Document:

exv10w5

 

Exhibit 10.5

EXECUTION VERSION

SECURITY AGREEMENT

dated as of May 23, 2007

between

EACH OF THE GRANTORS PARTY HERETO

and

THE BANK OF NOVA SCOTIA,

as Collateral Agent

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 1. DEFINITIONS; GRANT OF SECURITY
	 	 	1	 
	1.1 General Definitions
	 	 	1	 
	1.2 Definitions; Interpretation
	 	 	7	 
	 
	 	 	 	 
	SECTION 2. GRANT OF SECURITY
	 	 	7	 
	2.1 Grant of Security
	 	 	8	 
	2.2 Certain Limited Exclusions
	 	 	8	 
	 
	 	 	 	 
	SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE
	 	 	9	 
	3.1 Security for Obligations
	 	 	9	 
	3.2 Continuing Liability Under Collateral
	 	 	9	 
	 
	 	 	 	 
	SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS
	 	 	9	 
	4.1 Generally
	 	 	9	 
	4.2 Receivables
	 	 	11	 
	4.3 Investment Related Property
	 	 	13	 
	4.4 Material Contracts
	 	 	15	 
	4.5 Intellectual Property
	 	 	16	 
	4.6 Commercial Tort Claims
	 	 	19	 
	 
	 	 	 	 
	SECTION 5. FURTHER ASSURANCES; ADDITIONAL GRANTORS
	 	 	19	 
	5.1 Further Assurances
	 	 	19	 
	5.2 Additional Grantors
	 	 	20	 
	 
	 	 	 	 
	SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	 	 	20	 
	6.1 Power of Attorney
	 	 	20	 
	6.2 No Duty on the Part of Collateral Agent or Secured Parties
	 	 	21	 
	 
	 	 	 	 
	SECTION 7. REMEDIES
	 	 	21	 
	7.1 Generally
	 	 	21	 
	7.2 Application of Proceeds
	 	 	23	 
	7.3 Sales on Credit
	 	 	23	 
	7.4 Deposit Accounts
	 	 	23	 
	7.5 Intellectual Property
	 	 	23	 
	7.6 Cash Proceeds
	 	 	24	 
	 
	 	 	 	 
	SECTION 8. COLLATERAL AGENT
	 	 	24	 
	 
	 	 	 	 
	SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS
	 	 	25	 
	 
	 	 	 	 
	SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM
	 	 	26	 
	 
	 	 	 	 
	SECTION 11. MISCELLANEOUS
	 	 	27	 

SCHEDULE 4.1 — GENERAL INFORMATION

SCHEDULE 4.3 — INVESTMENT RELATED PROPERTY

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SCHEDULE 4.5 — INTELLECTUAL PROPERTY — EXCEPTIONS

SCHEDULE 4.6 — COMMERCIAL TORT CLAIMS

EXHIBIT A — PLEDGE SUPPLEMENT

EXHIBIT B — DEPOSIT ACCOUNT CONTROL AGREEMENT

EXHIBIT C — TRADEMARK SECURITY AGREEMENT

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          This SECURITY AGREEMENT, dated as of May 23, 2007 (this “Agreement”), between EACH OF THE
UNDERSIGNED (other than the Collateral Agent (as herein defined)), whether as an original signatory
hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and THE BANK OF NOVA
SCOTIA, as collateral agent for the Secured Parties (as herein defined) (in such capacity as
collateral agent, the “Collateral Agent”).

RECITALS:

     WHEREAS, reference is made to that certain Credit and Guaranty Agreement, dated as of the date
hereof (as it may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Las Vegas Sands, LLC (“Company”), certain subsidiaries of
Company, the lenders party thereto from time to time (the “Lenders”), Goldman Sachs Credit Partners
L.P., Lehman Brothers Inc. and Citigroup Global Markets Inc., as joint lead arrangers, joint
bookrunners and syndication agents, The Bank of Nova Scotia, as administrative agent and Collateral
Agent, and JPMorgan Chase Bank, N.A., as documentation agent;

     WHEREAS, subject to the terms and conditions of the Credit Agreement, certain Grantors may
enter into one or more Hedging Agreements with one or more Lender Counterparties;

     WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders and
Lender Counterparties as set forth in the Credit Agreement and the Hedging Agreements,
respectively, each Grantor has agreed to secure such Grantor’s obligations under the Credit
Documents and the Hedging Agreements as set forth herein;

     WHEREAS, Las Vegas Sands Corp. (“LVSC”), the direct parent of Company, entered into that
certain Indenture, dated as of February 10, 2005, as supplemented by Supplemental Indentures, dated
as of February 22, 2005 and May ___, 2007 (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “LVSC Notes Indenture”), among LVSC, the subsidiary guarantors
party thereto and U.S. Bank National Association, as trustee (the “LVSC Notes Indenture Trustee”);
and

     WHEREAS, pursuant to the equal and ratable provisions set forth in the LVSC Notes Indenture,
the security interests granted herein in favor of the secured parties in respect of the Credit
Agreement will be pari passu with the security interests granted herein in favor of the holders of
LVSC Notes.

     NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, each Grantor and the Collateral Agent agree as follows:

SECTION 1. DEFINITIONS; GRANT OF SECURITY.

     1.1 General Definitions. In this Agreement, the following terms shall have the following
meanings:

          “Account Debtor” shall mean each Person who is obligated on a Receivable or any Supporting
Obligation related thereto.

          “Additional Grantors” shall have the meaning assigned in Section 5.3.

          “Agreement” shall have the meaning set forth in the preamble.

 

 

          “Assigned Agreements” shall mean all agreements and contracts to which such Grantor is a party
as of the date hereof, or to which such Grantor becomes a party after the date hereof, including,
without limitation, each Material Contract, as each such agreement may be amended, supplemented or
otherwise modified from time to time.

          “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as now
and hereafter in effect, or any successor statute.

          “Cash Proceeds” shall have the meaning assigned in Section 7.6.

          “Chattel Paper” shall mean all “chattel paper” as defined in Article 9 of the UCC, including,
without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined
in Article 9 of the UCC.

          “Collateral” shall have the meaning assigned in Section 2.1.

          “Collateral Account” shall mean any account established by the Collateral Agent.

          “Collateral Agent” shall have the meaning set forth in the preamble.

          “Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer
lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes,
disks and related data processing software and similar items that at any time evidence or contain
information relating to any of the Collateral or are otherwise necessary or helpful in the
collection thereof or realization thereupon.

          “Collateral Support” shall mean all property (real or personal) assigned, hypothecated or
otherwise securing any Collateral and shall include any security agreement or other agreement
granting a lien or security interest in such real or personal property.

          “Commercial Tort Claims” shall mean all “commercial tort claims” as defined in Article 9 of
the UCC, including, without limitation, all commercial tort claims listed on Schedule 4.6 (as such
schedule may be amended or supplemented from time to time).

          “Commodities Accounts” (i) shall mean all “commodity accounts” as defined in Article 9 of the
UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.3 under
the heading “Commodities Accounts” (as such schedule may be amended or supplemented from time to
time).

          “Company” shall have the meaning set forth in the recitals.

          “Copyright Licenses” shall mean any and all agreements providing for the granting of any right
in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including, without
limitation, each agreement referred to in Schedule 4.5(B) (as such schedule may be amended or
supplemented from time to time).

          “Copyrights” shall mean all United States and foreign copyrights (including European Community
designs), including but not limited to copyrights in software and databases, and all Mask Works (as
defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and,
with respect to any and all of the foregoing: (i) all registrations

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and applications therefor including, without limitation, the registrations and applications
referred to in Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time),
(ii) all extensions and renewals thereof, (iii) all rights corresponding thereto throughout the
world, (iv) all rights to sue for past, present and future infringements thereof, and (v) all
Proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages and proceeds of suit.

          “Credit Agreement” shall have the meaning set forth in the recitals.

          “Credit Obligations” shall mean all obligations of every nature of each Grantor from time to
time owed to the Agents, the Lenders and the Lender Counterparties or any of them under any Credit
Document and all extensions and renewals thereof, (including, without limitation, with respect to a
Hedging Agreement, obligations owed thereunder to any person who was a Lender or an Affiliate of a
Lender at the time such Hedging Agreement was entered into), whether for principal, interest
(including interest which, but for the filing of a petition in bankruptcy with respect to such
Grantor, would have accrued on any Credit Obligation, whether or not a claim is allowed against
such Grantor for such interest in the related bankruptcy proceeding), reimbursement of amounts
drawn under letters of credit, payments for early termination of Hedging Agreements, fees,
expenses, indemnification or otherwise.

          “Credit Secured Parties” shall mean the Agents, Lenders and the Lender Counterparties and
shall include, without limitation, all former Agents, Lenders and Lender Counterparties to the
extent that any Credit Obligations owing to such Persons were incurred while such Persons were
Agents, Lenders or Lender Counterparties and such Credit Obligations have not been paid or
satisfied in full.

          “Deposit Accounts” (i) shall mean all “deposit accounts” as defined in Article 9 of the UCC
and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.3 under the
heading “Deposit Accounts” (as such schedule may be amended or supplemented from time to time).

          “Equipment” shall mean: (i) all “equipment” as defined in Article 9 of the UCC, (ii) all
machinery, manufacturing equipment, data processing equipment, computers, office equipment,
furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether
characterized as equipment under the UCC) and (iii) all accessions or additions thereto, all parts
thereof, whether or not at any time of determination incorporated or installed therein or attached
thereto, and all replacements therefor, wherever located, now or hereafter existing, including any
fixtures.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor thereto.

          “Event of Default” shall have the meaning set forth in the Credit Agreement.

          “General Intangibles” (i) shall mean all “general intangibles” as defined in Article 9 of the
UCC, including “payment intangibles” also as defined in Article 9 of the UCC and (ii) shall
include, without limitation, all interest rate or currency protection or hedging arrangements, all
tax refunds, all licenses, permits, concessions and authorizations, all Assigned Agreements (in
each case, regardless of whether characterized as general intangibles under the UCC).

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          “Goods” (i) shall mean all “goods” as defined in Article 9 of the UCC and (ii) shall include,
without limitation, all Inventory and Equipment (in each case, regardless of whether characterized
as goods under the UCC).

          “Grantors” shall have the meaning set forth in the preamble.

          “Insurance” shall mean (i) all insurance policies covering any or all of the Collateral
(regardless of whether the Collateral Agent is the loss payee thereof but subject to Section 2.2)
and (ii) any key man life insurance policies (other than workers’ compensation policies and
policies covering the life or health of security guards of Sheldon G. Adelson).

          “Intellectual Property” shall mean, collectively, the Copyrights, the Copyright Licenses, the
Patents, the Patent Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets, and the
Trade Secret Licenses.

          “Inventory” shall mean (i) all “inventory” as defined in Article 9 of the UCC and (ii) all
goods held for sale or lease or to be furnished under contracts of service or so leased or
furnished, all raw materials, work in process, finished goods, and materials used or consumed in
the manufacture, packing, shipping, advertising, selling, leasing, furnishing or production of such
inventory or otherwise used or consumed in any Grantor’s business; all goods in which any Grantor
has an interest in mass or a joint or other interest or right of any kind; and all goods which are
returned to or repossessed by any Grantor, all computer programs embedded in any goods and all
accessions thereto and products thereof (in each case, regardless of whether characterized as
inventory under the UCC).

          “Investment Accounts” shall mean the Collateral Account, Securities Accounts, Commodities
Accounts and Deposit Accounts.

          “Investment Related Property” shall mean all of the following (regardless of whether
classified as investment property under the UCC): all Pledged Debt, the Investment Accounts and
certificates of deposit.

          “Lender” shall have the meaning set forth in the recitals.

          “Lender Counterparty” shall mean each Lender or Agent or any Affiliate of a Lender or Agent
counterparty to a Hedging Agreement including, without limitation, each such Affiliate that enters
into a joinder agreement with the Collateral Agent.

          “LVSC Notes Indenture Trustee” shall have the meaning set forth in the recitals.

          “LVSC Notes Obligations” shall mean all obligations of every nature of Grantors from time to
time arising out of or in connection with the LVSC Notes, the LVSC Notes Indenture and the other
LVSC Notes Documents and all extensions and renewals thereof, whether for principal, interest
(including, interest that, but for the filing of a petition in bankruptcy with respect to such
Grantor, would accrue on such obligations at the contract rate whether or not a claim is allowed
against such Grantor for such interest in the related bankruptcy proceeding), payments for early
termination, fees, expenses, indemnification or otherwise.

          “LVSC Notes Secured Parties” shall mean the holders of LVSC Notes and the LVSC Notes Indenture
Trustee.

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          “Material Intellectual Property” shall have the meaning assigned in Section 4.5.

          “Non-Assignable Contract” shall mean any agreement, contract or license to which any Grantor
is a party that by its terms purports to restrict or prevent the assignment or granting of a
security interest therein (either by its terms or by any federal or state statutory prohibition or
otherwise irrespective of whether such prohibition or restriction is enforceable under Section
9-406 through 409 of the UCC).

          “Obligations” shall mean, collectively, the Credit Obligations and the LVSC Notes Obligations.

          “On-Site Cash” means amounts held in cash at any casino owned or operated by any
Credit Party in connection with and necessary for the ordinary course operations of such casino, as
reasonably certified by Borrower, which amounts shall not exceed (i) $35,000,000 for the casino at
the Venetian Facility; plus (ii) from and after the Palazzo Opening Date, $35,000,000 for the
casino located at the Palazzo Site, plus (iii) from and after the Opening Date of any other casino
owned or operated by a Credit Party, $35,000,000; provided that the foregoing limits may be
increased with the consent of the Administrative Agent (such consent not to be unreasonably
withheld) either (x) concurrently with any increase in the size of gaming areas or number of tables
located at the applicable casino, or (y) whenever the Company believes such an increase is
advisable (including as a result of any legal requirements).

          “Owned Intellectual Property” shall have the meaning assigned in Section 4.5.

          “Patent Licenses” shall mean all agreements providing for the granting of any right in or to
Patents (whether such Grantor is licensee or licensor thereunder) including, without limitation,
each agreement referred to in Schedule 4.5(B) (as such schedule may be amended or supplemented from
time to time).

          “Patents” shall mean all United States and foreign patents and certificates of invention, or
similar industrial property rights, and applications for any of the foregoing, including, but not
limited to: (i) each patent and patent application referred to in Schedule 4.5(A) hereto (as such
schedule may be amended or supplemented from time to time), (ii) all reissues, divisions,
continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all
rights corresponding thereto throughout the world, (iv) all inventions and improvements described
therein, (v) all rights to sue for past, present and future infringements thereof, and (vi) all
Proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit.

          “Person” shall mean and include natural persons, corporations, limited partnerships, general
partnerships, limited liability companies, limited liability partnerships, joint stock companies,
joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business
trusts or other organizations, whether or not legal entities, and governmental authorities.

          “Pledge Supplement” shall mean any supplement to this agreement in substantially the form of
Exhibit A.

          “Pledged Debt” shall mean all Indebtedness owed to any Grantor, including, without limitation,
all Indebtedness described on Schedule 4.3(A) under the heading “Pledged

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Debt” (as such schedule may be amended or supplemented from time to time), issued by the
obligors named therein, the instruments evidencing such Indebtedness, and all interest, cash,
instruments and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such Indebtedness.

          “Proceeds” shall mean: (i) all “proceeds” as defined in Article 9 of the UCC, (ii) payments
or distributions made with respect to any Investment Related Property and (iii) whatever is
receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise
disposed of, whether such disposition is voluntary or involuntary.

          “Receivables” shall mean all rights to payment, whether or not earned by performance, for
goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services
rendered or to be rendered, including, without limitation all such rights constituting or evidenced
by any Account, Chattel Paper, Instrument, General Intangible or Investment Related Property,
together with all of Grantor’s rights, if any, in any goods or other property giving rise to such
right to payment and all Collateral Support and Supporting Obligations related thereto and all
Receivables Records.

          “Receivables Records” shall mean (i) all original copies of all documents, instruments or
other writings or electronic records or other Records evidencing the Receivables, (ii) all books,
correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers
relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer
discs, computer runs, record keeping systems and other papers and documents relating to the
Receivables, whether in the possession or under the control of Grantor or any computer bureau or
agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of
financing statements and the registration of other instruments in connection therewith, and
amendments, supplements or other modifications thereto, notices to other creditors or secured
parties, and certificates, acknowledgments, or other writings, including, without limitation, lien
search reports, from filing or other registration officers, (iv) all credit information, reports
and memoranda relating thereto and (v) all other written or nonwritten forms of information related
in any way to the foregoing or any Receivable.

          “Securities Accounts” (i) shall mean all “securities accounts” as defined in Article 8 of the
UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under
the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to
time).

          “Secured Obligations” shall have the meaning assigned in Section 3.1.

          “Secured Parties” shall mean, collectively, the Credit Secured Parties and LVSC Notes Secured
Parties.

          “Tax Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to
time.

          “Trademark Licenses” shall mean any and all agreements providing for the granting of any right
in or to Trademarks (whether such Grantor is licensee or licensor thereunder) including, without
limitation, each agreement referred to in Schedule 4.5(B) (as such schedule may be amended or
supplemented from time to time).

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          “Trademarks” shall mean all United States and foreign trademarks, trade names, corporate
names, company names, business names, fictitious business names, Internet domain names, service
marks, certification marks, collective marks, logos, other source or business identifiers, designs
and general intangibles of a like nature, all registrations and applications for any of the
foregoing including, but not limited to: (i) the registrations and applications referred to in
Schedule 4.5(A) (as such schedule may be amended or supplemented from time to time), (ii) all
extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected
with the use of and symbolized by the foregoing, (iv) the right to sue for past, present and future
infringement or dilution of any of the foregoing or for any injury to goodwill, and (v) all
Proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit.

          “Trade Secret Licenses” shall mean any and all agreements providing for the granting of any
right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including,
without limitation, each agreement referred to in Schedule 4.5(B) (as such schedule may be amended
or supplemented from time to time).

          “Trade Secrets” shall mean all trade secrets and all other confidential or proprietary
information and know-how whether or not such Trade Secret has been reduced to a writing or other
tangible form, including but not limited to: (i) the right to sue for past, present and future
misappropriation or other violation of any Trade Secret, and (ii) all Proceeds of the foregoing,
including, without limitation, license fees, royalties, income, payments, claims, damages, and
proceeds of suit.

          “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of
New York or, when the context implies, the Uniform Commercial Code as in effect from time to time
in any other applicable jurisdiction.

          “United States” shall mean the United States of America.

     1.2 Definitions; Interpretation. All capitalized terms used herein (including the preamble
and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in
the Credit Agreement or, if not defined therein, in the UCC. References to “Sections,” “Exhibits”
and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement
unless otherwise specifically provided. Section headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect. Any of the terms defined herein may, unless the
context otherwise requires, be used in the singular or the plural, depending on the reference. The
use herein of the word “include” or “including”, when following any general statement, term or
matter, shall not be construed to limit such statement, term or matter to the specific items or
matters set forth immediately following such word or to similar items or matters, whether or not
nonlimiting language (such as “without limitation” or “but not limited to” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or
matters that fall within the broadest possible scope of such general statement, term or matter. If
any conflict or inconsistency exists between this Agreement and the Credit Agreement, the Credit
Agreement shall govern. All references herein to provisions of the UCC shall include all successor
provisions under any subsequent version or amendment to any Article of the UCC.

SECTION 2. GRANT OF SECURITY.

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     2.1 Grant of Security. Subject to compliance with applicable Nevada Gaming Laws and
Pennsylvania Gaming Laws, each Grantor hereby grants to the Collateral Agent, on behalf of all
Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title
and interest in, to the following, in each case whether now owned or existing or hereafter acquired
or arising and wherever located (all of which being hereinafter collectively referred to as the
“Collateral”):

          (a) Accounts;

          (b) Chattel Paper;

          (c) Documents;

          (d) General Intangibles;

          (e) Goods;

          (f) Instruments;

          (g) Insurance;

          (h) Intellectual Property;

          (i) Investment Related Property;

          (j) Letter of Credit Rights;

          (k) Money;

          (l) Receivables and Receivable Records;

          (m) Commercial Tort Claims;

          (n) to the extent not otherwise included above, all Collateral Records, Collateral Support and
Supporting Obligations relating to any of the foregoing; and

          (o) to the extent not otherwise included above, all Proceeds, products, accessions, rents and
profits of or in respect of any of the foregoing.

     2.2 Certain Limited Exclusions. Notwithstanding anything herein to the contrary, in no event
shall the Collateral include or the security interest granted under Section 2.1 hereof attach to
(a) any property or assets for so long as such property or assets are subject to a Lien permitted
under Sections 6.2(n), (u), (r), (s) or (y) of the Credit Agreement (in the case of assets subject
to Liens under Sections 6.2(r) or (s), to the extent the documents granting or governing such Liens
or the Indebtedness secured thereby would prohibit the granting of a security interest hereunder);
(b) any Equipment to the extent such Grantor’s interest therein may not be assigned or a security
interest therein may not be granted; (c) any lease, license, contract, property rights or agreement
or other general intangible to which any Grantor is a party or any of its rights or interests
thereunder if and for so long as the grant of such security interest shall (x) constitute or result
in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any
Grantor therein or (ii) in a breach or termination pursuant to the terms of, or a default under,
any such lease, license, contract property rights or agreement (other than to the extent that any
such

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term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the
UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable
law (including the Bankruptcy Code) or principles of equity), provided, however,
that the Collateral shall include and such security interest shall attach immediately at such time
as the condition causing such abandonment, invalidation or unenforceability shall be remedied and
to the extent severable, shall attach immediately to any portion of such Lease, license, contract,
property rights or agreement that does not result in any of the consequences specified in (i) or
(ii) above or (y) require any consent to assignment which has not been obtained; (d) any Equity
Interests of Company, Interface, any of their Subsidiaries or any other Person held by Company,
Interface or any of their Subsidiaries or any related partnership agreements, membership
agreements, operating agreements, joint venture agreements or any similar agreements; (e) any
assets which if pledged, hypothecated or given as collateral security would require any Grantor to
seek approval of any Nevada Gaming Authority or Pennsylvania Gaming Authority of the pledge,
hypothecation or collateralization, or require the Collateral Agent or any other Secured Party to
be licensed, qualified or found suitable by an applicable Nevada Gaming Authority or Pennsylvania
Gaming Authority; (f) the Harrah’s Shared Garage Lease; and (g) any United States intent-to-use
trademark application prior to the filing and acceptance of a statement of use or an amendment to
allege use in connection therewith.

SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.

     3.1 Security for Obligations. This Agreement secures, and the Collateral is collateral
security for, the prompt and complete payment or performance in full when due, whether at stated
maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the
payment of amounts that would become due but for the operation of the automatic stay under Section
362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all
Obligations with respect to every Grantor (the “Secured Obligations").

     3.2 Continuing Liability Under Collateral. Notwithstanding anything herein to the contrary,
(i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained
herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party,
(ii) each Grantor shall remain liable under each of the agreements included in the Collateral, to
perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to
the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have
any obligation or liability under any of such agreements by reason of or arising out of this
Agreement or any other document related thereto nor shall the Collateral Agent nor any Secured
Party have any obligation to make any inquiry as to the nature or sufficiency of any payment
received by it or have any obligation to take any action to collect or enforce any rights under any
agreement included in the Collateral, and (iii) the exercise by the Collateral Agent of any of its
rights hereunder shall not release any Grantor from any of its duties or obligations under the
contracts and agreements included in the Collateral.

SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS.

     4.1 Generally.

          (a) Representations and Warranties. Each Grantor hereby represents and warrants,
on the Closing Date, that:

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          (i) except as otherwise permitted by the Credit Agreement and the LVSC Notes
Indenture, it owns the Collateral purported to be owned by it or otherwise has the rights
it purports to have in each item of Collateral and, as to all Collateral whether now
existing or hereafter acquired, will continue to own or have such rights in each item of
the Collateral, in each case free and clear of any and all Liens, rights or claims of all
other Persons, other than Permitted Liens;

          (ii) the full legal name of such Grantor is as set forth on Schedule 4.1(A) and it has
not done in the last five (5) years, and does not do, business under any other name
(including any trade name or fictitious business name) except for those names set forth on
Schedule 4.1(B) (as such schedule may be amended or supplemented from time to time without
the consent of any party hereto);

          (iii) except as provided on Schedule 4.1(C), it has not changed its name, jurisdiction
of organization, chief executive office or principal place of business or its corporate
structure in any way (e.g., by merger, consolidation, change in corporate form or
otherwise) within the past five (5) years;

          (iv) (u) upon the filing of all UCC financing statements naming each Grantor as
“debtor” and the Collateral Agent as “secured party” and describing the Collateral in the
filing offices set forth opposite such Grantor’s name on Schedule 4.1(D) hereof (as such
schedule may be amended or supplemented from time to time) and other filings delivered by
each Grantor, (v) upon delivery of all Instruments, Chattel Paper, money and Pledged Debt,
(w) upon sufficient identification of Commercial Tort Claims, (x) upon execution of a
control agreement establishing the Collateral Agent’s “control” (within the meaning of
Section 8-106, 9-106 or 9-104 of the UCC, as applicable) with respect to any Investment
Account, (y) upon consent of the issuer with respect to Letter of Credit Rights, and (z) to
the extent not subject to Article 9 of the UCC, upon recordation of the security interests
granted hereunder in Patents, Trademarks and Copyrights in the applicable intellectual
property registries, including but not limited to the United States Patent and Trademark
Office and the United States Copyright Office, the security interests granted to the
Collateral Agent hereunder constitute valid and perfected first priority Liens (subject in
the case of priority only to Permitted Liens and to the rights of the United States
government (including any agency or department thereof) with respect to United States
government Receivables) on all of the Collateral to the extent a security interest in the
Collateral can be perfected under Article 9 of the UCC;

          (v) except as set forth on Schedule 4.1(F), all actions and consents, including all
filings, notices, registrations and recordings necessary or desirable for the exercise by
the Collateral Agent of the voting or other rights provided for in this Agreement or the
exercise of remedies in respect of the Collateral have been made or obtained;

          (vi) except as set forth on Schedule 4.1(F), no authorization, approval or other
action by, and no notice to or filing with, any Governmental Authority or regulatory body
is required for either (i) the pledge or grant by any Grantor of the Liens purported to be
created in favor of the Collateral Agent hereunder or (ii) the exercise by Collateral Agent
of any rights or remedies in respect of any Collateral (whether specifically granted or
created hereunder or created or provided for by applicable law), except for the filings
contemplated by clause (v) above;

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          (vii) such Grantor has been duly organized as an entity of the type as set forth
opposite such Grantor’s name on Schedule 4.1(A) under the laws of the jurisdiction as set
forth opposite such Grantor’s name on Schedule 4.1(A). Such Grantor has not filed any
certificates of domestication, transfer or continuance in any other jurisdiction;

          (viii) Schedule 4.3 (as such schedule may be amended or supplemented from time to
time) sets forth under the heading “Pledged Debt” all of the Pledged Debt owned by any
Grantor and as of the date hereof all of such Pledged Debt is the legal, valid and binding
obligation of the issuers thereof and is not in default and constitutes, among other
things, all of the issued and outstanding intercompany Indebtedness; and

          (ix) all material letters of credit to which such Grantor has rights are listed on
Schedule 4.1(E).

