Document:

Assignment of Reinsurances (09/14/2004)

 Exhibit 10.24 
  
 Conformed Version 
  
 DATED 14 SEPTEMBER 2004 
  
 COMPANHIA DE SEGUROS DE MACAU, S.A. 
 as
Assignor 
  
 and 
  
 SOCIÉTÉ GÉNÉRALE, HONG KONG BRANCH

 as Security Agent 
  

  
 ASSIGNMENT OF REINSURANCES 
  

  

  
 CONTENTS 

 

					
	Clause

	  	 	  	Page

			
	1.	  	 Interpretation
	  	1
			
	2.	  	 Assignment
	  	3
			
	3.	  	 Payment Of Proceeds
	  	5
			
	4.	  	 Representations And Warranties
	  	5
			
	5.	  	 Further Understandings
	  	6
			
	6.	  	 Information
	  	7
			
	7.	  	 Miscellaneous
	  	7
			
	8.	  	 Changes To The Parties
	  	7
			
	9.	  	 Notice
	  	8
			
	10.	  	 Counterparts
	  	9
			
	11.	  	 Language
	  	9
			
	12.	  	 Effectiveness
	  	9
			
	13.	  	 Governing Law
	  	9
			
	14.	  	 Enforcement
	  	9

  

 THIS ASSIGNMENT is made on 14 September 2004 
  
 BY 
  

	(1)	COMPANHIA DE SEGUROS DE MACAU, S.A. whose principal and registered office is at Avenida da Praia Grande, No. 594, Edificio BCM, 11o. andar, the Macau SAR (the
“Assignor”) in favour of 

  

	(2)	SOCIÉTÉ GÉNÉRALE, HONG KONG BRANCH, as agent and security trustee for and on behalf of the Secured Parties (the “Security
Agent”). 

  
 WHEREAS 
  

	(A)	Wynn Resorts (Macau) S.A. (the “Company”) has effected certain insurances and may, from time to time, effect certain other insurances with the Assignor, including,
without limitation, those summarised in Schedule 1 (the “Insurances”). 

  

	(B)	By an Assignment of Insurances dated 14 September 2004 (the “Assignment of Insurances”) and made between the Company and the Security Agent, the Company has, inter
alia, assigned its right, title and interest to the Insurances (other than any public liability, third party liability, workers compensation and legal liability insurances and any insurance the proceeds of which are payable to employees of the
Company) to the Security Agent as agent for the Secured Parties. 

  

	(C)	In consideration of the Company effecting the Insurances with the Assignor, the Assignor has agreed to assign to the Security Agent as agent and security trustee for the Secured
Parties certain of the Assignor’s right, title and interest, present and future, in and to the facultative reinsurances effected by the Assignor from time to time in relation to its risks under the Insurances (other than any public liability,
third party liability, workers compensation and legal liability insurances and any insurance the proceeds of which are payable to employees of the Company) (the “Reinsurances”) as security for the payment of claims under the
Insurances. 

  
 NOW THIS ASSIGNMENT WITNESSES as follows:

  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  
 In this Assignment: 
  
 “Collateral Rights” means all rights, powers and remedies of the Security Agent and the Secured Parties provided by or pursuant to this
Assignment or by law. 
  
 “Common Terms
Agreement” means the common terms agreement dated 14 September 2004 between, among others, the Company, the financial institutions defined therein as the Hotel Facility Lenders, the Project Facility Lenders and the Revolving Credit Facility
Lenders and Société Générale Asia Limited as intercreditor agent. 
  
 “Deed of Appointment and Priority” means the deed of appointment and priority dated 14 September 2004 and made between, among others, the Company, Société Générale Asia
Limited as intercreditor agent, the Security Agent as security agent, the institutions defined 

  

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therein as Original First Ranking Lenders, Second Ranking Finance Party and Third Ranking Finance Party, as amended, varied, novated and/or supplemented from
time to time. 
  
 “Hong Kong” means the Hong
Kong Special Administrative Region. 
  
 “Insolvency
Event” means any of the following: 
  

	 	(a)	the Assignor is conclusively unable or expressly admits inability to pay its debts as they fall due or suspends making payments of any of its debts which is due; or

  

	 	(b)	any action or legal proceedings is taken in relation to: 

  

	 	(i)	the suspension of payments, winding up or dissolution of the Assignor; or 

  

	 	(ii)	the appointment of a liquidator or an administrator or other similar officer in respect of the Assignor. 

  
 “Insurance Adviser” means, as the case may be: 
  

	 	(a)	JLT Risk Solutions Asia as the insurance adviser acting on behalf of all Senior Secured Creditors pursuant to the engagement letter dated 15 September 2003;

  

	 	(b)	the insurance adviser acting on behalf of all Senior Secured Creditors according to the scope of work and fees agreed by the Senior Secured Creditors and approved by the Company
(such approval not to be unreasonably withheld or delayed) before the CP Satisfaction Date (as defined in the Common Terms Agreement); or 

  

	 	(c)	the insurance adviser appointed by the Intercreditor Agent and, unless an Event of Default has occurred and is continuing, approved by the Company (such approval not to be
unreasonably withheld or delayed) from time to time after the CP Satisfaction Date (as defined in the Common Terms Agreement) to act on behalf of the Senior Secured Creditors as and when required to advise the Senior Secured Creditors in respect of
Projects (as defined in the Common Terms Agreement). 

  
 “Macau SAR” means the Macau Special Administrative Region. 
  
 “Secured Parties” shall have the meaning given in the Deed of Appointment and Priority. 
  
 “Security Interest” means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or
arrangement having the effect of conferring security. 
  
 “Senior Secured Creditors” shall have the meaning given in the Common Terms Agreement. 
  

	1.2	Construction 

  

	 	1.2.1	Unless a contrary indication appears, any reference in this Assignment to: 

  

	 	(a)	the Security Agent, any Secured Party, any Senior Secured Creditor, the Assignor or the Company shall be construed so as to include its successors in title, permitted assigns and
permitted transferees; 

  

 - 2 - 

	 	(b)	any document (including, without limitation, this Assignment) are references to that document as amended, consolidated, supplemented, novated or replaced from time to time;

  

	 	(c)	a “person” includes any natural person, corporation, partnership, firm, association, government, state or agency of a state or any other entity whether acting in an
individual, fiduciary or other capacity; 

  

	 	(d)	to any law is a reference to that law as amended, consolidated, supplemented or replaced from time to time; 

  

	 	(e)	any Clause or Schedule shall be to a clause or schedule contained in this Assignment; and 

  

	 	(f)	any document being in substantially a specified form shall be construed as meaning such document being in the same form as the specified form save for the insertion of information
left in blank or typographical errors. 

