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Exhibit 4.7  

APN
162-16-310-003 

Tax
Mailing Address: 

Venetian
Casino Resort, LLC

c/o Finance Department

201 East Sands Avenue

Las Vegas, Nevada 89109-2017 

Recording
Requested By and Recorded

Counterparts Should be Returned to: 

Harris
Freidus, Esq.

Paul Weiss Rifkind Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064 

DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY

AGREEMENT AND FIXTURE FILING  

 MADE BY  

 LAS VEGAS SANDS, INC.,

a Nevada corporation  

 as Trustor,  

 to  

 FIRST AMERICAN TITLE INSURANCE COMPANY,

a California corporation,  

 as Trustee,

for the benefit of  

 U.S. BANK NATIONAL ASSOCIATION,

in its capacity as the Mortgage Notes Indenture Trustee,

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 LAS VEGAS
SANDS, INC. AS "DEBTOR" AND U.S. BANK NATIONAL ASSOCIATION AS "SECURED PARTY." 

  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	 
	 	Page

	

ARTICLE 1 COVENANTS OF TRUSTOR	
 	

13
	 	 	1.1	 	Performance of Financing Agreements	 	13
	 	 	1.2	 	General Representations, Covenants and Warranties	 	13
	 	 	1.3	 	Right to Possession	 	14
	 	 	1.4	 	Compliance with Legal Requirements	 	14
	 	 	1.5	 	Impositions	 	14
	 	 	1.6	 	Insurance	 	14
	 	 	1.7	 	Condemnation	 	15
	 	 	1.8	 	Leases	 	16
	 	 	1.9	 	Authorization by Trustor	 	16
	 	 	1.10	 	Security Agreement and Financing Statements	 	17
	 	 	1.11	 	Assignment of Rents and Leases	 	19
	 	 	1.12	 	Beneficiary's Cure of Trustor's Default	 	19
	 	 	1.13	 	Use of Land and Leased Premises	 	20
	 	 	1.14	 	Affiliates and Restricted Subsidiaries	 	20
	

ARTICLE 2 CORPORATE LOAN PROVISIONS	
 	

20
	 	 	2.1	 	Interaction with Mortgage Notes Indenture	 	20
	 	 	2.2	 	Other Collateral	 	21
	 	 	2.3	 	Subordination to Bank Fee Deed of Trust	 	21
	

ARTICLE 3 DEFAULTS	
 	

21
	 	 	3.1	 	Event of Default	 	21
	

ARTICLE 4 REMEDIES	
 	

21
	 	 	4.1	 	Acceleration of Maturity	 	21
	 	 	4.2	 	Protective Advances	 	22
	 	 	4.3	 	Institution of Equity Proceedings	 	22
	 	 	4.4	 	Beneficiary's Power of Enforcement	 	22
	 	 	4.5	 	Beneficiary's Right to Enter and Take Possession, Operate and Apply Income	 	23
	 	 	4.6	 	Leases	 	25
	 	 	4.7	 	Purchase by Beneficiary	 	25
	 	 	4.8	 	Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws	 	25
	 	 	4.9	 	Receiver	 	25
	 	 	4.10	 	Suits to Protect the Trust Estate	 	26
	 	 	4.11	 	Proofs of Claim	 	26
	 	 	4.12	 	Trustor to Pay the Notes on Any Default in Payment; Application of Monies by Beneficiary	 	27
	 	 	4.13	 	Delay or Omission; No Waiver	 	27
	 	 	4.14	 	No Waiver of One Default to Affect Another	 	27
	 	 	4.15	 	Discontinuance of Proceedings; Position of Parties Restored	 	28
	 	 	4.16	 	Remedies Cumulative	 	28
	 	 	4.17	 	Interest After Event of Default	 	28
	 	 	4.18	 	Foreclosure; Expenses of Litigation	 	29
	 	 	4.19	 	Deficiency Judgments	 	29
	 	 	4.20	 	Waiver of Jury Trial	 	29
	 	 	4.21	 	Exculpation of Beneficiary	 	30
	 	 	 	 	 	 	 

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ARTICLE 5 RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE	
 	

30
	 	 	5.1	 	Exercise of Remedies by Trustee	 	30
	 	 	5.2	 	Rights and Privileges of Trustee	 	30
	 	 	5.3	 	Resignation or Replacement of Trustee	 	31
	 	 	5.4	 	Authority of Beneficiary	 	31
	 	 	5.5	 	Effect of Appointment of Successor Trustee	 	31
	 	 	5.6	 	Confirmation of Transfer and Succession	 	31
	 	 	5.7	 	Exculpation	 	32
	 	 	5.8	 	Endorsement and Execution of Documents	 	32
	 	 	5.9	 	Multiple Trustees	 	32
	 	 	5.10	 	Terms of Trustee's Acceptance	 	32
	

ARTICLE 6 MISCELLANEOUS PROVISIONS	
 	

33
	 	 	6.1	 	Heirs, Successors and Assigns Included in Parties	 	33
	 	 	6.2	 	Addresses for Notices, Etc.	 	33
	 	 	6.3	 	Change of Notice Address	 	34
	 	 	6.4	 	Headings	 	34
	 	 	6.5	 	Invalid Provisions to Affect No Others	 	34
	 	 	6.6	 	Changes and Priority Over Intervening Liens	 	34
	 	 	6.7	 	Estoppel Certificates	 	34
	 	 	6.8	 	Waiver of Setoff and Counterclaim	 	35
	 	 	6.9	 	Governing Law	 	35
	 	 	6.10	 	Reconveyance	 	35
	 	 	6.11	 	Attorneys' Fees	 	36
	 	 	6.12	 	Late Charges	 	36
	 	 	6.13	 	Cost of Accounting	 	36
	 	 	6.14	 	Right of Entry	 	36
	 	 	6.15	 	Corrections	 	36
	 	 	6.16	 	Statute of Limitations	 	36
	 	 	6.17	 	Subrogation	 	36
	 	 	6.18	 	Joint and Several Liability	 	37
	 	 	6.19	 	Homestead	 	37
	 	 	6.20	 	Context	 	37
	 	 	6.21	 	Time	 	37
	 	 	6.22	 	Interpretation	 	37
	 	 	6.23	 	Effect of NRS § 107.030	 	37
	 	 	6.24	 	Amendments	 	37
	 	 	6.25	 	No Conflicts	 	38
	

ARTICLE 7 POWER OF ATTORNEY	
 	

38
	 	 	7.1	 	Grant of Power	 	38

SCHEDULES  

SCHEDULE A            DESCRIPTION OF LAND  

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DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY
  AGREEMENT AND FIXTURE FILING    
    

        THIS DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING (hereinafter called "Deed of
Trust") is effective as of May 6, 2004, by LAS VEGAS SANDS, INC., a Nevada corporation ("LVSI," and together with
all successors and assigns of the Trust Estate (as hereinafter defined), "Trustor"), whose address is 3355 Las Vegas Blvd. South, Room 1C, 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 89014, Attention:
                        , as Trustee ("Trustee"), for the benefit of U.S.
BANK NATIONAL ASSOCIATION
("Beneficiary"), in its capacity as the Mortgage Notes Indenture Trustee under that certain Indenture, dated as of June 4, 2002, among Trustor,
Beneficiary and the other parties signatory thereto (as the same may be further amended, supplemented, amended and restated, increased or otherwise modified from time to time, the
"Mortgage Notes Indenture") and pertaining to the 11.00% Mortgage Notes due 2010 issued by Trustor in the aggregate principal amount of $850,000,000. 

        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." 

        "Additional Phase II Parcel Permitted Liens" means any Lien (which may include, but shall not be limited to, Permitted Liens) which does
not materially and adversely affect the operation of the Site, the Improvements or the Project for their intended use or which could reasonably be expected to result in a Material Adverse Effect. 

        "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 airspace over the Site 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. 