          (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that:

          (i) except for the security interest created by this Agreement, it shall not create or
suffer to exist any Lien upon or with respect to any of the Collateral, except Permitted
Liens, and such Grantor shall defend the Collateral against all Persons at any time
claiming any interest therein not permitted under the Credit Documents;

          (ii) unless waived by the Collateral Agent, it shall not change such Grantor’s name,
identity, corporate structure (e.g., by merger, consolidation, change in corporate form or
otherwise) sole place of business (or principal residence if such Grantor is a natural
person), chief executive office, type of organization or jurisdiction of organization or
establish any trade names unless it shall have (a) notified the Collateral Agent in
writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement,
substantially in the form of Exhibit A attached hereto, together with all Supplements to
Schedules thereto, at least 15 days prior to any such change or establishment, identifying
such new proposed name, identity, corporate structure, sole place of business (or principal
residence if such Grantor is a natural person), chief executive office, jurisdiction of
organization or trade name and providing such other information in connection therewith as
the Collateral Agent may reasonably request and (b) taken all actions necessary or
advisable to maintain the continuous validity, perfection and the same or better priority
of the Collateral Agent’s security interest in the Collateral intended to be granted and
agreed to hereby;

          (iii) except as permitted by the Credit Documents, it shall not take or permit any
action which could impair the Collateral Agent’s rights in the Collateral in any material
respect; and

          (iv) it shall not sell, transfer or assign any Collateral except as permitted by the
Credit Agreement and the LVSC Notes Indenture.

     4.2 Receivables.

          (a) Representations and Warranties. Each Grantor represents and warrants on the
Closing Date that:

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          (i) as of the date hereof, none of the Account Debtors in respect of any Receivable in
excess of $5,000,000 individually is the government of the United States, any agency or
instrumentality thereof, any state or municipality or any foreign sovereign. As of the
date hereof, no Receivable in excess of $5,000,000 individually requires the consent of the
Account Debtor in respect thereof in connection with the pledge hereunder, except any
consent which has been obtained; and

          (ii) as of the date hereof, no Receivable is evidenced by, or constitutes, an
Instrument or Chattel Paper which has not been delivered to, or otherwise subjected to the
control of, the Collateral Agent to the extent required by, and in accordance with Section
4.3(c).

          (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that:

          (i) it shall keep and maintain at its own cost and expense satisfactory and complete
records of the Receivables;

          (ii) except as otherwise provided in this subsection, each Grantor shall continue to
collect all amounts due or to become due to such Grantor under the Receivables and any
Supporting Obligation. Notwithstanding the foregoing, the Collateral Agent shall have the
right at any time during the continuance of an Event of Default to notify, or require any
Grantor to notify, any Account Debtor of the Collateral Agent’s security interest in the
Receivables and any Supporting Obligation and, in addition, at any time following the
occurrence and during the continuation of an Event of Default, the Collateral Agent may:
(1) direct the Account Debtors under any Receivables to make payment of all amounts due or
to become due to such Grantor thereunder directly to the Collateral Agent; (2) notify, or
require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to
which Account Debtors under any Receivables have been directed to make payment to remit all
amounts representing collections on checks and other payment items from time to time sent
to or deposited in such lockbox or other arrangement directly to the Collateral Agent; and
(3) enforce, at the expense of such Grantor, collection of any such Receivables and to
adjust, settle or compromise the amount or payment thereof, in the same manner and to the
same extent as such Grantor might have done. If the Collateral Agent notifies any Grantor
that it has elected to collect the Receivables in accordance with the preceding sentence,
any payments of Receivables received by such Grantor shall be promptly (and in any event
within five Business Days) deposited by such Grantor in the exact form received, duly
indorsed by such Grantor to the Collateral Agent if required, in the Collateral Account
maintained under the sole dominion and control of the Collateral Agent, and until so turned
over, all amounts and proceeds (including checks and other instruments) received by such
Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support
shall be received in trust for the benefit of the Collateral Agent hereunder and shall be
segregated from other funds of such Grantor and such Grantor shall not adjust, settle or
compromise the amount or payment of any Receivable, or release wholly or partly any Account
Debtor or obligor thereof, or allow any credit or discount thereon; and

          (c) Delivery and Control of Receivables. With respect to any Receivables in excess of
$5,000,000 individually that is evidenced by, or constitutes, Chattel Paper or Instruments (other
than checks), each Grantor shall cause each originally executed copy thereof to be delivered to the
Collateral Agent (or its agent or designee) appropriately indorsed to the

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Collateral Agent or indorsed in blank: (i) with respect to any such Receivables in existence
on the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables
hereafter arising, within ten (10) days of such Grantor acquiring rights therein. With respect to
any Receivables in excess of $5,000,000 individually which would constitute “electronic chattel
paper” under Article 9 of the UCC, each Grantor shall take all steps necessary to give the
Collateral Agent control over such Receivables (within the meaning of Section 9-105 of the UCC):
(i) with respect to any such Receivables in existence on the date hereof, on or prior to the date
hereof and (ii) with respect to any such Receivables hereafter arising, within 30 days of such
Grantor acquiring rights therein. Any Receivable not otherwise required to be delivered or
subjected to the control of the Collateral Agent in accordance with this subsection (c) shall be
delivered or subjected to such control upon request of the Collateral Agent.

     4.3 Investment Related Property.

          4.3.1 Investment Related Property Generally

          (a) Covenants and Agreements. Each Grantor hereby covenants and agrees that:

          (i) in the event it acquires rights in any Investment Related Property after the date
hereof, it shall deliver to the Collateral Agent a completed Pledge Supplement,
substantially in the form of Exhibit A attached hereto, together with all Supplements to
Schedules thereto, reflecting such new Investment Related Property. Notwithstanding the
foregoing, it is understood and agreed that the security interest of the Collateral Agent
shall attach to all Investment Related Property immediately upon any Grantor’s acquisition
of rights therein and shall not be affected by the failure of any Grantor to deliver a
supplement to Schedule 4.3 as required hereby;

          (ii) except as provided in the next sentence, in the event such Grantor receives any
interest or distributions on any Investment Related Property, or any other securities or
property upon the merger, consolidation, liquidation or dissolution of any issuer of any
Investment Related Property, then (a) such dividends, interest or distributions and
securities or other property shall be included in the definition of Collateral without
further action and (b) such Grantor shall promptly take all steps, if any, necessary or
advisable to ensure the validity, perfection, priority and, if applicable, control of the
Collateral Agent over such Investment Related Property (including, without limitation,
delivery thereof to the Collateral Agent) and pending any such action such Grantor shall be
deemed to hold such dividends, interest, distributions, securities or other property in
trust for the benefit of the Collateral Agent and shall segregate such dividends,
distributions, securities or other property from all other property of such Grantor.
Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be
continuing, the Collateral Agent authorizes each Grantor to retain all dividends and
distributions and all payments of interest; and

          (iii) it shall notify the Collateral Agent of any default under any Pledged Debt that
has caused, either in any individual case or in the aggregate, a Material Adverse Effect.

          (b) Delivery and Control.

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          (i) Each Grantor agrees that with respect to any Investment Related Property in which
it currently has rights it shall comply with the provisions of this Section 4.3.1(b) on or
before the Credit Date and with respect to any Investment Related Property hereafter
acquired by such Grantor it shall comply with the provisions of this Section 4.3.1(b)
promptly upon acquiring rights therein, in each case in form and substance reasonably
satisfactory to the Collateral Agent. With respect to any Pledged Debt that is represented
by a certificate or that is an “instrument” (other than any Investment Related Property
credited to a Securities Account) it shall cause such certificate or instrument to be
delivered to the Collateral Agent, indorsed in blank by an “effective indorsement” (as
defined in Section 8-107 of the UCC).

          4.3.2 Investment Accounts

          (a) Representations and Warranties. Each Grantor hereby represents and warrants on the
Closing Date that:

          (i) Schedule 4.3 hereto (as such schedule may be amended or supplemented from time to
time) sets forth under the headings “Securities Accounts” and “Commodities Accounts,”
respectively, all of the Securities Accounts and Commodities Accounts in which each Grantor
customarily maintains an interest in excess of $10,000,000. Each Grantor is the sole
entitlement holder of each such Securities Account and Commodity Account, and such Grantor
has not consented to, and is not otherwise aware of, any Person (other than the Collateral
Agent pursuant hereto) having “control” (within the meanings of Sections 8-106 and 9-106 of
the UCC) over, or any other interest in, any such Securities Account or Commodity Account
or securities or other property credited thereto;

          (ii) Schedule 4.3 hereto (as such schedule may be amended or supplemented from time to
time) sets forth under the headings “Deposit Accounts” all of the Deposit Accounts in which
each Grantor customarily maintains an interest in excess of $10,000,000. Each Grantor is
the sole account holder of each such Deposit Account and such Grantor has not consented to,
and is not otherwise aware of, any Person (other than the Collateral Agent pursuant hereto)
having either sole dominion and control (within the meaning of common law) or “control”
(within the meanings of Section 9-104 of the UCC) over, or any other interest in, any such
Deposit Account or any money or other property deposited therein; and

          (iii) Each Grantor has delivered all Instruments to the Collateral Agent.

          (b) Covenant and Agreement. Each Grantor hereby covenants and agrees with the
Collateral Agent and each other Secured Party that it shall not close or terminate any Investment
Account in which the Grantor customarily maintains an interest in excess of $10,000,000 which is
subject to a control agreement without the prior consent of the Collateral Agent and unless a
successor or replacement account has been established with the consent of the Collateral Agent with
respect to which successor or replacement account a control agreement has been entered into by the
appropriate Grantor, Collateral Agent and securities intermediary or depository institution at
which such successor or replacement account is to be maintained in accordance with the provisions
of Section 4.3.2(c).

          (c) Delivery and Control

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          (i) With respect to any Investment Related Property consisting of Securities Accounts
or Securities Entitlements, it shall cause the securities intermediary maintaining such
Securities Account or Securities Entitlement to enter into an agreement satisfactory to the
Collateral Agent pursuant to which it shall agree to comply with the Collateral Agent’s
“entitlement orders” without further consent by such Grantor. With respect to any
Investment Related Property that is a “Deposit Account,” it shall cause the depositary
institution maintaining such account to enter into an agreement substantially in the form
of Exhibit B hereto (or otherwise reasonably satisfactory to the Collateral Agent),
pursuant to which the Collateral Agent shall have both sole dominion and control over such
Deposit Account (within the meaning of the common law) and “control” (within the meaning of
Section 9-104 of the UCC) over such Deposit Account. Each Grantor shall have entered into
such control agreement or agreements with respect to: (i) Securities Accounts, Securities
Entitlements or any Deposit Accounts that exist on the Closing Date, such that no more than
$25,000,000 in such accounts in the aggregate is not covered by such control agreements, as
of 90 days after the Closing Date (or such longer period as is agreed by the Collateral
Agent) and (ii) any Deposit Accounts that are created or acquired after the Closing Date,
such that no more than $25,000,000 in such accounts in the aggregate is not covered by such
control agreements, as of or prior to the deposit or transfer of any such Securities
Entitlements or funds, whether constituting moneys or investments, into such Securities
Accounts or Deposit Accounts. It is understood and agreed that no control agreements shall
be required with respect to On-Site Cash, payroll accounts, benefits accounts, or other
similar accounts designated for the benefit of third parties.

In addition to the foregoing, if any issuer of any Investment Related Property in an amount
in excess of $2,000,000 is located in a jurisdiction outside of the United States, each
Grantor shall take such additional actions, including, without limitation, causing the
issuer to register the pledge on its books and records or making such filings or
recordings, in each case as may be necessary or advisable, under the laws of such issuer’s
jurisdiction to insure the validity, perfection and priority of the security interest of
the Collateral Agent. Upon the occurrence and during the continuation of an Event of
Default, the Collateral Agent shall have the right, without notice to any Grantor, to
transfer all or any portion of the Investment Related Property to its name or the name of
its nominee or agent. In addition, the Collateral Agent shall have the right at any time
during the continuance of an Event of Default, without notice to any Grantor, to exchange
any certificates or instruments representing any Investment Related Property for
certificates or instruments of smaller or larger denominations.

     4.4 Material Contracts.

          (a) Representations and Warranties. Each Grantor hereby represents and warrants on
the Closing Date that no Material Contract (other than the Harrah’s Shared Garage Lease) prohibits
assignment or requires consent of or notice to any Person in connection with the assignment to the
Collateral Agent hereunder, except such as has been given or made or is currently sought pursuant
to Section 4.4(b)(iii) hereof.

          (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that:

          (i) after the occurrence and during the continuance of an Event of Default, the
Collateral Agent may upon written notice to the applicable Grantor,

15

 

notify, or require any Grantor to notify, the counterparty to make all payments under
the Material Contracts directly to the Collateral Agent;

          (ii) each Grantor shall deliver promptly to the Collateral Agent, and in any event
within twenty (20) Business Days, after (1) any Material Contract of such Grantor is
terminated or amended in a manner that is materially adverse to such Grantor or (2) any new
Material Contract is entered into by such Grantor, a copy of such material amendment or new
contract (to the extent such delivery is permitted by the terms of any such Material
Contract, provided, no prohibition on delivery shall be effective if it were bargained for
by such Grantor with the intent of avoiding compliance with this Section 4.4(b)(iii)), and
an explanation of any actions being taken with respect thereto; and

          (iii) each Grantor shall, within thirty (30) days of the date hereof with respect to
any Non-Assignable Contract in effect on the date hereof and within thirty (30) days after
entering into any Non-Assignable Contract after the Closing Date, request in writing the
consent of the counterparty or counterparties to the Non-Assignable Contract pursuant to
the terms of such Non-Assignable Contract or applicable law to the assignment or granting
of a security interest in such Non-Assignable Contract to Secured Party and use its
commercially reasonable efforts to obtain such consent as soon as practicable thereafter.

     4.5 Intellectual Property.

          (a) Representations and Warranties. Except as disclosed in Schedule 4.5(C) (as such
schedule may be amended or supplemented from time to time), each Grantor hereby represents and
warrants, on the Closing Date and on each Credit Date, that:

          (i) Schedule 4.5(A) (as such schedule may be amended or supplemented from time to
time) sets forth a true and complete list of all United States, state and foreign
registrations of and applications for Patents, Trademarks, and Copyrights owned by each
Grantor (the “Owned Intellectual Property”) and Schedule 4.5(B) (as such schedule may be
amended or supplemented from time to time) sets forth a true and complete list of all
Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses material
to the business of such Grantor;

          (ii) it is the sole and exclusive owner of the entire right, title, and interest in
and to all Owned Intellectual Property of such Grantor listed on Schedule 4.5(A) (as such
schedule may be amended or supplemented from time to time), and owns or has the valid right
to use all other Intellectual Property material to its business (together with the Owned
Intellectual Property, the “Material Intellectual Property”), free and clear of all Liens,
claims, encumbrances and licenses, except for Permitted Liens and the licenses set forth on
Schedule 4.5(B) (as such schedule may be amended or supplemented from time to time);

          (iii) all Owned Intellectual Property of such Grantor is subsisting and has not been
adjudged invalid or unenforceable, in whole or in part, and each Grantor has performed all
acts and has paid all renewal, maintenance, and other fees and taxes required to maintain
each and every registration and application of Copyrights, Patents and Trademarks included
in the Owned Intellectual Property of such Grantor in full force and effect;

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          (iv) all Owned Intellectual Property of such Grantor is valid and enforceable; no
holding, decision, or judgment has been rendered in any action or proceeding before any
court or administrative authority challenging the validity of, such Grantor’s right to
register, or such Grantor’s rights to own or use, any such Intellectual Property and no
such action or proceeding is pending or, to the best of such Grantor’s knowledge,
threatened;

          (v) all registrations and applications for Copyrights, Patents and Trademarks included
in the Owned Intellectual Property of such Grantor are subsisting in the name of such
Grantor, and such Grantor has not licensed any Material Intellectual Property to any third
party, except as disclosed in Schedule 4.5(B) (as such schedule may be amended or
supplemented from time to time);

          (vi) to the best of such Grantor’s knowledge, the conduct of such Grantor’s business
does not infringe upon or otherwise violate, in any material respect, any Trademark,
Patent, Copyright, Trade Secret or other Intellectual Property right owned or controlled by
a third party; no claim has been made in writing that the use of any Material Intellectual
Property owned or used by Grantor violates the asserted rights of any third party; and

          (vii) to the best of such Grantor’s knowledge, no third party is infringing upon or
otherwise violating, in any material respect, any rights in any Material Intellectual
Property owned or used by such Grantor.

          (b) Covenants and Agreements. Each Grantor hereby covenants and agrees as follows:

          (i) except as permitted by the Credit Agreement, it shall not knowingly do any act or
omit to do any act that would cause any of the Material Intellectual Property to lapse, or
become abandoned, dedicated to the public, or unenforceable, or which would adversely
affect the validity, grant, or enforceability of the security interest granted therein;

          (ii) it shall not cease the use of any Trademarks included in the Owned Intellectual
Property of such Grantor or fail to maintain the level of the quality of products sold and
services rendered under any of such Trademark at a level at least substantially consistent
with the quality of such products and services as of the date hereof, and each Grantor
shall take all steps necessary to insure that licensees of such Trademarks use such
consistent standards of quality; provided, however, that the foregoing
shall not oblige such Grantor to continue to use any Trademark that such Grantor
determines, in its reasonable business judgment, is no longer beneficial or necessary to
the operation of such Grantor’s business;

          (iii) it shall promptly notify the Collateral Agent if it knows that any item of the
Owned Intellectual Property of such Grantor may become (a) abandoned or dedicated to the
public or placed in the public domain, (b) invalid or unenforceable, or (c) subject to any
adverse determination or development (including the institution of proceedings) in any
action or proceeding in the United States Patent and Trademark Office, the United States
Copyright Office, any state registry, any foreign counterpart of the foregoing, or any
court (excluding any non-final determinations of the United States Patent and Trademark
Office with respect to pending Trademark applications); provided,

17

 

however, that no such notice shall be required if any item of Owned
Intellectual Property is abandoned in connection with a contribution, distribution,
transfer or assignment of Intellectual Property that is permissible pursuant to the Credit
Agreement;

          (iv) it shall take all reasonable steps in the United States Patent and Trademark
Office, the United States Copyright Office, any state registry or any foreign counterpart
of the foregoing, to pursue any application and maintain (except as permitted by the Credit
Agreement) any registration of each Trademark, Patent, and Copyright now or hereafter
included in the Owned Intellectual Property of such Grantor including, but not limited to,
those items on Schedule 4.5(A) (as such schedule may be amended or supplemented from time
to time); provided, however, that the foregoing shall not oblige such
Grantor to pursue any application or maintain any registration for any Trademark, Patent or
Copyright that such Grantor determines, in its reasonable business judgment, is no longer
beneficial or necessary to the operation of such Grantor’s business;

          (v) in the event that any Owned Intellectual Property of such Grantor is infringed,
misappropriated, or diluted by a third party, such Grantor shall promptly take such actions
with respect to such infringement, misappropriation, or dilution as such Grantor deems
necessary or appropriate in its reasonable business judgment to protect its rights in such
Intellectual Property including, but not limited to, the initiation of a suit for
injunctive relief and to recover damages, if such Grantor deems such a suit necessary or
appropriate;

          (vi) it shall promptly (but in no event more than thirty (30) days after any Grantor
obtains knowledge thereof) report to the Collateral Agent (i) the filing in such Grantor’s
name of any application to register any Intellectual Property with the United States Patent
and Trademark Office, the United States Copyright Office, or any state registry or foreign
counterpart of the foregoing (whether such application is filed by such Grantor or through
any agent, employee, licensee, or designee thereof) and (ii) the registration in such
Grantor’s name of any Intellectual Property by any such office, in each case by executing
and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the
form of Exhibit A attached hereto, together with all Supplements to Schedules thereto;

          (vii) except with the prior consent of the Collateral Agent or as permitted under the
Credit Agreement, each Grantor shall not execute, and there will not be on file in any
public office, any financing statement or other document or instruments, except financing
statements or other documents or instruments filed or to be filed in favor of the
Collateral Agent and each Grantor shall not sell, assign, transfer, license, grant any
option, or create or suffer to exist any Lien upon or with respect to the Material
Intellectual Property, except for the Lien created by and under this Agreement and the
other Credit Documents and licenses granted in the ordinary course of business;

          (viii) it shall use proper statutory notice in connection with its use of any of the
Owned Intellectual Property, consistent with such Grantor’s past practice; and

          (ix) it shall continue to collect, at its own expense, all amounts due or to become
due to such Grantor in respect of the Owned Intellectual Property or any portion thereof.
In connection with such collections, each Grantor may take (and, at

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the Collateral Agent’s reasonable direction, shall take) such action as such Grantor
or the Collateral Agent may deem reasonably necessary or advisable to enforce collection of
such amounts. Notwithstanding the foregoing, the Collateral Agent shall have the right at
any time, to notify, or require any Grantor to notify, any obligors with respect to any
such amounts of the existence of the security interest created hereby.

     4.6 Commercial Tort Claims

          (a) Representations and Warranties. Each Grantor hereby represents and warrants on
the Closing Date that Schedule 4.6 (as such schedule may be amended or supplemented from time to
time) sets forth all Commercial Tort Claims of each Grantor in excess of $4,000,000 individually;
and

          (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with
respect to any Commercial Tort Claim in excess of $4,000,000 individually hereafter arising it
shall deliver (promptly, and in any event within 30 days) to the Collateral Agent a completed
Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all
Supplements to Schedules thereto, identifying such new Commercial Tort Claims.

SECTION 5. FURTHER ASSURANCES; ADDITIONAL GRANTORS.

     5.1 Further Assurances.

          (a) Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall
promptly execute and deliver all further instruments and documents, and take all further action
that may be necessary or that the Collateral Agent may reasonably request, in order to create
and/or maintain the validity, perfection or priority of and protect any security interest granted
hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder
with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor
shall:

          (i) file such financing or continuation statements, or amendments thereto, and execute
and deliver such other agreements, instruments, endorsements, powers of attorney or
notices, as may be necessary or desirable, or as the Collateral Agent may reasonably
request, in order to perfect and preserve the security interests granted or purported to be
granted hereby; and

          (ii) take all actions necessary to ensure the recordation of appropriate evidence of
the liens and security interest granted hereunder in the Owned Intellectual Property with
any intellectual property registry in which said Owned Intellectual Property is registered
or in which an application for registration is pending including, without limitation, the
United States Patent and Trademark Office, the United States Copyright Office, the various
Secretaries of State, and the foreign counterparts of any of the foregoing.

          (b) Each Grantor hereby authorizes the Collateral Agent to file a Record or Records,
including, without limitation, financing or continuation statements, and amendments thereto, in any
jurisdictions and with any filing offices as the Collateral Agent may determine, in its reasonable
discretion, are necessary or advisable to perfect the security interest granted to the Collateral
Agent herein. Such financing statements may describe the Collateral in the same manner as
described herein or may contain an indication or description of collateral that describes

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such property in any other manner as the Collateral Agent may determine, in its sole
discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in
the Collateral granted to the Collateral Agent herein, including, without limitation, describing
such property as “all assets” or “all personal property, whether now owned or hereafter acquired.”
Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules
further identifying and describing the Collateral and such other reports in connection with the
Collateral as the Collateral Agent may reasonably request, all in reasonable detail.

     5.2 Additional Grantors. From time to time subsequent to the date hereof, additional Persons
may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a
Counterpart Agreement. Upon delivery of any such counterpart agreement to the Collateral Agent,
notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall
be as fully a party hereto as if Additional Grantor were an original signatory hereto. Each
Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished
by the addition or release of any other Grantor hereunder, nor by any election of Collateral Agent
not to cause any Subsidiary of Company to become an Additional Grantor hereunder. This Agreement
shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether
any other Person becomes or fails to become or ceases to be a Grantor hereunder.

SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT.

     6.1 Power of Attorney. Subject to compliance with applicable Nevada Gaming Laws and
Pennsylvania Gaming Laws, each Grantor hereby irrevocably appoints the Collateral Agent (such
appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority
in the place and stead of such Grantor and in the name of such Grantor, the Collateral Agent or
otherwise, subject to the terms of the Credit Agreement and the LVSC Notes Indenture, this
Agreement and applicable Legal Requirements, from time to time upon and following the occurrence
and continuation of an Event of Default, in the Collateral Agent’s discretion to take any action
and to execute any instrument that the Collateral Agent may deem reasonably necessary or advisable
to accomplish the purposes of this Agreement, including, without limitation, the following:

          (a) upon the occurrence and during the continuance of any Event of Default, to obtain and
adjust insurance required to be maintained by such Grantor or paid to the Collateral Agent pursuant
to this Agreement;

          (b) upon the occurrence and during the continuance of any Event of Default, to ask for,
demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys
due and to become due under or in respect of any of the Collateral;

          (c) upon the occurrence and during the continuance of any Event of Default, to receive,
endorse and collect any drafts or other instruments, documents and chattel paper in connection with
clause (b) above;

          (d) upon the occurrence and during the continuance of any Event of Default, to file any claims
or take any action or institute any proceedings that the Collateral Agent may deem necessary or
desirable for the collection of any of the Collateral or otherwise to enforce the rights of the
Collateral Agent with respect to any of the Collateral;

20

 

          (e) to prepare and file any UCC financing statements against such Grantor as debtor;

          (f) to prepare, sign, and file for recordation in any intellectual property registry,
appropriate evidence of the lien and security interest granted herein in the Intellectual Property
in the name of such Grantor as debtor;

          (g) to the extent permitted by the Credit Agreement, to take or cause to be taken all actions
necessary to perform or comply or cause performance or compliance with the terms of this Agreement,
including, without limitation, access to pay or discharge taxes or Liens (other than Permitted
Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof
and the amounts necessary to discharge the same to be determined by the Collateral Agent in its
sole discretion, any such payments made by the Collateral Agent to become obligations of such
Grantor to the Collateral Agent, due and payable immediately without demand; and

          (h) generally to sell, transfer, pledge, make any agreement with respect to or otherwise deal
with any of the Collateral as fully and completely as though the Collateral Agent were the absolute
owner thereof for all purposes, and to do, at the Collateral Agent’s option and such Grantor’s
expense, at any time or from time to time, all acts and things that the Collateral Agent deems
reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral Agent’s
security interest therein in order to effect the intent of this Agreement, all as fully and
effectively as such Grantor might do.

     6.2 No Duty on the Part of Collateral Agent or Secured Parties. The powers conferred on the
Collateral Agent hereunder are solely to protect the interests of the Secured Parties in the
Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise
any such powers. The Collateral Agent and the Secured Parties shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers, and neither they nor
any of their officers, directors, employees or agents shall be responsible to any Grantor for any
act or failure to act hereunder, except for their own gross negligence or willful misconduct.

SECTION 7. REMEDIES.

     7.1 Generally.

          (a) Subject to compliance with applicable Nevada Gaming Laws and Pennsylvania Gaming Laws, if
any Event of Default shall have occurred and be continuing, the Collateral Agent may exercise in
respect of the Collateral, in addition to all other rights and remedies provided for herein or
otherwise available to it at law or in equity, all the rights and remedies of the Collateral Agent
on default under the UCC (whether or not the UCC applies to the affected Collateral) to collect,
enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and
also may pursue any of the following separately, successively or simultaneously:

          (i) require any Grantor to, and each Grantor hereby agrees that it shall at its
expense and promptly upon request of the Collateral Agent forthwith, assemble all or part
of the Collateral as directed by the Collateral Agent and make it available to the
Collateral Agent at a place to be designated by the Collateral Agent that is reasonably
convenient to both parties;

21

 

          (ii) enter onto the property where any Collateral is located and take possession
thereof with or without judicial process;

          (iii) prior to the disposition of the Collateral, store, process, repair or
recondition the Collateral or otherwise prepare the Collateral for disposition in any
manner to the extent the Collateral Agent deems appropriate; and

          (iv) without notice except as specified below or under the UCC, sell, assign, lease,
license (on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or
any part thereof in one or more parcels at public or private sale, at any of the Collateral
Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or
times and at such price or prices and upon such other terms as the Collateral Agent may
deem commercially reasonable.