  

	 	1.2.2	Section, Clause and Schedule headings are for ease of reference only. 

  

	2.	ASSIGNMENT 

  

	2.1	Assignment 

  
 In consideration of the Company effecting the Insurances with the Assignor and for other good and valuable consideration (the receipt whereof is hereby
acknowledged), as security for the payment of claims under the Insurances and under the conditions stated in Clause 2.2, the Assignor as beneficial owner HEREBY ASSIGNS absolutely unto the Security Agent (as agent and security trustee for and on
behalf of the Secured Parties) ALL THAT right, title and interest, present and future, of the Assignor to:- 
  

	 	2.1.1	make and settle any claim (including, without limitation, to take any action, institute any proceedings and enforce or exercise any rights or benefits relating thereto) under or
pursuant to the Reinsurances; 

  

	 	2.1.2	all sums paid or payable under the Reinsurances (including the return of all premia upon the cancellation of any of the Reinsurances); and 

  

	 	2.1.3	take any action, including without limitation the payment of premia and, where the Assignor has not issued renewal instructions not less than thirty days before the expiry date of
any Reinsurances, the issuance of the relevant renewal instructions, to ensure that the Reinsurances remain in full force and effect, 

  
 TO HOLD the same unto the Security Agent and the Secured Parties absolutely. The abovementioned rights are hereinafter referred to as the
“Assigned Rights”. 
  
 At any time after the
expiry of all of the Insurances and the irrevocable payments by the Assignor of all claims made under the Insurances and the satisfaction of all of the Assignor’s other obligations under the Insurances, the Security Agent shall reassign the
Assigned Rights to the Assignor and discharge the Security Interests created by this Assignment. 
  

 - 3 - 

	2.2	Enforcement of Assignment 

  

	 	2.2.1	The Assignor shall remain entitled to exercise and enforce the Assigned Rights in its own name until such time as the Security Agent shall notify the Assignor at any time after the
occurrence of an Insolvency Event to the contrary. 

  

	 	2.2.2	At any time after the occurrence of an Insolvency Event, the assignment of the Assigned Rights pursuant to Clause 2.1 (Assignment) is immediately enforceable and the Security
Agent may, without prior authorisation from any court but with prior notice to the Assignor, in its absolute discretion enforce such assignment. 

  

	2.3	Perfection of Security and Further Assurance  

  

	 	2.3.1	The Assignor shall from time to time, at the reasonable request of the Security Agent, do any act, deed or thing or execute all such documents as the Security Agent may reasonably
specify to preserve or perfect the security purported to be created over the Assigned Rights under this Assignment or for the exercise of the Collateral Rights or, after the assignment has become enforceable pursuant to Clause 2.2.2, to facilitate
the realisation of the Assigned Rights. 

  

	 	2.3.2	The Assignor shall take all such necessary action as is available to it: 

  

	 	(a)	to perfect, protect and maintain the security intended to be conferred on the Security Agent and the Secured Parties by or pursuant to this Assignment; and 

 

	 	(b)	to make all such filings and registrations and to take all such other steps in connection with the creation, perfection, protection or maintenance of any security which it may, or
may be required to, create in connection herewith. 

  

	 	2.3.3	The Assignor shall promptly notify the Security Agent of all Reinsurances effected by it from time to time. The Assignor shall, forthwith upon execution of this Assignment in
respect of any Reinsurances then in effect and promptly after other Reinsurances are effected after the date of this Assignment, execute and deliver to the relevant reinsurers effecting the Reinsurances a notice of assignment in substantially the
form set out in Part 1 of Schedule 2 and shall use all reasonable efforts to either cause each of the relevant reinsurers to acknowledge such notice of assignment in substantially the form set out in Part 2 of Schedule 2 or procure the issuance by
the reinsurance broker appointed by it (acceptable to the Security Agent) of a reinsurance broker’s letter of undertaking in substantially the form set out in Part 3 of Schedule 2, or in such other form as may be approved by the Security Agent.
Copies of all such notices shall be delivered by the Assignor to the Security Agent.  

  

	 	2.3.4	Unless acknowledgements of notices of assignment have been obtained from each of the relevant reinsurers pursuant to sub-clause 2.3.3 above, the Assignor shall, promptly upon the
appointment by it of any other reinsurance broker (who shall be acceptable to the Security Agent), procure the issuance by such reinsurance broker of a reinsurance broker’s letter of undertaking substantially in the form set out in Part 3 of
Schedule 2 or in such other form as may be approved by the Security Agent. 

  

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	2.4	Power of Attorney 

  

	 	2.4.1	The Assignor by way of security irrevocably appoints the Security Agent to be its attorney and in the Assignor’s name and on its behalf and as its act and deed to sign, seal,
execute, deliver and perfect all documents and do all things which the Assignor is obliged under this Assignment to do under Clause 2.3.1, Clause 2.3.2 and/or Clause 2.3.3 but has failed to do. The Assignor undertakes to ratify and confirm all
things done and documents executed by the Security Agent in the exercise of the power of attorney hereby conferred. 

  

	 	2.4.2	The Assignor is not required to indemnify the Security Agent for any costs incurred by the Security Agent as a result of exercising its power under Clause 2.4.1. The Security Agent
shall give notice to the Assignor prior to the exercise of any of the Security Agent’s rights under Clause 2.4.1. 

  

	3.	PAYMENT OF PROCEEDS 

  
 The parties hereto agree to procure that all moneys hereby assigned and payable in connection with any of the right, title and interest of the Assignor
under the Reinsurances shall be forthwith paid directly by the reinsurers in the manner set out in the Appendix to Part 1 of Schedule 2. The Assignor shall irrevocably instruct the reinsurance brokers to procure that the provisions relating to the
payment of proceeds of claims under the Reinsurances in the form set out in the Appendix to Part 1 of Schedule 2 shall be duly noted and endorsed upon all slips, cover notes, policies and other instruments of insurance issued or to be issued in
connection with the Reinsurances. 
  

	4.	REPRESENTATIONS AND WARRANTIES 

  

	4.1	Representations and Warranties 

  
 The Assignor represents and warrants to the Security Agent that: 
  

	 	4.1.1	it is a limited liability company duly established under the laws of the Macau SAR with power to enter into this Assignment and to exercise its rights and perform its obligations
hereunder and all corporate and other action required to authorise its execution of this Assignment has been duly taken; 

  

	 	4.1.2	the obligations expressed to be assumed by it in this Assignment are legal and valid obligations binding on it in accordance with the terms hereof; 

 

	 	4.1.3	the Insurances listed in Schedule 1 are in full force and effect and enforceable in accordance with their respective terms, and it is not aware of any basis on which they may be or
become capable of being avoided or invalidated; 

  

	 	4.1.4	except in accordance with the provisions of this Assignment, it has not granted or created and shall not grant, create or permit to exist any Security Interest over its right, title
and interest in the Reinsurances; 

  

	 	4.1.5	 under the laws of the Macau SAR in force at the date hereof, the claims of the Security Agent and the other Secured Parties against it shall rank at least pari
passu with the claims of all its other unsecured creditors save those whose claims are 

  

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preferred solely by any bankruptcy, insolvency, liquidation or other similar laws of general application; and 

  

	 	4.1.6	it has obtained all the necessary approvals (if any) of the relevant authorities for the execution by it of this Assignment, performance by it of its obligations hereunder and the
exercise by the Security Agent of its rights hereunder. 