        "Bank Credit Agreement" means that certain Credit Agreement dated as of June 4, 2004 by and among LVSI, VCR, The Bank of Nova
Scotia, a Canadian chartered bank ("Scotiabank"), as administrative agent, joint lead arranger and joint bookrunner, Goldman Sachs Credit Partners L.P.,
as syndication agent, joint lead arranger and joint bookrunner, and the lenders party thereto, together with all related agreements, instruments and documents executed or delivered pursuant thereto at
any time (including, without limitation, all notes, mortgages, guarantees, security agreements and all other collateral and security documents), in each case as such agreements, instruments and
documents may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including, without limitation, any agreement extending the maturity
of, refinancing, replacing or otherwise restructuring (including increasing the aggregate principal amount that may be borrowed thereunder but only to the extent permitted by the terms of the Mortgage
Notes Indenture) all or any portion of the Indebtedness and other obligations under such agreement or agreements or any successor or replacement agreement or agreements, and whether by the same or any
other agent, lender or group of lenders. 

        "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 

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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. 

        "Bankruptcy Code" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute
thereto. 

        "Deed of Trust" means this 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. 

        "Easement" means any easement appurtenant, easement in gross, license agreement or other right running for the benefit of Trustor, the
Site, the Project, but only to the extent that it affects the Site, the Phase II Project (but only to the extent that it affects the Site) or appurtenant thereto which benefits the Site or the
Improvements, including those easements and licenses which benefit any of the foregoing and are described in the 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 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, 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 

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Site
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 or the Improvements. 

        "Governmental Authority" means any agency, authority, board, bureau, commission, department, office, public entity or instrumentality of
any nature whatsoever of the United States federal or foreign government, any state, province or any city or other political subdivision or otherwise, whether now or
hereafter in existence, or any officer or official thereof, including, without limitation, any Gaming Authority. 

        "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. 

        "Improvements" means (1) all the buildings, structures, facilities and improvements of every nature whatsoever now or hereafter
situated on the Site 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 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 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 and the Improvements; all amusement rides and
attractions attached to the Site 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 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,
deposits and other benefits from the Trust Estate. 

        "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. 

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        "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 or the Improvements, including, without limitation, the names "Venetian" and "Sands," including any variations thereon, together with the goodwill associated therewith, and
all names, logos, and designs used by Trustor, or in connection with the Site or the Improvements or in which Trustor has rights, with the exclusive right to use such names, logos and designs wherever
they are now or hereafter used in connection with the Site or the Improvements (or in connection with the marketing thereof), 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 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, approvals by Governmental Authorities (to the extent Legal Requirements permit or do not expressly prohibit the pledge of such licenses, permits or approvals),
signs, goodwill, 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 resulting from or used in connection with the operation and occupancy of the Trust Estate and in which Trustor now or hereafter has rights; and (d) general
intangibles, license or right to use agreements, including, without limitation, all rents, issues, profits, income and maintenance fees resulting therefrom, whether any of the foregoing is now owned
or hereafter acquired. 

        "Intercreditor Agreement" means that certain Intercreditor Agreement, dated as of even date herewith, by and among Scotiabank, as the
administrative agent acting on behalf of itself and the lenders party to the Bank Credit Agreement, Beneficiary, and Scotiabank, as intercreditor agent thereunder and under the Related Collateral
Agreements (as such term is defined in the Intercreditor Agreement). 

        "Land" 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, including any after acquired title thereto. 

        "Legal Requirements" means all laws, statutes, orders, decrees, injunctions, licenses, permits, approvals, agreements and regulations of
any Governmental Authority having jurisdiction over the matters in question. 

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

        "Nevada Gaming Laws" shall mean the Nevada Gaming Control Act, as modified in Chapter 463 of the Nevada Revised Statutes, as amended from
time to time, and the regulations of the Nevada Gaming Commission promulgated thereunder, as amended from time to time. 

        "Notes" means, collectively, those certain 11.00% Mortgage Note(s) due 2010 issued pursuant to the Mortgage Notes Indenture, as the same
may be amended or replaced from time to time in accordance with its terms. 

        "Obligations" means the payment and performance of each covenant and agreement of Trustor contained in the Notes, the Mortgage Notes
Indenture, this Deed of Trust and the other Mortgage Notes Indenture Security Documents. 

        "Personal Property" has the meaning set forth in Section 1.14 hereof. 

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        "Phase I Hotel and Casino Project" means the Venetian Casino Resort consisting of a 3,036 suite hotel and a gaming facility of
approximately 116,000 square feet with related heating, ventilation and air conditioning and power station facilities located at 3355 Las Vegas Boulevard South, Clark County, Nevada, but excluding the
mall component thereof. 

        "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 or the Improvements and
all rights and remedies of whatever kind or nature Trustor or its Restricted Subsidiaries may hold or acquire for the purpose of securing or enforcing any obligation due Trustor or then Restricted
Subsidiaries 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; 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 its Restricted Subsidiaries is authorized to sell, transfer, convey,
mortgage, pledge, grant rights in or otherwise dispose of any of the Trust Estate unless permitted under the Mortgage Notes Indenture. 

        "Project" means the Phase I Hotel and Casino Project and the Phase I-A Project. 

        "Rents" means all rents, Income, receipts, issues, profits, revenues and maintenance fees, Proceeds and other benefits to which Trustor or
its Restricted Subsidiaries may now or hereafter be entitled from the Site or the Improvements therein or thereon, as applicable, or any property encumbered hereby or any business or other activity
conducted by Trustor or any Restricted Subsidiaries at the Site or the Improvements. 

        "Site" means the Land and the Easements. 

        "Space Leases" means any and all 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 of its Restricted Subsidiaries 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 or the Improvements, including,
without limitation, 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 Mortgage Notes Indenture, 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 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. 

        "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 Improvements and/or used in the operation thereof on the Site, including, but not limited to, communication systems, visual
and electronic surveillance systems and transportation system 

5

 

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 Restricted Subsidiary 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 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 or the Improvements, those items of furniture, fixtures and equipment which are to be purchased or leased
by Trustor or its Restricted Subsidiaries, machinery and any other items of personal property in which Trustor or its Restricted Subsidiaries now or hereafter own or acquire an interest or right, and
which are used or useful in the construction, operation, use and occupancy of the Site or the Improvements and all present and future right and interest of Trustor or its Restricted Subsidiaries in
and to any license agreement or sublease agreement used in connection with the Site or the Improvements. 

        "Title Insurer" means Chicago Title Insurance Company. 

        "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 (Q) 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 Mortgage Notes Indenture: 

Affiliate

Asset Sale

Business Day

Gaming Authority

Gaming License

Issuance Date

Lease Transaction

Lien

Net Loss Proceeds

Note Guarantor

Permitted Liens

Person

Restricted Subsidiary

Subsidiary

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

Bank Deed of Trust

Financing Agreements

Indebtedness

Mortgage Note Holder(s)

Mortgage Notes Indenture Security Documents

Security Agreement

Security Documents  

        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 Mortgage
Notes Indenture. 

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W I T N E S S E T H:  

        IN CONSIDERATION OF TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION; THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, AND FOR THE PURPOSE OF
SECURING in favor of Beneficiary (1) the due and punctual payment of the portion of the Obligations evidenced by the Notes in the principal amount of THREE HUNDRED SEVENTY-FIVE
MILLION AND 00/100 DOLLARS, (2) the performance of the Obligations and each covenant and agreement of Trustor and the Restricted Subsidiaries contained in the Mortgage Notes Indenture, herein
or in the other Mortgage Notes Indenture Security 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 Restricted Subsidiary 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 the Mortgage Note Holders to either Trustor or any Restricted Subsidiaries made
for the improvement, protection or preservation of the Trust Estate, together with interest at the rate applicable to overdue principal set forth in  Section 4.01 of the Mortgage Notes Indenture,
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 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, AND THE MORTGAGE NOTE HOLDER(S) each of the following: 

        (A)  Trustor's
interest in the Site; 

        (B)  TOGETHER
WITH all the estate, right, title and interest of Trustor of, in and to 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, 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, applicable
Legal Requirements; 

        (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 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 Mortgage Notes Indenture) 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 specifically permitted in the Mortgage Notes Indenture and (iii) whether arising from any
voluntary or involuntary disposition of the property 

7

 

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 property; 

        (G)  TOGETHER
WITH the absolute assignment of 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 and (c) all of Trustor's right, title, and interest under the Space 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) and (ii) the right to enforce against any tenants thereunder and otherwise any and all remedies under the Space 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; 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; and to enforce or exercise, whether at law or in equity or by any other means,
all provisions of the Space Leases and all obligations of the tenants thereunder based upon (A) any breach by such tenant under the applicable Space Lease (including any claim that Trustor may
have by reason of a termination, rejection or disaffirmance of such Space Lease pursuant to the Bankruptcy Code) and (B) the use and occupancy of the premises demised, whether or not pursuant
to the applicable Space Lease (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 the holders of a majority in aggregate principal amount of the then
outstanding Notes rescind and annul an acceleration of the Obligations in accordance with and as permitted by Section 6.02 of the Mortgage Notes Indenture. such revocable license shall be
reinstated. 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; 

        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 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 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 or the Improvements and 

8

 

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, 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, contract rights now or hereafter obtained by Trustor from any Governmental Authority having or claiming
jurisdiction over the Site, 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 or the Improvements; 

        (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 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 or the
Improvements and all royalty, leasehold and other rights of Trustor pertaining thereto; 

        (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 other Mortgage Notes Indenture Security 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 other Mortgage Notes Indenture Security 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 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 1.11
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 

9

 

        (P)   EXPRESSLY
EXCLUDING, HOWEVER, (i) 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,
(ii) 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 and (iii) any property or assets subject to a Lien permitted under clauses (2),
(3) or (12)(a) of the definition of Permitted Liens contained in the Mortgage Notes Indenture. 

