland corporation (the “Parent” or the “Guarantor”), and Xxxxx Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, as Trustee Compensation. 62 {N4515371.5}123157889v4(the “Trustee”).

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 53 Section 6.01 601 Holder Lists. 47 Lists 53 Section 6.02 602 Preservation of Information; Communications to Holders. 47 Holders 53 Section 6.03 603 Reports by Trustee. 47 Trustee 53 Section 6.04 604 Reports by Company. 47 Company 54 ARTICLE VII SUCCESSORS 48 55 Section 7.01 701 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Assets 55 Section 7.02 702 Successor Person Substituted for Company. 49 Company 56 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 56 Section 8.01 801 Supplemental Indentures without Consent of Holders. 49 Holders 56 Section 8.02 802 Supplemental Indentures with Consent of Holders. 50 Holders 57 Section 8.03 803 Execution of Supplemental Indentures. 51 Indentures 58 Section 8.04 804 Effect of Supplemental Indentures. 51 Indentures 58 Section 8.05 805 Reference in Subordinated Notes to Supplemental Indentures. 51 Indentures 58 Section 8.06 806 Effect on Senior Indebtedness. 51 Indebtedness 58 Section 8.07 807 Conformity with Trust Indenture Act. 52 Act 59 ARTICLE IX COVENANTS 52 59 Section 9.01 901 Payment of Principal and Interest. 52 Interest 59 Section 9.02 902 Maintenance of Office. 52 Office 59 Section 9.03 903 Money for Subordinated Notes Payments to Be Held in Trust. 53 Trust 60 Section 9.04 904 Corporate Existence. 53 Existence 61 Section 9.05 905 Maintenance of Properties. 54 Properties 61 Section 9.06 906 Waiver of Certain Covenants. 54 Covenants 61 Section 9.07 907 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 Compliance 62 ARTICLE X REDEMPTION OF SECURITIES 55 62 Section 10.01 1001 Applicability of Article. 55 Article 62 Section 10.02 1002 Election to Redeem; Notice to Trustee. 55 Trustee 63 Section 10.03 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Redeemed 63 Section 10.04 1004 Notice of Redemption. 56 Redemption 63 Section 10.05 1005 Deposit of Redemption Price. 57 Price 64 Section 10.06 1006 Subordinated Notes Payable on Redemption Date. 57 Date 64 Section 10.07 1007 Subordinated Notes Redeemed in Part. 57 Part 65 ARTICLE XI SUBORDINATION OF SECURITIES 58 65 Section 11.01 1101 Agreement to Subordinate. 58 Subordinate 65 Section 11.02 1102 Distribution of Assets. 58 Assets 66 Section 11.03 1103 Default With Respect to Senior Indebtedness. 60 Indebtedness 68 Section 11.04 1104 No Impairment. 60 Impairment 68 Section 11.05 1105 Effectuation of Subordination Provisions. 61 Provisions 69 Section 11.06 1106 Notice to Trustee. 61 Trustee 69 Section 11.07 1107 Trustee Knowledge of Senior Indebtedness. 61 Indebtedness 70 Section 11.08 1108 Senior Indebtedness to Trustee. 62 Trustee 70 Section 11.09 1109 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Compensation 70

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder ListsSECTION 701. 47 Section 6.02 Preservation Disclosure of Information; Communications to HoldersNames and Addresses of Holders 1 SECTION 702. 47 Section 6.03 Reports by TrusteeTrustee 1 SECTION 703. 47 Section 6.04 Reports by CompanyCompany 1 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE SECTION 801. 47 ARTICLE VII SUCCESSORS 48 Section 7.01 MergerCompany May Consolidate, Consolidation or Sale of All or Substantially All AssetsEtc., Only on Certain Terms 1 SECTION 802. 48 Section 7.02 Successor Person Substituted for Company1 SECTION 803. 49 Securities To Be Secured in Certain Events 1 ARTICLE VIII NINE SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 SECTION 901. Supplemental Indentures without Without Consent of HoldersHolders 1 SECTION 902. 49 Section 8.02 Supplemental Indentures with With Consent of HoldersHolders 1 SECTION 903. 50 Section 8.03 Execution of Supplemental IndenturesIndentures 1 SECTION 904. 51 Section 8.04 Effect of Supplemental IndenturesIndentures 1 SECTION 905. 51 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture ActAct 1 SECTION 906. 