  

	4.2	Further representations 

  
 The Assignor further represents to the Security Agent that: 
  

	 	4.2.1	no corporate action nor any other steps have been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against it for its winding-up,
dissolution, administration or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or its assets or any part thereof; 

  

	 	4.2.2	its execution of this Assignment and the exercise of its rights and performance of its obligations hereunder do not: 

  

	 	(a)	conflict with its constitutive documents and rules and regulations; or 

  

	 	(b)	so far as it is aware, conflict with any applicable law, regulation or official or judicial order; and 

  

	 	4.2.3	its execution of this Assignment and its exercise of its rights and performance of its obligations hereunder shall constitute non-governmental and commercial acts done and performed
for non-governmental and commercial purposes. 

  

	5.	FURTHER UNDERSTANDINGS 

  

	5.1	It is further agreed that notwithstanding the assignment of the Assigned Rights pursuant to Clause 2.1 (Assignment), but without prejudice to the instructions relating to the
payment of proceeds as set out in the Appendix to Part 1 of Schedule 2: 

  

	 	5.1.1	the Security Agent may but shall not be obliged to make any reasonable inquiry as to the nature or sufficiency of any payment under the Reinsurances, or, at any time after the
occurrence of an Insolvency Event, to make any claim or take any other action to collect any moneys or to enforce any rights and benefits hereby assigned to the Security Agent or to which the Security Agent may be entitled hereunder; and

  

	 	5.1.2	 the Assignor shall remain fully liable under the Insurances and the Reinsurances to perform all the conditions and obligations provided in the Insurances and the
Reinsurances to be observed and performed by it (including, without limitation, the obligation to collect from the Company all premia under the Insurances and to pay all premia to the reinsurers under the Reinsurances). Neither this Assignment nor
the receipt by the Security Agent or any other Secured Party of any payment pursuant hereto shall cause the Security Agent or any other Secured Party to be under any obligation or liability under the Insurances or the Reinsurances or in respect of
the Company’s or the Assignor’s failure to perform its obligations thereunder. The Assignor shall keep the Security Agent fully indemnified from and against all costs, 

  

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expenses and liabilities which the Security Agent incurs as a result of the Assignor failing to perform the conditions and obligations to be performed by it
under the Reinsurances. 

  

	6.	INFORMATION 

  
 The Assignor shall at all times keep accurate and complete records of the Reinsurances and shall provide certified copies thereof to the Security Agent
promptly upon request. The Security Agent may request any other relevant information from the Assignor in respect of the Insurances and the Reinsurances, and the Assignor shall supply such information reasonably requested within a reasonable time to
the Security Agent. 
  

	7.	MISCELLANEOUS 

  

	7.1	Continuing Security 

  
 It is understood and agreed by the Assignor that the assignment by it of its proprietary rights in the Assigned Rights (including the moneys receivable
thereunder) is a continuing security for the payment of amounts which may now or hereafter from time to time be owing by the Assignor in respect of the Insurances. 
  

	7.2	Partial Invalidity 

  
 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions of this Assignment nor of such provision under the laws of any other jurisdiction shall in any way be affected or impaired thereby and, if any part of the security intended
to be created by or pursuant to this Assignment is invalid, unenforceable or ineffective for any reason, that shall not affect or impair any other part of the security. 
  

	8.	CHANGES TO THE PARTIES 

  

	8.1	The Assignor may not assign or transfer any or all of its rights (if any) and/or obligations under this Assignment. 

  

	8.2	The Security Agent may: 

  

	 	(a)	assign all or any of its rights under this Assignment; and 

  

	 	(b)	transfer all or any of its obligations (if any) under this Assignment, 

  
 to any successor Security Agent in accordance with the provisions of the Deed of Appointment and Priority, provided that it is acknowledged that such
assignment or transfer shall not in any way prejudice the priority of the security constituted by this Assignment (which shall be assigned to such successor Security Agent pursuant to the terms of the Deed of Appointment and Priority). Upon such
assignment and transfer taking effect, the successor Security Agent shall be and be deemed to be acting as agent and security trustee for the Secured Parties for the purposes of this Assignment and in place of the former Security Agent. 

 

	8.3	 Subject to the relevant provisions of the Finance Documents (as defined in the Deed of Appointment and Priority), each Secured Party may assign all or any of its
rights under this Assignment (whether direct or indirect) in accordance with the provisions of the Finance 

  

 -7- 

	 	 
Documents (as defined in the Deed of Appointment and Priority). It is acknowledged that none of the Finance Parties (as defined in the Deed of Appointment
and Priority) has or shall have any obligation under this Assignment. 

  

	8.4	The Assignor irrevocably and unconditionally confirms that: 

  

	 	(a)	it consents to any assignment or transfer by any Secured Party of its rights and/or obligations made in accordance with the provisions of the Finance Documents;

  

	 	(b)	it shall continue to be bound by the terms of this Assignment, notwithstanding any such assignment or transfer; and 

  

	 	(c)	the assignee or transferee of such Secured Party shall acquire an interest in this Assignment upon such assignment or transfer taking effect. 

  

	8.5	The Security Agent may resign in accordance with Clause 17.1 (Resignation of the Security Agent) of the Deed of Appointment and Priority and the Assignor agrees to the terms
of Clause 17.1 (Resignation of the Security Agent) of the Deed of Appointment and Priority. 

  

	9.	NOTICE 

  

	9.1	Each communication to be made under this Assignment shall be made in writing and, unless otherwise stated, shall be made by fax or letter. 

  

	9.2	Any communication, document or demand to be made or delivered by one person to another pursuant to this Assignment shall: 

  

	 	(a)	if by way of fax (unless that other person has by 5 Business Days’ notice to the other specified another number) be made to such other person to the fax number identified with
its signature below and shall be deemed to have been received when transmission has been completed; and 

  

	 	(b)	if by way of letter (unless that other person has by 5 Business Days’ notice to the other specified another address) be delivered to that other person at the address identified
with its signature below and shall be deemed to have been delivered when left at that address or, as the case may be, 10 days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

 
 provided that any communication or document to be delivered to the
Security Agent shall be effective only if the same is expressly marked for the attention of the department or officer identified with the Security Agent’s signature below (or such other department or officer as the Security Agent shall from
time to time specify to the Assignor in writing for this purpose). 
  

	9.3	English language 

  

	 	9.3.1	Any notice given under or in connection with this Assignment must be in English. 

  

	 	9.3.2	All other documents provided under or in connection with this Assignment must be: 

  

	 	(a)	in English; or 

  

 - 8 - 

	 	(b)	if not in English, and if so required by the Security Agent, accompanied by a certified English translation and, in this case, the English translation shall prevail unless the
document is a constitutional, statutory or other official document. 

  

	10.	COUNTERPARTS 

  
 This Assignment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same
instrument. 
  

	11.	LANGUAGE 

  
 The English language is the only official and recognised language of this Assignment. If for any reason a translation of this Assignment is required, such
translation shall in the event of any dispute in meaning be secondary to the original English version which shall take precedence. 
  

	12.	EFFECTIVENESS 

  
 This Assignment shall become effective on the date of execution by the parties hereto. 
  

	13.	GOVERNING LAW 

  
 This Assignment is governed by and to be construed in accordance with laws of Hong Kong. 
  