        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 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 the
Additional Phase II Parcel 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 1
  
    COVENANTS OF TRUSTOR  
    

        Trustor agrees to make the following covenants to the Mortgage Note Holder(s) pursuant to Trustor's obligation under the Mortgage Notes Indenture, all such
covenants agreed to by Trustor: 

        1.1    Performance of Financing Agreements.    Trustor shall perform, observe and
comply and
shall cause each Note Guarantor to perform, observe and comply with each and every provision hereof and of the other Mortgage Notes Indenture Security Documents and shall promptly pay, when payment
shall become due, the principal on the Notes 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, 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 or any of its Subsidiaries;
(c) all costs 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 Mortgage Notes Indenture and this Deed of Trust); (d) the Site has frontage on, and direct access for ingress and egress to dedicated street(s);
(e) Trustor shall at all times conduct and operate the Trust Estate in a manner so as not to lose, or permit any Restricted Subsidiary to lose, the right to conduct gaming activities at the
Project; (f) 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; (g) 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 

10

 

the
Trust Estate other than condemnation proceedings set forth in Exhibit D; and (h) Trustor represents that it uses no trade or
fictitious names in connection with the operation of the business at the Project, including the names "Venetian" and "Sands." For all purposes of this Deed of Trust it shall be deemed that the term
"Trustor" includes, in addition to "Las Vegas Sands, Inc." all trade or fictitious names that LVSI (or any successor or assign thereof) now or hereafter uses with respect to the Site 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 "Las Vegas Sands, Inc."). 

        1.3    Right to Possession.    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
and the Improvements. 

        1.4    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. 

        1.5    Impositions.    Except as otherwise permitted by Section 4.05 of the
Mortgage
Notes Indenture, (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; (b) Trustor shall not suffer to exist, permit or initiate the joint assessment of the real and personal property, or any other
procedure whereby the Lien of Impositions and the Lien of the personal property taxes shall be assessed, levied or charged to the Site and the
Improvements as a single Lien, except as may be required by Legal Requirements; and (c) 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 Notes, Trustor shall pay all such Impositions. 

        1.6    Insurance.    

        (a)    Insurance Requirements and Proceeds.    

        (i)    Hazard. Trustor shall, at its sole expense, during the term of this Deed of Trust, maintain or cause to be maintained,
with financially sound and reputable insurers, such insurance as is required by the Bank Deed of Trust. Without limiting the generality of the foregoing, such insurance coverage shall include flood
insurance which complies with any applicable regulations of the Board of Governors of the Federal Reserve System if the Site is located in an area designated by the Federal Emergency Management Agency
as having special flood or mud slide hazards. Trustor shall promptly pay when due any premiums on all required insurance policies and on any renewals thereof and all payments required with respect to
the procurement of said insurance. 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. So long as no Event of Default has occurred and is continuing, Trustor may apply Net Loss Proceeds
in its discretion so long as no Event of Default will result from such application after giving effect thereto. If an Event of Default has occurred and is continuing, Trustor shall apply the Net Loss
Proceeds to prepay the Loans in accordance with subsection 2.4B(iii)(b) of the Bank Credit Agreement unless Beneficiary consents to a different application thereof in its sole discretion. 

11

 

        (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 Mortgage Notes Indenture 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. 

        1.7    Condemnation.    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 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 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. Beneficiary, after deducting therefrom all its expenses, including reasonable attorneys fees, shall apply all Proceeds paid directly to it in accordance with
the provisions of Section 4.11 of the Mortgage Notes Indenture. Trustor hereby waives any rights it may have under NRS 37.115, as amended or recodified from time to time. 

12

  

        1.8    Leases.    

        (a)   Trustor
represents and warrants that: 

        (i)    Trustor
has delivered to Beneficiary true, correct and complete copies of all Space Leases requested by Beneficiary, 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)  to
Trustor's knowledge, no default now exists under any Space Lease on the part of Trustor or the tenant thereunder which could reasonably be expected to result in a
material adverse effect; 

        (iv)  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; 

        (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 Additional Phase II Parcel Permitted Liens, Trustor has not executed any assignment or pledge of any of the Space Leases, the Rents, or of Trustor's right,
title and interest in the same which has not otherwise been expressly authorized by Beneficiary; 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. 

        1.9    Authorization by Trustor.    

        (a)   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, the Notes and other 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 Notes, 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. 

        1.10    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, the Improvements, 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, 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 

13

 

file,
on Trustor's behalf, all financing statements and refilings and continuations thereof as advisable to 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 Sections 9-313 and 9-502 of the UCC (NRS 104.9313 and
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 and the Improvements; and
(iv) the record owner of such real estate or interests therein is Trustor. 

        (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, (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, (2) any award in eminent domain
proceedings for a taking or for loss of value or (3) Trustor's interest as lessor in any present or future Space Lease or rights to Rents, shall never be construed as in anyway 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. 

        (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
Additional Phase II Parcel Permitted Liens, for use only in connection with the business and operation of the Site and the Improvements, 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 

14

 

Site
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 Additional Phase II Parcel Permitted Liens. 

        (e)    Preservation of Contractual Rights of Collateral.    Trustor shall, 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 good faith. 

        (f)    Removal of Collateral.    Except as permitted by the Mortgage Notes Indenture, and
except for damaged or obsolete Tangible Collateral which is either no longer usable or which is removed temporarily for repair or improvement or removed for replacement on the Trust Estate with
Tangible Collateral of similar function or as otherwise permitted herein, 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. 

        1.11    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 shall be entitled
upon the occurrence of an Event of Default hereunder to all Rents and to enter into the Site 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, including, without limitation, any liability under the covenant of quiet enjoyment contained in any Space Lease 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. 

        1.12    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, 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 interest rate applicable to overdue principal set forth in Section 4.01 of the
Mortgage Notes Indenture, 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 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 1.12 by Beneficiary shall 

15

 

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. 

        1.13    Use of Land and Leased Premises.    Trustor covenants that the Trust Estate
shall be
used and operated as a residential apartment building or in a manner reasonably consistent with the operation of Phase II. 

        1.14    Affiliates and Restricted Subsidiaries.    

        (a)    Subject to Trust Deed.    Subject to compliance with the requirements of applicable
Legal Requirements, 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 Restricted Subsidiary 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 1.14(a). 

        (b)    Restriction on Use of Subsidiary or Affiliate.    Except as permitted under the Notes,
the Mortgage Notes Indenture or any other Mortgage Notes Indenture Security Documents, Trustor shall not use any Affiliate or Subsidiary in the operation of the Trust Estate or the Easements if such
use would in any way impair the security for the Notes and the Mortgage Notes Indenture or cause a breach of any covenant of this Deed of Trust or of any other Mortgage Notes Indenture Security
Document. 

 
 

ARTICLE 2    
    
    CORPORATE LOAN PROVISIONS    
    

        2.1    Interaction with Mortgage Notes Indenture.    

        (a)    Incorporation by Reference.    All terms, covenants, conditions, provisions and
requirements of the Mortgage Notes Indenture are incorporated by reference into 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 Mortgage Notes Indenture, the provisions of this Deed of Trust shall govern. 