          (b) The Collateral Agent or any Secured Party may be the purchaser of any or all of the
Collateral at any public or private (to the extent to the portion of the Collateral being privately
sold is of a kind that is customarily sold on a recognized market or the subject of widely
distributed standard price quotations) sale in accordance with the UCC and the Collateral Agent, as
collateral agent for and representative of the Secured Parties, shall be entitled, for the purpose
of bidding and making settlement or payment of the purchase price for all or any portion of the
Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the
Secured Obligations as a credit on account of the purchase price for any Collateral payable by the
Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold
absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives
(to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which
it now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by
law, at least ten (10) days notice to such Grantor of the time and place of any public sale or the
time after which any private sale is to be made shall constitute reasonable notification. The
Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale
having been given. The Collateral Agent may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned. Each Grantor agrees that it would not be
commercially unreasonable for the Collateral Agent to dispose of the Collateral or any portion
thereof by using Internet sites that provide for the auction of assets of the types included in the
Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of
assets. Each Grantor hereby waives any claims against the Collateral Agent arising by reason of
the fact that the price at which any Collateral may have been sold at such a private sale was less
than the price which might have been obtained at a public sale, even if the Collateral Agent
accepts the first offer received and does not offer such Collateral to more than one offeree. If
the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the
Secured Obligations, Grantors shall be liable for the deficiency and the fees of any attorneys
employed by the Collateral Agent to collect such deficiency. Each Grantor further agrees that a
breach of any of the covenants contained in this Section will cause irreparable injury to the
Collateral Agent, that the Collateral Agent has no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section shall be specifically
enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any
defenses against an action for specific performance of such covenants except for a defense that no
default has occurred giving rise to the Secured Obligations becoming due and payable prior to their
stated maturities. Nothing in this Section shall in any way alter the rights of the Collateral
Agent hereunder.

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          (c) The Collateral Agent may sell the Collateral without giving any warranties as to the
Collateral. The Collateral Agent may specifically disclaim or modify any warranties of title or
the like. This procedure will not be considered to adversely affect the commercial reasonableness
of any sale of the Collateral.

          (d) The Collateral Agent shall have no obligation to marshal any of the Collateral.

     7.2 Application of Proceeds. Except as expressly provided elsewhere in this Agreement, all
proceeds received by the Collateral Agent in respect of any sale, any collection from, or other
realization upon all or any part of the Collateral shall be applied in full or in part by the
Collateral Agent against, the Secured Obligations in the following order of priority:
first, to the payment of all costs and expenses of such sale, collection or other
realization, including reasonable compensation to the Collateral Agent and its agents and counsel,
and all other expenses, liabilities and advances made or incurred by the Collateral Agent in
connection therewith, and all amounts for which the Collateral Agent is entitled to indemnification
hereunder (in its capacity as the Collateral Agent and not as a Lender) and all advances made by
the Collateral Agent hereunder for the account of the applicable Grantor, and to the payment of all
costs and expenses paid or incurred by the Collateral Agent in connection with the exercise of any
right or remedy hereunder or under the Credit Agreement, all in accordance with the terms hereof or
thereof; second, to the extent of any excess of such proceeds, to the payment of all other
Secured Obligations for the ratable benefit of all Secured Parties; and third, to the
extent of any excess of such proceeds, to the payment to or upon the order of such Grantor or to
whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may
direct.

     7.3 Sales on Credit. If Collateral Agent sells any of the Collateral upon credit, Grantor
will be credited only with payments actually made by purchaser and received by Collateral Agent and
applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the
Collateral, Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds
of the sale.

     7.4 Deposit Accounts.

     If any Event of Default shall have occurred and be continuing, the Collateral Agent may apply
the balance from any Deposit Account subject to a control agreement or instruct the bank at which
any Deposit Account subject to a control agreement is maintained to pay the balance of any Deposit
Account to or for the benefit of the Collateral Agent.

     7.5 Intellectual Property.

          (a) Anything contained herein to the contrary notwithstanding, upon the occurrence and during
the continuation of an Event of Default:

          (i) the Collateral Agent shall have the right (but not the obligation) to bring suit
or otherwise commence any action or proceeding in the name of any Grantor, the Collateral
Agent or otherwise, in the Collateral Agent’s sole discretion, to enforce any Intellectual
Property included in the Collateral, in which event such Grantor shall, at the request of
the Collateral Agent, do any and all lawful acts and execute any and all documents required
by the Collateral Agent in aid of such enforcement and such Grantor shall promptly, upon
demand, reimburse and indemnify the Collateral Agent as provided in Section 10 hereof in
connection with the exercise of

23

 

its rights under this Section, and, to the extent that the Collateral Agent shall
elect not to bring suit to enforce any Intellectual Property as provided in this Section,
each Grantor agrees to comply with its obligations under Section 4.5(b)(v) hereof;

          (ii) upon written demand from the Collateral Agent, each Grantor shall grant, assign,
convey or otherwise transfer to the Collateral Agent or such Collateral Agent’s designee
all of such Grantor’s right, title and interest in and to the Intellectual Property
included in the Collateral and shall execute and deliver to the Collateral Agent such
documents as are necessary or appropriate to carry out the intent and purposes of this
Agreement;

          (iii) each Grantor agrees that such an assignment and/or recording shall be applied to
reduce the Secured Obligations outstanding only to the extent that the Collateral Agent (or
any Secured Party) receives cash proceeds in respect of the sale of, or other realization
upon, any Intellectual Property.

          (b) Solely for the purpose of enabling the Collateral Agent to exercise rights and remedies
under this Section 7 and at such time as the Collateral Agent shall be lawfully entitled to
exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent, to the
extent it has the right to do so, an irrevocable, nonexclusive license (exercisable without payment
of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to
sufficient rights of quality control and inspection in favor of such Grantor to avoid the risk of
invalidation of said Trademarks, to use, operate under, license, or sublicense any Intellectual
Property now owned or hereafter acquired by such Grantor, and wherever the same may be located.

     7.6 Cash Proceeds. In addition to the rights of the Collateral Agent specified in Section 4.2
with respect to payments of Receivables, during the continuance of an Event of Default all proceeds
of any Collateral received by any Grantor consisting of cash, checks and other similar non-cash
items (collectively, “Cash Proceeds”) shall be held by such Grantor in trust for the Collateral
Agent, segregated from other funds of such Grantor, and shall, promptly upon receipt by such
Grantor, unless otherwise provided pursuant to Section 4.3.1(a)(ii), be turned over to the
Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the
Collateral Agent, if required) and held by the Collateral Agent in the Collateral Account. Any
Cash Proceeds received by the Collateral Agent from a Grantor when an Event of Default shall have
occurred and be continuing, may, in the sole discretion of the Collateral Agent, (A) be held by the
Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the
Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be
applied by the Collateral Agent against the Secured Obligations then due and owing in accordance
with the application of proceeds set forth in Section 7.2.

SECTION 8. COLLATERAL AGENT.

     The Collateral Agent has been appointed to act as Collateral Agent hereunder by Lenders and,
by their acceptance of the benefits hereof, the other Secured Parties (including the LVSC Notes
Secured Parties who, by accepting the benefits of the security interest granted hereunder, are
deemed to have appointed the Collateral Agent as their agent for purposes of the grant of the
security interests provided hereunder which secure the LVSC Note Obligations). The Collateral Agent
shall be obligated, and shall have the right hereunder, to make demands, to give notices, to
exercise or refrain from exercising any rights, and to take or refrain from taking any action

24

 

(including, without limitation, the release or substitution of Collateral), solely in
accordance with this Agreement, the Credit Agreement and the LVSC Notes Indenture;
provided, the Collateral Agent shall, after payment in full of all Obligations under the
Credit Agreement and the other Credit Documents (other than obligations under Hedging Agreements),
exercise, or refrain from exercising, any remedies provided for herein in accordance with the
instructions of the holders of a majority of the aggregate notional amount (or, with respect to any
Hedging Agreement that has been terminated in accordance with its terms, the amount then due and
payable (exclusive of expenses and similar payments but including any early termination payments
then due) under such Hedging Agreement) under all Hedging Agreements. In furtherance of the
foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof,
agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it
being understood and agreed by such Secured Party that all rights and remedies hereunder may be
exercised solely by the Collateral Agent for the benefit of Secured Parties in accordance with the
terms of this Section. Collateral Agent may resign at any time by giving thirty (30) days’ prior
written notice thereof to Lenders, the LVSC Notes Trustee and the Grantors, and Collateral Agent
may be removed at any time with or without cause by an instrument or concurrent instruments in
writing delivered to the Grantors and Collateral Agent signed by the Requisite Lenders. Upon any
such notice of resignation or any such removal, Requisite Lenders shall have the right, upon five
(5) Business Days’ notice to the Administrative Agent and the Grantors, to appoint a successor
Collateral Agent which must be acceptable to Grantors (unless an Event of Default has occurred and
is continuing). Upon the acceptance of any appointment as Collateral Agent hereunder by a
successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring or removed Collateral
Agent under this Agreement, and the retiring or removed Collateral Agent under this Agreement shall
promptly (i) transfer to such successor Collateral Agent all sums and other items of Collateral
held hereunder, together with all records and other documents necessary or appropriate in
connection with the performance of the duties of the successor Collateral Agent under this
Agreement, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize
the filing of such amendments to financing statements, and take such other actions, as may be
necessary or appropriate in connection with the assignment to such successor Collateral Agent of
the security interests created hereunder, whereupon such retiring or removed Collateral Agent shall
be discharged from its duties and obligations under this Agreement. After any retiring or removed
Collateral Agent’s resignation or removal hereunder as the Collateral Agent, the provisions of this
Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under
this Agreement while it was the Collateral Agent hereunder. The Collateral Agent (including any
successor Collateral Agent) shall enjoy the benefits afforded it under Section 9.6 of the Credit
Agreement, it being understood that the indemnification provided thereunder shall come from the
Lenders based on their Pro Rata Share as set forth therein, and that no indemnification shall be
sought from, or required by, any LVSC Notes Secured Parties.

SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS.

     This Agreement shall create a continuing security interest in the Collateral and shall remain
in full force and effect until the payment in full of all Credit Obligations (other than any
contingent obligations for which no claim has yet been made), the cancellation or termination of
the Commitments and the cancellation, expiration or cash collateralization on terms acceptable to
the Issuing Bank of all outstanding Letters of Credit (it being understood that at such time, all
security interests hereunder in favor of the LVSC Notes Secured Parties and securing the LVSC Notes
Obligations shall be automatically released). Such security interests shall be binding upon each
Grantor, its successors and assigns, and inure, together with the rights and remedies of the
Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees

25

 

and assigns. Without limiting the generality of the foregoing, but subject to the terms of
the Credit Agreement and the LVSC Notes Documents, any Lender or holder of LVSC Notes may assign or
otherwise transfer any Loans or LVSC Notes held by it to any other Person, and such other Person
shall thereupon become vested with all the benefits in respect thereof granted to Lenders or
holders of LVSC Notes, as the case may be, herein or otherwise. Upon the payment in full of all
Credit Obligations (other than any contingent obligations for which no claim has yet been made)
(without regard to the LVSC Notes Obligations), the cancellation, termination of the Commitments
and the cancellation, expiration or cash collateralization on terms acceptable to the Issuing Bank
of all outstanding Letters of Credit, the security interest granted hereby shall automatically
terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon
any such termination the Collateral Agent shall, at Grantors’ expense, execute and deliver to
Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request,
including financing statement amendments and UCC-3 termination statements to evidence such
termination. Upon any sale, transfer or other disposition of property permitted by the Credit
Agreement (or agreed to by the Requisite Lenders and/or Administrative Agent under the Credit
Agreement in accordance with the terms thereof, without any requirement to obtain the concurrence
of any holder of LVSC Notes Obligations or the LVSC Notes Indenture Trustee), the Liens granted
herein shall be deemed to be automatically released and such property shall automatically revert to
the applicable Grantor with no further action on the part of any Person. Upon the repayment of the
LVSC Notes, the Liens granted herein securing the LVSC Notes shall be automatically released with
no further action on the part of any Person, and all references in this Agreement to LVSC Notes
Obligations and LVSC Notes Secured Parties shall be deemed to be deleted. Furthermore, upon the
release of any Guarantor from the obligations of Article 7 of the Credit Agreement in accordance
with the provisions of the Credit Agreement, such Grantor (and the Collateral at such time assigned
by such Grantor pursuant hereto) shall be released from this Agreement. To the extent any property
(including Specified FF&E) is financed by any lender pursuant to an FF&E Facility or pursuant to
Section 6.1(f) or (j) the Collateral Agent shall release any Liens in favor of the Secured Parties
on such assets (subject to the standstill or intercreditor agreement, if any, executed by the
Collateral Agent or Administrative Agent in connection with such FF&E Facility). The Collateral
Agent shall, at Grantor’s expense, execute and deliver or otherwise authorize the filing of such
documents as Grantors shall reasonably request, in form and substance reasonably satisfactory to
the Collateral Agent, including financing statement amendments to evidence such releases.

SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM.

     The powers conferred on the Collateral Agent hereunder are solely to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the
exercise of reasonable care in the custody of any Collateral in its possession and the accounting
for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any
Collateral or as to the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have
exercised reasonable care in the custody and preservation of Collateral in its possession if such
Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its
own property. Neither the Collateral Agent nor any of its directors, officers, employees or agents
shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or
for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any
agreement contained herein, the Collateral Agent may (to the extent provided herein) itself
perform, or cause performance of, such agreement, and the expenses of the Collateral Agent

26

 

incurred in connection therewith shall be payable by each Grantor under Section 10.2 of the
Credit Agreement.

SECTION 11. MISCELLANEOUS.

          (a) Any notice required or permitted to be given under this Agreement shall be given in
accordance with Section 10.1 of the Credit Agreement (and in the case of the LVSC Notes Indenture
Trustee, at the address designated for delivery of notices pursuant to the LVSC Notes Indenture).

          (b) No failure or delay on the part of the Collateral Agent in the exercise of any power,
right or privilege hereunder or under any other Credit Document shall impair such power, right or
privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any
single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other power, right or privilege. All rights and remedies existing under this
Agreement and the other Credit Documents and LVSC Notes Documents are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

          (c) In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby. All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or would otherwise be within the limitations
of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such
action is taken or condition exists.

          (d) This Agreement shall be binding upon and inure to the benefit of the Collateral Agent and
Grantors and their respective successors and assigns. No Grantor shall, without the prior written
consent of the Collateral Agent given in accordance with the Credit Agreement, assign any right,
duty or obligation hereunder.

          (e) This Agreement and the other Credit Documents embody the entire agreement and
understanding between Grantors and the Collateral Agent and supersede all prior agreements and
understandings between such parties relating to the subject matter hereof and thereof.
Accordingly, the Credit Documents may not be contradicted by evidence of prior, contemporaneous or
subsequent oral agreements of the parties. There are no unwritten oral agreements between the
parties.

          (f) This Agreement may be amended only by a written amendment executed by all the parties
hereto evidencing their consent to such amendments. The consent of the Collateral Agent shall be
directed by, to the extent required by the Credit Agreement, the vote of Required Lenders (or such
other group of Lenders as is required thereunder). Amendments hereto shall not be subject to the
vote or consent of any holders of LVSC Notes or the LVSC Notes Indenture Trustee.

          (g) This Agreement may be executed in one or more counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original,
but all such counterparts together shall constitute but one and the same instrument; signature
pages may be detached from multiple separate counterparts and

27

 

attached to a single counterpart so that all signature pages are physically attached to the
same document.

          (h) SUBJECT TO THE APPLICATION OF NEVADA GAMING LAWS AND PENNSYLVANIA GAMING LAWS, THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK
GENERAL OBLIGATION LAWS).

[remainder of page intentionally left blank]

28

 

          IN WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly authorized as of the date
first written above.

	 	 	 	 	 
	 	LAS VEGAS SANDS, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	INTERFACE GROUP-NEVADA, INC.

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	LIDO CASINO RESORT HOLDING COMPANY, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	LIDO INTERMEDIATE HOLDING COMPANY, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and
Chief Financial Officer 	 

29

 

	 	 	 	 	 

	 	 	 	 	 
	 	MALL INTERMEDIATE HOLDING COMPANY, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	PALAZZO CONDO TOWER, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	PHASE II MALL HOLDING, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	PHASE II MALL SUBSIDIARY, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	SANDS PENNSYLVANIA, INC.

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 

30

 

	 	 	 	 	 

	 	 	 	 	 
	 	VENETIAN CASINO RESORT, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	VENETIAN MARKETING, INC.

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	VENETIAN TRANSPORT LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	VENETIAN VENTURE DEVELOPMENT, LLC

 	 
	 	By:  	/s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 

31

 

	 	 	 	 	 
	 	

THE BANK OF NOVA SCOTIA,

as the Collateral Agent

 	 
	 	By:  	/s/ Chris Osborn
 	 
	 	Name:  Chris Osborn 	 
	 	Title:  Managing Director 	 

32

 

	 	 	 	 	 

SCHEDULE 4.1

TO SECURITY AGREEMENT

GENERAL INFORMATION

	(A)	 	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive
Office/Sole Place of Business and Organizational Identification Number of each Grantor:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Chief Executive	 	 
	 

	 	Type of
	 	Jurisdiction of
	 	Office/Sole Place	 	 
	Full Legal Name

	 	Organization
	 	Organization
	 	of Business
	 	Organization I.D.#
	 

	 	 
	 	 
	 	 
	 	 

	(B)	 	Other Names (including any Trade Name or Fictitious Business Name) under which each Grantor
has conducted business for the past five (5) years:

	 	 	 
	Full Legal Name

	 	Trade Name or Fictitious Business Name
	 

	 	 

	(C)	 	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of
Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure
within past five (5) years:

	 	 	 	 	 
	Grantor

	 	Date of Change
	 	Description of Change
	 

	 	 
	 	 

	(D)	 	Financing Statements:

	 	 	 
	Grantor

	 	Filing Jurisdiction(s)
	 

	 	 

	(E)	 	Letter of Credit Rights

	 	 	 
	Grantor

	 	Description of Letters of Credit
	 

	 	 

	(F)	 	Necessary Actions and Consents

SCHEDULE 4.1-1

 

 

SCHEDULE 4.3

TO SECURITY AGREEMENT

INVESTMENT RELATED PROPERTY

	(A)	 	Pledged Debt:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Original	 	Outstanding	 	 	 	 
	 	 	 	 	Principal	 	Principal	 	 	 	 
	Grantor	 	Issuer	 	Amount	 	Balance	 	Issue Date	 	Maturity Date
	All Credit Parties

	 	All Credit Parties
	 	Various
	 	Various
	 	May ___, 2007
	 	On demand

	 	 	Commodities Accounts:

	 	 	 	 	 	 	 
	 

	 	Name of Commodities	 	 	 	 
	Grantor

	 	Intermediary
	 	Account Number
	 	Account Name
	 

	 	 
	 	 
	 	 

	 	 	Deposit Accounts:

	 	 	 	 	 	 	 
	Grantor

	 	Name of Depositary Bank
	 	Account Number
	 	Account Name
	 

	 	 
	 	 
	 	 

EXHIBIT 4.3-1

 

 

SCHEDULE 4.5

TO SECURITY AGREEMENT

INTELLECTUAL PROPERTY

	(A)	 	Owned Intellectual Property
	 
	(B)	 	Intellectual Property Licenses
	 
	(C)	 	Intellectual Property Exceptions

SCHEDULE 4.5-1

 

 

SCHEDULE 4.6

TO SECURITY AGREEMENT

	 	 	 
	Grantor

	 	Commercial Tort Claims
	 

	 	 

SCHEDULE 4.6-1

 

 

EXHIBIT A

TO SECURITY AGREEMENT

PLEDGE SUPPLEMENT

     This PLEDGE SUPPLEMENT, dated [mm/dd/yy], is delivered by [NAME OF GRANTOR] a [NAME OF STATE
OF INCORPORATION] [Corporation] (the “Grantor") pursuant to the Security Agreement, dated as of May
___, 2007 (as it may be from time to time amended, restated, modified or supplemented, the “Security
Agreement”), among Las Vegas Sands, LLC, the other Grantors named therein, and The Bank of Nova
Scotia, as the Collateral Agent. Capitalized terms used herein not otherwise defined herein shall
have the meanings ascribed thereto in the Security Agreement.

     Grantor hereby confirms the grant to the Collateral Agent set forth in the Security Agreement
of, and does hereby grant to the Collateral Agent, a security interest in all of Grantor’s right,
title and interest in and to all Collateral to secure the Secured Obligations, in each case whether
now or hereafter existing or in which Grantor now has or hereafter acquires an interest and
wherever the same may be located. Grantor represents and warrants that the attached Supplements to
Schedules accurately and completely set forth all additional information required pursuant to the
Security Agreement and hereby agrees that such Supplements to Schedules shall constitute part of
the Schedules to the Security Agreement.

     IN WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly executed and
delivered by its duly authorized officer as of [mm/dd/yy].

	 	 	 	 	 	 	 
	 	 	[NAME OF GRANTOR]
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

EXHIBIT A-1

 

 

SUPPLEMENT TO SCHEDULE 4.1

TO SECURITY AGREEMENT

Additional Information:

	(A)	 	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive
Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational
Identification Number of each Grantor:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Chief Executive	 	 
	 

	 	 	 	 	 	Office/Sole Place	 	 
	 

	 	 	 	 	 	of Business (or	 	 
	 

	 	 	 	 	 	Residence if	 	 
	 

	 	Type of
	 	Jurisdiction of
	 	Grantor is a
	 	 
	Full Legal Name

	 	Organization
	 	Organization
	 	Natural Person)
	 	Organization I.D.#
	 

	 	 
	 	 
	 	 
	 	 

	(B)	 	Other Names (including any Trade Name or Fictitious Business Name) under which each Grantor
has conducted business for the past five (5) years:

	 	 	 
	Full Legal Name
	 	Trade Name or Fictitious Business Name
	 
	 	 

	(C)	 	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of
Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure
within past five (5) years:

	 	 	 	 	 
	Name of Grantor
	 	Date of Change
	 	Description of Change
	 
	 	 
	 	 

	(D)	 	Financing Statements:

	 	 	 
	Name of Grantor
	 	Filing Jurisdiction(s)
	 
	 	 

	(E)	 	Letter of Credit Rights

	 	 	 
	Grantor

	 	Description of Letters of Credit
	 

	 	 

	(F)	 	Necessary Actions and Consents

EXHIBIT A-2

 

 

SUPPLEMENT TO SCHEDULE 4.3

TO SECURITY AGREEMENT

Additional
Information:

Pledged Debt:

Securities Account:

Commodities Accounts:

Deposit Accounts:

EXHIBIT A-3

 

 

SUPPLEMENT TO SCHEDULE 4.5

TO SECURITY AGREEMENT

Additional Information:

	(A)	 	Owned Intellectual Property
	 
	(B)	 	Intellectual Property Licenses
	 
	(C)	 	Intellectual Property Exceptions

EXHIBIT A-4

 

 

SUPPLEMENT TO SCHEDULE 4.6

TO SECURITY AGREEMENT

Additional Information:

	 	 	 
	Name of Grantor
	 	Commercial Tort Claims
	 
	 	 

EXHIBIT A-5

 

 

EXHIBIT B

TO SECURITY AGREEMENT

DEPOSIT ACCOUNT CONTROL AGREEMENT

     This Deposit Account Control Agreement dated as of [                    ], 20[___] (this “Agreement")
among [                    ] (the “Debtor"), [                    ], as collateral agent for the Secured Parties (the
“Collateral Agent") and [                    ], in its capacity as a “bank” as defined in Section 9-102 of
the UCC (in such capacity, the “Financial Institution"). Capitalized terms used but not defined
herein shall have the meaning assigned thereto in the Security Agreement, dated as of May ___, 2007,
between the Debtor, the other Grantors party thereto and the Collateral Agent (as amended,
restated, supplemented or otherwise modified from time to time, the “Security Agreement"). All
references herein to the “UCC” shall mean the Uniform Commercial Code as in effect in the State of
New York.

     Section 1. Establishment of Deposit Account. The Financial Institution hereby confirms and
agrees that:

     (a) The Financial Institution has established account number [IDENTIFY ACCOUNT NUMBER] in the
name "[IDENTIFY EXACT TITLE OF ACCOUNT]” (such account and any successor account, the “Deposit
Account") and the Financial Institution shall not change the name or account number of the Deposit
Account without the prior written consent of the Collateral Agent and, prior to delivery of a
Notice of Sole Control in substantially the form set forth in Exhibit A hereto, the Debtor; and

     (b) The Deposit Account is a “deposit account” within the meaning of Section 9-102(a)(29) of
the UCC.

     Section 2. Control of the Deposit Account. Collateral Agent hereby agrees only to deliver a
Notice of Sole Control following the occurrence, and during the continuance, of an Event of
Default. If at any time after the Delivery of a Notice of Sole Control the Financial Institution
shall receive any instructions originated by the Collateral Agent directing the disposition of
funds in the Deposit Account, the Financial Institution shall comply with such instructions without
further consent by the Debtor or any other person. The Financial Institution hereby acknowledges
that it has received notice of the security interest of the Collateral Agent in the Deposit Account
and hereby acknowledges and consents to such lien. If the Debtor is otherwise entitled to issue
instructions and such instructions conflict with any instructions issued the Collateral Agent, the
Financial Institution shall follow the instructions issued by the Collateral Agent.

     Section 3. Subordination of Lien; Waiver of Set-Off. In the event that the Financial
Institution has or subsequently obtains by agreement, by operation of law or otherwise a security
interest in the Deposit Account or any funds credited thereto, the Financial Institution hereby
agrees that such security interest shall be subordinate to the security interest of the Collateral
Agent. Money and other items credited to the Deposit Account will not be subject to deduction,
set-off, banker’s lien, or any other right in favor of any person other than the Collateral Agent
(except that the Financial Institution may set off (i) all amounts due to the Financial Institution
in respect of customary fees and expenses for the routine maintenance and operation of the Deposit
Account and (ii) the face amount of any checks which have been credited to such Deposit Account but
are subsequently returned unpaid because of uncollected or insufficient funds).

EXHIBIT B-1

 

     Section 4. Choice of Law. This Agreement and the Deposit Account shall each be governed by
the laws of the State of New York. Regardless of any provision in any other agreement, for
purposes of the UCC, New York shall be deemed to be the Financial Institution’s jurisdiction
(within the meaning of Section 9-304 of the UCC) and the Deposit Account shall be governed by the
laws of the State of New York.

     Section 5. Conflict with Other Agreements.

     (a) In the event of any conflict between this Agreement (or any portion thereof) and any
other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail;

     (b) No amendment or modification of this Agreement or waiver of any right hereunder shall be
binding on any party hereto unless it is in writing and is signed by all of the parties hereto; and

     (c) The Financial Institution hereby confirms and agrees that:

     (i) There are no other agreements entered into between the Financial
Institution and the Debtor with respect to the Deposit Account [other than
                    ]; and

     (ii) It has not entered into, and until the termination of this Agreement,
will not enter into, any agreement with any other person relating the Deposit
Account and/or any funds credited thereto pursuant to which it has agreed to
comply with instructions originated by such persons as contemplated by Section
9-104 of the UCC.

     Section 6. Adverse Claims. The Financial Institution does not know of any liens, claims or
encumbrances relating to the Deposit Account. If any person asserts any lien, encumbrance or
adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or
similar process) against the Deposit Account, the Financial Institution will promptly notify the
Collateral Agent and the Debtor thereof.