	14.	ENFORCEMENT 

  

	14.1	The courts of Hong Kong have jurisdiction to settle any disputes (a “Dispute”) arising out of, or in connection with this Assignment (including without limitation a
dispute regarding the existence, validity or termination of this Assignment or the consequences of its nullity). 

  

	14.2	The parties agree that the courts of Hong Kong are the most appropriate and convenient courts to settle Disputes between them and, accordingly, that they will not argue to the
contrary. 

  

	14.3	This Clause 14.3 is for the benefit of the Security Agent only. As a result, the Security Agent shall not be prevented from taking proceedings relating to a Dispute in the courts of
Macau SAR. To the extent allowed by law, the Security Agent may take concurrent proceedings in Macau SAR and Hong Kong. 

  

	14.4	The Assignor agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on Law Debenture
Corporation (H.K.) Limited. If the appointment of the person mentioned in this Clause 14.4 ceases to be effective, the Assignor shall immediately appoint another person in Hong Kong to accept service of process on its behalf in Hong Kong. If the
Assignor fails to do so (and such failure continues for a period of not less than 14 days), the Security Agent shall be entitled to appoint such a person by notice to the Assignor. Nothing contained herein shall restrict the right to serve process
in any other manner allowed by law. This Clause 14.4 applies to Proceedings in Hong Kong and to Proceedings elsewhere. 

  

 - 9 - 

	14.5	The Assignor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 

  

	 	14.5.1 	the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and 

  

	 	14.5.2 	the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its assets and
revenues. 

  
 IN WITNESS WHEREOF this Assignment has been
signed on behalf of the Security Agent and executed as a deed by the Assignor and is intended to be and is hereby delivered by the Assignor as a deed on the date specified above. 
  

 - 10 - 

  
 EXECUTION PAGE

  

							
	The Assignor	  	 	  	 	  	 
				
	SIGNED, SEALED and DELIVERED	  	)	  	 	  	 
	 as a DEED by José Laurindo Reina da Costa
	  	)	  	 	  	 
	 and Cheung Ming Sai, Ivan
	  	)	  	José Laurindo Reina da Costa	  	L.S.
	 for and on behalf of
	  	)	  	 	  	 
	COMPANHIA DE SEGUROS DE	  	)	  	 	  	 
	MACAU, S.A.	  	)	  	Cheung Ming Sai, Ivan	  	L.S.
	 in the presence of:
	  	)	  	 	  	 

  
 Frances Wong

  

			
	 Name of Witness:
	  	 Frances Wong

		
	 Address of Witness:
	  	29/F, Jardine House
One Connaught Place
Hong Kong
		
	 Address:
	  	 Avenida da Praia Grande, No. 594,
 Edificio BCM, 11o. andar,
 Macau SAR

		
	 Fax:
	  	 (853)551074

		
	 Attention:
	  	 Tina Ngai (Reinsurance Manager)

  
 The Security Agent 

 
 SOCIÉTÉ GÉNÉRALE, HONG KONG BRANCH 
  

					
	 By:
	  	 David Gore
	  	 Sun Peng Lui

		
	 Address:
	  	 42/F Edinburgh Tower
 15 Queen’s Road Central
 Hong Kong

		
	 Telephone:
	  	 (852) 2166-5671/(852) 2166-5430/(852) 2166-5665

		
	 Fax:
	  	 (852) 2804-6215

		
	 Attention:
	  	 Sunny Lui/ Raymond Fung/ Sara Wong

		
	 	  	 Risk & Agency

  

 - 11 -Floating Charge (Unofficial English Translation) (09/14/2004)

  
 Conformed Version 

 
 Exhibit 10.25 
  
 Floating Charge 
  
 AN AGREEMENT made on 14 September 2004 between: 
  

	 	1.	Wynn Resorts (Macau) S.A., a company incorporated in the Special Administrative Region of Macau (registered number 14917), with its registered office at 429, Avenida da Praia
Grande, 18th Floor, Praia Grande Commercial Centre, Macau (“the Company”), herein represented by Mr Matthew O. Maddox, and 

  

	 	2.	Société Générale, Hong Kong Branch, with its principal office at 42/F Edinburgh Tower, 15 Queen’s Road Central, Hong Kong, as agent for and on
behalf of the Secured Parties (“the Security Agent”), herein represented by Mr Lui Sun Peng and Mr David Edward Gore. 

  
 WHEREAS: 
  

	 	A.	The Secured Parties have agreed, subject to the terms and conditions in the Finance Documents, to make available to the Company certain loan and other facilities for the purpose of
the Projects. 

  

	 	B.	It is a condition of the Secured Parties making the facilities available under the Finance Documents that a floating charge over the assets of the Company is granted in favour of
the Security Agent (for and on behalf of the Secured Parties). 

  
 NOW, IT IS HEREBY AGREED AS FOLLOWS: 
  

	1.	Definitions and Interpretation 

  
 1.1 Definitions 
  
 In this Agreement, unless otherwise defined herein, all terms defined or referred to in the Deed of Appointment and Priority or, if not defined or referred to in the Deed of Appointment and Priority, the Common Terms
Agreement, shall bear the same meaning when used in this Agreement and, in addition: 
  
 “Assets” means all the assets owned by the Company (including secured and unsecured credits, with the exception of immovable property) that are used by the Company for, applied towards or connected with the operation of all and
any of the Enterprises from time to time (other than the Excluded Property (as defined in the IP Direct Agreement) and the items listed in Schedule C to the IP Direct Agreement and any assets charged to the Security Agent by way of fixed charge or
assigned to the Security Agent or otherwise subject to a fixed security in favour of the Security Agent under the other Security Documents), each one of such assets being an “Asset”. 
  
 “Charge” means the floating charge created by this Agreement. 
  
 “Companies Registry” means the Commercial and Movable Property Registry of the
Macau SAR. 
  

 “Deed of Appointment and Priority” means the deed of appointment and priority dated 14 September 2004 and made
between, among others, the Company, Société Générale Asia Limited as intercreditor agent, the Security Agent as security agent, the institutions defined therein as Original First Ranking Lenders, Second Ranking Finance
Party and Third Ranking Finance Party. 
  
 “Enterprise” or
“Enterprises” means the establishment or establishments of the Company that qualify to register as an enterprise or enterprises at the Companies Registry. 
  
 “Gaming Concession Consent Agreement” means the Agreement Relating to Security (with the Exclusion of Land Concession and
Immovable Property) dated 14 September 2004 between the Macau SAR, the Company and the Security Agent. 
  
 “Secured Obligations” means all the Liabilities and all other present and future obligations at any time due, owing or incurred by any Grantor to any Secured Party under the Finance Documents, both actual
and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity. The relevant particulars of the Secured Obligations, for the purpose of registration only and without prejudice to the provisions of the
Finance Documents, are as follows: 
  

	(a)	amount – the aggregate maximum principal amount of US$1,000,000,000 corresponding to MOP 8,031,000,000; 

  

	(b)	interest – interest is chargeable at a floating rate which currently varies between [2.88715]% and [7.5]% per annum; in the event of any default in payment, interest is
chargeable at a floating rate which currently varies between [4.88715]% and [7.5]% per annum; 

  

	(c)	the amount of other payments, expenses, costs and indemnities is US$100,000,000 corresponding to MOP 803,100,000; 

  

	(d)	date of payment – the last repayment date is 14 March 2012 or as otherwise provided in the Finance Documents; and 

  

	(e)	place of payment – the place of payment of the Secured Obligations is Hong Kong or as otherwise provided in the Finance Documents. 