        2.2    Other Collateral.    This Deed of Trust is one of a number of security
agreements to
secure the debt delivered by or on behalf of Trustor pursuant to the Mortgage Notes Indenture and the other Mortgage Notes Indenture Security Documents and securing the Obligations secured hereunder.
All potential junior Lien claimants are placed on notice that, under any of the Mortgage Notes Indenture Security Documents 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. 

        2.3    Subordination to Bank Fee Deed of Trust.    Notwithstanding any other
provision hereof,
this Deed of Trust, including, without limitation, the security interest granted herein, the rights, powers and remedies of Trustee and Beneficiary and the obligations of Trustor set forth herein,
shall, to the extent provided in the Intercreditor Agreement, be subject and subordinate to the Bank Deed of Trust. 

16

 

 
 

ARTICLE 3    
    
    DEFAULTS    
    

        3.1    Event of Default.    The term "Event of Default," wherever used in this Deed
of Trust,
shall mean any of one or more of the events of default listed in Section 6.01 of the Mortgage Notes Indenture (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). 

 
 

ARTICLE 4    
    
    REMEDIES    
    

        4.1    Acceleration of Maturity.    If an Event of Default occurs, Beneficiary may
(except
that such acceleration shall be automatic if the Event of Default is caused by reason of an Event of Default under Section 6.01(i) or (j) of the Mortgage Notes Indenture), in
accordance with Section 6.02 of the Mortgage Notes Indenture, declare the Notes and all Obligations or other sums secured hereby, to be due and payable immediately, and upon such declaration
such principal and interest and other sums 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 other Mortgage Notes Indenture Security Document or applicable law to the contrary. 

        4.2    Protective Advances.    If Trustor fails to make any payment or perform any
other
obligation under the Notes or any other Financing Agreement, then without thereby limiting Beneficiary's other rights or remedies, 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. 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 the Notes, this Deed of Trust or any other Mortgage Notes Indenture Security Document, 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(3)) (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 Default 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, for 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 

17

 

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 and other legal expenses 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 rate applicable to overdue principal set forth in Section 4.01 of the Mortgage Notes Indenture 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. 

        (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 Notes, 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; (3) to exercise any or all of the rights and remedies available to it under the Mortgage Notes Indenture and the other Mortgage Notes Indenture
Security Documents; and (4) to pursue any other remedy available to it. 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 Legal Requirements, 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 of 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 

18

 

Trustee,
upon demand, all reasonable costs and expenses of 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 Legal Requirements, 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: 

        (1)   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; 

        (2)   insure
or keep the Trust Estate insured; 

        (3)   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; 

        (4)   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 Notes,
(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 

        (5)   rent
or sublet the Trust Estate or any portion thereof for any purpose permitted by applicable Legal Requirements. 

        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 Mortgage 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 Estate,
or any portion thereof. Unless otherwise agreed to 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 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. 

19

 

        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 marshaled 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, subject to compliance
with all
applicable Legal Requirements, 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 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 Mortgage Notes Indenture 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 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 due and payable by Trustor under the Notes, any other
Mortgage Notes Indenture Security Document, 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. 

20

  

        4.12    Trustor to Pay the Notes 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 rate applicable to overdue principal as set forth in Section 4.01 of the Mortgage Notes Indenture. 

        (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 or any
Mortgage
Note Holder to exercise any right, power or remedy upon any Event of Default shall exhaust or impair any such right, 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 Mortgage Notes Indenture 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 or, to the extent applicable
under the Mortgage Notes Indenture, the holders of the portion of the principal amount of the then outstanding Notes required to approve such action thereunder: (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 the
Notes, the Mortgage Notes Indenture, this Deed of Trust or any other Mortgage Notes Indenture Security 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 Notes; (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 Mortgage Notes Indenture Security Document subordinating the Lien or any charge hereof, no such act or omission shall release, discharge, modify, change or affect the original
liability of Trustor under the Notes, this Deed of Trust or any other Mortgage Notes Indenture Security Document or otherwise, 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 any other Mortgage Notes Indenture Security Document, (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 

21

 

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 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 Notes, conferred upon or reserved to Beneficiary by this Deed of Trust or any other Mortgage Notes Indenture Security 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
other Mortgage Notes Indenture Security 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, all outstanding and unpaid Obligations under the Notes and this Deed of Trust shall, at Beneficiary's option, bear interest at the rate applicable to overdue principal set forth in
Section 4.01 of the Mortgage Notes Indenture 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 Mortgage
Notes Indenture Security 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 mentioned, and such expenses and fees as may be incurred in 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
Mortgage Notes Indenture Security 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 rate applicable to overdue principal set forth
in Section 4.01 of the Mortgage Notes Indenture, and shall be secured by this Deed of Trust and the other Mortgage Notes Indenture Security 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 under the Notes or 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 rate applicable to overdue 

22

 

principal
set forth in Section 4.01 of the Mortgage Notes Indenture. 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 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 Jury 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 the Notes, this Deed of Trust or any other Mortgage Notes Indenture Security 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. 

 
 

ARTICLE 5
  
    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
Legal Requirements authorizes or empowers, or does not require approval for, Beneficiary to exercise any remedies set forth in Article Four hereof or otherwise, or to 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 of 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 

23

 

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 shall govern the qualifications 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 accordance
with the provisions of the Mortgage Notes Indenture Security Documents. 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 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 

24

 

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 Mortgage Notes Indenture
Security Documents. 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 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 to 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 reconveyance, including, but not limited to, reasonable attorneys' fees. 

 
 

ARTICLE 6
  
    MISCELLANEOUS PROVISIONS  
    

        6.1    Heirs, Successors and Assigns Included in Parties.    Whenever one of the
parties
hereto is named or referred to herein, the successors and assigns of such party shall be included, and, subject to the limitations set forth herein and in the Mortgage 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. 

        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 

25

 

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:	 	U.S. Bank National Association

180 East 5th Street

St. Paul, Minnesota 55101

Attn.: Corporate Trust Department
	

Trustor:	
 	

Las Vegas Sands, Inc.

3355 Las Vegas Boulevard, South

Las Vegas, Nevada 89109

Attn.: General Counsel
	

Trustee:	
 	

First American Title Insurance Company

180 Cassia Way, Suite 502

Henderson, Nevada 89014

        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 Notes, the Mortgage Notes Indenture or any other Mortgage Notes Indenture Security 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 Notes, the Mortgage Notes Indenture or any other Mortgage Notes
Indenture Security 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 and 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 Mortgage Notes Indenture
Security Documents 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 or any other Mortgage Notes Indenture Security Document and the relationship of Trustor and Beneficiary as
Beneficiary shall 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,
 the
Notes or any other Mortgage Notes Indenture Security Document shall be payable without setoff, counterclaim 

26

 

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
Mortgage Note Holder(s) under the Mortgage Notes Indenture, or arising out of or in any way connected with this Deed of Trust, the other Mortgage Notes Indenture Security Documents or the Obligations. 

        6.9    Governing Law.    The Mortgage Notes Indenture and the Notes 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 the State 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 Mortgage Note Holder(s) under the Mortgage Notes Indenture,
Beneficiary or such Mortgage Note Holder(s), 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 Mortgage Note Holder(s) under the Mortgage Notes Indenture obtains a deficiency judgment in another state against Trustor, then Beneficiary or such Mortgage Note Holder(s), 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 13.08 of the Mortgage Notes Indenture. 

        6.10    Reconveyance.    In the event that (i) the 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 Mortgage Notes Indenture or (iii) any part of the Trust Estate
is otherwise released in accordance with the Mortgage Notes Indenture or with the consent of the Mortgage Notes Indenture Trustee, the Trust Estate (in the case of clause (i) of this Section)
or portion thereof (in the case of clauses (ii) or (iii) of this Section) 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 or of the Notes, including, without limitation, all reasonable attorneys' fees
whether or not suit is commenced, and including, without limitation, fees incurred in connection with any probate, 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 interest thereon at the interest rate on the Notes, if so provided, not then paid 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. 

27

 

        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 Legal Requirements
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 interests 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 or any
Mortgage Note Holder(s) under the Mortgage Notes Indenture to Trustor, repayment of which is hereby secured, or any part thereof, or any amount paid out or advanced by Beneficiary or any net proceeds
in respect of the sale of the Mall Owner membership interests by the Mall Sellers to the Mall Purchaser pursuant to the Mall Purchase and Sale Agreement, 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 and/or Venetian, without, however, creating a present or other Lien or charge
thereon. 