     Section 7. Maintenance of Deposit Account. In addition to, and not in lieu of, the
obligation of the Financial Institution to honor instructions as set forth in Section 2 hereof, the
Financial Institution agrees to maintain the Deposit Account as follows:

     (a) Notice of Sole Control. If at any time the Collateral Agent delivers to the
Financial Institution a Notice of Sole Control in substantially the form set forth in Exhibit A
hereto, the Financial Institution agrees that after receipt of such notice, it will take all
instruction with respect to the Deposit Account solely from the Collateral Agent.

     (b) Statements and Confirmations. The Financial Institution will promptly send
copies of all statements, confirmations and other correspondence concerning the Deposit Account
simultaneously to each of the Debtor and the Collateral Agent at the address for each set forth in
Section 11 of this Agreement; and

     (c) Tax Reporting. All interest, if any, relating to the Deposit Account, shall be
reported to the Internal Revenue Service and all state and local taxing authorities under the name
and taxpayer identification number of the Debtor.

EXHIBIT B-2

 

     Section 8. Representations, Warranties and Covenants of the Financial Institution. The
Financial Institution hereby makes the following representations, warranties and covenants:

     (a) The Deposit Account has been established as set forth in Section 1 and such Deposit
Account will be maintained in the manner set forth herein until termination of this Agreement; and

     (b) This Agreement is the valid and legally binding obligation of the Financial Institution.

     Section 9. Indemnification of Financial Institution. The Debtor and the Collateral Agent
hereby agree that (a) the Financial Institution is released from any and all liabilities to the
Debtor and the Collateral Agent arising from the terms of this Agreement and the compliance of the
Financial Institution with the terms hereof, except to the extent that such liabilities arise from
the Financial Institution’s negligence and (b) the Debtor, its successors and assigns shall at all
times indemnify and save harmless the Financial Institution from and against any and all claims,
actions and suits of others arising out of the terms of this Agreement or the compliance of the
Financial Institution with the terms hereof, except to the extent that such arises from the
Financial Institution’s negligence, and from and against any and all liabilities, losses, damages,
costs, charges, counsel fees and other expenses of every nature and character arising by reason of
the same, until the termination of this Agreement.

     Section 10. Successors; Assignment. The terms of this Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective corporate successors or
heirs and personal representatives who obtain such rights solely by operation of law. The
Collateral Agent may assign its rights hereunder only with the express written consent of the
Financial Institution and by sending written notice of such assignment to the Debtor.

     Section 11 Notices. Any notice, request or other communication required or permitted to be
given under this Agreement shall be in writing and deemed to have been properly given when
delivered in person, or when sent by telecopy or other electronic means and electronic confirmation
of error free receipt is received or two (2) days after being sent by certified or registered
United States mail, return receipt requested, postage prepaid, addressed to the party at the
address set forth below.

	 	 	 	 	 
	 

	 	Debtor:
	 	[          ]
	 

	 	 	 	[          ]
	 

	 	 	 	Attention: [                    ]
	 

	 	 	 	Telecopier: [                    ]
	 
	 	 	 	 
	 

	 	Collateral Agent:
	 	The Bank of Nova Scotia
	 

	 	 	 	[          ]
	 

	 	 	 	Attention: [                    ]
	 

	 	 	 	Telecopier: [                    ]
	 
	 	 	 	 
	 

	 	Financial Institution:
	 	[          ]
	 

	 	 	 	[          ]
	 

	 	 	 	Attention: [                    ]
	 

	 	 	 	Telecopier: [                    ]

     Any party may change its address for notices in the manner set forth above.

EXHIBIT B-3

 

     Section 12. Termination. The obligations of the Financial Institution to the Collateral
Agent pursuant to this Agreement shall continue in effect until the security interest of the
Collateral Agent in the Deposit Account has been terminated pursuant to the terms of the Security
Agreement and the Collateral Agent has notified the Financial Institution of such termination in
writing. The Collateral Agent agrees to provide Notice of Termination in substantially the form of
Exhibit A hereto to the Financial Institution upon the request of the Debtor on or after the
termination of the Collateral Agent’s security interest in the Deposit Account pursuant to the
terms of the Security Agreement. The termination of this Agreement shall not terminate the Deposit
Account or alter the obligations of the Financial Institution to the Debtor pursuant to any other
agreement with respect to the Deposit Account.

     Section 13. Counterparts. This Agreement may be executed in any number of counterparts, all
of which shall constitute one and the same instrument, and any party hereto may execute this
Agreement by signing and delivering one or more counterparts.

     IN WITNESS WHEREOF, the parties hereto have caused this Deposit Account Control Agreement to
be executed as of the date first above written by their respective officers thereunto duly
authorized.

	 	 	 	 	 	 	 
	 	 	[          ],
	 	 	as Debtor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA,	 	 
	 	 	as Collateral Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[          ],	 	 
	 	 	as Financial Institution	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

EXHIBIT B-4

 

EXHIBIT A

TO DEPOSIT ACCOUNT CONTROL AGREEMENT

[Letterhead of Collateral Agent]

[Date]

[Name and Address of Financial Institution]

Attention: [                    ]

Re: Notice of Sole Control

Ladies and Gentlemen:

     As referenced in the Deposit Account Control Agreement dated as of [          ], 20[___] among
[          ] (the “Debtor"), you and the undersigned (a copy of which is attached), we hereby give you
notice of our sole control over deposit account number [                    ] (the “Deposit Account") and
all financial assets credited thereto. You are hereby instructed not to accept any direction,
instructions or entitlement orders with respect to the Deposit Account or the financial assets
credited thereto from any person other than the undersigned, unless otherwise ordered by a court of
competent jurisdiction.

     You are instructed to deliver a copy of this notice by facsimile transmission to the Debtor.

	 	 	 	 	 	 	 
	 	 	Very truly yours,

The Bank of Nova Scotia,

as Collateral Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

cc: [Name of Debtor]

EXHIBIT B-5

 

EXHIBIT B

TO DEPOSIT ACCOUNT CONTROL AGREEMENT

[Letterhead of the Collateral Agent]

[Date]

[Name and Address of Financial Institution]

Attention: [                    ]

Re: Termination of Deposit Account Control Agreement

     You are hereby notified that the Deposit Account Control Agreement dated as of [                    ],
20[_] among [Name of Debtor] (the “Debtor"), you and the undersigned (a copy of which is attached)
is terminated and you have no further obligations to the undersigned pursuant to such Agreement.
Notwithstanding any previous instructions to you, you are hereby instructed to accept all future
directions with respect to account number(s) [                    ] from the Debtor. This notice
terminates any obligations you may have to the undersigned with respect to such account, however
nothing contained in this notice shall alter any obligations which you may otherwise owe to the
Debtor pursuant to any other agreement.

     You are instructed to deliver a copy of this notice by facsimile transmission to the Debtor.

	 	 	 	 	 	 	 
	 	 	Very truly yours,

The Bank of Nova Scotia,

as Collateral Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

EXHIBIT B-6

 

EXHIBIT C

TO SECURITY AGREEMENT

FORM OF TRADEMARK SECURITY AGREEMENT

          TRADEMARK SECURITY AGREEMENT, dated as of May [___], 2007 (as amended, restated or otherwise
modified, the “Trademark Security Agreement”), between EACH OF THE UNDERSIGNED (other than the
Collateral Agent (as herein defined)), whether as an original signatory hereto or as an Additional
Grantor (as defined in the Security Agreement) (collectively, “Grantors”), and THE BANK OF NOVA
SCOTIA, in its capacity as collateral agent for the Secured Parties (together with successors and
assigns in such capacity, the “Collateral Agent").

W i t n e s s e t h:

          Whereas, Grantors are party to a Security Agreement dated as of May [___], 2007 (the
"Security Agreement”) between each of the Grantors and the other grantors party thereto and the
Collateral Agent pursuant to which the Grantors are required to execute and deliver this Trademark
Security Agreement;

          Now, Therefore, in consideration of the premises and to induce the Secured Parties to
enter into the Credit Agreement, the Grantors hereby agree with the Collateral Agent, as follows:

          SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the
Security Agreement and used herein have the meaning given to them in the Security Agreement.

          SECTION 2. Grant of Security Interest in Trademark Collateral. Each Grantor hereby
grants to Collateral Agent, on behalf of all Secured Parties, a security interest in and continuing
lien on all of such Grantor’s right, title and interest in, to and under the following, in each
case whether new, owned or existing or hereafter acquired or arising (collectively, the “Trademark
Collateral”): all United States, and foreign trademarks, trade names, corporate names, company
names, business names, fictitious business names, Internet domain names, service marks,
certification marks, collective marks, logos, other source or business identifiers, designs and
general intangibles of a like nature, all registrations and applications for any of the foregoing
(excluding any United States intent-to-use trademark application prior to the filing and acceptance
of a statement of use or an amendment to allege use in connection therewith), including, but not
limited to: (i) the registrations and applications referred to on Schedule I hereto, (ii)
all extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business
connected with the use of and symbolized by the foregoing, (iv) the right to sue for past, present
and future infringement or dilution of any of the foregoing or for any injury to goodwill, and (v)
all Proceeds of the foregoing, including, without limitation, license fees, royalties, income
payments, claims, damages and proceeds of suit (collectively, “Trademarks”).

          SECTION 3. Security Agreement. The security interest granted pursuant to this
Trademark Security Agreement is granted in conjunction with the security interest granted to the
Collateral Agent for the Secured Parties pursuant to the Security Agreement and Grantors hereby
acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the
security interest in the Trademark Collateral made and granted hereby are more fully set

EXHIBIT C-1

 

forth in the Security Agreement, the terms and provisions of which are incorporated by
reference herein as if fully set forth herein. In the event that any provision of this Trademark
Security Agreement is deemed to conflict with the Security Agreement, the provisions of the
Security Agreement shall control.

          SECTION 4. Applicable Law. This Trademark Security Agreement and the rights and
obligations of the parties hereunder shall be governed by, and shall be construed and enforced in
accordance with, the laws of the State of New York.

          SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument.

[Remainder of page intentionally left blank]

EXHIBIT C-2

 

          In Witness Whereof, each Grantor has caused this Trademark Security Agreement to be
executed and delivered by its duly authorized officer as of the date first set forth above.

	 	 	 	 	 
	 	LAS VEGAS SANDS, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INTERFACE GROUP-NEVADA, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	LIDO CASINO RESORT HOLDING COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	LIDO INTERMEDIATE HOLDING COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

EXHIBIT C-3

 

	 	 	 	 	 

	 	 	 	 	 
	 	MALL INTERMEDIATE HOLDING COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PALAZZO CONDO TOWER, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHASE II MALL HOLDING, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PHASE II MALL SUBSIDIARY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SANDS PENNSYLVANIA, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

EXHIBIT C-4

 

	 	 	 	 	 

	 	 	 	 	 
	 	VENETIAN CASINO RESORT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VENETIAN MARKETING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VENETIAN TRANSPORT LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	VENETIAN VENTURE DEVELOPMENT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

EXHIBIT C-5

 

	 	 	 	 	 

	 	 	 	 	 
	Accepted and Agreed:
	 
	 	 	 	 
	THE BANK OF NOVA SCOTIA,
	as Collateral Agent
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

EXHIBIT C-6

 

SCHEDULE I

to

TRADEMARK SECURITY AGREEMENT

TRADEMARK REGISTRATIONS AND APPLICATIONS

EXHIBIT C-7exv10w6

 

Exhibit 10.6

Execution Version

APNs:

Recording requested

and when recorded mail to:

Breton A. Peace, Esq.

Latham & Watkins LLP

600 West Broadway, Suite 1800

San Diego, California 92101-3375

Mail Property Tax Statements to:

Phase II Mall Subsidiary, LLC

c/o Venetian Casino Resort, LLC

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89101-8941

Attention: President

DEED OF TRUST, LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES,

SECURITY AGREEMENT AND FIXTURE FILING

made by

PHASE II MALL SUBSIDIARY, LLC,

a Delaware limited liability company,

as Trustor,

to

FIRST AMERICAN TITLE INSURANCE COMPANY,

a California corporation,

as Trustee,

for the benefit of

THE BANK OF NOVA SCOTIA, in its capacity

as Collateral Agent, as Beneficiary

THIS INSTRUMENT IS TO BE FILED AND INDEXED IN THE REAL ESTATE RECORDS AND IS ALSO TO BE INDEXED IN
THE INDEX OF FINANCING STATEMENTS OF CLARK COUNTY, NEVADA UNDER THE NAMES OF PHASE II MALL
SUBSIDIARY, LLC AS “DEBTOR” AND THE BANK OF NOVA SCOTIA, AS COLLATERAL AGENT, AS “SECURED PARTY”.

THIS INSTRUMENT IS TO SECURE FUTURE ADVANCES (DEFINED IN NRS 106.320) AND IS GOVERNED BY NRS
106.300 TO 106.400, INCLUSIVE. THE MAXIMUM AMOUNT OF PRINCIPAL (AS DEFINED IN NRS 106.345),
INCLUDING FUTURE ADVANCES, SECURED BY THIS DEED OF TRUST IS $6,250,000,000 WHICH MAY INCREASE OR
DECREASE FROM TIME TO TIME BY AMENDMENT OF THIS INSTRUMENT.

 

 

ARTICLE ONE

COVENANTS OF TRUSTOR

	 	 	 	 	 
	1.1 Performance of Deed of Trust
	 	 	13	 
	1.2 General Representations, Covenants and Warranties
	 	 	13	 
	1.3 Leasehold Estates
	 	 	14	 
	1.4 Payment of Subject Leases Expenses
	 	 	14	 
	1.5 Trustor’s Covenants with Respect to Subject Leases
	 	 	14	 
	1.6 Compliance with Legal Requirements
	 	 	17	 
	1.7 Impositions
	 	 	17	 
	1.8 Insurance
	 	 	17	 
	1.9 Condemnation
	 	 	18	 
	1.10 Space Leases
	 	 	18	 
	1.11 Authorization by Trustor
	 	 	19	 
	1.12 Security Agreement and Financing Statements
	 	 	19	 
	1.13 Assignment of Rents and Leases
	 	 	21	 
	1.14 Rejection of Subject Leases
	 	 	22	 
	1.15 Beneficiary’s Cure of Trustor’s Default
	 	 	22	 
	1.16 Use of Land and Leased Premises
	 	 	23	 
	1.17 Affiliates and Guarantors
	 	 	23	 
	1.18 Merger
	 	 	23	 
	 
	 	 	 	 
	ARTICLE TWO

	CORPORATE LOAN PROVISIONS

	2.1 Interaction with Credit Agreement
	 	 	23	 
	2.2 Other Collateral
	 	 	23	 
	 
	 	 	 	 
	ARTICLE THREE

	DEFAULTS

	 
	 	 	 	 
	3.1 Event of Default
	 	 	24	 
	ARTICLE FOUR

	REMEDIES

	 
	 	 	 	 
	4.1 Acceleration of Maturity
	 	 	24	 

 

 

	 	 	 	 	 
	4.2 Protective Advances
	 	 	24	 
	4.3 Institution of Equity Proceedings
	 	 	25	 
	4.4 Beneficiary’s Power of Enforcement
	 	 	25	 
	4.5 Beneficiary’s Right to Enter and Take Possession, Operate and Apply Income
	 	 	26	 
	4.6 Leases
	 	 	27	 
	4.7 Purchase by Beneficiary
	 	 	28	 
	4.8 Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws
	 	 	28	 
	4.9 Receiver
	 	 	28	 
	4.10 Suits to Protect the Trust Estate
	 	 	29	 
	4.11 Proofs of Claim
	 	 	29	 
	4.12 Trustor to Pay the Notes on Any Default in Payment; Application of Monies by Beneficiary
	 	 	29	 
	4.13 Delay or Omission; No Waiver
	 	 	29	 
	4.14 No Waiver of One Default to Affect Another
	 	 	30	 
	4.15 Discontinuance of Proceedings; Position of Parties Restored
	 	 	30	 
	4.16 Remedies Cumulative
	 	 	31	 
	4.17 Interest After Event of Default
	 	 	31	 
	4.18 Foreclosure; Expenses of Litigation
	 	 	31	 
	4.19 Deficiency Judgments
	 	 	31	 
	4.20 Waiver of July Trial
	 	 	32	 
	4.21 Exculpation of Beneficiary
	 	 	32	 
	4.22 Collateral Agent
	 	 	32	 
	 
	 	 	 	 
	ARTICLE FIVE

	RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE

	 
	 	 	 	 
	5.1 Exercise of Remedies by Trustee
	 	 	33	 
	5.2 Rights and Privileges of Trustee
	 	 	33	 
	5.3 Resignation or Replacement of Trustee
	 	 	33	 
	5.4 Authority of Beneficiary
	 	 	34	 
	5.5 Effect of Appointment of Successor Trustee
	 	 	34	 
	5.6 Confirmation of Transfer and Succession
	 	 	34	 
	5.7 Exculpation
	 	 	34	 

ii

 

	 	 	 	 	 
	5.8 Endorsement and Execution of Documents
	 	 	34	 
	5.9 Multiple Trustees
	 	 	35	 
	5.10 Terms of Trustee’s Acceptance
	 	 	35	 
	ARTICLE SIX

	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 
	6.1 Heirs, Successors and Assigns Included in Parties
	 	 	35	 
	6.2 Addresses for Notices, Etc.
	 	 	36	 
	6.3 Change of Notice Address
	 	 	37	 
	6.4 Headings
	 	 	37	 
	6.5 Invalid Provisions to Affect No Others
	 	 	37	 
	6.6 Changes and Priority Over Intervening Liens
	 	 	37	 
	6.7 Estoppel Certificates
	 	 	37	 
	6.8 Waiver of Setoff and Counterclaim
	 	 	37	 
	6.9 Governing Law
	 	 	38	 
	6.10 Reconveyance
	 	 	38	 
	6.11 Attorneys’ Fees
	 	 	38	 
	6.12 Late Charges
	 	 	39	 
	6.13 Cost of Accounting
	 	 	39	 
	6.14 Right of Entry
	 	 	39	 
	6.15 Corrections
	 	 	39	 
	6.16 Statute of Limitations
	 	 	39	 
	6.17 Subrogation
	 	 	39	 
	6.18 Joint and Several Liability
	 	 	39	 
	6.19 Homestead
	 	 	40	 
	6.20 Context
	 	 	40	 
	6.21 Time
	 	 	40	 
	6.22 Interpretation
	 	 	40	 
	6.23 Effect of NRS § 107.030
	 	 	40	 
	6.24 Amendments
	 	 	40	 
	6.25 No Conflicts
	 	 	40	 
	6.26 Subject Lease Amendments                    
	 	 	40	 

iii

 

	 	 	 	 	 
	ARTICLE SEVEN

	POWER OF ATTORNEY

	 
	 	 	 	 
	7.1 Grant of Power
	 	 	41	 

EXHIBIT A            DESCRIPTION OF COMMERCIAL LEASED PREMISES

EXHIBIT B            DESCRIPTION OF INDENTURE LEASED PREMISES

EXHIBIT C            DESCRIPTION OF LAND

iv

 

DEED OF TRUST, LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND

LEASES, SECURITY AGREEMENT AND FIXTURE FILING

     THIS DEED OF TRUST, LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY
AGREEMENT AND FIXTURE FILING (hereinafter called “Deed of Trust”) is made and effective as
of May 23, 2007, by PHASE II MALL SUBSIDIARY, LLC, a Delaware limited liability company (“Phase
II”) (together with its successors and assigns of the Trust Estate (as hereinafter defined),
“Trustor”), whose address is 3355 Las Vegas Boulevard South, Las Vegas, Nevada 89109,
Attention: General Counsel, to FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation,
whose address is 180 Cassia Way, Suite 502, Henderson, Nevada 89104, Attention: Julie Skinner, as
Trustee (“Trustee”), for the benefit of THE BANK OF NOVA SCOTIA, a Canadian chartered bank
(“Beneficiary”), whose address is 580 California Street, 21st Floor, San Francisco,
California 94104, Attention: Mr. Alan Pendergast, in its capacity as collateral agent
(“Collateral Agent”) hereunder on behalf of (i) the lenders (the “Lenders”) under
that certain Credit and Guaranty Agreement, dated as of the date hereof, among Las Vegas Sands,
LLC, the Lenders, The Bank of Nova Scotia in its capacity as administrative agent thereunder
(“Bank Agent”) and the other agents and arrangers party thereto (as amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) and (ii) the
holders of the LVSC Notes.

THE OBLIGATIONS SECURED HEREBY INCLUDE REVOLVING CREDIT OBLIGATIONS WHICH PERMIT BORROWING,
REPAYMENT AND REBORROWING. INTEREST ON OBLIGATIONS SECURED HEREBY ACCRUES AT A RATE WHICH MAY
FLUCTUATE FROM TIME TO TIME.

THIS INSTRUMENT IS TO SECURE FUTURE ADVANCES (DEFINED IN NRS 106.320) AND IS GOVERNED BY NRS
106.300 TO 106.400, INCLUSIVE. THE MAXIMUM AMOUNT OF PRINCIPAL (AS DEFINED IN NRS 106.345),
INCLUDING FUTURE ADVANCES, SECURED BY THIS DEED OF TRUST IS $6,250,000,000 WHICH MAY INCREASE OR
DECREASE FROM TIME TO TIME BY AMENDMENT OF THIS INSTRUMENT.

     DEFINITIONS — As used in this Deed of Trust, the following terms have the meanings hereinafter
set forth:

     “Accounts Receivable” shall have the meaning set forth in Section 9-102 (NRS 104.9102)
of the UCC for the term “account.”

     “Appurtenant Rights” means all and singular tenements, hereditaments, rights,
reversions, remainders, development rights, privileges, benefits, Easements, rights-of-way, gores
or strips of land, streets, ways, alleys, passages, sewer rights, water courses, water rights and
powers, and all appurtenances whatsoever and claims or demands of Trustor at law or in equity in
any way belonging, benefiting, relating or appertaining to the Site, the Project and the
Improvements or any of the Trust Estate encumbered by this Deed of Trust, or which hereinafter
shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired
by Trustor, whether or not the same are of record.

1

 

     “Bank Secured Obligations” means all Obligations (as defined in the Credit Agreement).

     “Bankruptcy” means, with respect to any Person that: (i) a court having jurisdiction
in the Trust Estate shall have entered a decree or order for relief in respect of such Person in an
involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or
similar law now or hereafter in effect, which decree or order has not been stayed; or any other
similar relief shall have been granted under any applicable federal or state law; or (ii) an
involuntary case shall be commenced against such Person, under the Bankruptcy Code or under any
other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or
order of a court having jurisdiction in the Trust Estate for the appointment of a receiver,
liquidator, sequestrator, trustee, custodian or other officer having similar powers over such
Person, or over all or a substantial part of its property, shall have been entered; or there shall
have occurred the involuntary appointment of an interim receiver, trustee or other custodian of
such Person, for all or a substantial part of its property; or a warrant of attachment, execution
or similar process shall have been issued against any substantial part of the property of such
Person, and any such event described in this clause (ii) shall continue for 60 days without being
dismissed, bonded or discharged; or (iii) such Person shall have an order for relief entered with
respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other
applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to
the entry of an order for relief in an involuntary case, or to the conversion of an involuntary
case to a voluntary case, under any such law, or shall consent to the appointment of or taking
possession by a receiver, trustee or other custodian for all or a substantial part of its property;
or such Person shall make any assignment for the benefit of creditors or shall fail generally, or
shall admit in writing its inability, to pay its debts as such debts become due and payable and a
period of thirty (30) days shall have elapsed; or (iv) such Person shall be unable, or shall fail
generally, or shall admit in writing its inability, to pay its debts as such debts become due and a
period of 30 days shall have elapsed; or the Board of Directors of such Person (or any committee
thereof) or the managing member of such Person shall adopt any resolution or otherwise authorize
any action to approve any of the actions referred to in clause (iii) above or this clause (iv).

     “Commercial Lease” means that certain Commercial Lease, dated as of March 1, 2004,
entered into by and between CAP II-Buccaneer, LLC and Phase II (as assignee of Lido Casino Resort,
LLC), as amended by that certain Amendment to Commercial Lease dated as of September 30, 2004 and
that certain Second Amendment to Commercial Lease dated as of January 12, 1997, and as further
amended, restated, renewed, modified or supplemented from time to time in accordance with the
Credit Documents.

     “Commercial Leased Premises” means the real property situated in the County of Clark,
State of Nevada, more specifically described in Exhibit A attached hereto and incorporated
herein by reference.

     “Deed of Trust” means this Deed of Trust, Leasehold Deed of Trust, Assignment of Rents
and Leases, Security Agreement and Fixture Filing as it may be amended, supplemented, amended and
restated, increased or otherwise modified from time to time.

2

 

     “Default Rate” means, with respect to Bank Secured Obligations, the applicable default
rate set forth in Section 2.10 of the Credit Agreement, and, with respect to LVSC Notes Secured
Obligations, the applicable default rate set forth in the LVSC Notes Indenture.

     “Easement” means any easement appurtenant, easement in gross, license agreement or
other right running for the benefit of Trustor, the Site or the Project or appurtenant thereto
which benefits the Site, the Project or the Improvements, including those easements and licenses
which benefit any of the foregoing and are described in the Cooperation Agreement or each title
insurance policy issued by the Title Insurer with regard to the Site.

     “Event of Default” has the meaning set forth in Section 3.1 hereof.

     “FF&E” means all furniture, fixtures, equipment, appurtenances and personal property
now or in the future contained in, used in connection with, attached to, or otherwise useful or
convenient to the use, operation, or occupancy of, or placed on, but unattached to, any part of the
Site, the Project or the Improvements whether or not the same constitutes real property or fixtures
in the State, including all removable window and floor coverings, all furniture and furnishings,
heating, lighting, plumbing, ventilating, air conditioning, refrigerating, incinerating and
cleaning equipment, all elevators, escalators and elevator and escalator plants, cooking
facilities, vacuum cleaning systems, public address and communications systems, switchboards,
security and surveillance equipment and devices, sprinkler systems and other fire prevention and
extinguishing apparatus and materials, motors, machinery, pipes, appliances, equipment, fittings,
fixtures, and building materials, all exercise equipment, all gaming and financial equipment,
computer equipment, calculators, adding machines, gaming tables, video game and slot machines, and
any other electronic equipment of every nature used or located on any part of the Site, the Project
or the Improvements, together with all venetian blinds, shades, draperies, drapery and curtain
rods, brackets, bulbs, cleaning apparatus, mirrors, lamps, ornaments, cooking apparatus and
equipment, china, flatware, dishes, utensils, glassware, ranges and ovens, garbage disposals,
dishwashers, mantels, and any and all such property which is at any time installed in, affixed to
or placed upon the Site, the Project or the Improvements.

     “Imposition” means any taxes, assessments, water rates, sewer rates, maintenance
charges, other impositions by any Governmental Authority and other charges now or hereafter levied
or assessed or imposed against the Trust Estate or any part thereof, and any amount payable with
respect thereto under the Cooperation Agreement or any other Resort Complex Operative Document.