  
 “Secured Parties” has the meaning given in the Deed of Appointment and Priority.

  
 “Security Agent’s Rights” means all the rights, powers and
remedies of the Security Agent provided by this Agreement or by law. 
  

	1.2	Interpretation 

  
 In this Agreement: 
  

	 	(a)	the principles of construction and interpretation contained or referred to in Clause 1.2 (Construction) of the Deed of Appointment and Priority shall apply to the
construction and interpretation of this Agreement; and 

  

	 	(b)	 any reference to any or all of the Grantors or any or all of the Secured Parties shall be construed so as to include its or their (and any subsequent) successors

  

 - 2 - 

	 	 
and any permitted assignees and transferees in accordance with their respective interests. 

  
 1.3 Non-recourse Liability 
  
 Notwithstanding any provision in the Finance Documents to the contrary, no Operative shall
be personally liable for payments due hereunder or under any of the Finance Documents or for the performance of any obligation hereunder or thereunder, save, in relation to any Operative, pursuant to any Finance Document to which such Operative is
party. The sole recourse of the Secured Parties for satisfaction of any of the obligations of any of the Obligors hereunder and under the other Finance Documents shall be against the Obligors, and not against any assets or property of any Operative
save to the extent such Operative is party to a Finance Document and is expressed to be liable for such obligation thereunder. In the case of Mr Wong Chi Seng, his liability shall be limited to his shares in the Company. 
  

	2.	Gaming Concession Consent Agreement 

  
 The parties hereto agree that in the event of any conflict between the terms of this Agreement and the terms of the Gaming Concession Consent Agreement, the terms of the
Gaming Concession Consent Agreement shall prevail. 
  

	3.	Scope of Charge 

  
 3.1 The Company shall discharge and pay to the Security Agent (when due and payable) each of the Secured Obligations in accordance with the Finance Documents provided that: 
  

	 	(a)	neither the obligations of the Company under this Clause 3.1 nor the floating charge constituted by this Agreement shall extend to or include any liability or sum which would cause
such obligations or security to be unlawful or prohibited by any applicable law; and 

  

	 	(b)	every payment by the Company of any sum in respect of the Secured Obligations to or for the account of any of the Secured Parties to whom the same is due and payable which is made
in accordance with the terms of the Common Terms Agreement and this Agreement under which such sum is payable to such Secured Parties shall operate in satisfaction pro tanto of such covenant. 

  
 3.2 The Company hereby creates a first priority floating charge over all Assets in favour of
the Security Agent as security for the discharge and payment of the Secured Obligations to the Security Agent. All items of the Assets so charged secure the full payment of the Secured Obligations irrespective of the proportional value of each
particular Asset to the total value of all of the Assets. 
  
 3.3 Notwithstanding
any other provisions of this Agreement (but subject to the prohibitions and restrictions contained in paragraph 5 of Schedule 5 Part B of the Common Terms Agreement), the Company shall, until consolidation of the Charge by the Security Agent in
accordance with Clause 8, be entitled to sell, exchange, deliver in performance of an obligation, assign, transfer, convey or otherwise dispose of the Assets in such manner and generally on such terms as the Company shall in its absolute discretion
think fit. 
  

 - 3 - 

 3.4 Upon consolidation of the Charge by the Security Agent in accordance with Clause 8, the Company shall keep possession
of the Assets on behalf of the Security Agent in accordance with Article 916 of the Commercial Code of Macau SAR until enforcement by the Security Agent in accordance with Clause 9. 
  

	4.	Registration of Charge 

  
 The Company shall: 
  

	 	(a)	prior to the CP Satisfaction Date, register this Agreement (together with each amendment and/or supplement to this Agreement made prior to such registration) with the Companies
Registry in respect of each Enterprise existing on the date of such registration; 

  

	 	(b)	register this Agreement with the Companies Registry in respect of each Enterprise (other than the Enterprise(s) referred to in paragraph (a) above) promptly after the registration
of such Enterprise with the Companies Registry; 

  

	 	(c)	register each amendment and/or supplement to this Agreement (made on or after the registration of this Agreement in respect of any Enterprise with the Companies Registry) with the
Companies Registry in respect of such Enterprise promptly after the entering into of such amendment or, as the case may be, supplement; 

  

	 	(d)	with regard to each Asset which is itself subject to a specific registration or which is secured and such security is subject to a specific registration, register this Agreement and
each amendment and/or supplement to this Agreement in the appropriate register for such Asset or, as the case may be, such security promptly after the Security Agent shall have delivered an Enforcement Notice to the Company; and

  

	 	(e)	provide evidence of each of the registrations referred to in paragraphs (a) to (d) above to the Security Agent promptly after such registration. 

  

	5.	Representations and Warranties of Company 

  
 The Company hereby makes the following representations and warranties to the Security Agent (for and on behalf of the Secured Parties) and acknowledges that the Secured
Parties have relied upon those representations and warranties: 
  

	 	(a)	subject to the registrations referred to in Clause 4, this Agreement constitutes: 

  

	 	(i)	an effective floating charge over the Assets; and 

  

	 	(ii)	enjoys the priority which it is expressed to have; 

  

	 	(b)	it is the sole and absolute owner of all of the Assets free from any Lien (except for any Permitted Lien and any Mandatory Permitted Lien); 

  

	 	(c)	all acts, conditions and things required to be done, fulfilled and performed in order (i) to enable it lawfully to enter into, and perform and comply with the obligations expressed
to be assumed by it in, this Agreement (ii) to ensure that the obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable and (iii) to make this Agreement admissible in Macau SAR, have been done, fulfilled
and performed; and 

  

 - 4 - 

	 	(d)	under the laws of Macau in force at the date hereof, it is not necessary that this Agreement be filed, recorded or enrolled with any court or other authority in Macau or that any
stamp, registration or similar tax be paid on or in relation to this Agreement other than a stamp duty of MOP20.00 on this Agreement and a stamp duty of MOP5.00 on any of its counterparts. 

  

	6.	Repeating Representations 

  
 The representations and warranties contained in Clause 5 (other than Clauses 5(a), 5(c)(iii) and 5(d)) shall be deemed to be repeated (by reference to the facts and
circumstances then existing) by the Company on: 
  

	 	(a)	the CP Satisfaction Date; and 

  

	 	(b)	each Advance Date. 