        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 includes 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;
the term "lien" shall also mean a security interest; and the term "security interest" shall also mean a lien. 

        6.23    Effect of NRS § 107.030.    To the extent not inconsistent herewith, the
provisions of NRS § 107.030 are included herein by reference. 

28

 

        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
Mortgage Notes Indenture. Beneficiary agrees to enter into any amendment of this Deed of Trust to the extent required by the second paragraph of Section 9.01 of the Mortgage Notes Indenture. 

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

 
 

ARTICLE 7
  
    POWER OF ATTORNEY  
    

        7.1    Grant of Power.    Subject to compliance with applicable Legal Requirements,
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 and the Improvements, remove all employees,
contractors and agents of Trustor therefrom, complete or attempt to complete the work of construction, and market, sell or lease the Site 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 protection or clearance of title to the Site or the Improvements, or for the protection of
Beneficiary's interests with respect thereto. 

        (c)   Security Guards.    To employ watchmen to protect the Site 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 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 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 or the Improvements, including, without limitation, under any Space Leases, and to do all other
acts with respect to the Site or the Improvements that Trustor might do on its own behalf, as Beneficiary, in its reasonable discretion, deems proper. 

        [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

29

 

        IN WITNESS WHEREOF, Trustor has executed this 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.  

	 	 	TRUSTOR:
	

 	
 	
LAS VEGAS SANDS, INC.,
 a Nevada corporation
	

 	
 	

By:	

/s/  ROBERT G. GOLDSTEIN      
 Name:  Robert G. Goldstein

Title:    Senior Vice President

30

 

	 
	 
	 	 

	STATE OF NEVADA	)	 	 
	 	)	 	ss:
	COUNTY OF CLARK	)	 	 

On
the 2nd day of July in the year 2004 before me, the undersigned, personally appeared Robert G. Goldstein, 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 R. BRUCE      

	

 	
 	

 	

 (Signature and office of individual taking acknowledgment)

Notarial
Seal 

31

 
 

Exhibit A    
    

DESCRIPTION
OF LAND 

QuickLinks

TABLE OF CONTENTS

DEED OF TRUST, ASSIGNMENT OF RENTS AND LEASES, SECURITY AGREEMENT AND FIXTURE FILING

ARTICLE 1 COVENANTS OF TRUSTOR

ARTICLE 2 CORPORATE LOAN PROVISIONS

ARTICLE 3 DEFAULTS

ARTICLE 4 REMEDIES

ARTICLE 5 RIGHTS AND RESPONSIBILITIES OF TRUSTEE; OTHER PROVISIONS RELATING TO TRUSTEE

ARTICLE 6 MISCELLANEOUS PROVISIONS

ARTICLE 7 POWER OF ATTORNEY

Exhibit AQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.8  

AMENDED AND RESTATED

INTERCREDITOR AGREEMENT  

 THE BANK OF NOVA SCOTIA
  as Bank Agent 

U.S. BANK NATIONAL ASSOCIATION
  as Mortgage Notes Indenture Trustee 

and

THE BANK OF NOVA SCOTIA
  as Intercreditor Agent 

August 20,
2004 

 
 
 

TABLE OF CONTENTS    
    

	1.	 	Definitions and General Provisions	 	2
	 	 	1.1	 	Definitions	 	2
	 	 	1.2	 	Other Defined Terms	 	11
	 	 	1.3	 	Interpretation	 	11
	

2.	
 	

Collateral, Priority of Liens and Subordination	
 	

11
	 	 	2.1	 	Liens and Security Interests	 	11
	 	 	 	 	2.1.1    Collateral for Senior Lender Secured Obligations	 	11
	 	 	 	 	2.1.2    Collateral for Mortgage Notes Secured Obligations	 	11
	 	 	2.2	 	No Other Collateral	 	11
	 	 	2.3	 	Confirmation of Liens	 	12
	 	 	2.4	 	Effect	 	12
	

3.	
 	

Permitted Facility Amendments; Releases; Protective Advances	
 	

12
	 	 	3.1	 	Bank Credit Facility Amendments	 	12
	 	 	3.2	 	Future First Lien Credit Facility Amendments	 	13
	 	 	3.3	 	Amendments to Security Agreements	 	13
	 	 	3.4	 	Releases	 	13
	 	 	3.5	 	Waivers	 	13
	 	 	3.6	 	Protective Advances	 	13
	 	 	3.7	 	No Other Facility Amendments	 	13
	

4.	
 	

Events of Default; Remedies; Certain Actions by the Intercreditor Agent	
 	

14
	 	 	4.1	 	Declaration of Event of Default	 	14
	 	 	4.2	 	Proceeds of Collateral	 	14
	 	 	4.3	 	Requirements Regarding Exercise of Remedies	 	14
	 	 	4.4	 	Exercise of Rights Under Security Agreements	 	15
	 	 	 	 	4.4.1    Related Collateral Agreements by the Intercreditor Agent	 	15
	 	 	 	 	4.4.2    Separate Realization	 	15
	 	 	 	 	4.4.3    Foreclosure of Deeds of Trust	 	17
	 	 	4.5	 	Other Duties of and Actions by the Intercreditor Agent	 	17
	

5.	
 	

Representations and Warranties	
 	

17
	 	 	5.1	 	Organization	 	17
	 	 	5.2	 	Authorization	 	17
	 	 	5.3	 	Binding Agreement	 	17
	 	 	5.4	 	No Consent Required	 	18
	 	 	5.5	 	No Conflict	 	18
	 	 	 	 	 	 	 

i

 

	

6.	
 	

Appointment of the Intercreditor Agent	
 	

18
	 	 	6.1	 	Appointment	 	18
	 	 	6.2	 	Authority	 	18
	 	 	6.3	 	Amendment of Agreements	 	19
	 	 	6.4	 	Responsibility	 	19
	 	 	6.5	 	Liability	 	19
	 	 	6.6	 	Capacity	 	20
	 	 	6.7	 	Resignation; Appointment of Additional Intercreditor Agents	 	20
	

7.	
 	

Miscellaneous Provisions	
 	

21
	 	 	7.1	 	Notices; Addresses	 	21
	 	 	7.2	 	Further Assurances	 	22
	 	 	7.3	 	Delay and Waiver	 	22
	 	 	7.4	 	Entire Agreement	 	22
	 	 	7.5	 	Governing Law	 	22
	 	 	7.6	 	Severability	 	22
	 	 	7.7	 	Headings	 	23
	 	 	7.8	 	Limitations on Liability	 	23
	 	 	7.9	 	Consent to Jurisdiction	 	23
	 	 	7.10	 	Successors and Assigns	 	23
	 	 	7.11	 	Counterparts	 	23
	 	 	7.12	 	No Third Party Beneficiaries	 	23
	 	 	7.13	 	Additional Secured Credit Parties	 	23
	 	 	7.14	 	Trust Indenture Act	 	24

ii

  

 
 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT    
    

        THIS AMENDED AND RESTATED INTERCREDITOR AGREEMENT (as amended, supplemented, amended and restated or otherwise
modified, the "Agreement"), dated as of August 20, 2004 (the "Effective Date"), is entered into
by and among THE BANK OF NOVA SCOTIA, a Canadian chartered bank ("Scotiabank"), as the Administrative
Agent acting on behalf of itself and the Bank Lenders pursuant to the Bank Credit Agreement (in such capacity, the "Bank Agent"),  U.S. BANK NATIONAL ASSOCIATION, a national banking association in its capacity as Trustee under the Mortgage Notes Indenture (in such capacity, the
"Mortgage Notes Indenture Trustee"), and SCOTIABANK, as Intercreditor Agent hereunder and under the
Related Collateral Agreements (in such capacity, the "Intercreditor Agent"). This Agreement amends and restates in its entirety that certain
Intercreditor Agreement, dated as of June 4, 2002 (the "Existing Intercreditor Agreement"), by and among Scotia Bank, as administrative agent
under the existing credit facility, the Mortgage Notes Indenture Trustee and the Intercreditor Agent. 

 
 

RECITALS    
    

        A.    Existing Casino Resort.    Las Vegas Sands, Inc., a Nevada corporation
("LVSI"), and Venetian Casino Resort, LLC, a Nevada limited liability company ("Venetian," and together
with LVSI, the "Company") own and operate a Venetian-themed hotel, casino, retail, meeting and entertainment complex (the
"Existing Casino Resort") with an existing total of approximately 4,000 suites, approximately 116,000 square feet of casino space and approximately
650,000 square feet of meeting and conference space located at 3355 Las Vegas Boulevard South, Clark County, Nevada. 