52 Reference in Securities to Supplemental Indentures 1 SECTION 907. Notice of Supplemental Indentures 1 ARTICLE IX TEN COVENANTS 52 Section 9.01 SECTION 1001. Payment of Principal Principal, Premium, if any, and InterestInterest 1 SECTION 1002. 52 Section 9.02 Maintenance of OfficeOffice or Agency 1 SECTION 1003. 52 Section 9.03 Money for Subordinated Notes Securities Payments to Be Held in TrustTrust 1 SECTION 1004. 53 Section 9.04 Statement as to Compliance 1 Page SECTION 1005. Corporate ExistenceExistence 1 SECTION 1006. 53 Section 9.05 Maintenance of PropertiesNegative Pledge 1 SECTION 1007. 54 Section 9.06 Limitation on Sale/Leaseback Transactions 1 SECTION 1008. Waiver of Certain CovenantsCovenants 1 SECTION 1009. 54 Section 9.07 Company Statement as to ComplianceChange of Control Offer. 54 Section 9.08 Tier 2 Capital1 SECTION 1010. 54 Limitation on Debt of Subsidiaries. 1 SECTION 1011. Additional Subsidiary Guarantees. 1 ARTICLE X ELEVEN REDEMPTION OF SECURITIES 55 Section 10.01 SECTION 1101. Applicability of ArticleArticle 1 SECTION 1102. 55 Section 10.02 Election to Redeem; Notice to TrusteeTrustee 1 SECTION 1103. 55 Section 10.03 Selection by Trustee of Subordinated Notes Securities to be RedeemedBe Redeemed 1 SECTION 1104. 55 Section 10.04 Notice of RedemptionRedemption 1 SECTION 1105. 56 Section 10.05 Deposit of Redemption PricePrice 1 SECTION 1106. 57 Section 10.06 Subordinated Notes Securities Payable on Redemption DateDate 1 SECTION 1107. 57 Section 10.07 Subordinated Notes Securities Redeemed in PartPart 1 ARTICLE TWELVE [RESERVED] ARTICLE THIRTEEN REPAYMENT AT OPTION OF HOLDERS SECTION 1301. 57 Applicability of Article 1 SECTION 1302. Repayment of Securities 1 SECTION 1303. Exercise of Option 1 SECTION 1304. When Securities Presented for Repayment Become Due and Payable 1 SECTION 1305. Securities Repaid in Part 1 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE SECTION 1401. Company’s Option to SubordinateEffect Defeasance or Covenant Defeasance 1 SECTION 1402. 58 Section 11.02 Distribution of AssetsDefeasance and Discharge 1 SECTION 1403. 58 Section 11.03 Default With Respect Covenant Defeasance 1 SECTION 1404. Conditions to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v4Defeasance or Covenant Defeasance 1

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 Section 6.01 Holder Lists. 47 7.1 Company to Furnish Trustee Names and Addresses of Holders 46 Section 6.02 7.2 Preservation of Information; Communications to Holders. Holders 47 Section 6.03 7.3 Reports by Trustee. Trustee 47 Section 6.04 7.4 Reports by Company. Guarantor 47 ARTICLE VII SUCCESSORS 8 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE AND COVENANT DEFEASANCE Section 8.1 Satisfaction and Discharge 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All Assets. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 Section 8.01 Supplemental Indentures without Consent of Holders. 8.2 Defeasance and Covenant Defeasance 49 Section 8.02 Supplemental Indentures with Consent 8.3 Application of Holders. 50 Section 8.03 Execution of Supplemental Indentures. Trust Money 51 Section 8.04 Effect of Supplemental Indentures. 8.4 Reinstatement 51 ARTICLE 9 GUARANTEE Section 8.05 Reference in Subordinated Notes 9.1 Agreement to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 Conformity with Trust Indenture Act. 52 ARTICLE IX COVENANTS Guarantee 52 Section 9.01 9.2 Execution and Delivery of Guarantees 52 Section 9.3 Release of Guarantees 54 ARTICLE 10 PAYMENT OF ADDITIONAL AMOUNTS Section 10.1 Payment of Principal and Interest. 52 Section 9.02 Maintenance Additional Amounts in Respect of Office. 52 Section 9.03 Money for Subordinated Notes Payments to Be Held in Trust. 53 Section 9.04 Corporate Existence. 53 Section 9.05 Maintenance of Properties. Canadian Taxes 54 Section 9.06 Waiver 10.2 Exceptions and Limitations on the Payment of Certain Covenants. 