     “Improvements” means (1) all the buildings, structures, facilities and improvements of
every nature whatsoever now or hereafter situated on the Site or the Project, and (2) all fixtures,
machinery, appliances, goods, building or other materials, equipment, including without limitation
all gaming equipment and devices, and all machinery, equipment, engines, appliances and fixtures
for generating or distributing air, water, heat, electricity, light, fuel or refrigeration, or for
ventilating or sanitary purposes, or for the exclusion of vermin or insects, or for the removal of
dust, refuse or garbage; all wall-beds, wall-safes, built-in furniture and installations, shelving,
lockers, partitions, doorstops, vaults, motors, elevators, dumb-waiters, awnings, window shades,
venetian blinds, light fixtures, fire hoses and brackets and boxes for the same, fire sprinklers,
alarm, surveillance and security systems, computers, drapes, drapery rods and

3

 

brackets, mirrors, mantels, screens, linoleum, carpets and carpeting, plumbing, bathtubs,
sinks, basins, pipes, faucets, water closets, laundry equipment, washers, dryers, ice-boxes and
heating units; all kitchen and restaurant equipment, including but not limited to silverware,
dishes, menus, cooking utensils, stoves, refrigerators, ovens, ranges, dishwashers, disposals,
water heaters, incinerators, furniture, fixtures and furnishings, communication systems, and
equipment; all cocktail lounge supplies, including but not limited to bars, glassware, bottles and
tables used in connection with the Site, the Project and the Improvements; all chaise lounges, hot
tubs, swimming pool heaters and equipment and all other recreational equipment (computerized and
otherwise), beauty and barber equipment, and maintenance supplies used in connection with the Site,
the Project and Improvements; all amusement rides and attractions attached to the Site, the Project
and the Improvements, all specifically designed installations and furnishings, and all furniture,
furnishings and personal property of every nature whatsoever now or hereafter owned or leased by
Trustor or in which Trustor has any rights or interest and located in or on, or attached to, or
used or intended to be used or which are now or may hereafter be appropriated for use on or in
connection with the operation of the Site, the Project or the Improvements or any personal property
encumbered hereby or any other Improvements, or in connection with any construction being conducted
or which may be conducted thereon, and all extensions, additions, accessions, improvements,
betterments, renewals, substitutions, and replacements to any of the foregoing, and all of the
right, title and interest of Trustor in and to any such property, which, to the fullest extent
permitted by Legal Requirements, shall be conclusively deemed fixtures and improvements and a part
of the Trust Estate hereby encumbered.

     “Income” means all Rents, security or similar deposits, revenues, issues, royalties,
earnings, products or Proceeds, profits, income, including, without limitation, all rights to
payment for hotel room occupancy by hotel guests, which includes any payment or monies received or
to be received, in whole or in part, whether actually or deemed to be for the sale of services or
products in connection with such occupancy, advance registration fees by hotel guests, tour or
junket proceeds and deposits, deposits for convention and/or party reservations, and other
benefits, in each case from the Trust Estate.

     “Indenture of Lease” means that certain Indenture of Lease dated as of September 2004
and as disclosed by that certain Memorandum of Lease recorded October 6, 2004, entered into by and
between Phase II and Lido Casino Resort, LLC, as amended by that certain First Amendment to
Indenture of Lease, dated as of July 26, 2005 and recorded August 26, 2005, and as further amended,
restated, renewed, modified or supplemented from time to time in accordance with the Credit
Documents.

     “Indenture Leased Premises” means the real property situated in the County of Clark,
State of Nevada, more specifically described in Exhibit B attached hereto and incorporated
herein by reference.

     “Insolvent” means with respect to any Person, that such Person shall be deemed to be
insolvent if such Person shall fail generally, or shall admit in writing its inability, to pay its
debts as such debts become due and payable and a period of thirty (30) days shall have elapsed
without such failure or inability being cured.

4

 

     “Intangible Collateral” means (a) the rights to use all names and all derivations
thereof now or hereafter used by Trustor in connection with the Site, the Project or the
Improvements, including, without limitation, the names “Palazzo Mall” and “Palazzo,” including any
variations thereon, together with the goodwill associated therewith, and all names, logos, and
designs used by Trustor in connection with the Site, the Project or the Improvements or in which
Trustor has rights in connection with the Site, the Project or the Improvements, with the exclusive
right to use such names, logos and designs wherever they are now or hereafter used in connection
with the Site, the Project or the Improvements (or in connection with the marketing thereof
together with the “SECC Land” (as defined in the Cooperation Agreement) in accordance with the
terms of the Cooperation Agreement), and any and all other trade names, trademarks or service
marks, whether or not registered, now or hereafter used in the operation of the Site, the Project
or the Improvements, including, without limitation, any interest as a lessee, licensee or
franchisee, and, in each case, together with the goodwill associated therewith; (b) subject to the
absolute assignment contained herein, the Rents; (c) any and all books, records, customer lists,
concession agreements, supply or service contracts, licenses, permits and approvals by Governmental
Authorities (to the extent Legal Requirements permit or do not expressly prohibit the pledge of
such licenses, permits and approvals), signs, goodwill, casino and hotel credit and charge records,
supplier lists, checking accounts, safe deposit boxes (excluding the contents of such deposit boxes
owned by Persons other than Trustor), cash, instruments, chattel papers, including inter-company
notes and pledges, documents, unearned premiums, deposits, refunds, including but not limited to
income tax refunds, prepaid expenses, rebates, tax and insurance escrow and impound accounts, if
any, actions and rights in action, and all other claims, including without limitation condemnation
awards and insurance proceeds, and all other contract rights and general intangibles, in each case
resulting from or used in connection with the operation and occupancy of the Trust Estate and the
Project and in which Trustor now or hereafter has rights; and (d) vacation license resort
agreements or other time share license or right to use agreements, in each case with respect to the
Site, the Project or the Improvements, including without limitation all rents, issues, profits,
income and maintenance fees resulting therefrom, whether any of the foregoing is now owned or
hereafter acquired.

     “Land” means the real property situated in the County of Clark, State of Nevada, more
specifically described in Exhibit C attached hereto and incorporated herein by reference,
including any after acquired title thereto.

     “Leased Premises” means, as the context may require, the Commercial Leased Premises
and the Indenture Leased Premises.

     “LVSC” means Las Vegas Sands Corp., a Nevada corporation, and its successors.

     “LVSC Notes” means $250,000,000 in principal amount of 6.375% Senior Notes issued by
LVSC due 2015.

     “LVSC Notes Documents” means the LVSC Notes, the LVSC Notes Indenture and the
guarantees thereof.

     “LVSC Notes Indenture” means the Indenture dated as of February 10, 2005 between LVSC
and the LVSC Notes Indenture Trustee, as supplemented by Supplemental Indentures,

5

 

dated as of February 22, 2005 and May___, 2007, among LVSC, the subsidiary guarantors party
thereto and the LVSC Notes Indenture Trustee, as further supplemented, amended or otherwise
modified from time to time as permitted under the Credit Documents.

     “LVSC Notes Indenture Trustee” means U.S. Bank National Association in its capacity as
the trustee under the LVSC Notes Indenture and its successors in such capacity.

     “LVSC Notes Secured Obligations” means all obligations of LVSC and the subsidiary
guarantors party to the LVSC Notes Indenture under the LVSC Notes Documents.

     “NRS” means the Nevada Revised Statutes as in effect from time to time.

     “Obligations” means the Bank Secured Obligations and the LVSC Notes Secured
Obligations.

     “Permitted Liens” means Liens permitted under Section 6.2 of the Credit Agreement.

     “Personal Property” has the meaning set forth in Section 1.12.

     “Proceeds” has the meaning assigned to it under the UCC and, in any event, shall
include but not be limited to (i) any and all proceeds of any insurance (including without
limitation property casualty and title insurance), indemnity, warranty or guaranty payable from
time to time with respect to all or a portion of the Trust Estate; (ii) any and all proceeds in the
form of accounts, security deposits, tax escrows (if any), down payments (to the extent Legal
Requirements permit the same to be pledged), collections, contract rights, documents, instruments,
chattel paper, Liens and security instruments, guarantees or general intangibles relating in whole
or in part to the Site, the Project or the Improvements and all rights and remedies of whatever
kind or nature Trustor or any Guarantor may hold or acquire for the purpose of securing or
enforcing any obligation due Trustor or such Guarantor thereunder; (iii) any and all payments in
any form whatsoever made or due and payable from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any part of the Trust Estate by any
Governmental Authority; (iv) subject to the absolute assignment contained herein, the Rents or
other benefits arising out of, in connection with or pursuant to any Space Lease of the Trust
Estate; and (v) any and all other amounts from time to time paid or payable in connection with any
of the Trust Estate; provided, however, that neither the Trustor nor any Guarantor is authorized to
sell, transfer, convey, mortgage, pledge, grant rights in or otherwise dispose of any of the Trust
Estate unless permitted under the Credit Agreement.

     “Project” means a commercial retail mall facility to be constructed on the Leased
Premises and the Land.

     “Rents” means all rents, room revenues, Income, receipts, issues, profits, revenues
and maintenance fees, room, food and beverage revenues, license and concession fees, Proceeds and
other benefits to which Trustor or any Guarantor may now or hereafter be entitled from the Site,
the Project or the Improvements therein or thereon, as applicable, or any property encumbered
hereby or any business or other activity conducted by Trustor or any Guarantor at the Site, the
Project or the Improvements.

6

 

     “Site” means the Land, the Leased Premises and the Easements.

     “Space Leases” means any and all leases (excluding the Subject Leases), subleases,
lettings, licenses, concessions, operating agreements, management agreements, and all other
agreements affecting all or a portion of the Trust Estate, that Trustor or any Guarantor has
entered into, taken by assignment, taken subject to, or assumed, or has otherwise become bound by,
now or in the future, that give any Person the right to conduct its business on, or otherwise use,
operate or occupy, all or any portion of the Site, the Project or the Improvements including,
without limitation, the right to use or occupy space for kiosk(s) or vendor cart(s), and all rights
of Trustor or any Guarantor (if any) thereto or therefrom and any leases, agreements or
arrangements permitting anyone to enter upon or use all or any portion of the Trust Estate to
extract or remove natural resources of any kind, together with all amendments, extensions, and
renewals of the foregoing entered into in compliance with the Credit Agreement, together with all
rental, occupancy, service, maintenance or any other similar agreements pertaining to use or
occupation of, or the rendering of services at, the Site, the Project, the Improvements or any part
thereof.

     “Space Lessee(s)” means any and all tenants, licensees, or other grantees of the Space
Leases and any and all guarantors, sureties, endorsers or others having primary or secondary
liability with respect to such Space Leases.

     “State” means the State of Nevada.

     “Subject Leases” means the Commercial Lease and the Indenture of Lease.

     “Tangible Collateral” means all personal property, goods, equipment, supplies,
building and other materials of every nature whatsoever and all other tangible personal property
constituting a part or portion of the Project and/or used in the operation of the hotel, casino,
restaurants, stores, parking facilities, observation tower and all other Improvements on the Site
or the Project including but not limited to communication systems, visual and electronic
surveillance systems and transportation system and not constituting a part of the real property
subject to the Lien of this Deed of Trust and including all property and materials stored therein
in which Trustor or any Guarantor has an interest and all tools, utensils, food and beverage,
liquor, uniforms, linens, housekeeping and maintenance supplies, vehicles, fuel, advertising and
promotional material, blueprints, surveys, plans and other documents relating to the Site, the
Project or the Improvements, and all construction materials and all furnishings, fixtures and
equipment, including, but not limited to, all FF&E and all equipment and devices which are or are
to be installed and used in connection with the operation of the Site, the Project or the
Improvements, those items of furniture, fixtures and equipment which are to be purchased or leased
by Trustor or any Guarantor, machinery and any other items of personal property in which Trustor or
any Guarantor now or hereafter owns or acquires an interest or right and which are used or useful
in the construction, operation, use and occupancy of the Site, the Project or the Improvements and
all present and future right and interest of Trustor or any Guarantor in and to any casino
operator’s agreement (to the extent same may be pledged under Nevada Gaming Laws), license
agreement or sublease agreement used in connection with the Site, the Project or the Improvements.

7

 

     “Title Insurer” means First American Title Insurance Company, a California
corporation, or an Affiliate thereof.

     “Trust Estate” means all of the property described in Granting Clauses (A) through (O)
below, inclusive, and each item of property therein described, provided, however,
that such term shall not include the property described in Granting Clause (P) below.

     “UCC” means the Uniform Commercial Code in effect in the State from time to time, NRS
chapters 104 and 104A.

     The following terms shall have the meaning assigned to such terms in the Credit Agreement:

Affiliate

Asset Sale

Bankruptcy Code

Business Day

Collateral

Collateral Documents

Cooperation Agreement

FF&E Facility

Gaming License

Governmental Authority

Guarantor

HVAC Ground Lease

Legal Requirements

Lien

Loan Documents

Net Loss Proceeds

Nevada Gaming Authorities

Nevada Gaming Laws

Operative Documents

Person

Requisite Lenders

Resort Complex

Resort Complex Operative Document

Security Agreement

Specified FF&E

Subsidiary

Walgreens’ Sale and Purchase Agreement

     In addition, any capitalized terms used in this Deed of Trust which are not otherwise defined
herein shall have the meaning ascribed to such terms in the Credit Agreement.

WITNESSETH:

     IN CONSIDERATION OF TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY

8

 

ACKNOWLEDGED, AND FOR THE PURPOSE OF SECURING in favor of Beneficiary (1) the due and punctual
payment of the Obligations evidenced by the Loan Documents and the LVSC Notes Documents in the
principal aggregate amount of SIX BILLION TWO HUNDRED FIFTY MILLION AND 00/100 DOLLARS or so much
thereof as may be advanced from time to time; (2) the performance of each other Obligation and each
covenant and agreement of Trustor and the Guarantors contained in the Credit Agreement, herein or
in the other Loan Documents; (3) the payment of such additional loans or advances as hereafter may
be made to either Trustor (individually or jointly and severally with any other Person), its
successors or assigns or any Guarantor, when evidenced by a promissory note or notes reciting that
they are secured by this Deed of Trust; provided, however, that any and all future
advances by Beneficiary or Lenders to either Trustor or any Guarantor made for the improvement,
protection or preservation of the Trust Estate, together with interest at the interest rate
provided in the Credit Agreement, shall be automatically secured hereby unless such a note or
instrument evidencing such advances specifically recites that it is not intended to be secured
hereby and (4) the payment of all sums expended or advanced by Beneficiary, the Bank Agent, the
Lenders or the LVSC Notes Indenture Trustee under or pursuant to the terms hereof or to protect the
security hereof (including Protective Advances as such term is defined in Section 4.2
hereof), together with interest thereon as herein provided, Trustor, in consideration of the
premises, and for the purposes aforesaid, does hereby ASSIGN, BARGAIN, CONVEY, PLEDGE, RELEASE,
HYPOTHECATE, WARRANT, AND TRANSFER WITH POWER OF SALE UNTO TRUSTEE IN TRUST FOR THE BENEFIT OF
BENEFICIARY ON BEHALF OF THE BANK AGENT, THE LENDERS, THE LVSC NOTES INDENTURE TRUSTEE AND THE
HOLDERS OF THE LVSC NOTES each of the following:

     (A) Trustor’s interest in the Site and the leasehold estates created pursuant to the
Subject Leases (in each case, to the extent permitted by, or not prohibited by, the Nevada Gaming
Laws and other applicable law);

     (B) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
the Project and the Improvements;

     (C) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
all Appurtenant Rights;

     (D) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
the Tangible Collateral to the extent permitted by, or not prohibited by, the Nevada Gaming Laws
and other applicable Legal Requirements;

     (E) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
the Intangible Collateral to the extent permitted by, or not prohibited by, Nevada Gaming Laws and
other applicable law;

     (F) TOGETHER WITH (i) all the estate, right, title and interest of Trustor of, in
and to all judgments and decrees, insurance proceeds, awards of damages and settlements hereafter
made resulting from condemnation proceedings or the taking of any of the property described in
Granting Clauses (A), (B), (C), (D), (E), (J), (K), and (L) hereof or any part thereof under the
power of eminent domain, or for any damage (whether caused by such taking or otherwise) to

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the property described in Granting Clauses (A), (B), (C), (D), (E), (J), (K), and (L) hereof
or any part thereof, or to any Appurtenant Rights thereto, and Beneficiary is hereby authorized to
collect and receive said awards and proceeds and to give proper receipts and acquittance therefor,
and (subject to the terms of the Credit Agreement) to apply the same to the extent constituting Net
Loss Proceeds toward the payment of the Obligations and other sums secured hereby, notwithstanding
the fact that the amount owing thereon may not then be due and payable; (ii) all proceeds of any
sales or other dispositions of the property or rights described in Granting Clauses (A), (B), (C),
(D), (E), (J), (K), and (L) hereof or any part thereof whether voluntary or involuntary,
provided, however, that the foregoing shall not be deemed to permit Asset Sales
except as permitted in the Credit Agreement; and (iii) whether arising from any voluntary or
involuntary disposition of the Collateral described in Granting Clauses (A), (B), (C), (D), (E),
(J), (K), and (L), all Proceeds, products, replacements, additions, substitutions, renewals and
accessions, remainders, reversions and after-acquired interest in, of and to such Collateral;

     (G) TOGETHER WITH the absolute assignment of the Subject Leases or any Space Leases
or any part thereof that Trustor has entered into, taken by assignment, taken subject to, or
assumed, or has otherwise become bound by, now or in the future, together with all of the following
(including all “Cash Collateral” within the meaning of the Bankruptcy Code) arising from the Space
Leases: (a) Rents and Income (subject, however, to the aforesaid absolute assignment to Trustee
for the benefit of Beneficiary and the revocable license hereinbelow granted to Trustor to collect
the Rents), (b) all guarantees, letters of credit, security deposits, collateral, cash deposits,
and other credit enhancement documents, arrangements and other measures with respect to the Space
Leases or the Subject Leases, (c) all of Trustor’s right, title, and interest under the Space
Leases or the Subject Leases, including the following: (i) the right to receive and collect the
Rents from the lessee, sublessee or licensee, or their successor(s), under any Space Lease(s) or
the Subject Leases and (ii) the right to enforce against any tenants thereunder and otherwise any
and all remedies under the Space Leases or the Subject Leases, including Trustor’s right to evict
from possession any tenant thereunder or to retain, apply, use, draw upon, pursue, enforce or
realize upon any guaranty of any Space Lease or the Subject Leases; to terminate, modify, or amend
the Space Leases; to obtain possession of, use, or occupy, any of the real or personal property
subject to the Space Leases or the Subject Leases; and to enforce or exercise, whether at law or in
equity or by any other means, all provisions of the Space Leases or the Subject Leases and all
obligations of the tenants thereunder based upon (A) any breach by such tenant under the applicable
Space Lease or the Subject Leases (including any claim that Trustor may have by reason of a
termination, rejection, or disaffirmance of such Space Lease or Subject Leases pursuant to the
Bankruptcy Code) and (B) the use and occupancy of the premises demised, whether or not pursuant to
the applicable Space Lease or the Subject Leases (including any claim for use and occupancy arising
under landlord-tenant law of the State or the Bankruptcy Code). A revocable license is hereby
granted to Trustor, so long as no Event of Default has occurred and is continuing hereunder, to
collect and use the Rents, as they become due and payable, but not more than one (1) month in
advance thereof. Upon the occurrence of an Event of Default, the permission hereby granted to
Trustor to collect the Rents shall automatically be revoked without notice until such time as such
Event of Default is cured and such cure is accepted by the Beneficiary; provided,
however, to the extent that the Required Lenders rescind and annul an acceleration of the
Loans in accordance with the provisions of the last paragraph of Section 8 of the Credit Agreement,
such revocable license shall be reinstated.

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Beneficiary shall have the right, at any time and from time to time, to notify any Space
Lessee of the rights of Beneficiary as provided by this Section (G);

     Notwithstanding anything to the contrary contained herein, the foregoing provisions of this
Granting Clause (G) shall not constitute an assignment for purposes of security but shall to the
extent permitted by, or not prohibited by, the Nevada Gaming Laws and other applicable law
constitute an absolute and present assignment of the Rents to Beneficiary, subject, however, to the
conditional license given to Trustor to collect and use the Rents as hereinabove provided; and the
existence or exercise of such right of Trustor shall not operate to subordinate this assignment to
any subsequent assignment, in whole or in part, by Trustor;

     (H) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
any and all maps, plans, specifications, surveys, studies, tests, reports, data and drawings
relating to the development of the Site, the Project or the Improvements including, without
limitation, all marketing plans, feasibility studies, soils tests, design contracts and all
contracts and agreements of Trustor relating thereto including, without limitation, architectural,
structural, mechanical and engineering plans and specifications, studies, data and drawings
prepared for or relating to the development of the Site, the Project or the Improvements or the
construction, renovation or restoration of any of the Improvements or the extraction of minerals,
sand, gravel or other valuable substances from the Site, the Project or the Improvements and
purchase contracts or any agreement granting Trustor a right to acquire any land situated within
Clark County, Nevada;

     (I) TOGETHER WITH, to the extent permitted by, or not prohibited by, the Nevada
Gaming Laws and other applicable Legal Requirements, all the estate, right, title and interest of
Trustor of, in and to any and all licenses, permits, variances, special permits, franchises,
certificates, rulings, certifications, validations, exemptions, filings, registrations,
authorizations, consents, approvals, waivers, orders, rights and agreements (including, without
limitation, options, option rights or contract rights) now or hereafter obtained by Trustor from
any Governmental Authority having or claiming jurisdiction over the Site, the Project, the
Improvements or any other element of the Trust Estate or providing access thereto, or the operation
of any business on, at or from the Site, the Project or the Improvements including, without
limitation, any liquor or Gaming Licenses (except for any registrations, licenses, findings of
suitability or approvals issued by the Nevada Gaming Authorities or any other liquor or gaming
licenses which are non-assignable); provided, that upon an Event of Default hereunder or
under the Credit Agreement, if Beneficiary is not qualified under the Nevada Gaming Laws to hold
such Gaming Licenses, then Beneficiary may designate an appropriately qualified third party to
which an assignment of such Gaming Licenses can be made in compliance with the Nevada Gaming Laws;

     (J) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
all water stock, water permits and other water rights relating to the Site, the Project or the
Improvements;

     (K) TOGETHER WITH all the estate, right, title and interest of Trustor of, in and to
all oil and gas and other mineral rights, if any, in or pertaining to the Site, the Project or the
Improvements and all royalty, leasehold and other rights of Trustor pertaining thereto;

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     (L) TOGETHER WITH any and all monies and other property, real or personal, which may
from time to time be subjected to the Lien hereof by Trustor or by anyone on its behalf or with its
consent, or which may come into the possession or be subject to the control of Trustee or
Beneficiary, pursuant to this Deed of Trust or any Collateral Document granting a security interest
to the Beneficiary, including, without limitation, any Protective Advances under this Deed of
Trust; and all of Trustor’s right, title, and interest in and to all extensions, improvements,
betterments, renewals, substitutes for and replacements of, and all additions, accessions, and
appurtenances to, any of the foregoing that Trustor may subsequently acquire or obtain by any
means, or construct, assemble, or otherwise place on any of the Trust Estate, and all conversions
of any of the foregoing; it being the intention of Trustor that all property hereafter acquired by
Trustor and required by this Deed of Trust or any Collateral Document granting a security interest
to the Beneficiary to be subject to the Lien of this Deed of Trust or intended so to be shall
forthwith upon the acquisition thereof by Trustor be subject to the Lien of this Deed of Trust as
if such property were now owned by Trustor and were specifically described in this Deed of Trust
and granted hereby or pursuant hereto, and Trustee and Beneficiary are hereby authorized, subject
to Nevada Gaming Laws and other applicable Legal Requirements, to receive any and all such property
as and for additional security for the obligations secured or intended to be secured hereby.
Trustor agrees to take any action as may reasonably be necessary to evidence and perfect such Liens
or security interests, including, without limitation, the execution of any documents necessary to
evidence and perfect such Liens or security interests;

     (M) TOGETHER WITH, to the extent permitted by applicable Legal Requirements, any and
all Accounts Receivable and all royalties, earnings, Income, proceeds, products, Rents, revenues,
reversions, remainders, issues, profits, avails, production payments, and other benefits directly
or indirectly derived or otherwise arising from any of the foregoing, all of which are hereby
assigned to Beneficiary, who, except as otherwise expressly provided in this Deed of Trust
(including the provisions of Section 1.13 hereof), is authorized to collect and receive the
same, to give receipts and acquittances therefor and to apply the same to the Obligations secured
hereunder, whether or not then due and payable;

     (N) TOGETHER WITH Proceeds of the foregoing property described in Granting Clauses
(A) through (M);

     (O) TOGETHER WITH Trustor’s rights further to assign, sell, lease, encumber or
otherwise transfer or dispose of the property described in Granting Clauses (A) through (N)
inclusive, above, for debt or otherwise; and

     (P) EXPRESSLY EXCLUDING, HOWEVER, (i) Specified FF&E, (ii) any assets which if
pledged, hypothecated or given as collateral security would require Trustor to seek approval of any
Nevada Gaming Authority of the pledge, hypothecation or collateralization, or require the
Beneficiary or any Person to be licensed, qualified or found suitable by an applicable Nevada
Gaming Authority, (iii) any contracts, contract rights, permits or general intangibles, which by
their terms or the operation of law prohibit or do not allow assignment or require any consent for
assignment which has not been obtained or which would be breached by virtue of a security interest
being granted therein, (iv) any property or assets subject to a Permitted Lien

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described in clauses (n), (r), (s) or (y) of Section 6.2 of the Credit Agreement and (v) any
collateral expressly excluded under Section 2.2 of the Security Agreement;

provided, notwithstanding anything to the contrary herein, the Lien of this Deed of Trust granted
pursuant to the foregoing Granting Clauses for the benefit of the Beneficiary shall secure the Bank
Secured Obligations and the LVSC Notes Secured Obligations on an equal and ratable basis, and the
proceeds of any Collateral realized by the Beneficiary pursuant to the provisions of this Deed of
Trust shall be applied by the Beneficiary on an equal and ratable basis to payment of the Bank
Secured Obligations and the LVSC Secured Obligations as provided in Section 7.2 of the Security
Agreement.

     Trustor, for itself and its successors and assigns, covenants and agrees to and with Trustee
that, at the time or times of the execution of and delivery of these presents or any instrument of
further assurance with respect thereto, Trustor has good right, full power and lawful authority to
assign, grant, convey, warrant, transfer, bargain or sell its interests in the Trust Estate in the
manner and form as aforesaid, and that the Trust Estate is free and clear of all Liens whatsoever,
except the Permitted Liens, and Trustor shall warrant and forever defend the Trust Estate in the
quiet and peaceable possession of Trustee and its successors and assigns against all and every
Person lawfully or otherwise claiming or to claim the whole or any part thereof, subject to
Permitted Liens. Trustor agrees that any greater title to the Trust Estate hereafter acquired by
Trustor during the term hereof shall be automatically subject hereto.

ARTICLE ONE

COVENANTS OF TRUSTOR

     The Lenders have been induced to enter into the Credit Agreement and the other Loan Documents
and to make the Loans to Trustor on the basis of the following material covenants and the holders
of the LVSC Notes purchased the LVSC Notes on the basis of assurances that they would benefit from
the following material covenants, all agreed to by Trustor:

     1.1 Performance of Deed of Trust. Trustor shall perform, observe and comply and shall
cause each subsidiary Guarantor to perform, observe and comply with each and every provision hereof
and of the other Loan Documents and shall promptly pay, when payment shall become due, the
principal with interest thereon, the other Obligations and all other sums required to be paid by
Trustor hereunder and thereunder, as the case may be.