        B.    Existing Credit Facility.    LVSI, Venetian, Scotia Bank, as administrative agent, joint lead arranger and joint
bookrunner, Goldman Sachs Credit Partners L.P., as syndication agent, joint lead arranger and joint bookrunner, and the lenders from time to time party thereto entered into that certain Credit
Agreement, dated as of June 4, 2002, pursuant to which the Bank Lenders agreed, subject to the terms thereof, to provide certain credit facilities to LVSI and Venetian. 

        C.    Mortgage Notes Indenture.    LVSI, Venetian, certain guarantors named therein and the Mortgage Notes Indenture
Trustee entered into the Mortgage Notes Indenture, dated as of June 4, 2002, pursuant to which LVSI and Venetian issued the Mortgage Notes. 

        D.    Phase II Hotel/Casino.    Lido Casino Resort, LLC, a Nevada limited liability company
("LCR"), an indirect, wholly-owned subsidiary of LVSI and VCR, intends to design, develop, construct, own and operate an approximately 3,000 suite
hotel, a gaming facility of approximately 100,000 square feet, a multi-story parking structure and meeting complex (the "Phase II Hotel/Casino") on
certain land and airspace adjacent to the Existing Casino Resort, to be integrated with the Existing Casino Resort. The Phase II Hotel/Casino will also be integrated with an enclosed mall with retail
shops and restaurants of approximately 375,000 net leasable square feet (the "Phase II Mall"). 

        E.    Bank Credit Facility.    Concurrently herewith, LVSI, Venetian, the Bank Agent, Goldman Sachs Credit Partners
L.P., as syndication agent, sole lead arranger and sole bookrunner, and the Bank Lenders have entered into the Bank Credit Agreement, pursuant to which the Bank Lenders have agreed, subject to the
terms thereof and hereof, to provide certain credit facilities to LVSI and VCR, jointly and severally, in an aggregate amount not to exceed $1,010,000,000. The Bank Credit Facility will be used, among
other things, to (i) repay all amounts outstanding under the Company's existing bank credit facility described in Recital B, (ii) finance
a portion of the development and construction costs of the Phase II Hotel/Casino and (iii) for certain other purposes, all as more particularly described in the Bank Credit Agreement and the
Disbursement Agreement. LCR and certain other subsidiaries of LVSI and Venetian have guaranteed LVSI and Venetian's obligations under the Bank Credit Agreement. As more particularly described in  Section 2, the Bank Credit Facility is secured by a 

1

 

first
priority Lien on the Collateral and the Mortgage Notes are secured by a second priority Lien on the Collateral. 

        F.    Security Agreement.    In connection with the matters provided for herein, LVSI, Venetian and certain of their
subsidiaries, as debtors thereunder, and Scotiabank, as the Intercreditor Agent thereunder, have entered into the Security Agreement, to provide for, among other things, the creation of security
interests in the Collateral described therein granted to the Intercreditor Agent to secure the Bank Secured Obligations, with first Lien priority, and to secure the Mortgage Notes Secured Obligations,
with second Lien priority. 

        G.    Intercreditor Agreement.    The Secured Credit Parties desire to amend and restate the Existing Intercreditor
Agreement, appoint Scotiabank as the Intercreditor Agent hereunder and under the Related Collateral Agreements, and set forth certain provisions relating to their respective rights in the Collateral,
the exercise of remedies in the event of default, the application of proceeds of enforcement and certain other matters. 

        NOW, THEREFORE, with reference to the foregoing recitals and in reliance thereon, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Secured Credit Parties agree to amend and restate the Existing Intercreditor Agreement as follows: 

	1.
	Definitions and General Provisions.  

        1.1    Definitions.    Except as otherwise expressed and provided herein, all capitalized terms used in this Agreement
and its Exhibits shall
have the meanings provided for in this Section 1.1.

        "Acceleration Event" means the acceleration of the maturity of all Obligations under a Facility Agreement in accordance with the terms and
conditions of such Facility Agreement. 

        "Additional Bank Proceeds" means the proceeds advanced by the Bank Lenders pursuant to any Facility Amendment which increases the maximum
amount of the existing commitments under the Bank Credit Facility, subject to the limitations on the amount thereof provided for in Section 3.1.1
hereof; provided, however, that Additional Bank Proceeds shall not include any amounts advanced or
re-advanced by the Bank Lenders under the Revolving Bank Loan Commitment under the Bank Credit Facility (but any Facility Amendment of the Bank Credit Facility to increase the $125,000,000
maximum amount of the Revolving Bank Loan Commitment shall be subject to the provisions of Section 3.1.1 below). 

        "Adelson" means Sheldon G. Adelson, an individual. 

        "Adelson Relative" means (i) any spouse, child, grandchild or sibling of Adelson, (ii) any other natural Person having a
relationship by blood, marriage or adoption not more remote than second cousin with Adelson or any Person referenced in clause (i) of this definition or (iii) any other Person directly
or indirectly controlled by Adelson or any other Person referenced in clause (i) or clause (ii) of this definition. For purposes of this definition, "control" shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of any other Person, whether through the ownership of voting securities, by agreement or otherwise. 

        "Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"),
as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided, however, that beneficial ownership
of 10% or more of the voting securities of a Person shall be deemed to be control. 

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        "Bank Agent" means Scotiabank or its successor or assignee in its capacity as Administrative Agent under the Bank Credit Agreement. 

        "Bank Credit Agreement" means that certain Credit Agreement dated as of the Effective Date by and among LVSI, Venetian, the Bank Agent, as
administrative agent, Goldman Sachs Credit Partners L.P., as syndication agent, sole lead arranger and sole bookrunner, and the Bank Lenders, as such agreement may be amended (including, without
limitation, any amendment and restatement thereof), supplemented or otherwise modified from time to time pursuant to a Permitted Facility Amendment, including, without limitation, any agreement
extending the maturity of, refinancing, replacing or otherwise restructuring (including, without limitation, increasing the aggregate principal amount that may be borrowed thereunder but only to the
extent permitted hereunder and by the terms of the Mortgage Notes Indenture) all or any portion of the Indebtedness and other obligations under such agreement or any successor or replacement
agreement, and whether by the same or any other agent, lender or group of lenders. 

        "Bank Credit Facility" means, collectively, the term loans, revolving facility and letter of credit facility described and made available
to LVSI and Venetian by the Bank Lenders pursuant to the Bank Credit Agreement. 

        "Bank Deeds of Trust" means, collectively, (1) that certain Deed of Trust, Leasehold Deed of Trust, Assignment of Rents and Leases,
Security Agreement and Fixture Filing, dated as of the Effective Date, made by LVSI and Venetian as trustors, to First American Title Insurance Company, as trustee, for the benefit of the Bank Agent,
as beneficiary, and (2) that certain Deed of Trust, Leasehold Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing to be executed by LVSI and LCR, as trustors,
to First American Title Insurance Company, as trustee, for the benefit of the Bank Agent, as beneficiary, as each may be amended (including, without limitation, any amendment and restatement thereof),
supplemented or otherwise modified from time to time. 

        "Bank Environmental Indemnity" means that certain Environmental Indemnity Agreement dated as of the Effective Date by and among LVSI, LCR,
Venetian and the Bank Agent, as amended (including any amendment and restatement) supplemented or modified from time to time. 

        "Bank Lenders" means the lenders party to the Bank Credit Agreement and the counterparties to Rate Protection Agreements (as defined in
the Bank Credit Agreement) or their successors or assignees in such capacity as lenders or counterparties, as the case may be, under the Bank Credit Agreement. 

        "Bank Secured Obligations" means all Obligations under the Bank Credit Facility, the Bank Security Documents and the other Loan Documents
(as defined in the Bank Credit Agreement) including, to the extent permitted under the Mortgage Notes Indenture, Obligations in respect of Rate Protection Agreements (as defined in the Bank Credit
Agreement). 

        "Bank Security Documents" means the Bank Deeds of Trust, the Bank Environmental Indemnity, the Security Agreement and any other
guaranties, deeds of trust, security agreements or collateral account agreements executed from time to time by LVSI, LCR or Venetian or direct or indirect Subsidiaries of LVSI, LCR or Venetian in
favor of the Intercreditor Agent, the Bank Agent or the Bank Lenders to secure or guaranty the Obligations under the Bank Credit Facility. 