54 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 ARTICLE X REDEMPTION OF SECURITIES Additional Amounts in Respect of Canadian Taxes 00 Xxxxxxx 00.0 Xxx-xxxxxxxxx xx Xxxxxx 55 Section 10.01 10.4 Withholding or Deduction for Any U.S. Taxes, Assessments or Governmental Charges 55 Section 10.5 References to Additional Amounts in this Indenture 57 ARTICLE 11 REDEMPTION AT THE OPTION OF THE COMPANY Section 11.1 Applicability of Article. 55 Article 57 Section 10.02 11.2 Election to Redeem; Notice to Trustee. 55 Trustee 57 Section 10.03 Selection by Trustee of Subordinated Notes to be Redeemed. 55 Section 10.04 11.3 Notice of Redemption. 56 Redemption 58 Section 10.05 11.4 Deposit of Redemption Price. 57 Price 58 Section 10.06 Subordinated 11.5 Notes Payable on Redemption Date. 57 Date 59 Section 10.07 Subordinated 11.6 Cancellation and Disposition of Notes Redeemed in Part. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 Section 11.01 Agreement to Subordinate. 58 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v459

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY. 47 31 Section 6.01 Holder 6.1 Holders’ Lists. 47 Section 6.02 Preservation of Information; Communications to holder Communications; Disclosure Respecting Holders. 47 31 Section 6.03 6.2 Reports by Trustee. 47 Trustee 31 Section 6.04 6.3 Reports by CompanyCompany 32 ARTICLE VII. 47 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 32 Section 7.1 Company May Consolidate, etc., Only on Certain Terms 32 Section 7.2 Successor Substituted 33 ARTICLE VII SUCCESSORS 48 Section 7.01 Merger, Consolidation or Sale of All or Substantially All AssetsVIII. 48 Section 7.02 Successor Person Substituted for Company. 49 ARTICLE VIII SUPPLEMENTAL INDENTURES 49 {N4515371.5}123157889v4 33 Section 8.01 8.1 Supplemental Indentures without Without Consent of Holders. 49 Holders 33 Section 8.02 8.2 Supplemental Indentures with Consent of Holders. 50 Holders 35 Section 8.03 8.3 Execution of Supplemental Indentures. 51 Indentures 36 Section 8.04 Effect 8.4 Effects of Supplemental Indentures. 51 Indentures 36 Section 8.05 Reference in Subordinated Notes to Supplemental Indentures. 51 Section 8.06 Effect on Senior Indebtedness. 51 Section 8.07 8.5 Conformity with Trust Indenture ActAct 36 Section 8.6 References in Securities to Supplemental Indentures 36 Section 8.7 Notice of Supplemental Indentures 36 ARTICLE IX. 52 ARTICLE IX COVENANTS 52 37 Section 9.01 9.1 Payment of Principal Principal, Premium, if any, and Interest. 52 Interest 37 Section 9.02 9.2 Maintenance of Office. 52 Office or Agency 37 Section 9.03 9.3 Money for Subordinated Notes Security Payments to Be Held in Trust. 53 Trust 37 Section 9.04 9.4 Corporate Existence. 53 Existence 38 Section 9.05 Maintenance of Properties. 54 9.5 Statement by Officers as to Default 39 Section 9.06 9.6 Waiver of Certain Covenants. 54 Covenants 39 Section 9.07 Company Statement as to Compliance. 54 Section 9.08 Tier 2 Capital. 54 9.7 Additional Amounts 39 ARTICLE X X. REDEMPTION OF SECURITIES 55 40 Section 10.01 Applicability of Article. 55 Section 10.02 Election to Redeem; 10.1 Notice to Trustee. 55 Trustee 40 Section 10.03 10.2 Selection by Trustee of Subordinated Notes Securities to be Redeemed. 55 Be Redeemed 40 Section 10.04 10.3 Notice of Redemption. 56 Redemption 41 Section 10.05 10.4 Deposit of Redemption Price. 57 Price 42 Section 10.06 Subordinated Notes 10.5 Securities Payable on Redemption Date. 57 Date 42 Section 10.07 Subordinated Notes 10.6 Securities Redeemed in PartPart 42 ARTICLE XI. 57 ARTICLE XI SUBORDINATION OF SECURITIES 58 DEFEASANCE AND COVENANT DEFEASANCE 42 Section 11.01 Agreement 11.1 Company’s Option to Subordinate. 58 Effect Defeasance of Covenant Defeasance 42 Section 11.02 Distribution of Assets. 58 Section 11.03 Default With Respect to Senior Indebtedness. 60 Section 11.04 No Impairment. 60 Section 11.05 Effectuation of Subordination Provisions. 61 Section 11.06 Notice to Trustee. 61 Section 11.07 Trustee Knowledge of Senior Indebtedness. 61 Section 11.08 Senior Indebtedness to Trustee. 62 Section 11.09 Subordination Not Applicable to Trustee Compensation. 62 {N4515371.5}123157889v411.2 Defeasance and Discharge 43 Page