  

	7.	Undertakings 

  
 The Company undertakes to the Security Agent (for and on behalf of the Secured Parties) at all times during the subsistence of this Agreement as follows: 
  

	 	(a)	the Company shall register with the Companies Registry each of the Enterprises which relates to the hotel located on land leased to the Company under the Land Concession Contract
and/or the casino located on land leased to the Company under the Land Concession Contract (other than the Enterprises referred to in Clause 4(a)) within 30 days of setting up such Enterprise; 

  

	 	(b)	the Company shall, within 45 days after the end of each fiscal quarter which ends after the CP Satisfaction Date, provide a written notification to the Security Agent setting out,
in reasonable detail, each Asset (existing as at the end of such fiscal quarter) which is itself subject to a specific registration or which is secured and such security is subject to a specific registration; 

  

	 	(c)	the Company shall, upon consolidation of the Charge by the Security Agent in accordance with Clause 8: 

  

	 	(i)	register the consolidation with the Companies Registry and, with regard to each Asset which is itself subject to a specific registration or which is secured and such security is
subject to a specific registration, register the consolidation in the appropriate register for such Asset or, as the case may be, such security; and 

  

	 	(ii)	publish or assist the Security Agent with publishing the notification of the consolidation in one Portuguese newspaper and one Chinese newspaper among the most widely circulated in
Macau SAR, or as otherwise required by law, within eight days of registering such consolidation in accordance with Clause 7(c)(i); 

  

 - 5 - 

	 	(d)	at any time upon or after consolidation of the Charge by the Security Agent in accordance with Clause 8, the Company: 

  

	 	(i)	shall not create, grant or permit to exist any Lien (other than the floating charge created hereunder and other Permitted Liens) over all or any of the Assets;

  

	 	(ii)	shall promptly notify the Security Agent in writing of any event or notice received by it that could reasonably be expected to materially prejudice the ability of the Security Agent
to enforce the Charge; and 

  

	 	(iii)	save as otherwise expressly permitted/required by this Agreement, shall not transfer or otherwise dispose or agree to transfer or otherwise dispose of the Assets upon or after such
consolidation; 

  

	 	(e)	the Company shall ensure that all documents evidencing the granting of credit to its patrons and/or customers do not have any provision prohibiting the creation of any charge,
pledge or assignment of the Company’s rights against such patrons and/or customers; 

  

	 	(f)	the Company undertakes that it will not create or permit to subsist any Lien (except for any Permitted Lien and any Mandatory Permitted Lien) over all or any part of the Assets;

  

	 	(g)	the Company shall do and execute all things and documents as the Security Agent shall require it to do or execute for the purpose of the execution, securing and/or perfection of the
Charge and/or the consolidation or lifting of consolidation of the Charge and/or the carrying out of the registration required in respect of the Charge and/or its consolidation or lifting of consolidation with the Companies Registry and/or with the
register for any Asset which is itself subject to a specific registration or the register for any security for any Asset which security is subject to a specific registration, provided that any such requirement shall be reasonable prior to the
delivery of an Enforcement Notice to the Company; and 

  

	 	(h)	the Company shall do and execute all things and documents as the Security Agent shall require it to do or execute for the purpose of exercising the Security Agent’s Rights
and/or enforcing the Charge, provided that any such requirement shall be reasonable prior to the delivery of an Enforcement Notice to the Company. 

  

	8.	Enforcement Notice and Consolidation of Charge 

  
 8.1 The Security Agent may only proceed to consolidate the Charge after the Security Agent shall have given an Enforcement Notice to the Company. 
  
 8.2 The Charge may only be consolidated by way of a notification from the Security Agent to
the Company stating the Event of Default which gives rise to the Security Agent’s right to enforce and consolidate the Charge, which notification may be incorporated into an Enforcement Notice from the Security Agent to the Company and shall be
registered and published pursuant to the provisions of Clause 7(c)(i) and 7(c)(ii) respectively. 
  

	9.	Enforcement 

  
 9.1 After the Security Agent shall have given an Enforcement Notice to the Company, the security created by this Agreement will become immediately enforceable and the Security 

  

 - 6 - 

 
Agent shall be entitled, without prior notice to the Company or prior authorisation from the Company or any court, to enforce all or any part of such
security, including without limitation: 
  

	 	(a)	sell the Assets or any particular items thereof through pledge or mortgage enforcement judicial proceedings, in which case the Company hereby irrevocably: 

 

	 	(i)	consents to a sale by private negotiation or by auction to be conducted within the judicial proceedings, 

  

	 	(ii)	undertakes to, if so requested by the Security Agent, apply to the court for such sale by private negotiation or by auction, and suggest to the court that the negotiation or the
auction be carried out by such entity as the Security Agent shall indicate, and 

  

	 	(iii)	accepts that the above consent and undertaking shall constitute and may be used in court as evidence of its willingness to have such sale by private negotiation or by auction
conducted within the judicial proceedings by the entity indicated by the Security Agent, or 

  

	 	(b)	to the extent permitted by law, have the Assets or any particular items thereof assigned to the Security Agent for a price determined by the court, or 

  

	 	(c)	to the extent permitted by law, subject to Clause 9.3, sell or otherwise dispose of the Assets or any particular items thereof outside any judicial proceedings, by way of private
negotiation or auction or otherwise at the times, in the manner and on the terms as the Security Agent may think fit, provided that the Security Agent may not be the purchaser or recipient thereof. 

  
 9.2 In the event of a sale or disposal of the Assets under the Charge or any particular items
thereof being made outside any judicial proceedings, the Security Agent shall incur no liability and the Company hereby waives any claims against the Security Agent arising from the fact that the price obtained through private negotiation was less
than what might be obtained through an auction, even if the Security Agent accepts the first offer received and does not make offers to more than one party, or arising from the fact that a sale conducted within judicial proceedings would have been
more advantageous than a sale outside of it, other than any loss which arises as a consequence of any gross negligence or wilful misconduct on the part of the Security Agent. 
  
 9.3 So long as Wynn Resorts has not delivered a notice under Clause 5.2 of the Wynn Resorts Support Agreement terminating its obligations
under Clause 6 thereof, the Security Agent shall, prior to the acceptance of any offer made by a Senior Secured Creditor for the purchase of all or any of the assets subject to the security created hereunder, give reasonable details of all of the
written offers received by the Security Agent for the purchase of such assets. 
  
 9.4 In making any sale or other disposal of all or any part of the Assets charged hereunder or any acquisition in the exercise of its powers, the Security Agent may do so for such consideration, in such manner, and generally on such terms
and conditions as it thinks fit. Any contract for such sale, disposal or acquisition by the Security Agent may contain conditions excluding or restricting the personal liability of the Security Agent. 
  

 - 7 - 

	10.	Application of Moneys 

  
 10.1 All moneys received or recovered by the Security Agent pursuant to this Agreement or the powers conferred by it shall (subject to (a) the claims of any Person having
prior rights thereto and (b) Clause 10.2) be applied by the Security Agent (notwithstanding any purported appropriation by the Company or any other Grantors) in accordance with Clause 15 (Application of Proceeds) of the Deed of Appointment
and Priority. 
  