        "Bankruptcy Code" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor
statute. 

        "Base Rate Loan" shall have the meaning ascribed thereto in the Bank Credit Agreement. 

        "Capital Stock" means with respect to any Person, any and all shares, interests, participations, rights or other equivalents (however
designated) of capital stock of such Person, including, without limitation, if such Person is a partnership or limited liability company, partnership or membership 

3

 

interests
(whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such
partnership or limited liability company. 

        "Collateral" means all real and personal property encumbered to secure both (a) the Senior Lender Hedging Obligations, the Bank
Secured Obligations under the Bank Security Documents or obligations under any Future First Lien Credit Facility, and (b) the Mortgage Notes Secured Obligations under the Mortgage Notes
Indenture Security Documents. 

        "Commitment" means, with respect to the Bank Credit Facility or any Future First Lien Credit Facility, the aggregate principal amount of
all loans or credit extensions to the Company which may be made under such Facility. 

        "Company Group" means the Company and any Subsidiary of the Company, and references herein to "any of the Company Group" or words to that
effect mean any of the entities comprising the Company or any Subsidiary of any of them. 

        "Consents" means the consents to the collateral assignment of the Assigned Agreements (as defined in the Security Agreement) executed by
the counterparties to such Assigned Agreements. 

        "Controlling Party" means one or more Secured Credit Parties with the right to direct the Intercreditor Agent with respect to any
decisions or actions made or taken or to be made or taken with respect to Collateral pursuant to any of the Related Collateral Agreements (including, without limitation, the matters provided for in  Section 4.4.1 and Section 4.5), determined in accordance with the following: 

        (1)   except
with respect to Specified Actions, the Controlling Party with respect to any Collateral shall be the Secured Credit Party or Parties which, at the time any
direction or consent is required or may be given, has the most senior Liens on or security interests in such Collateral as established pursuant to  Section 2.1; provided that, in the event two or more Secured Credit Parties have  pari passu senior Liens on or security interest in Collateral, then, as between such Secured Parties,
 Controlling Party shall refer to the Secured Party
that holds the largest amount of Obligations that are secured by such pari passu Lien. 

        (2)   with
respect to Specified Actions, the Controlling Party shall mean all of the Secured Credit Parties; 

provided, however, that in the event Adelson or any Adelson Relative directly or indirectly owns an interest (other than a participation) in excess of
fifteen percent (15%) of the aggregate Indebtedness under any Facility (the percentage of the total Indebtedness attributable to Adelson or any Adelson Relative shall be determined in accordance with
the procedure demonstrated by the following example: a direct or indirect 50% interest in a $70 million portion of a $140 million Indebtedness would equal a 25% interest in such
Indebtedness), then the Secured Credit Party with respect to such Indebtedness (an "Ineligible Credit Party") shall not have the right to act as a
Controlling Party in accordance with the foregoing, and the Controlling Party shall be the Secured Credit Party or Parties determined in accordance with such provisions among the Secured Credit
Parties other than the Ineligible Credit Party (the foregoing provisions shall not, however, limit or restrict the other rights of a Secured Credit Party under this Agreement, including, without
limitation, exercise of the rights provided for in Section 4.3 and in Section 4.4.2,
whether or not such Secured Credit Party is an Ineligible Credit Party in accordance with the foregoing). 

        "Deeds of Trust" means, collectively, the Bank Deeds of Trust and the Mortgage Notes Indenture Deeds of Trust. 

        "Disbursement Agreement" means that certain Master Disbursement Agreement, to be entered into among LCR, Phase II Mall Holding, LLC, a
Nevada limited liability company, Phase II Mall 

4

 

Subsidiary,
LLC, a Delaware limited liability company, the Bank Agent, Scotiabank, as the agent for the lenders to the Phase II Mall, and Scotiabank, as the disbursement agent. 

        "Event of Default" means, as the context requires, the occurrence and continuance of an "Event of Default" by or with respect to the
Company or any Guarantor under the applicable Financing Agreement; provided, however, that, notwithstanding the provisions of  Section 1.3 of this
Agreement, any matter which would have constituted an "Event of Default" under a Facility Agreement but for the waiver
thereof by the Secured Credit Party to such Facility Agreement, or but for the termination of such Facility Agreement, shall not constitute an Event of
Default for purposes of this Agreement. 

        "Exercise Remedies" or the "Exercise of Remedies" means the recording of a Notice of
Default under any of the Deeds of Trust, the commencement of an action for judicial foreclosure, the appointment of a receiver, the enforcement of personal property foreclosure proceedings (whether
judicial or non-judicial), the filing of a complaint or other action to enforce any Obligations, realization on Collateral or the enforcement of other remedies under any Related Collateral
Agreement or any Facility Agreement, or the exercise of set off, or any combination of the foregoing, by or for the benefit of any Secured Credit Party hereto; provided,
however, that "Exercise Remedies" or the "Exercise of Remedies" shall exclude, without limitation, the following: (i) the
giving of notices of default (as distinguished from recording a Notice of Default); (ii) any declaration of an Acceleration Event; and
(iii) actions taken by any Secured Credit Party or the Intercreditor Agent to perfect, or to extend or confirm the perfection or effectiveness of, any Lien provided for herein or in the
applicable Facility Agreements. 

        "Facility" or "Facilities" means, as the context requires, the Bank Credit Facility, the
Mortgage Notes Indenture or any Future First Lien Credit Facility or any of them. 

        "Facility Agreements" means, collectively, the Bank Credit Agreement, the Mortgage Notes Indenture and the principal agreement governing
any Future First Lien Credit Facility. 

        "Facility Amendment" means any amendment, modification, extension or renewal of any Facility or Facility Agreement. 

        "Financing Agreements" means, collectively, the Bank Credit Agreement, the Mortgage Notes Indenture, the Security Documents, the notes or
instruments delivered to the Bank Lenders, the Mortgage Notes, and the principal document governing any other First Lien Credit Facility (as defined in the Mortgage Notes Indenture) entered into on,
prior to or after the date hereof and the security documents notes or instruments delivered to the providers of such other First Lien Credit Facility, as the same may be amended, supplemented, amended
and restated or otherwise modified from time to time in accordance with the terms and conditions thereof. 

        "Future First Lien Credit Facility" shall mean any First Lien Credit Facility (as defined in the Mortgage Notes Indenture) that is
designated by the Borrower as a "First Lien Credit Facility" for purposes of the Mortgage Notes Indenture (other than the Bank Credit Agreement) but only to the extent that the providers of such
Future First Lien Credit Facility become a party to this Agreement and agree to be bound by and comply with all of the terms and provisions of this Agreement,  provided that, either such First Lien
Credit Facility is expressly permitted as such under the Bank Credit Agreement or the required lenders under such
Bank Credit Agreement have consented to the designation. 

        "Governmental Instrumentality" means any national, state or local government (whether domestic or foreign), any political subdivision
thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, without limitation, the Nevada Gaming
Authorities, any zoning authority, the FDIC, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a
party at law. 

5

 

        "Guarantor" shall mean any "Subsidiary Guarantor" under the Bank Credit Agreement and any "Note Guarantor" under the Mortgage Notes
Indenture. 

        "Hedging Obligations" means with respect to any Person, the obligations of such Person under (a) interest rate or currency swap
agreements, interest rate or currency cap agreements, interest rate or currency collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations
in interest rates and/or currency exchange rates, in each case, to the extent permitted to be entered into and secured with a first priority Lien pursuant to the Mortgage Notes Indenture and the Bank
Credit Agreement; provided, however that Hedging Obligations shall not include obligations of the Company or its Subsidiaries in respect of Rate Protection Agreements. 

        "HVAC Provider" means Sempra Energy Solutions, a California corporation (as successor to Atlantic-Pacific Las Vegas, LLC, a Delaware
limited liability company) or its permitted successors under the HVAC Services Agreements. 

        "HVAC Services Agreements" means collectively (a) the Energy Services Agreement, dated as of November 14, 1997, as amended
on July 1, 1999, between Venetian and the HVAC Provider, (b) the HVAC Ground Lease, and (c) all other agreements between the HVAC Provider and the Borrowers or their Restricted
Subsidiaries (and any amendments of such other agreements or the agreements described in clauses (a) or (b) above), as approved by the Administrative Agent, in its reasonable discretion. 