     1.2 General Representations, Covenants and Warranties. Trustor represents, covenants
and warrants that: (a) Trustor has good and marketable title to an indefeasible fee estate in the
Site (other than the Leased Premises) and a valid leasehold interest in the Leased Premises, free
and clear of all Liens except Permitted Liens, and that it has the right to hold, occupy and enjoy
its interest in the Trust Estate, and has good right, full power and lawful authority to subject
the Trust Estate to the Lien of this Deed of Trust and pledge the same as provided herein and
Beneficiary may at all times peaceably and quietly enter upon, hold, occupy and enjoy the entire
Trust Estate in accordance with the terms hereof; (b) neither Trustor nor any of its Subsidiaries
is Insolvent and no bankruptcy or insolvency proceedings are pending or contemplated by or, to the
best of Trustor’s knowledge, threatened against Trustor nor any of its Subsidiaries; (c) all costs

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arising from construction of any Improvements, the performance of any labor and the purchase
of all Tangible Collateral and the Improvements have been or shall be paid when due (subject to the
provisions of the Credit Agreement and this Deed of Trust); (d) Trustor shall at all times conduct
and operate the Trust Estate in a manner so as not to lose, or permit any Guarantor to lose the
right to conduct gaming activities at the Project; (e) no material part of the Trust Estate has
been damaged, destroyed, condemned or abandoned, other than those portions of the Trust Estate that
have been the subject of condemnation proceedings that have resulted in the conveyance of such
portion of the Trust Estate to the Trustor; (f) no part of the Trust Estate is the subject of
condemnation proceedings and Trustor has no knowledge of any contemplated or pending condemnation
proceeding with respect to any portion of the Trust Estate; and (g) Trustor acknowledges and agrees
that it presently uses, and has in the past used, certain trade or fictitious names in connection
with the operation of the business at the Trust Estate, including the name “Palazzo” (all of the
foregoing, collectively, the “Enumerated Names”). For all purposes of this Deed of Trust
it shall be deemed that the term “Trustor” includes, in addition to “Phase II Mall Subsidiary,
LLC”, all trade or fictitious names that Phase II (or any successor or assign thereof) now or
hereafter uses, or has in the past used with respect to the Site, the Project or the Improvements
without limitation, with the same force and effect as if this Deed of Trust had been executed in
all such names (in addition to “Phase II Mall Subsidiary, LLC”).

     1.3 Leasehold Estates. Trustor represents, covenants and warrants: (a) that the
Subject Leases are in full force and effect and unmodified; (b) Trustor will defend the leasehold
estate under each Subject Lease for the entire remainder of the term set forth in each of the said
Subject Leases against all and every Person or Persons lawfully claiming, or who may claim the same
or any part thereof, subject to the payment of the rents in the Subject Leases reserved and subject
to the performance and observance of all of the terms, covenants, conditions and warranties
thereof; (c) that there is no uncured default under any Subject Lease or in the performance of any
of the terms, covenants, conditions or warranties thereof on the part of the lessor or the lessee
to be observed and performed and that no state of facts exist under a Subject Lease which, with the
lapse of time or giving of notice or both would constitute a default thereunder.

     1.4 Payment of Subject Leases Expenses. The Trustor shall pay or cause to be paid on
or prior to the date due all rents, additional rents and other Impositions payable by the lessor or
the lessee under the Subject Leases for which provision has not been made hereinbefore, when and as
often as the same shall become due and payable and the pro rata share, if any, of all amounts
payable under the Cooperation Agreement allocable to the Site, the Project and the Improvements.
Trustor will in every case deliver, or cause to be delivered, proper receipts for any such item so
paid and will within ten (10) days after a request therefor by the Beneficiary deliver to the
Beneficiary a copy of the receipts for any such payments.

     1.5 Trustor’s Covenants with Respect to Subject Leases.

     (a) The Trustor shall at all times promptly and faithfully keep and perform, or cause to be
kept and performed, all the covenants and conditions contained in the Subject Leases to be kept and
performed by the Trustor, whether as the lessor or the lessee, under the Subject Leases and in all
respects conform to and comply with the terms and conditions of the Subject Leases. The Trustor
further covenants that it shall not do or permit anything to occur or omit to occur which will
impair or tend to impair the security of this Deed of Trust or will be grounds for

14

 

declaring a forfeiture of any Subject Lease, and upon any such failure as aforesaid, Trustor
shall be subject to all of the rights and remedies granted Beneficiary in this Deed of Trust.

     (b) Trustor shall give Beneficiary immediate notice of any default under the Subject Leases or
of the receipt by it of any notice of default from the lessor thereunder, and shall promptly
furnish to Beneficiary any and all information which it may request concerning the performance by
Trustor of the covenants of the Subject Leases, and permit Beneficiary or its representative at all
reasonable times to make investigation or examination concerning the performance by Trustor of the
covenants of the Subject Leases, and permit the Bank Agent or its representatives at all reasonable
times to make investigation or examination concerning such performance. Trustor shall deliver to
Beneficiary a copy of an executed original of each Subject Lease and shall use commercially
reasonable efforts to deliver to Beneficiary within ten (10) days of request by Beneficiary an
estoppel certificate from the lessor thereunder in such form and content as shall be reasonably
satisfactory to Beneficiary, as well as any and all documentary evidence received by it showing
compliance by Trustor with the provisions of the Subject Leases.

     (c) In the event of any failure by Trustor to perform or cause the performance of any covenant
on the part of lessor or lessee to be observed and performed under the Subject Leases, Beneficiary
may, upon five (5) Business Days’ notice to Trustor (unless an Event of Default shall have occurred
and be continuing, in which case no such notice shall be required), perform on behalf of Trustor,
and the performance by Beneficiary on behalf of Trustor of the applicable Subject Lease covenant
shall not remove or waive, as between Trustor and Beneficiary, any Event of Default under the terms
hereof and any amount so advanced by Beneficiary or any costs incurred in connection therewith,
with interest thereon at the Default Rate shall constitute additional Obligations secured hereby
and be immediately due and payable.

     (d) To the extent permitted by law, the price payable by Trustor, or by any other party so
entitled, in the exercise of the right of redemption, if any, shall include all rents paid and
other sums advanced by Beneficiary, on behalf of Trustor, as lessee under the Subject Leases.

     (e) Upon the occurrence and during the continuation of an Event of Default, Beneficiary shall
have the right upon notice to Trustor to participate in the adjustment and settlement of any
insurance proceeds and in the determination of any condemnation award under the Subject Leases to
the extent and in the manner provided in the Subject Leases.

     (f) The Lien of this Deed of Trust shall attach to all of Trustor’s rights and remedies at any
time arising under or pursuant to Section 365(h) of the Bankruptcy Code, including, without
limitation, all of Trustor’s rights to remain in possession of the Site, the Project, the
Improvements and the Leased Premises. Trustor shall not elect to treat the Subject Leases as
terminated under Section 365(h)(1) of the Bankruptcy Code, and any such election shall be void.

     (i) If pursuant to Section 365(h)(2) of the Bankruptcy Code, Trustor shall seek to
offset against the rent reserved in the Subject Leases the amount of any damages caused by
the nonperformance by the lessor or any other Person of any of their respective obligations
thereunder after the rejection by the lessor or such other Person of the Subject Leases
under the Bankruptcy Code, then Trustor shall, prior to effecting such offset,

15

 

notify Beneficiary of its intent to do so, setting forth the amount proposed to be so
offset and the basis therefor. Beneficiary shall have the right to object to all or any
part of such offset that, in the reasonable judgment of Beneficiary, would constitute a
breach of the Subject Leases, and in the event of such objection, Trustor shall not effect
any offset of the amounts found objectionable by Beneficiary. Neither Beneficiary’s failure
to object as aforesaid nor any objection relating to such offset shall constitute an
approval of any such offset by Beneficiary.

     (ii) If any action, proceeding, motion or notice shall be commenced or filed in respect
of the lessor under the Subject Leases or any other party or in respect of the Subject
Leases in connection with any case under the Bankruptcy Code, then Beneficiary shall have
the option to intervene in any such litigation with counsel of Beneficiary’s choice.
Beneficiary may proceed in its own name in connection with any such litigation, and Trustor
agrees to execute any and all powers, authorizations, consents or other documents required
by Beneficiary in connection therewith.

     (iii) Trustor shall, after obtaining knowledge thereof, promptly notify Beneficiary of
any filing by or against the lessor or other party with an interest in the Leased Premises
of a petition under the Bankruptcy Code. Trustor shall promptly deliver to Beneficiary,
following receipt, copies of any and all notices, summonses, pleadings, applications and
other documents received by Trustor in connection with any such petition and any proceedings
relating thereto.

     (iv) If there shall be filed by or against Trustor a petition under the Bankruptcy
Code, and Trustor, as lessee under the Subject Leases, shall determine to reject the Subject
Leases pursuant to Section 365(a) of the Bankruptcy Code, then Trustor shall give
Beneficiary a notice of the date on which Trustor shall apply to the bankruptcy court for
authority to reject the Subject Leases (such notice to be no later than twenty (20) days
prior to such date). Beneficiary shall have the right, but not the obligation, to serve
upon Trustor at any time prior to the date on which Trustor shall so apply to the bankruptcy
court a notice stating that Beneficiary demands that Trustor assume and assign the Subject
Leases to Beneficiary pursuant to Section 365 of the Bankruptcy Code. If Beneficiary shall
serve upon Trustor the notice described in the preceding sentence, to the extent permitted
by law Trustor shall not seek to reject the Subject Leases and shall comply with the demand
provided for in the preceding sentence. In addition, effective upon the entry of an order
for relief with respect to Trustor under the Bankruptcy Code, Trustor hereby assigns and
transfers to Beneficiary a non-exclusive right to apply to the bankruptcy court under
Section 365(d)(4) of the Bankruptcy Code for an order extending the period during which the
Subject Leases may be rejected or assumed; and shall (a) promptly notify Beneficiary of any
default by Trustor in the performance or observance of any of the terms, covenants or
conditions on the part of Trustor to be performed or observed under the Subject Leases and
of the giving of any written notice by the lessor thereunder to Trustor of any such default,
and (b) promptly cause a copy of each written notice given to Trustor by the lessor under
the Subject Leases to be delivered to Beneficiary. Beneficiary may rely on any notice
received by it from any such lessor of any default by Trustor under the Subject Leases and
may take such action as may be permitted by law to cure such default even though the
existence of

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such default or the nature thereof shall be questioned or denied by Trustor or by any
Person on its behalf.

     1.6 Compliance with Legal Requirements. Trustor shall promptly, fully, and faithfully
comply in all material respects with all Legal Requirements and shall cause all portions of the
Trust Estate and its use and occupancy to fully comply in all material respects with Legal
Requirements at all times, whether or not such compliance requires work or remedial measures that
are ordinary or extraordinary, foreseen or unforeseen, structural or nonstructural, or that
interfere with the use or enjoyment of the Trust Estate, in each case to the extent that
noncompliance could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

     1.7 Impositions. Except as otherwise permitted by Section 5.3 of the Credit
Agreement, (a) Trustor shall pay all Impositions as they become due and payable and shall deliver
to Beneficiary promptly upon Beneficiary’s request, evidence satisfactory to Beneficiary that the
Impositions have been paid or are not delinquent; and (b) in the event of the passage of any law
deducting from the value of real property for the purposes of taxation any Lien thereon, or
changing in any way the taxation of deeds of trust or obligations secured thereby for state or
local purposes, or the manner of collecting such Impositions or taxes and imposing an Imposition or
tax, either directly or indirectly, on this Deed of Trust or the other Loan Documents or LVSC Notes
Documents, Trustor shall pay all such Impositions and taxes and all payments required with respect
to Impositions and taxes pursuant to the terms of the Cooperation Agreement (including, without
limitation, Article VI thereof).

     1.8 Insurance.

     (a) Insurance Requirements and Proceeds.

     (i) Hazard Insurance. Trustor shall at its sole expense obtain for, deliver
to, assign and maintain for the benefit of Beneficiary, during the term of this Deed of
Trust, insurance policies insuring the Trust Estate and liability insurance policies, all in
accordance with the requirements of Section 5.5 of the Credit Agreement, if
applicable. Trustor shall promptly pay when due any premiums on such insurance policies and
on any renewals thereof and all payments required with respect to the procurement of
insurance pursuant to the terms of the Cooperation Agreement (including, without limitation,
Article VI thereof). In the event of the foreclosure of this Deed of Trust or any
other transfer of title to the Trust Estate in extinguishment of the Obligations and other
sums secured hereby, all right, title and interest of Beneficiary in and to all insurance
policies and renewals thereof then in force shall pass to the purchaser or grantee.

     (ii) Handling of Proceeds. All Proceeds from any insurance policies shall be
disbursed in accordance with Articles X and XI of the Cooperation Agreement
(or any relevant provision of any permitted future amendment thereof) or otherwise in
accordance with the provisions of Sections 2.14(b) and 5.5 of the Credit Agreement,
if applicable.

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     (b) Compliance with Insurance Policies. Trustor shall not violate or permit to be
violated any of the conditions or provisions of any policy of insurance required by the Credit
Agreement, the Cooperation Agreement or this Deed of Trust and Trustor shall so perform and satisfy
the requirements of the companies writing such policies that, at all times, companies of good
standing shall be willing to write and/or continue such insurance. Trustor further covenants to
promptly send to Beneficiary all notices relating to any violation of such policies or otherwise
affecting Trustor’s insurance coverage or ability to obtain and maintain such insurance coverage.

     1.9 Condemnation. Upon the occurrence and during the continuation of an Event of
Default, Beneficiary is hereby authorized, at its option, to commence, appear in and prosecute in
its own or Trustor’s name any action or proceeding relating to any condemnation and, subject to
Article XII of the Cooperation Agreement, to settle or compromise any claim in connection
therewith, and Trustor hereby appoints Beneficiary as its attorney-in-fact to take any action in
Trustor’s name pursuant to Beneficiary’s rights hereunder. Immediately upon obtaining knowledge of
the institution of any proceedings for the condemnation of the Trust Estate, or any portion
thereof, Trustor shall notify the Trustee and Beneficiary of the pendency of such proceedings.
Trustor from time to time shall execute and deliver to Beneficiary all instruments requested by it
to permit such participation; provided, however, that such instruments shall be
deemed as supplemental to the foregoing grant of permission to Trustee and Beneficiary, and unless
otherwise required, the foregoing permission shall, without more, be deemed sufficient to permit
Trustee and/or Beneficiary to participate in such proceedings on behalf of Trustor. All such
compensation awards, damages, claims, rights of action and Proceeds, and any other payments or
relief, and the right thereto, whether paid to Beneficiary or Trustor, are included in the Trust
Estate. All such Proceeds paid directly to the Trustor shall be applied in accordance with
Article XII of the Cooperation Agreement and Section 2.14(b) of the Credit
Agreement. Trustor hereby waives any rights it may have under NRS 37.115, as amended or recodified
from time to time.

     1.10 Space Leases.

     (a) Trustor represents and warrants that:

     (i) Trustor has delivered to Beneficiary true, correct and complete copies of all Space
Leases, including all amendments and modifications, written or oral existing as of the date
hereof;

     (ii) Trustor has not executed or entered into any modifications or amendments of the
Space Leases, either orally or in writing, other than written amendments that have been
delivered or disclosed to Beneficiary in writing;

     (iii) except as set forth in Schedule 1.10, to Trustor’s knowledge, no default now
exists under any Space Lease on the part of Trustor or the tenant thereunder;

     (iv) except as set forth in Schedule 1.10, to Trustor’s knowledge, no event has
occurred that, with the giving of notice or the passage of time or both, would constitute
such a default or would entitle Trustor or any other party under such Space Lease to cancel
the same or otherwise avoid its obligations;

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     (v) Trustor has not accepted prepayments of installments of Rent under any Space
Leases, except for installment payments not in excess of one month’s Rent and security
deposits;

     (vi) except for Permitted Liens, Trustor has not executed any assignment or pledge of
any of Space Leases, the Rents, or of Trustor’s right, title and interest in the same; and

     (vii) this Deed of Trust does not constitute a violation or default under any Space
Lease, and is and shall at all times constitute a valid Lien on Trustor’s interests in the
Space Leases.

     (b) After an Event of Default, Trustor shall deliver to Beneficiary the executed originals of
all Space Leases.

     1.11 Authorization by Trustor.

     Trustor agrees that in the event the ownership of the Trust Estate or any part thereof becomes
vested in a person other than Trustor, Beneficiary may, without notice to Trustor, deal in any way
with such successor or successors in interest with reference to this Deed of Trust and the
Obligations hereby secured without in any way vitiating or discharging Trustor’s or any
guarantor’s, surety’s or endorser’s liability hereunder or upon the obligations hereby secured. No
sale of the Trust Estate and no forbearance to any person with respect to this Deed of Trust and no
extension to any person of the time for payment of the Obligations, and other sums hereby secured
given by Beneficiary shall operate to release, discharge, modify, change or affect the original
liability of Trustor, or such guarantor, surety or endorser either in whole or in part.

     1.12 Security Agreement and Financing Statements. Trustor (as debtor) hereby grants
to Beneficiary (as creditor and secured party) a present and future security interest in all
Tangible Collateral, Intangible Collateral, FF&E (subject to the provisions of Sections 6.1 and 6.2
of the Credit Agreement which permit the granting of certain security interests in Specified FF&E
to the providers of Indebtedness which may be incurred under said Section), and Improvements, in
each case to the extent that the same constitutes a part of the Trust Estate, all other personal
property now or hereafter owned or leased by Trustor or in which Trustor has or will have any
interest, to the extent that such property constitutes a part of the Trust Estate (whether or not
such items are stored on the Site, the Project, the Improvements or elsewhere), Proceeds of the
foregoing comprising a portion of the Trust Estate and all proceeds of insurance policies and
consideration awards arising therefrom and all proceeds, products, substitutions, and accessions
therefor and thereto, subject to Beneficiary’s rights to treat such property as real property as
herein provided (collectively, the “Personal Property”). Trustor shall execute any and all
documents and writings, including without limitation financing statements pursuant to the UCC, as
may be necessary or prudent to preserve and maintain the priority of the security interest granted
hereby on property which may be deemed subject to the foregoing security agreement or as
Beneficiary may reasonably request, and shall pay to Beneficiary on demand any reasonable expenses
incurred by Beneficiary in connection with the preparation, execution and filing of any such
documents. Trustor hereby authorizes and empowers Beneficiary to execute and file, on Trustor’s
behalf, all financing statements and refilings and continuations thereof as advisable to

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create, preserve and protect said security interest. This Deed of Trust constitutes both a
real property deed of trust and a “security agreement,” within the meaning of the UCC, and the
Trust Estate includes both real and personal property and all other rights and interests, whether
tangible or intangible in nature, of Trustor in the Trust Estate. Trustor by executing and
delivering this Deed of Trust has granted to Beneficiary, as security of the Obligations, a
security interest in the Trust Estate.

     (a) Fixture Filing. Without in any way limiting the generality of the immediately
preceding paragraph or of the definition of the Trust Estate, this Deed of Trust constitutes a
fixture filing under Section 9-502 of the UCC (NRS 104.9502(3)). For such purposes, (i) the
“debtor” is each Trustor and their respective addresses are the addresses given for each such
Person in the initial paragraph of this Deed of Trust; (ii) the “secured party” is Beneficiary, and
its address for the purpose of obtaining information is the address given for it in the initial
paragraph of this Deed of Trust; (iii) the real estate to which the fixtures are or are to become
attached is Trustor’s interest in the Site, the Project and the Improvements; and (iv) the record
owner of such real estate or interests therein is Phase II. 

     (b) Remedies. This Deed of Trust shall be deemed a security agreement as defined in
the UCC and the remedies for any violation of the covenants, terms and conditions of the agreements
herein contained shall include any or all of (i) those prescribed herein, and (ii) those available
under applicable Legal Requirements, and (iii) those available under the UCC, all at Beneficiary’s
sole election. In addition, a photographic or other reproduction of this Deed of Trust shall be
sufficient as a financing statement for filing wherever filing may be necessary to perfect or
continue the security interest granted herein.

     (c) Derogation of Real Property. It is the intention of the parties that the filing
of a financing statement in the records normally having to do with personal property shall never be
construed as in anyway derogating from or impairing the express declaration and intention of the
parties hereto as hereinabove stated that everything used in connection with the production of
Income from the Trust Estate and/or adapted for use therein and/or which is described or reflected
in this Deed of Trust is, and at all times and for all purposes and in all proceedings both legal
or equitable, shall be regarded as part of the real property encumbered by this Deed of Trust
irrespective of whether (i) any such item is physically attached to the Improvements, (ii) serial
numbers are used for the better identification of certain equipment items capable of being thus
identified in a recital contained herein or in any list filed with Beneficiary, or (iii) any such
item is referred to or reflected in any such financing statement so filed at any time. It is the
intention of the parties that the mention in any such financing statement of (1) rights in or to
the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain
proceedings for a taking or for loss of value, or (3) Trustor’s interest as lessors in any present
or future Space Lease or rights to Rents, shall never be construed as in any way altering any of
the rights of Beneficiary as determined by this Deed of Trust or impugning the priority of
Beneficiary’s real property Lien granted hereby or by any other recorded document, but such mention
in the financing statement is declared to be for the protection of Beneficiary in the event any
court or judge shall at any time hold with respect to the matters set forth in the foregoing
clauses (1), (2) and (3) that notice of Beneficiary’s priority of interest to be effective against
a particular class of Persons, including but not limited to, the federal government and any
subdivisions or entity of the federal government, must be filed in the UCC records.

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     (d) Priority; Permitted Financing of Tangible Collateral. All Personal Property of
any nature whatsoever which is subject to the provisions of this security agreement shall be
purchased or obtained by Trustor in its name and free and clear of any Lien or encumbrance, except
for Permitted Liens, for use only in connection with the business and operation of the Project, and
shall be and at all times remain free and clear of any lease or similar arrangement, chattel
financing, installment sale agreement, security agreement and any encumbrance of like kind, so that
Beneficiary’s security interest shall attach to and vest in Trustor for the benefit of Beneficiary,
with the priority herein specified, immediately upon the installation or use of the Personal
Property at the Site, the Project or the Improvements and Trustor warrants and represents that
Beneficiary’s security interest in the Personal Property is a validly attached and binding security
interest, properly perfected and prior to all other security interests therein subject to Permitted
Liens.

     (e) Preservation of Contractual Rights of Collateral. Trustor shall, to the extent
required to do so under the Credit Agreement, prior to delinquency, default, or forfeiture, perform
all obligations and satisfy all material conditions required on its part to be satisfied to
preserve its rights and privileges under any contract, lease, license, permit, or other
authorization (i) under which it holds any Tangible Collateral or (ii) which constitutes part of
the Intangible Collateral, except where Trustor is contesting such obligations in accordance with
the Credit Agreement.

     (f) Removal of Collateral. Except as permitted herein or under the Credit Agreement,
none of the Tangible Collateral shall be removed from the Trust Estate without Beneficiary’s prior
written consent.

     (g) Change of Name. Trustor shall not change its corporate or business name, or do
business within the State under any name other than such name, or any trade name(s) other than
those as to which Trustor gives prior written notice to Beneficiary of its intent to use such trade
names, or any other business names (if any) specified in the financing statements delivered to
Beneficiary for filing in connection with the execution hereof, without providing Beneficiary with
the additional financing statement(s) and any other similar documents deemed reasonably necessary
by Beneficiary to assure that its security interest remains perfected and of undiminished priority
in all such Personal Property notwithstanding such name change.

     (h) Release of Liens. To the extent any property (including Specified FF&E) is
financed by any lender pursuant to an FF&E Facility or pursuant to Section 6.1(f) or
6.1(j) of the Credit Agreement (or there is any refinancing of such financing) and such
financing or refinancing is secured by Liens permitted under Section 6.2(n) of the Credit
Agreement, the Trustee shall release the Liens in favor of the Beneficiary on such property and in
connection therewith at the Trustor’s expense, execute and deliver to the Trustor such documents
(including, without limitation UCC-3 termination statements) as the Trustor may reasonably request
to evidence such termination.

     1.13 Assignment of Rents and Leases. The assignment of Rents and Leases set out above
in Granting Clause (G) shall constitute an absolute and present assignment to Beneficiary, subject
to the revocable license granted therein to Trustor to collect the Rents, and shall be fully
operative without any further action on the part of any party, and specifically upon the occurrence
of an Event of Default such license shall be automatically revoked and Beneficiary

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shall be entitled upon the occurrence of an Event of Default hereunder to all Rents and to
enter into the Site, the Project and the Improvements to collect all such Rents until such time as
such Event of Default is cured and such cure is accepted by the Beneficiary; provided,
however, that Beneficiary shall not be obligated to take possession of the Trust Estate, or
any portion thereof. The absolute assignment contained in Granting Clause (G) shall not be deemed
to impose upon Beneficiary any of the obligations or duties of Trustor provided in any such Space
Lease or the Subject Leases (including, without limitation, any liability under the covenant of
quiet enjoyment contained in any Space Lease or the Subject Leases in the event that any lessee
shall have been joined as a party defendant in any action to foreclose this Deed of Trust and shall
have been barred and foreclosed thereby of all right, title and interest and equity of redemption
in the Trust Estate or any part thereof).

     1.14 Rejection of Subject Leases. To the extent applicable, if the lessor under the
Subject Leases rejects or disaffirms the Subject Leases or purports or seeks to disaffirm the
Subject Leases pursuant to any Bankruptcy Law, then:

     (a) To the extent permitted by law, Trustor shall remain in possession of the Leased Premises
demised under the Subject Leases and shall perform all acts reasonably necessary for Trustor to
remain in such possession for the unexpired term of such Subject Leases (including all renewals),
whether the then existing terms and provisions of such Subject Leases require such acts or
otherwise; and

     (b) All the terms and provisions of this Deed of Trust and the Lien created by this Deed of
Trust shall remain in full force and effect and shall extend automatically to all of Trustor’s
rights and remedies arising at any time under, or pursuant to, Section 365(h) of the Bankruptcy
Code, including all of Trustor’s rights to remain in possession of the Leased Premises.

     1.15 Beneficiary’s Cure of Trustor’s Default. If Trustor defaults hereunder in the
payment of any tax, assessment, Lien, encumbrance or other Imposition, in its obligation to furnish
insurance hereunder, or in the performance or observance of any other covenant, condition or term
of this Deed of Trust or the Cooperation Agreement, Beneficiary may, but is not obligated to, to
preserve its interest in the Trust Estate, perform or observe the same, but only upon not less than
five Business Days’ notice to Trustor and all payments made (whether such payments are regular or
accelerated payments) and reasonable costs and expenses incurred or paid by Beneficiary in
connection therewith shall become due and payable immediately. The amounts so incurred or paid by
Beneficiary, together with interest thereon at the Default Rate from the date incurred until paid
by Trustor, shall be added to the Obligations and secured by the Lien of this Deed of Trust.
Beneficiary is hereby empowered to enter and to authorize others to enter upon the Site, the
Project or the Improvements or any part thereof for the purpose of performing or observing any such
defaulted covenant, condition or term, without thereby becoming liable to Trustor or any Person in
possession holding under Trustor. No exercise of any rights under this Section 1.15 by
Beneficiary shall cure or waive any Event of Default or notice of default hereunder or invalidate
any act done pursuant hereto or to any such notice, but shall be cumulative of all other rights and
remedies.

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     1.16 Use of Land and Leased Premises. Trustor covenants that the Trust Estate shall
be used and operated in a manner reasonably consistent with (i) the description of the Project in
the Cooperation Agreement and (ii) Section 5.4 of the Credit Agreement.

     1.17 Affiliates and Guarantors.

     (a) Subject to Trust Deed. Subject to compliance with requirements of applicable
Nevada Gaming Laws, Trustor shall cause all of its Affiliates and Subsidiaries in any way involved
with the operation of all or a portion of the Trust Estate to observe the covenants and conditions
of this Deed of Trust to the extent necessary to give the full intended effect to such covenants
and conditions and to protect and preserve the security of Beneficiary hereunder. Trustor shall,
at Beneficiary’s request, cause any such Affiliate or Guarantor to execute and deliver to
Beneficiary or Trustee such further instruments or documents as Beneficiary may reasonably deem
necessary to effectuate the terms of this Section 1.17(a).

     (b) Restriction on Use of Subsidiary or Affiliate. Except as permitted under the
Credit Agreement or the Loan Documents, Trustor shall not use any Affiliate or Subsidiary in the
operation of the Trust Estate, the Project, the Leased Premises or the Easements if such use would
in any way impair the security for the Obligations or cause a breach of any covenant of this Deed
of Trust, the Credit Agreement or any other Loan Documents.