 10.2 Notwithstanding any other provision of the Finance
Documents, the Security Agent may, at any time after the delivery of an Enforcement Notice to the Company, pay any or all of the moneys received, recovered or realised by the Security Agent under this Agreement (including without limitation the
proceeds of any conversion of currency) into any suspense or impersonal account (which is interest-bearing provided that there is no tax liability on the Security Agent with respect to any interest in such account) for so long as the Security Agent
shall think fit (whether or not any Secured Obligations shall have become due) pending any further application of such moneys (as the Security Agent shall be entitled, but not obliged, to do in its discretion) in accordance with the provisions of
Clause 10.1. If the Secured Obligations have been fully discharged or would be fully discharged if the moneys in such suspense or impersonal account were applied towards satisfaction of the Secured Obligations, the Security Agent shall apply the
moneys in such suspense or impersonal account towards satisfaction of the Secured Obligations and if there are any moneys remaining in such suspense or impersonal account after the Secured Obligations have been fully discharged, the Security Agent
shall pay such remaining moneys to any Person as directed by the Company. Any interest accrued on any moneys in such suspense or impersonal account shall be credited to such suspense or, as the case may be, impersonal account and shall, subject to
the terms of this Clause 10.2, be applied towards satisfaction of the Secured Obligations. 
  

	11.	Effectiveness of Collateral 

  
 11.1 No failure or delay on the part of the Security Agent to exercise any Security Agent’s Right shall operate as a waiver thereof, nor shall any single or partial
exercise of a Security Agent’s Right by the Security Agent preclude any other or further exercise of that or any other Security Agent’s Right. The Security Agent’s Rights hereunder are cumulative to those provided by any other
security in respect of the Secured Obligations and not exclusive of any remedies provided by law. 
  
 11.2 The Security Agent shall not be obliged, before exercising any Security Agent’s Right as against the Company (a) to make any demand of any other Grantor or any other Person (b) to take any action or obtain
judgment in any court against the Company, any other Grantor or any other Person or (c) to make or file any proof or claim in a liquidation, bankruptcy or insolvency of the Company, any other Grantor or any other Person or (d) to enforce or seek to
enforce any other security in respect of the Secured Obligations. 
  
 11.3 Until
the satisfaction of the requirements set out in Clause 16.20 of the Deed of Appointment and Priority in respect of the release of security, any settlement or discharge hereunder shall be conditional upon no security or payment to the Security Agent
by or on behalf of the Company and/or any other Grantor being avoided or reduced by virtue of the Company’s or any other Grantor’s bankruptcy, insolvency, liquidation or similar laws of general application and shall in those circumstances
be void. 
  

 - 8 - 

	12.	Set-Off 

  
 The Company authorises the Security Agent (but the Security Agent shall not be obliged to exercise such right) from time to time to, after the delivery of an Enforcement Notice to the Company, set off against any or
all of the sums due and payable but unpaid by and/or any or all of the obligations of the Company to the Security Agent under this Agreement any amount or other obligation owing by the Security Agent to the Company and apply any credit balance to
which the Company is entitled on any account with the Security Agent in discharge of such sums payable by and/or such obligations of the Company (notwithstanding any specified maturity of any deposit standing to the credit of any such account).

  

	13.	Expenses, Stamp, Taxes and Liability 

  

	13.1	Expenses 

  
 The Company shall, from time to time on demand of the Security Agent, reimburse the Security Agent for: 
  

	 	(a)	at any time prior to the delivery of an Enforcement Notice to the Company, all reasonable costs and expenses (including legal fees); or 

  

	 	(b)	at any time upon or after the delivery of an Enforcement Notice to the Company, all costs and expenses (including legal fees) 

  
 on a full indemnity basis incurred by it in connection with: 
  

	 	(i)	the perfection of the security contemplated in this Agreement; 

  

	 	(ii)	the consolidation of the Charge and/or the lifting of the consolidation of the Charge; and/or 

  

	 	(iii)	the exercise, preservation and/or enforcement of any of the Security Agent’s Rights or the security contemplated by this Agreement or any proceedings instituted by or against
the Security Agent as a consequence of taking or holding the security or of enforcing the Security Agent’s Rights, 

  
 and such costs and expenses (including legal fees) shall carry interest from the date following 15 days after the date of such demand until so reimbursed at the rate and
on the basis as mentioned in Clause 19.5 (Interest on demands) of the Deed of Appointment and Priority. 
  

	13.2	Stamp Taxes 

  
 The Company shall pay all stamp, registration and other taxes to which this Agreement, the security contemplated in this Agreement or any judgment given in connection with it is or at any time may be subject and
shall, from time to time, indemnify the Security Agent on demand against any liabilities, costs, claims and expenses resulting from any failure to pay or delay in paying any such tax other than any liabilities, costs, claims and expenses which arise
as a consequence of any gross negligence or wilful misconduct on the part of the Security Agent. 
  

 - 9 - 

	13.3	Indemnity 

  
 The Company shall, notwithstanding any release or discharge of all or any part of the security, indemnify the Security Agent, its agents and any attorneys against any action, proceeding, claims, losses, liabilities
and costs which it has sustained as a consequence of any breach by the Company of the provisions of this Agreement, the exercise of any of the rights and powers conferred on them by this Agreement (other than any loss or cost which arises as a
consequence of any gross negligence or wilful misconduct on the part of the Security Agent) provided that such costs shall be reasonable prior to the delivery of an Enforcement Notice to the Company. The Company is not liable to indemnify the
Security Agent against any costs referred to in this Clause 13.3 to the extent that such costs have been paid by the Company to the Security Agent under Clause 13.1. 
  

	13.4	No Liability 

  
 Subject to Clause 9.3, none of the Security Agent or its nominee(s) shall be liable by reason of (a) taking any action permitted by this Agreement or (b) any neglect or default in connection with all or any part of
the Assets or (c) the taking possession or realisation of all or any part of the Assets, except in the case of gross negligence or wilful default upon its part. 
  

	14.	Currency Conversion And Indemnity 

  
 14.1 For the purpose of or pending the discharge of any or all of the Secured Obligations, the Security Agent may convert any moneys received, recovered or realised or
subject to application by the Security Agent pursuant to this Agreement from the currency of such moneys to another for such purpose and any such conversion shall be made at the Security Agent’s spot rate of exchange for the time being (or such
other rate as may be available to the Security Agent from time to time in the ordinary course of business) for obtaining such other currency with the first currency and the Secured Obligations shall be discharged only to the extent of the net
proceeds of such conversion received by the Security Agent. 
  
 14.2 If any sum (a
“Sum”) due from the Company under this Agreement or any order or judgment given or made in relation thereto has to be converted from the currency (the “First Currency”) in which such Sum is payable into another
currency (the “Second Currency”) for the purpose of: 
  

	 	(a)	making or filing a claim or proof against the Company; or 

  

	 	(b)	obtaining or enforcing an order or judgment in any court or other tribunal, 

  
 the Company shall (through the Security Agent) indemnify each Person to whom such Sum is due from and against any loss suffered or incurred as a result of any discrepancy
between (a) the rate of exchange used for such purpose to convert such Sum from the First Currency into the Second Currency and (b) the rate or rates of exchange at which such Person may in the ordinary course of business purchase the First Currency
with the Second Currency at the time of receipt of such Sum. 
  

	15.	Payments Free Of Deduction 

  
 All payments to be made by the Company under this Agreement shall be made free and clear of and without deduction for or on account of tax unless the Company is required
to make 

  

 - 10 - 

 
such payment subject to the deduction or withholding of tax, in which case the sum payable by the Company in respect of which such deduction or withholding
is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Person on account of whose liability to tax such deduction or withholding has been made receives and retains
(free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be made. 
  

	16.	Discretion And Delegation 

  
 16.1 Any liberty or power which may be exercised or any determination which may be made hereunder by the Security Agent may, subject to the terms and conditions of the
Deed of Appointment and Priority, be exercised or made in its absolute and unfettered discretion without any obligation to give reasons save that the Security Agent shall act in a reasonable manner if expressly required hereunder. 
  
 16.2 The Security Agent shall have full power to delegate (either generally or specifically)
the powers, authorities and discretions conferred on it by this Agreement on such terms and conditions as it shall see fit which delegation shall not preclude either the subsequent exercise of such power, authority or discretion by the Security
Agent itself or any subsequent delegation or revocation thereof or thereunder. 
  

	17.	Form of Execution 

  
 This Agreement and any amendment hereto shall be authenticated by a notary in Macau SAR. Each document or notice to be issued by the Security Agent in connection with this Agreement (including without limitation, an
Enforcement Notice stating, among other things the amount of Secured Obligations as at date of such Enforcement Notice) shall be treated as documents referred to in this Agreement for the purpose of Article 681 of the Code of Civil Procedures of
Macau SAR. 
  

	18.	Changes to Parties 

  
 18.1 The Company may not assign or transfer any or all of its rights (if any) and/or obligations under this Agreement. 
  
 18.2 The Security Agent may: 
  

	 	(a)	assign all or any of its rights under this Agreement; and 

  

	 	(b)	transfer all or any of its obligations (if any) under this Agreement, 

  
 to any successor Security Agent in accordance with the provisions of the Deed of Appointment and Priority, provided that it is acknowledged that such assignment or
transfer shall not in any way prejudice the priority of the security constituted by this Agreement (which shall be assigned to such successor Security Agent pursuant to the terms of the Deed of Appointment and Priority). Upon such assignment and
transfer taking effect, the successor Security Agent shall be and be deemed to be acting as agent for the Secured Parties for the purposes of this Agreement and in place of the former Security Agent. The successor Security Agent shall arrange for
the authentication of this Agreement as an assignee/transferee with a notary in the Macau SAR. 
  

 - 11 - 

 18.3 Subject to the relevant provisions of the Finance Documents, each Secured Party may assign all or any of its rights
under this Agreement (whether direct or indirect) in accordance with the provisions of the Finance Documents. It is acknowledged that none of the Finance Parties has or shall have any obligation under this Agreement. 
  
 18.4 The Company irrevocably and unconditionally confirms that: 
  

	 	(a)	it consents to any assignment or transfer by any Secured Party of its rights and/or obligations made in accordance with the provisions of the Finance Documents;

  

	 	(b)	it shall continue to be bound by the terms of this Agreement, notwithstanding any such assignment or transfer; and 

  

	 	(c)	the assignee or transferee of such Secured Party shall acquire an interest in this Agreement upon such assignment or transfer taking effect. 

  

	19.	Notices 

  
 19.1 Any communication to be made under or in connection with this Agreement shall be made in writing but, unless otherwise stated, may be made by fax or letter. 
  
 19.2 The address and fax number (and the department or officer, if any, for whose attention
the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with this Agreement is identified with its signature below, or any substitute address, fax number or department or
officer as the party may notify to the other party by not less than 10 Business Days’ notice. 
  
 19.3 Any communication or document made or delivered by one Person to another under or in connection with this Agreement shall only be effective: 
  

	 	(a)	if delivered personally or by overnight courier, when left at the relevant address; 

  

	 	(b)	if by way of fax, when received in legible form; or 

  

	 	(c)	if by way of letter, when it has been left at the relevant address or 10 Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

  
 and, if a particular department or officer is specified
as part of its address details provided under Clause 19.2, if addressed to that department or officer. 
  
 19.4 Any communication or document to be made or delivered to the Security Agent shall be effective only when actually received by the Security Agent and then only if it is expressly marked for the attention of the
department or officer identified with the Security Agent’s signature below (or any substitute department or officer as the Security Agent shall specify for this purpose). 
  

	20.	Partial Invalidity 

  
 If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of 

  

 - 12 - 

 
the remaining provisions of this Agreement nor of such provision under the laws of any other jurisdiction shall in any way be affected or impaired thereby
and, if any part of the security intended to be created by or pursuant to this Agreement is invalid, unenforceable or ineffective for any reason, that shall not affect or impair any other part of the security. 
  

	21.	Governing Law and Jurisdiction 

  
 This Agreement shall be governed by and construed in accordance with the laws of the Special Administrative Region of Macau. The Company hereby submits to the exclusive
jurisdiction of the courts of the Special Administrative Region of Macau for any action or proceeding arising out or with respect to this Agreement. 
  

	22.	Language 

  
 This Agreement is made in two copies in a Portuguese version and an English version. In case of discrepancy, the Portuguese version shall prevail. 
  

	23.	Exercise of Rights 

  
 The Secured Parties will only exercise their rights under this Agreement through the Security Agent unless and until the appointment of the Security Agent ceases and no successor Security Agent is appointed under
Clause 17.1 (Resignation of the Security Agent) of the Deed of Appointment and Priority. 
  

	23.	Counterpart 

  
 This Agreement may be executed in any number of counterparts, each of which is an original and all of which together evidence the same agreement. 
  
 IN WITNESS WHEREOF this Agreement has been executed on the date first above written. 
  

 - 13 - 

 For and on behalf of Wynn Resorts (Macau) S.A. 
  

							
	Matthew O. Maddox	  	 	  	 	  	Notária Privada
	 	  	 	  	 	  	Maria Amélia António
	 Matthew O. Maddox
	  	 	  	 
	 	  	 	  	 	  	Maria Amélia António

					
			
	Address:	  	429 Avenida da Praia Grande,
18th Floor, Praia Grande Commercial Centre,
Macau	  	 
			
	Telephone:	  	853-371476	  	 
			
	Fax:	  	853-329966	  	 
			
	Attention:	  	Chief Financial Officer	  	 
		
	With a copy to:	  	 
		
	Wynn Resorts, Limited	  	 
			
	Address:	  	3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
USA	  	 
			
	Telephone:	  	(1) 702-770-2111	  	 
			
	Fax:	  	(1) 702-770-1520	  	 
			
	Attention:	  	General Counsel	  	 

  
 For and on behalf of
Société Générale, Hong Kong Branch 
  

							
	Sun Peng Lui	  	 	  	David Edward Gore	  	 
	 	  	 	  	_____________________________	  	 
	 Lui Sun Peng
	  	 	  	David Edward Gore	  	 

					
			
	Address:	  	42/F Edinburgh Tower,
15 Queen’s Road Central,
Hong Kong	  	 
			
	Telephone:	  	(852) 2166 5671/ 2166 5430/ 2166 5665	  	 
			
	Fax:	  	(852)2804 6215	  	 
			
	Attention:	  	Sunny Lui/ Raymond Fung/ Sara Wong
Risk & Agency	  	 

  
 Notária Privada

 Maria Amélia António 
  
 Maria Amélia António 
  

 - 14 -

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