     1.18 Merger. So long as any of the Obligations have not been paid or performed,
unless Beneficiary shall otherwise in writing consent, the fee title and the leasehold estate under
the Subject Leases shall not merge but shall always be kept separate and distinct, notwithstanding
the union of said estates either in the lessor or in the lessee, or in a third party, by purchase
or otherwise; and Trustor covenants and agrees that, if it shall acquire the fee title, or any
other estate, title or interest in the Leased Premises covered by said Subject Leases, this Deed of
Trust shall be considered as mortgaged, assigned or conveyed to the Beneficiary and the Lien hereof
spread to cover such estate with the same force and effect as though specifically herein mortgaged,
assigned or conveyed and spread. The provisions of this paragraph shall not apply if Beneficiary
shall so elect.

ARTICLE TWO

CORPORATE LOAN PROVISIONS

     2.1 Interaction with Credit Agreement.

     (a) Incorporation by Reference. All terms, covenants, conditions, provisions and
requirements of the Credit Agreement are incorporated by reference in this Deed of Trust.

     (b) Conflicts. In the event of any conflict or inconsistency between the provisions
of this Deed of Trust and those of the Credit Agreement, the provisions of the Credit Agreement
shall govern.

     2.2 Other Collateral. This Deed of Trust is one of a number of Collateral Documents
to secure the Obligations delivered by or on behalf of Trustor pursuant to the Credit Agreement,
the other Loan Documents, the LVSC Notes Indenture and the LVSC Notes Documents and

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securing the Obligations secured hereunder. All potential junior Lien claimants are placed on
notice that, under any of the Loan Documents or the LVSC Notes Documents and any other documents
granting a security interest to the Beneficiary or otherwise (such as by separate future unrecorded
agreement between Trustor and Beneficiary), other collateral for the Obligations secured hereunder
(i.e., collateral other than the Trust Estate) may, under certain circumstances, be released
without a corresponding reduction in the total principal amount secured by this Deed of Trust.
Such a release would decrease the amount of collateral securing the Obligations, thereby increasing
the burden on the remaining Trust Estate created and continued by this Deed of Trust. No such
release shall impair the priority of the Lien of this Deed of Trust. By accepting its interest in
the Trust Estate, each and every junior Lien claimant shall be deemed to have acknowledged the
possibility of, and consented to, any such release. Nothing in this paragraph shall impose any
obligation upon Beneficiary.

ARTICLE THREE

DEFAULTS

     3.1 Event of Default. The term “Event of Default,” wherever used in this Deed
of Trust, shall mean any one or more of the events of default listed in Section 8 of the Credit
Agreement (whether any such event shall be voluntary or involuntary or come about or be effected by
operation of law or pursuant to or in compliance with any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body) and it shall be an Event
of Default under this Deed of Trust if Trustor or any other “borrower” (as defined in NRS 106.310)
who may send a notice pursuant to NRS 106.380(1) with respect to this Deed of Trust (i) delivers,
sends or otherwise gives to Beneficiary (A) any notice of an election to terminate the operation of
this Deed of Trust as security for any indebtedness secured by this instrument, including, without
limitation, any obligation to repay any “future advance” (as defined in NRS 106.320) or “principal”
(as defined in NRS 106.345), or (B) any other notice pursuant to NRS 106.380(1); (ii) records a
statement pursuant to NRS 106.380(3); or (iii) causes this Deed of Trust, any indebtedness secured
by this instrument or Beneficiary to be subject to NRS 106.380(2), 106.380(3), or 106.400.

ARTICLE FOUR

REMEDIES

     4.1 Acceleration of Maturity. If an Event of Default occurs, the Bank Agent may
(except that such acceleration shall be automatic if the Event of Default is caused by a Trustor’s
Bankruptcy) declare all Bank Secured Obligations to be immediately due and payable, and upon such
declaration such principal and interest and other sums constituting Bank Secured Obligations shall
immediately become due and payable without demand, presentment, notice or other requirements of any
kind (all of which Trustor waives) notwithstanding anything in this Deed of Trust or any Loan
Document or applicable law to the contrary.

     4.2 Protective Advances. If Trustor fails to make any payment or perform any
Obligation or any other obligation under the other Operative Documents or the Resort Complex
Operative Documents, then without thereby limiting Beneficiary’s other rights or remedies,

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waiving or releasing any of Trustor’s obligations, or imposing any obligation on Beneficiary,
Beneficiary may either advance any amount owing or perform any or all actions that Beneficiary
considers necessary or appropriate to cure such default; provided, that, unless an Event of
Default shall have occurred and be continuing, Beneficiary shall have delivered notice thereof to
Trustor and Trustor shall have failed to make such payment or perform such obligation within five
(5) Business Days of receiving such notice. All such advances shall constitute “Protective
Advances.” No sums advanced or performance rendered by Beneficiary shall cure, or be deemed a
waiver of any Event of Default.

     4.3 Institution of Equity Proceedings. If an Event of Default occurs, Beneficiary may
institute an action, suit or proceeding in equity for specific performance of this Deed of Trust or
the Loan Documents or LVSC Notes Documents, all of which shall be specifically enforceable by
injunction or other equitable remedy. Trustor waives any defense based on laches or any applicable
statute of limitations.

     4.4 Beneficiary’s Power of Enforcement.

     (a) If an Event of Default occurs, Beneficiary shall be entitled, at its option and in its
sole and absolute discretion, to prepare and record on its own behalf, or to deliver to Trustee for
recording, if appropriate, written declaration of default and demand for sale and written Notice of
Default and Election to Sell (NRS 107.080) (or other statutory notice) to cause the Trust Estate to
be sold to satisfy the obligations hereof, and in the case of delivery to Trustee, Trustee shall
cause said notice to be filed for record.

     (b) After the lapse of such time as may then be required by law following the recordation of
said Notice of Breach and Election to Sell, and notice of sale having been given as then required
by law, including compliance with all applicable Nevada Gaming Laws, Trustee without demand on
Trustor, shall sell the Trust Estate or any portion thereof at the time and place fixed by it in
said notice, either as a whole or in separate parcels, and in such order as it may determine, at
public auction to the highest bidder, of cash in lawful money of the United States payable at the
time of sale. Trustee may, for any cause it deems expedient, postpone the sale of all or any
portion of said property until it shall be completed and, in every case, notice of postponement
shall be given by public announcement thereof at the time and place last appointed for the sale and
from time to time thereafter Trustee may postpone such sale by public announcement at the time
fixed by the preceding postponement. Trustee shall execute and deliver to the purchaser its Deed,
Bill of Sale, or other instrument conveying said property so sold, but without any covenant or
warranty, express or implied. The recitals in such instrument of conveyance of any matters or
facts shall be conclusive proof of the truthfulness thereof. Any Person, including Beneficiary,
may bid at the sale.

     (c) After deducting all costs, fees and expenses of Trustee and of this Deed of Trust,
including, without limitation, costs of evidence of title and reasonable attorneys’ fees of Trustee
or Beneficiary in connection with a sale, Trustee shall apply the proceeds of such sale to payment
of all sums expended under the terms hereof not then repaid, with accrued interest at the Default
Rate to the payment of all other sums then secured hereby and the remainder, if any, to the Person
or Persons legally entitled thereto as provided in NRS 40.462.

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     (d) Subject to compliance with applicable Nevada Gaming Laws, if any Event of Default occurs,
Beneficiary may, either with or without entry or taking possession of the Trust Estate, and without
regard to whether or not the Obligations and other sums secured hereby shall be due and without
prejudice to the right of Beneficiary thereafter to bring an action or proceeding to foreclose or
any other action for any default existing at the time such earlier action was commenced, proceed by
any appropriate action or proceeding: (1) to enforce payment of the Obligations, to the extent
permitted by law, or the performance of any term hereof or any other right; (2) to foreclose this
Deed of Trust in any manner provided by law for the foreclosure of mortgages or deeds of trust on
real property and to sell, as an entirety or in separate lots or parcels, the Trust Estate or any
portion thereof pursuant to applicable Legal Requirements or under the judgment or decree of a
court or courts of competent jurisdiction, and Beneficiary shall be entitled to recover in any such
proceeding all costs and expenses incident thereto, including reasonable attorneys’ fees in such
amount as shall be awarded by the court; and (3) to pursue any other remedy available to it
(whether under the Loan Documents, the LVSC Notes Documents or otherwise). In addition, subject to
compliance with applicable Nevada Gaming Laws, if any Event of Default occurs, the Bank Agent may
exercise any rights and remedies available to it under the Loan Documents. Beneficiary shall take
action either by such proceedings or by the exercise of its powers with respect to entry or taking
possession, or both, as Beneficiary may determine.

     (e) The remedies described in this Section 4.4 may be exercised with respect to all or
any portion of the Personal Property, either simultaneously with the sale of any real property
encumbered hereby or independent thereof. Beneficiary shall at any time be permitted to proceed
with respect to all or any portion of the Personal Property in any manner permitted by the UCC.
Trustor agrees that Beneficiary’s inclusion of all or any portion of the Personal Property (and all
personal property that is subject to a security interest in favor, or for the benefit, of
Beneficiary) in a sale or other remedy exercised with respect to the real property encumbered
hereby, as permitted by the UCC, is a commercially reasonable disposition of such property.

     4.5 Beneficiary’s Right to Enter and Take Possession, Operate and Apply Income.

     (a) Subject to compliance with applicable Nevada Gaming Laws, if an Event of Default occurs,
(i) Trustor, upon demand of Beneficiary, shall forthwith surrender to Beneficiary the actual
possession and, if and to the extent permitted by law, Beneficiary itself, or by such officers or
agents as it may appoint, may enter and take possession of all the Trust Estate including the
Personal Property, without liability for trespass, damages or otherwise, and may exclude Trustor
and its agents and employees wholly therefrom and may have joint access with Trustor to the books,
papers and accounts of Trustor; and (ii) Trustor shall pay monthly in advance to Beneficiary on
Beneficiary’s entry into possession, or to any receiver appointed to collect the Rents, all Rents
then due and payable.

     (b) If Trustor shall for any reason fail to surrender or deliver the Trust Estate, the
Personal Property or any part thereof after Beneficiary’s demand, Beneficiary may obtain a judgment
or decree conferring on Beneficiary or Trustee the right to immediate possession or requiring
Trustor to deliver immediate possession of all or part of such property to Beneficiary or Trustee
and Trustor hereby specifically consents to the entry of such judgment or decree. Trustor shall
pay to Beneficiary or Trustee, upon demand, all reasonable costs and expenses of

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obtaining such judgment or decree and reasonable compensation to Beneficiary or Trustee, their
attorneys and agents, and all such costs, expenses and compensation shall, until paid, be secured
by the Lien of this Deed of Trust.

     (c) Subject to compliance with applicable Nevada Gaming Laws and the terms of the Subject
Leases, upon every such entering upon or taking of possession, Beneficiary or Trustee may hold,
store, use, operate, manage and control the Trust Estate and conduct the business thereof, and,
from time to time in its sole and absolute discretion and without being under any duty to so act:

     (i) subject to NRS § 108-2403, make all necessary and proper maintenance, repairs,
renewals, replacements, additions, betterments and improvements thereto and thereon and
purchase or otherwise acquire additional fixtures, personalty and other property;

     (ii) insure or keep the Trust Estate insured;

     (iii) manage and operate the Trust Estate and exercise all the rights and powers of
Trustor in their name or otherwise with respect to the same;

     (iv) enter into agreements with others to exercise the powers herein granted
Beneficiary or Trustee, all as Beneficiary or Trustee from time to time may determine; and,
subject to the absolute assignment of the Rents and Leases to Beneficiary, Beneficiary or
Trustee may collect and receive all the Rents, including those past due as well as those
accruing thereafter; and shall apply the monies so received by Beneficiary or Trustee in
such priority as Beneficiary may determine to (1) the payment of interest and principal due
and payable on the Obligations, (2) the deposits for Impositions and insurance premiums due,
(3) the cost of insurance, Impositions and other proper charges upon the Trust Estate or any
part thereof; (4) the compensation, expenses and disbursements of the agents, attorneys and
other representatives of Beneficiary or Trustee; and (5) any other charges or costs required
to be paid by Trustor under the terms hereof; and

     (v) rent or sublet the Trust Estate or any portion thereof for any purpose permitted by
this Deed of Trust.

     Beneficiary or Trustee shall surrender possession of the Trust Estate and the Personal
Property to Trustor only when all that is due upon such interest and principal, Imposition and
insurance deposits, and all amounts under any of the terms of the Credit Agreement, the LVSC Notes
Indenture or this Deed of Trust, shall have been paid and other Obligations performed. The same
right of taking possession, however, shall exist if any subsequent Event of Default shall occur and
be continuing.

     4.6 Leases. Beneficiary is authorized to foreclose this Deed of Trust subject to the
rights of any tenants of the Trust Estate, and the failure to make any such tenants parties
defendant to any such foreclosure proceedings and to foreclose their rights shall not be, nor be
asserted by Trustor to be, a defense to any proceedings instituted by Beneficiary to collect the
sums secured hereby or to collect any deficiency remaining unpaid after the foreclosure sale of the
Trust

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Estate, or any portion thereof. Unless otherwise agreed by Beneficiary in writing, all Space
Leases executed subsequent to the date hereof, or any part thereof, shall be subordinate and
inferior to the Lien of this Deed of Trust; provided, however, from time to time
Beneficiary may execute and record among the land records of the jurisdiction where this Deed of
Trust is recorded, subordination statements with respect to such of said Space Leases as
Beneficiary may designate in its sole discretion, whereby the Space Leases so designated by
Beneficiary shall be made superior to the Lien of this Deed of Trust for the term set forth in such
subordination statement. From and after the recordation of such subordination statements, and for
the respective periods as may be set forth therein, the Space Leases therein referred to shall be
superior to the Lien of this Deed of Trust and shall not be affected by any foreclosure hereof.
All such Space Leases entered into after the date hereof shall contain a provision to the effect
that the Trustor and Space Lessee recognize the right of Beneficiary to elect and to effect such
subordination of this Deed of Trust and consents thereto. Beneficiary acknowledges and agrees that
the Lien of this Deed of Trust is subject and subordinate to the HVAC Ground Lease and the
Cooperation Agreement.

     4.7 Purchase by Beneficiary. Upon any foreclosure sale (whether judicial or
nonjudicial), Beneficiary may bid for and purchase the property subject to such sale and, upon
compliance with the terms of sale, may hold, retain and possess and dispose of such property in its
own absolute right without further accountability.

     4.8 Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Trustor
agrees to the full extent permitted by Legal Requirements that if an Event of Default occurs,
neither Trustor nor anyone claiming through or under it shall or will set up, claim or seek to take
advantage of any appraisement, valuation, stay, extension or redemption laws now or hereafter in
force, in order to prevent or hinder the enforcement or foreclosure of this Deed of Trust or the
absolute sale of the Trust Estate or any portion thereof or the final and absolute putting into
possession thereof, immediately after such sale, of the purchasers thereof, and Trustor for itself
and all who may at any time claim through or under it, hereby waives, to the full extent that it
may lawfully so do, the benefit of all such Legal Requirements, and any and all right to have the
assets comprising the Trust Estate marshalled upon any foreclosure of the Lien hereof and agrees
that Trustee or any court having jurisdiction to foreclose such Lien may sell the Trust Estate in
part or as an entirety.

     4.9 Receiver. If an Event of Default occurs, Beneficiary, to the extent permitted by
law and subject to compliance with all applicable Nevada Gaming Laws, and without regard to the
value, adequacy or occupancy of the security for the Obligations and other sums secured hereby,
shall be entitled as a matter of right if it so elects to the appointment of a receiver to enter
upon and take possession of the Trust Estate and to collect all Rents and apply the same as the
court may direct, and such receiver may be appointed by any court of competent jurisdiction upon
application by Beneficiary. Beneficiary may have a receiver appointed without notice to Trustor or
any third party, and Beneficiary may waive any requirement that the receiver post a bond.
Beneficiary shall have the power to designate and select the Person who shall serve as the receiver
and to negotiate all terms and conditions under which such receiver shall serve. Any receiver
appointed on Beneficiary’s behalf may be an Affiliate of Beneficiary. The expenses, including
receiver’s fees, attorneys’ fees, costs and agent’s compensation, incurred pursuant to the powers
herein contained shall be secured by this Deed of Trust. The right to enter and take

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possession of and to manage and operate the Trust Estate and to collect all Rents, whether by
a receiver or otherwise, shall be cumulative to any other right or remedy available to Beneficiary
under this Deed of Trust, the Credit Agreement or otherwise available to Beneficiary and may be
exercised concurrently therewith or independently thereof. Beneficiary shall be liable to account
only for such Rents (including, without limitation, security deposits) actually received by
Beneficiary, whether received pursuant to this Section 4.9 or any other provision hereof.
Notwithstanding the appointment of any receiver or other custodian, Beneficiary shall be entitled
as pledgee to the possession and control of any cash, deposits, or instruments at the time held by,
or payable or deliverable under the terms of this Deed of Trust to, Beneficiary.

     4.10 Suits to Protect the Trust Estate. Beneficiary shall have the power and
authority to institute and maintain any suits and proceedings as Beneficiary, in its sole and
absolute discretion, may deem advisable (a) to prevent any impairment of the Trust Estate by any
acts which may be unlawful or in violation of this Deed of Trust, (b) to preserve or protect its
interest in the Trust Estate, or (c) to restrain the enforcement of or compliance with any Legal
Requirement that may be unconstitutional or otherwise invalid, if the enforcement of or compliance
with such enactment, rule or order might impair the security hereunder or be prejudicial to
Beneficiary’s interest.

     4.11 Proofs of Claim. In the case of any receivership, Insolvency, Bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceedings affecting
Trustor, or, to the extent the same would result in an Event of Default hereunder, any Subsidiary,
or any guarantor, co-maker or endorser of any of Trustor’s obligations, its creditors or its
property, Beneficiary, to the extent permitted by law, shall be entitled to file such proofs of
claim or other documents as it may deem to be necessary or advisable in order to have its claims
allowed in such proceedings for the entire amount of the Obligations, at the date of the
institution of such proceedings, and for any additional amounts which may become due and payable by
Trustor after such date.

     4.12 Trustor to Pay the Obligations on any Default in Payment; Application of Monies by
Beneficiary.

     (a) In case of a foreclosure sale of all or any part of the Trust Estate and of the
application of the proceeds of sale to the payment of the sums secured hereby, Beneficiary shall be
entitled to enforce payment from Trustor of any additional amounts then remaining due and unpaid
and to recover judgment against Trustor for any portion thereof remaining unpaid, with interest at
the Default Rate in accordance with Section 4.19 hereof.

     (b) Trustor hereby agrees to the extent permitted by law, that no recovery of any such
judgment by Beneficiary or other action by Beneficiary and no attachment or levy of any execution
upon any of the Trust Estate or any other property shall in any way affect the Lien and security
interest of this Deed of Trust upon the Trust Estate or any part thereof or any Lien, rights,
powers or remedies of Beneficiary hereunder, but such Lien, rights, powers and remedies shall
continue unimpaired as before.

     4.13 Delay or Omission; No Waiver. No delay or omission of Beneficiary to exercise
any right, power or remedy upon any Event of Default shall exhaust or impair any such right,

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power or remedy or shall be construed to waive any such Event of Default or to constitute
acquiescence therein. Every right, power and remedy given to Beneficiary whether contained herein
or in the Credit Agreement or otherwise available to Beneficiary may be exercised from time to time
and as often as may be deemed expedient by Beneficiary.

     4.14 No Waiver of One Default to Affect Another. No waiver of any Event of Default
hereunder shall extend to or affect any subsequent or any other Event of Default then existing, or
impair any rights, powers or remedies consequent thereon. If Beneficiary (a) grants forbearance or
an extension of time for the payment of any sums secured hereby; (b) takes other or additional
security for the payment thereof; (c) waives or does not exercise any right granted in this Deed of
Trust or any other Loan Document or LVSC Notes Document; (d) releases any part of the Trust Estate
from the Lien or security interest of this Deed of Trust or any other instrument securing the
Obligations; (e) consents to the filing of any map, plat or replat of the Site (to the extent such
consent is required); (f) consents to the granting of any easement on the Site, the Project or the
Improvements (to the extent such consent is required); or (g) makes or consents to any agreement
changing the terms of this Deed of Trust or any other Loan Document or LVSC Notes Document for the
benefit of Beneficiary subordinating the Lien or any charge hereof, no such act or omission shall
release, discharge, modify, change or affect the original liability under this Deed of Trust or any
other Loan Document or LVSC Notes Document for the benefit of Beneficiary or otherwise of Trustor,
or any subsequent purchaser of the Trust Estate or any part thereof or any maker, co-signer, surety
or guarantor. No such act or omission shall preclude Beneficiary from exercising any right, power
or privilege herein granted or intended to be granted in case of any Event of Default then existing
or of any subsequent Event of Default, nor, except as otherwise expressly provided in an instrument
or instruments executed by Beneficiary, shall the Lien or security interest of this Deed of Trust
be altered thereby, except to the extent expressly provided in any releases, maps, easements or
subordinations described in clause (d), (e), (f) or (g) above of
this Section 4.14. In the event of the sale or transfer by operation of law or otherwise
of all or any part of the Trust Estate, Beneficiary, without notice to any Person is hereby
authorized and empowered to deal with any such vendee or transferee with reference to the Trust
Estate or the Obligations secured hereby, or with reference to any of the terms or conditions
hereof, as fully and to the same extent as it might deal with the original parties hereto and
without in any way releasing or discharging any of the liabilities or undertakings hereunder, or
waiving its right to declare such sale or transfer an Event of Default as provided herein.
Notwithstanding anything to the contrary contained in this Deed of Trust or the other Loan
Documents or LVSC Notes Documents, (i) in the case of any non-monetary Event of Default,
Beneficiary may continue to accept payments due hereunder without thereby waiving the existence of
such or any other Event of Default and (ii) in the case of any monetary Event of Default,
Beneficiary may accept partial payments of any sums due hereunder without thereby waiving the
existence of such Event of Default if the partial payment is not sufficient to completely cure such
Event of Default.

     4.15 Discontinuance of Proceedings; Position of Parties Restored. If Beneficiary
shall have proceeded to enforce any right or remedy under this Deed of Trust by foreclosure, entry
of judgment or otherwise and such proceedings shall have been discontinued or abandoned for any
reason, or such proceedings shall have resulted in a final determination adverse to Beneficiary,
then and in every such case Trustor and Beneficiary shall be restored to their former positions

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and rights hereunder, and all rights, powers and remedies of Beneficiary shall continue as if
no such proceedings had occurred or had been taken.

     4.16 Remedies Cumulative. No right, power or remedy, including without limitation
remedies with respect to any security for the Obligations, conferred upon or reserved to
Beneficiary by this Deed of Trust or any other Loan Document or LVSC Notes Document is exclusive of
any other right, power or remedy, but each and every such right, power and remedy shall be
cumulative and concurrent and shall be in addition to any other right, power and remedy given
hereunder or under any Loan Document, now or hereafter existing at law, in equity or by statute,
and Beneficiary shall be entitled to resort to such rights, powers, remedies or security as
Beneficiary shall in its sole and absolute discretion deem advisable.

     4.17 Interest After Event of Default. If an Event of Default shall have occurred and
is continuing, outstanding and unpaid Obligations under the Loan Documents shall, at Beneficiary’s
option, bear interest at the Default Rate until such Event of Default has been cured. Trustor’s
obligation to pay such interest shall be secured by this Deed of Trust and the other Collateral
Documents.

     4.18 Foreclosure; Expenses of Litigation. If Trustee forecloses, reasonable
attorneys’ fees for services in the supervision of said foreclosure proceeding shall be allowed to
the Trustee and Beneficiary as part of the foreclosure costs. In the event of foreclosure of the
Lien hereof, there shall be allowed and included as additional Obligations all reasonable
expenditures and expenses which may be paid or incurred by or on behalf of Beneficiary for
attorneys’ fees, appraiser’s fees, outlays for documentary and expert evidence, stenographers’
charges, publication costs, and costs (which may be estimated as to items to be expended after
foreclosure sale or entry of the decree) of procuring all such abstracts of title, title searches
and examinations, title insurance policies and guarantees, and similar data and assurances with
respect to title as Beneficiary may deem reasonably advisable either to prosecute such suit or to
evidence to a bidder at any sale which may be had pursuant to such decree the true condition of the
title to or the value of the Trust Estate or any portion thereof. All expenditures and expenses of
the nature in this Section 4.18 mentioned, and such expenses and fees as may be incurred if
the protection of the Trust Estate and the maintenance of the Lien and security interest of this
Deed of Trust, including the fees of any attorney employed by Beneficiary in any litigation or
proceeding affecting this Deed of Trust or any Loan Document, the Trust Estate or any portion
thereof, including, without limitation, civil, probate, appellate and bankruptcy proceedings, or in
preparation for the commencement or defense of any proceeding or threatened suit or proceeding,
shall be immediately due and payable by Trustor, with interest thereon at the Default Rate, and
shall be secured by this Deed of Trust and the other Collateral Documents. Trustee waives its
right to any statutory fee in connection with any judicial or nonjudicial foreclosure of the Lien
hereof and agrees to accept a reasonable fee for such services.

     4.19 Deficiency Judgments. If after foreclosure of this Deed of Trust or Trustee’s
sale hereunder, there shall remain any deficiency with respect to any amounts payable hereunder or
any amounts secured hereby, and Beneficiary shall institute any proceedings to recover such
deficiency or deficiencies, all such amounts shall continue to bear interest at the Default Rate.
Trustor waives any defense to Beneficiary’s recovery against Trustor of any deficiency after any
foreclosure sale of the Trust Estate. Trustor expressly waives any defense or benefits that may

31

 

be derived from any statute granting Trustor any defense to any such recovery by Beneficiary.
In addition, Beneficiary and Trustee shall be entitled to recovery of all of their reasonable costs
and expenditures (including without limitation any court imposed costs) in connection with such
proceedings, including their reasonable attorneys’ fees, appraisal fees and the other costs, fees
and expenditures referred to in Section 4.18 above. This provision shall survive any
foreclosure or sale of the Trust Estate, any portion thereof and/or the extinguishment of the Lien
hereof.

     4.20 Waiver of July Trial. Beneficiary and Trustor each waive any right to have a
jury participate in resolving any dispute whether sounding in contract, tort or otherwise arising
out of, connected with, related to or incidental to the relationship established between them in
connection with this Deed of Trust or any other Loan Document or LVSC Notes Document. Any such
disputes shall be resolved in a bench trial without a jury.

     4.21 Exculpation of Beneficiary. The acceptance by Beneficiary of the assignment
contained herein with all of the rights, powers, privileges and authority created hereby shall not,
prior to entry upon and taking possession of the Trust Estate by Beneficiary, be deemed or
construed to make Beneficiary a “mortgagee in possession”; nor thereafter or at any time or in any
event obligate Beneficiary to appear in or defend any action or proceeding relating to the Space
Leases, the Rents or the Trust Estate, or to take any action hereunder or to expend any money or
incur any expenses or perform or discharge any obligation, duty or liability under any Space Lease
or to assume any obligation or responsibility for any security deposits or other deposits except to
the extent such deposits are actually received by Beneficiary, nor shall Beneficiary, prior to such
entry and taking, be liable in any way for any injury or damage to person or property sustained by
any Person in or about the Trust Estate.

     4.22 Collateral Agent.

     (a) By their acceptance of the benefits and Liens granted under this Deed of Trust, (i) the
LVSC Notes Indenture Trustee is hereby deemed to have appointed the Collateral Agent to act on
behalf of the holders of the LVSC Notes as their agent hereunder for purposes of the grant of the
Liens provided hereunder securing the LVSC Notes Secured Obligations in accordance with Section 8
of the Security Agreement, and (ii) the holders of the LVSC Notes are hereby deemed to consent to
such appointment.

     (b) The Collateral Agent has been appointed to act as Beneficiary hereunder by, and shall,
subject to the next sentence, act on behalf of the Lenders and the holders of the LVSC Notes. The
Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give
notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any
action, solely in accordance with this Deed of Trust; provided that the Collateral Agent shall only
exercise, or refrain from exercising, any remedies hereunder in accordance with the instructions of
the Bank Agent. In furtherance of the foregoing, by its acceptance of the benefits hereof, each
Lender and holder of the LVSC Notes agrees that it shall have no right individually to enforce this
Deed of Trust, it being understood and agreed by such that all rights and remedies hereunder may be
exercised solely by the Collateral Agent in accordance with the terms of this Section 4.22.

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ARTICLE FIVE

RIGHTS AND RESPONSIBILITIES OF TRUSTEE;

OTHER PROVISIONS RELATING TO TRUSTEE

     Notwithstanding anything to the contrary in this Deed of Trust, Trustor and Beneficiary agree
as follows.

     5.1 Exercise of Remedies by Trustee. To the extent that this Deed of Trust or
applicable law, including all applicable Nevada Gaming Laws, authorizes or empowers, or does not
require approval for, Beneficiary to exercise any remedies set forth in Article 4 hereof or
otherwise, or perform any acts in connection therewith, Trustee (but not to the exclusion of
Beneficiary unless so required under the law of the State) shall have the power to exercise any or
all such remedies, and to perform any acts provided for in this Deed of Trust in connection
therewith, all for the benefit of Beneficiary and on Beneficiary’s behalf in accordance with
applicable law of the State. In connection therewith, Trustee: (a) shall not exercise, or waive
the exercise of, any Beneficiary’s remedies (other than any rights of Trustee to any indemnity or
reimbursement), except at Beneficiary’s request, and (b) shall exercise, or waive the exercise of,
any or all of Beneficiary’s remedies at Beneficiary’s request, and in accordance with Beneficiary’s
directions as to the manner of such exercise or waiver. Trustee may, however, decline to follow
Beneficiary’s request or direction if Trustee shall be advised by counsel that the action or
proceeding, or manner thereof, so directed may not lawfully be taken or waived.

     5.2 Rights and Privileges of Trustee. To the extent that this Deed of Trust requires
Trustor to indemnify Beneficiary or reimburse Beneficiary for any expenditures Beneficiary may
incur, Trustee shall be entitled to the same indemnity and the same rights to reimbursement of
expenses as Beneficiary, subject to such limitations and conditions as would apply in the case of
Beneficiary. To the extent that this Deed of Trust negates or limits Beneficiary’s liability as to
any matter, Trustee shall be entitled to the same negation or limitation of liability. To the
extent that Trustor, pursuant to this Deed of Trust, appoints Beneficiary as Trustor’s attorney in
fact for any purpose, Beneficiary or (when so instructed by Beneficiary) Trustee shall be entitled
to act on Trustor’s behalf without joinder or confirmation by the other.

     5.3 Resignation or Replacement of Trustee. Trustee may resign by an instrument in
writing addressed to Beneficiary, and Trustee may be removed at any time with or without cause
(i.e., in Beneficiary’s sole and absolute discretion) by an instrument in writing executed by
Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for
any reason Beneficiary shall deem it desirable to appoint a substitute, successor or replacement
Trustee to act instead of Trustee originally named (or in place of any substitute, successor or
replacement Trustee), then Beneficiary shall have the right and is hereby authorized and empowered
to appoint a successor, substitute or replacement Trustee, without any formality other than
appointment and designation in writing executed by Beneficiary, which instrument shall be recorded
if required by the law of the State. The laws of the State (including, without limitation, the
Nevada Gaming Laws) shall govern the qualification of any Trustee. The authority conferred upon
Trustee by this Deed of Trust shall automatically extend to any and all other successor, substitute
and replacement Trustee(s) successively until the obligations secured hereunder have been paid in
full or the Trust Estate has been sold hereunder or released in

33

 

accordance with the provisions of the Loan Documents to which the Beneficiary is a party or
which grants a security for the benefit of the Beneficiary. Beneficiary’s written appointment and
designation of any Trustee shall be full evidence of Beneficiary’s right and authority to make the
same and of all facts therein recited. No confirmation, authorization, approval or other action by
Trustor shall be required in connection with any resignation or other replacement of Trustee.

     5.4 Authority of Beneficiary. If Beneficiary is a banking corporation, state banking
corporation or a national banking association and the instrument of appointment of any successor or
replacement Trustee is executed on Beneficiary’s behalf by an officer of such corporation, state
banking corporation or national banking association, then such appointment shall be conclusively
presumed to be executed with authority and shall be valid and sufficient without proof of any
action by the board of directors or any superior officer of Beneficiary.

     5.5 Effect of Appointment of Successor Trustee. Upon the appointment and designation
of any successor, substitute or replacement Trustee, and subject to compliance with applicable
Nevada Gaming Laws and other applicable Legal Requirements, Trustee’s entire estate and title in
the Trust Estate shall vest in the designated successor, substitute or replacement Trustee. Such
successor, substitute or replacement Trustee shall thereupon succeed to and shall hold, possess and
execute all the rights, powers, privileges, immunities and duties herein conferred upon Trustee.
All references herein to Trustee shall be deemed to refer to Trustee (including any successor or
substitute appointed and designated as herein provided) from time to time acting hereunder.

     5.6 Confirmation of Transfer and Succession. Upon the written request of Beneficiary
or of any successor, substitute or replacement Trustee, any former Trustee ceasing to act shall
execute and deliver an instrument transferring to such successor, substitute or replacement Trustee
all of the right, title, estate and interest in the Trust Estate of Trustee so ceasing to act,
together with all the rights, powers, privileges, immunities and duties herein conferred upon
Trustee, and shall duly assign, transfer and deliver all properties and moneys held by said Trustee
hereunder to said successor, substitute or replacement Trustee.

     5.7 Exculpation. Trustee shall not be liable for any error of judgment or act done by
Trustee in good faith, or otherwise be responsible or accountable under any circumstances
whatsoever, except for Trustee’s gross negligence, willful misconduct or knowing violation of any
Legal Requirement. Trustee shall have the right to rely on any instrument, document or signature
authorizing or supporting any action taken or proposed to be taken by it hereunder, believed by it
in good faith to be genuine. All moneys received by Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but need not be
segregated in any manner from any other moneys (except to the extent required by law). Trustee
shall be under no liability for interest on any moneys received by it hereunder.

     5.8 Endorsement and Execution of Documents. Upon Beneficiary’s written request,
Trustee shall, without liability or notice to Trustor, execute, consent to, or join in any
instrument or agreement in connection with or necessary to effectuate the purposes of the Loan
Documents to which the Beneficiary is a party or which grants a security interest for the benefit
of the Beneficiary. Trustor hereby irrevocably designates Trustee as its attorney in fact to
execute, acknowledge and deliver, on Trustor’s behalf and in Trustor’s name, all instruments or

34

 

agreements necessary to implement any provision(s) of this Deed of Trust or to further perfect
the Lien created by this Deed of Trust on the Trust Estate. This power of attorney shall be deemed
to be coupled with an interest and shall survive any disability of Trustor.

     5.9 Multiple Trustees. If Beneficiary appoints multiple trustees, then any Trustee,
individually, may exercise all powers granted to Trustee under this instrument, without the need
for action by any other Trustee(s).

     5.10 Terms of Trustee’s Acceptance. Trustee accepts the trust created by this Deed of
Trust upon the following terms and conditions:

     (a) Delegation. Trustee may exercise any of its powers through appointment of
attorney(s) in fact or agents.

     (b) Counsel. Trustee may select and employ legal counsel (including any law firm
representing Beneficiary). Trustor shall reimburse all reasonable legal fees and expenses that
Trustee may thereby incur.

     (c) Security. Trustee shall be under no obligation to take any action upon any Event
of Default unless furnished security or indemnity, in form satisfactory to Trustee, against costs,
expenses, and liabilities that Trustee may incur.

     (d) Costs and Expenses. Trustor shall reimburse Trustee, as part of the Obligations
secured hereunder, for all reasonable disbursements and expenses (including reasonable legal fees
and expenses and any expenses incurred by Trustee in complying with the Nevada Gaming Laws and
Gaming Licenses) incurred by reason of and as provided for in this Deed of Trust, including any of
the foregoing incurred in Trustee’s administering and executing the trust created by this Deed of
Trust and performing Trustee’s duties and exercising Trustee’s powers under this Deed of Trust.

     (e) Release. Upon satisfaction of the conditions for reconveyance contained in
Section 6.10 hereof, Beneficiary shall request that Trustee release this Deed of Trust and
Trustee shall release this Deed of Trust and reconvey the Trust Estate in accordance with
Section 6.10 hereof, provided, however, that Trustor shall pay all costs of
recordation, if any, and all of Trustee’s and Beneficiary’s costs and expenses in connection with
such release, including, but not limited to, reasonable attorneys’ fees.

ARTICLE SIX

MISCELLANEOUS PROVISIONS

     6.1 Heirs, Successors and Assigns Included in Parties. Whenever one of the parties
hereto is named or referred to herein, successors and assigns of such party shall be included, and
subject to the limitations set forth herein and in the Credit Agreement and the LVSC Notes
Indenture, all covenants and agreements contained in this Deed of Trust, by or on behalf of Trustor
or Beneficiary shall bind and inure to the benefit of its heirs, successors and assigns, whether so
expressed or not.

35

 

     6.2 Addresses for Notices, Etc. Any notice, report, demand or other instrument
authorized or required to be given or furnished under this Deed of Trust to Trustor or Beneficiary
shall be deemed given or furnished (i) when addressed to the party intended to receive the same, at
the address of such party set forth below, and delivered by hand at such address or (ii) three (3)
days after the same is deposited in the United States mail as first class certified mail, return
receipt requested, postage paid, whether or not the same is actually received by such party:

	 	 	 	 	 
	 

	 	Beneficiary:
	 	The Bank of Nova Scotia
	 

	 	 	 	GWS — Loan Operations
	 

	 	 	 	720 King Street West, 2nd Floor
	 

	 	 	 	c/o Central Mail Room
	 

	 	 	 	44 King Street West
	 

	 	 	 	Toronto, Ontario
	 

	 	 	 	M5H 1H1
	 

	 	 	 	Attention: John Hall
	 
	 	 	 	 
	 

	 	With a copy to:
	 	The Bank of Nova Scotia
	 

	 	 	 	580 California Street, 21st Floor
	 

	 	 	 	San Francisco, California 94104
	 

	 	 	 	Attention: Mr. Alan Pendergast,
	 

	 	 	 	Chris Osborn
	 

	 	 	 	Telefax: (415) 397-0791
	 
	 	 	 	 
	 

	 	With a copy to:
	 	DLA Piper US LLP
	 

	 	 	 	153 Townsend Street, Suite 800
	 

	 	 	 	San Francisco,CA 94107
	 

	 	 	 	Attention: Stephen A. Cowan, Esq.
	 

	 	 	 	Telefax: (415) 659-7500
	 
	 	 	 	 
	 

	 	Trustor:
	 	Phase II Mall Subsidiary, LLC
	 

	 	 	 	c/o: Venetian Casino Resort, LLC
	 

	 	 	 	3355 Las Vegas Boulevard South
	 

	 	 	 	Las Vegas, Nevada 89109
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	Telefax: (702) 414-4421
	 
	 

	 	 	 	Las Vegas Sands, LLC
	 

	 	 	 	3355 Las Vegas Boulevard South
	 

	 	 	 	Las Vegas, Nevada 89109
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	Telefax: (702) 414-4421
	 
	 	 	 	 
	 

	 	Trustee:
	 	First American Title Insurance Company
	 

	 	 	 	180 Cassia Way, Suite 502
	 

	 	 	 	Henderson, Nevada 89104

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     6.3 Change of Notice Address. Any Person may change the address to which any such
notice, report, demand or other instrument is to be delivered or mailed to that person, by
furnishing written notice of such change to the other parties, but no such notice of change shall
be effective unless and until received by such other parties.

     6.4 Headings. The headings of the articles, sections, paragraphs and subdivisions of
this Deed of Trust are for convenience of reference only, are not to be considered a part hereof,
and shall not limit or expand or otherwise affect any of the terms hereof.

     6.5 Invalid Provisions to Affect No Others. In the event that any of the covenants,
agreements, terms or provisions contained herein or in the Credit Agreement or any other Loan
Document or any LVSC Notes Document shall be invalid, illegal or unenforceable in any respect, the
validity of the Lien hereof and the remaining covenants, agreements, terms or provisions contained
herein or in the Credit Agreement or any other Loan Document or any LVSC Notes Document shall be in
no way affected, prejudiced or disturbed thereby. To the extent permitted by law, Trustor waives
any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

     6.6 Changes and Priority Over Intervening Liens. Neither this Deed of Trust nor any
term hereof may be changed, waived, discharged or terminated orally, or by any action or inaction,
but only by an instrument in writing signed by the party against which enforcement of the change,
waiver, discharge or termination is sought. Any agreement hereafter made by Trustor and
Beneficiary relating to this Deed of Trust shall be superior to the rights of the holder of any
intervening Lien or encumbrance.

     6.7 Estoppel Certificates. Within ten (10) Business Days after Beneficiary’s written
request, Trustor shall from time to time execute a certificate, in recordable form (an
“Estoppel Certificate”), stating, except to the extent it would be inaccurate to so state:
(a) the current amount of the Obligations secured hereunder and all elements thereof, including
principal, interest, and all other elements; (b) that Trustor has no defense, offset, claim,
counterclaim, right of recoupment, deduction, or reduction against any of the Obligations secured
hereunder; (c) that none of the Loan Documents to which the Beneficiary is a party or which grants
a security interest for the benefit of the Beneficiary have been amended, whether orally or in
writing; (d) that Trustor has no claims against Beneficiary of any kind; (e) that any Power of
Attorney granted to Beneficiary is in full force and effect; and (f) such other matters relating to
this Deed of Trust, any Loan Document to which the Beneficiary is a party or which grants a
security interest for the benefit of the Beneficiary and the relationship of Trustor and
Beneficiary as Beneficiary shall reasonably request. In addition, the Estoppel Certificate shall
set forth the reasons why it would be inaccurate to make any of the foregoing assurances (“a”
through “f”).

     6.8 Waiver of Setoff and Counterclaim. All amounts due under this Deed of Trust or
any other Loan Document to which the Beneficiary is a party or which grants a security interest for
the benefit of the Beneficiary shall be payable without setoff, counterclaim or any deduction
whatsoever. Trustor hereby waives the right to assert a counterclaim (other than a compulsory
counterclaim) in any action or proceeding brought against it by Beneficiary and/or any Lender under
the Credit Agreement, or arising out of or in any way connected with this Deed of Trust, or

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the other Loan Documents, to which the Beneficiary is a party or which grants a security
interest for the benefit of the Beneficiary or the Obligations.

     6.9 Governing Law. The Credit Agreement and the Loan Documents and the LVSC Notes
Documents provide that they are governed by, and construed and enforced in accordance with, the
laws of the State of New York. This Deed of Trust shall also be construed under and governed by
the laws of the State of New York without giving effect to the conflicts of law rules and
principles of New York; provided, however, that (i) the terms and provisions of this Deed of Trust
pertaining to the priority, perfection, enforcement or realization by Beneficiary of its respective
rights and remedies under this Deed of Trust with respect to the Trust Estate shall be governed and
construed and enforced in accordance with the internal laws of the State without giving effect to
the conflicts-of-law rules and principles of the State; (ii) Trustor agrees that to the extent
deficiency judgments are available under the laws of the State after a foreclosure (judicial or
nonjudicial) of the Trust Estate, or any portion thereof, or any other realization thereon by
Beneficiary or any Lender under the Credit Agreement or the LVSC Notes Indenture Trustee,
Beneficiary or such Lender or the LVSC Notes Indenture Trustee, as the case may be, shall have the
right to seek such a deficiency judgment against Trustor in the State; and (iii) Trustor agrees
that if Beneficiary or any Lender under the Credit Agreement or the LVSC Notes Indenture Trustee
obtains a deficiency judgment in another state against Trustor, then Beneficiary or such Lender or
the LVSC Notes Indenture Trustee, as the case may be, shall have the right to enforce such judgment
in the State to the extent permitted under the laws of the State, as well as in other states.
Nothing contained in this Section 6.9 shall be deemed to expand the limitations set forth
in Section 10.14 of the Credit Agreement.

     6.10 Reconveyance. In the event that (i) the Bank Secured Obligations are
indefeasibly repaid in full, (ii) any part of the Trust Estate is sold, transferred or otherwise
disposed of by Trustor in accordance with the Credit Agreement or (iii) any part of the Trust
Estate is otherwise released in accordance with the Credit Agreement or with the consent of the
Requisite Lenders, the Trust Estate (in the case of clause (i) of this Section 6.10) or
portion thereof (in the case of clauses (ii) or (iii) of this Section 6.10) will be sold,
transferred or otherwise disposed of, and released free and clear of the Liens created by this Deed
of Trust and the Beneficiary, at the request and expense of the Trustor, will duly and promptly
assign, transfer, deliver and release to the Trustor or its designee (without recourse and without
any representation or warranty) such of the Trust Estate as is then being (or has been) so sold,
transferred or otherwise disposed of or released. In connection with any disposition or release
pursuant to this Section 6.10, Beneficiary shall, at Trustor’s expense, cause Trustee to
reconvey, without warranty the Trust Estate or portion thereof being disposed or released, as the
case may be, and to execute and deliver to Trustor such documents (including UCC-3 termination
statements) as Trustor may reasonably request. The recitals in such reconveyance of any matters or
facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may
be described as “the person or persons legally entitled thereto.”

     6.11 Attorneys’ Fees. Without limiting any other provision contained herein, Trustor
agrees to pay all costs of Beneficiary or Trustee incurred in connection with the enforcement of
this Deed of Trust, including without limitation all reasonable attorneys’ fees whether or not suit
is commenced, and including, without limitation, fees incurred in connection with any probate,

38

 

appellate, bankruptcy, deficiency or any other litigation proceedings, all of which sums shall
be secured hereby.

     6.12 Late Charges. By accepting payment of any sum secured hereby after its due date,
Beneficiary does not waive its right to collect any late charge thereon or unpaid interest thereon
at the interest rates provided in the Loan Documents and the LVSC Notes Documents or its right
either to require prompt payment when due of all other sums so secured or to declare default for
failure to pay any amounts not so paid.

     6.13 Cost of Accounting. Trustor shall pay to Beneficiary, for and on account of the
preparation and rendition of any accounting, which Trustor may be entitled to require under any law
or statute now or hereafter providing therefor, the reasonable costs thereof.

     6.14 Right of Entry. Subject to compliance with applicable Nevada Gaming Laws and the
terms of the Space Leases, Beneficiary may at any reasonable time or times and on reasonable prior
written notice to Trustor make or cause to be made entry upon and inspections of the Trust Estate
or any part thereof in person or by agent.

     6.15 Corrections. Trustor shall, upon request of Beneficiary or Trustee, promptly
correct any defect, error or omission which may be discovered in the contents of this Deed of Trust
(including, but not limited to, in the exhibits and schedules attached hereto) or in the execution
or acknowledgement hereof, and shall execute, acknowledge and deliver such further instruments and
do such further acts as may be necessary or as may be reasonably requested by Trustee to carry out
more effectively the purposes of this Deed of Trust, to subject to the Lien and security interest
hereby created any of Trustor’s properties, rights or interest covered or intended to be covered
hereby, and to perfect and maintain such Lien and security interest.

     6.16 Statute of Limitations. To the fullest extent allowed by the law, the right to
plead, use or assert any statute of limitations as a plea or defense or bar of any kind, or for any
purpose, to any debt, demand or obligation secured or to be secured hereby, or to any complaint or
other pleading or proceeding filed, instituted or maintained for the purpose of enforcing this Deed
of Trust or any rights hereunder, is hereby waived by Trustor.

     6.17 Subrogation. Should the proceeds of any Loan or advance made by Beneficiary to
Trustor, repayment of which is hereby secured, or any part thereof, or any amount paid out or
advanced by Beneficiary, be used directly or indirectly to pay off, discharge, or satisfy, in whole
or in part, any prior or superior Lien or encumbrance upon the Trust Estate, or any part thereof,
then, as additional security hereunder, Trustee, on behalf of Beneficiary, shall be subrogated to
any and all rights, superior titles, Liens, and equities owned or claimed by any owner or holder of
said outstanding Liens, charges, and indebtedness, however remote, regardless of whether said
Liens, charges, and indebtedness are acquired by assignment or have been released of record by the
holder thereof upon payment.

     6.18 Joint and Several Liability. All obligations of Trustor hereunder, if more than
one, are joint and several. Recourse for deficiency after sale hereunder may be had against the
property of Trustor, without, however, creating a present or other Lien or charge thereon.

39

 

     6.19 Homestead. Trustor hereby waives and renounces all homestead and exemption
rights provided by the constitution and the laws of the United States and of any state, in and to
the Trust Estate as against the collection of the Obligations, or any part hereof.

     6.20 Context. In this Deed of Trust, whenever the context so requires, the neuter
includes the masculine and feminine, and the singular including the plural, and vice versa.

     6.21 Time. Time is of the essence of each and every term, covenant and condition
hereof. Unless otherwise specified herein, any reference to “days” in this Deed of Trust shall be
deemed to mean “calendar days.”

     6.22 Interpretation. As used in this Deed of Trust unless the context clearly
requires otherwise: The terms “herein” or “hereunder” and similar terms without reference to a
particular section shall refer to the entire Deed of Trust and not just to the section in which
such terms appear.

     6.23 Effect of NRS § 107.030. To the extent not inconsistent with the other
provisions of this Deed of Trust, the following covenants are hereby adopted and made a part of
this Deed of Trust: Nos. 1; 2 (pursuant to Section 1.8 above); 3; 4 (at the Default Rate); 5; 6; 7
(in a reasonable amount, as awarded by the court); 8 and 9 of NRS 107.030.

     6.24 Amendments. This Deed of Trust cannot be waived, changed, discharged or
terminated orally, but only by an instrument in writing signed by the party against whom
enforcement of any waiver, change, discharge or termination is sought and only as permitted by the
provisions of the Credit Agreement. Notwithstanding anything herein or in the Credit Agreement to
the contrary, in the event that Palazzo Condo Tower, LLC, in its sole discretion, exercises its
right to amend the legal description of the Leased Premises pursuant to Section 4.1 and/or Section
5.6(c) of the Walgreens’ Sale and Purchase Agreement, Trustor shall execute and cause to be
recorded a conforming amendment to Exhibit A to this Deed of Trust, which amendment shall be
binding upon Trustor and Beneficiary and their respective successors and assigns; provided that
such amendment shall not become effective and shall not be recorded until the Beneficiary has
received an endorsement to its policy of title insurance in form and substance reasonably
satisfactory to the Beneficiary and confirming the continuing lien and priority of this Deed of
Trust upon the Trust Estate (as so amended).

     6.25 No Conflicts. In the event that any of the provisions contained herein conflict
with the Security Agreement, then the provisions contained in the Security Agreement shall prevail.

     6.26 Subject Lease Amendments. Notwithstanding anything to the contrary in any
estoppel certificate delivered in connection with the Credit Agreement, Beneficiary shall, upon
request by Trustor or its designee, approve any amendment to a Subject Lease which is not
prohibited by Section 6.12 of the Credit Agreement.

40

 

ARTICLE SEVEN

POWER OF ATTORNEY

     7.1 Grant of Power. Subject to compliance with applicable Nevada Gaming Laws, Trustor
irrevocably appoints Beneficiary and any successor thereto as its attorney-in-fact, with full power
and authority, including the power of substitution, exercisable only during the continuance of an
Event of Default to act for Trustor in its name, place and stead as hereinafter provided:

     (a) Possession and Completion. To take possession of the Site, the Project and the
Improvements, remove all employees, contractors and agents of Trustor therefrom, complete or
attempt to complete the work of construction subject to NRS § 108.2403, and market, sell or lease
the Site, the Project and the Improvements.

     (b) Employment of Others. To employ such contractors, subcontractors, suppliers,
architects, inspectors, consultants, property managers and other agents as Beneficiary, in its
discretion, deems proper for the completion of any Improvements, for the protection or clearance of
title to the Site, the Project or the Improvements, or for the protection of Beneficiary’s
interests with respect thereto.

     (c) Security Guards. To employ watchmen to protect the Site, the Project and the
Improvements from injury.

     (d) Compromise Claims. To pay, settle or compromise all bills and claims then
existing or thereafter arising against Trustor, which Beneficiary, in its discretion, deems proper
for the protection or clearance of title to the Site, the Project, the Improvements or Personal
Property, or for the protection of Beneficiary’s interests with respect thereto.

     (e) Legal Proceedings. To prosecute and defend all actions and proceedings in
connection with the Site, the Project or the Improvements.

     (f) Other Acts. To execute, acknowledge and deliver all other instruments and
documents in the name of Trustor that are necessary or desirable, to exercise Trustor’s rights
under all contracts concerning the Site, the Project or the Improvements, including, without
limitation, under any Space Leases, and to do all other acts with respect to the Site, the Project
or the Improvements that Trustor might do on its own behalf, as Beneficiary, in its reasonable
discretion, deems proper.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

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     IN WITNESS WHEREOF, Trustor has executed this Deed of Trust, Leasehold Deed of Trust,
Assignment of Rents and Leases, Security Agreement and Fixture Filing to be effective as of the day
and year first above written.

	 	 	 	 	 
	 	 	PHASE II MALL SUBSIDIARY, LLC
	 
	 	 	 	 
	 

	 	By:
	 	Phase II Mall Holding, LLC
	 

	 	 	 	Its Managing Member
	 
	 	 	 	 
	 

	 	   By:
	 	Lido Casino Resort Holding Company, LLC
	 

	 	 	 	Its Managing Member

	 	 	 	 	 
	 

	 	By:
	 	Lido Intermediate Holding Company, LLC,
	 

	 	 	 	Its Managing Member
	 
	 	 	 	 
	 

	 	   By:
	 	Venetian Casino Resort, LLC
	 

	 	 	 	Its Managing Member

	 	 	 	 	 
	 

	 	By:
	 	Las Vegas Sands, LLC
	 

	 	 	 	Its Managing Member

	 	 	 	 	 
	 	 	 
	 	By:  	                                                  /s/ Robert P. Rozek
 	 
	 	 	Name:  	Robert P. Rozek 	 
	 	 	Title:  	Senior Vice President and

Chief Financial Officer 	 
	 

[Deed of Trust, Leasehold Deed of Trust, Assignment of Rents and Leases,

Security Agreement and Fixture Filing (Palazzo Mall Site)]

 

 

State of Nevada)

County of Clark) ss.:

On the 22nd day of May in the year 2007 before me, the undersigned, personally appeared Robert P.
Rozek, Senior Vice President and Chief Financial Officer of Las Vegas Sands, LLC, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s)
is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

	 	 	 	 	 
	 	 	 
	 	                                               /s/ Bonnie B. Bruce
 	 
	 	Notary Public 	 
	 	 	 
	 

Notarial Seal

[Deed of Trust, Leasehold Deed of Trust, Assignment of Rents and Leases,

Security Agreement and Fixture Filing (Palazzo Mall Site)]

 

EXHIBIT A

DESCRIPTION OF COMMERCIAL LEASED PREMISES

(See attached)

EXHIBIT A

 

EXHIBIT B

DESCRIPTION OF INDENTURE LEASED PREMISES

(See attached)

EXHIBIT B

 

EXHIBIT C

DESCRIPTION OF LAND

(See attached)

EXHIBIT C

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]