        "Indebtedness," means, with respect to any Person, (1) any indebtedness of such Person, whether or not contingent (a) in
respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof), (c) representing the
balance deferred and unpaid of the purchase price of any property (including Capital Lease Obligations (as defined in the Mortgage Notes Indenture)), except any such balance that constitutes an
accrued expense or trade payable, or (d) representing any Hedging Obligations, if and to the extent any of the foregoing indebtedness (other than letters of credit and Hedging Obligations)
would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP (as defined in the Mortgage Notes Indenture), (2) to the extent not otherwise included, any
obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in
the ordinary course of business) and (3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such
Indebtedness is assumed by such Person). For purposes of this definition, the term "Indebtedness" shall not include (a) any amount of the liability in respect of an operating lease that at such
time would not be required to be capitalized and reflected as a liability on the balance sheet in accordance with GAAP (as defined in the Mortgage Notes Indenture), (b) any obligation under the
HVAC Services Agreements as in effect on the Closing Date (as defined in the Bank Credit Agreement) or (c) any surety bonds for claims underlying mechanics liens and any reimbursement
obligations with respect thereto so long as such reimbursement obligations are not then due, or are promptly paid when due. The amount of any Indebtedness outstanding as of any date shall be
(a) the accreted value thereof, in the case of any Indebtedness with original issue discount, and (b) the principal amount thereof, together with any interest thereon that is more than
30 days past due, in the case of any other Indebtedness. Notwithstanding anything herein to the contrary, Indebtedness of the Company and its Restricted Subsidiaries (as defined in the Mortgage
Notes Indenture) shall not include any Indebtedness that has been either satisfied and discharged or defeased through covenant defeasance or legal defeasance. 

        "Intercreditor Agent" means Scotiabank as the Intercreditor Agent pursuant to  Section 6 of this Agreement, its permitted successor or assignee in such capacity, and
any Additional Intercreditor Agent appointed pursuant to
said Section 6. 

6

 

        "Lender" means any of the Bank Lenders, any lender under a Future First Lien Credit Facility, any Permitted Counterparty or any of the
Mortgage Note Holders. 

        "Lien" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law (including, without limitation, any conditional sale or other title retention agreement or any lease in the
nature thereof). 

        "Mortgage Note(s)" means the 11.00% Mortgage Note(s) due 2010 and any Additional Notes (as defined in the Mortgage Notes Indenture), in
each case issued by LVSI and Venetian pursuant to the Mortgage Notes Indenture. 

        "Mortgage Note Holder(s)" means the holder(s) of the Mortgage Note(s). 

        "Mortgage Notes Indenture" means that certain Mortgage Notes Indenture dated as of June 4, 2002 by and among LVSI, Venetian, the
guarantors signatory thereto and the Mortgage Notes Indenture Trustee, as amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time. 

        "Mortgage Notes Indenture Deeds of Trust" means, collectively, (1) that certain Deed of Trust, Leasehold Deed of Trust, Assignment
of Rents and Leases, Security Agreement and Fixture Filing, dated as of June 4, 2002, as amended as of the Effective Date, made by LVSI and Venetian as trustors, to First American Title
Insurance Company, as trustee, for the benefit of the Mortgage Notes Indenture Trustee, as beneficiary, (2) that certain Deed of Trust, Leasehold Deed of Trust, Assignment of Rents and Leases,
Security Agreement and Fixture Filing, to be executed by LVSI and LCR as trustors, to First American Title Insurance Company, as trustee, for the benefit of the Mortgage Notes Indenture Trustee, as
beneficiary, and (3) that certain Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing, dated as of May 6, 2004, made by LVSI, as trustor, to First
American Title Insurance Company, as trustee, for the benefit of the Mortgage Notes Indenture Trustee, as beneficiary, as each may be amended (including, without limitation, any amendment and
restatement thereof), supplemented or otherwise modified from time to time. 

        "Mortgage Notes Indenture Environmental Indemnity" means that certain Environmental Indemnity Agreement dated as of June 4, 2002,
as amended as of the Effective Date, by and among LVSI, Venetian and the Mortgage Notes Indenture Trustee, as amended (including, without limitation, any amendment and restatement thereof),
supplemented or otherwise modified from time to time. 

        "Mortgage Notes Indenture Security Documents" means, collectively, the Mortgage Notes Indenture Deeds of Trust, the Mortgage Notes
Indenture Environmental Indemnity, the Security Agreement and
any guaranties, deeds of trust, security agreements or collateral account agreements executed from time to time by LVSI, LCR or Venetian or direct or indirect Subsidiaries of LVSI, LCR or Venetian in
favor of the Intercreditor Agent, the Mortgage Notes Indenture Trustee or the Mortgage Note Holders to secure or guaranty the Obligations under the Mortgage Notes and the Mortgage Notes Indenture. 

        "Mortgage Notes Indenture Trustee" means U.S. Bank National Association or its successor or assignee in its capacity as Trustee under the
Mortgage Notes Indenture. 

        "Mortgage Notes Proceeds" means the proceeds from the issuance of the Mortgage Notes (net of any underwriter's discount and expenses). 

        "Mortgage Notes Secured Obligations" means all Obligations under the Mortgage Notes, the Mortgage Notes Indenture Security Documents and
the other Collateral Documents (as defined in the Mortgage Notes Indenture). 

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        "Nevada Gaming Authorities" means, collectively, the Nevada Gaming Commission, the Nevada State Gaming Control Board and the Clark County
Liquor and Gaming Licensing Board. 

        "Notice of Default" means a notice of default which must be recorded in the official real property records of Clark County, Nevada, in
order to commence non-judicial foreclosure of a Deed of Trust in accordance with applicable Nevada law. 

        "Obligations" means (a) all loans, advances, debts, liabilities and obligations (including reimbursement obligations in respect of
letters of credit), howsoever arising, owed by the Company and its direct and indirect Subsidiaries under the Bank Credit Agreement, the Mortgage Notes Indenture, Future First Lien Credit Facility or
otherwise to any Lender of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due
or to become due, now existing or hereafter arising, pursuant to the terms of the Financing Agreements, including, without limitation, all interest (including post-petition interest even
if the claim for such amounts is not permitted by applicable law), fees, charges, expenses, attorneys' fees and accountants fees chargeable to the Company or any Guarantor in connection with its
dealings with the Lenders and payable by the Company or any Guarantor hereunder or thereunder, (b) Hedging Obligations of the Company Group to any Secured Party, (c) any and all sums
advanced by the Intercreditor Agent or any other Secured Party in order to preserve the Collateral or preserve any Secured Party's security interest in the Collateral, including, without limitation,
all Protective Advances and (d) in the event of any proceeding for the collection or enforcement of the Obligations after an Event of Default shall have occurred and be continuing, the
reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by any Secured Party of its rights under the
Security Documents, together with reasonable attorneys' fees and court costs. 

        "Permitted Counterparty" means the counterparties to any Hedging Obligations entered into by the Company or its Subsidiaries which are
permitted by the Bank Credit Agreement; provided, however, such counterparties become parties to this Agreement and agree to be bound by and comply with
all of the terms and provisions of this Agreement. 

        "Permitted Facility Amendment" means a Facility Amendment of the Bank Credit Facility or a Future First Lien Credit Facility which is
expressly permitted pursuant to Section 3 of this Agreement. 

        "Person" means any natural person, corporation, partnership, firm, limited liability company, association, Governmental Instrumentality or
any other entity whether acting in an individual, fiduciary or other capacity. 

        "Potential Event of Default" means any event, which with the passage of time and/or the giving of notice would become an Event of Default. 

        "Protective Advances" means any advances with respect to (i) the payment of any delinquent taxes or insurance premiums owed by any
of the Company Group with respect to the Existing Casino Resort or the Phase II Hotel/Casino, (ii) the removal of any Lien or encumbrance on the Existing Casino Resort or the Phase II
Hotel/Casino (other than Liens that are junior to the Deeds of Trust) or the defense of the Company's title thereto or of the validity, enforceability, perfection or priority of the Liens and security
interests granted pursuant to the Security Documents or (iii) the repair, maintenance, protection or preservation of the value of the Existing Casino Resort or the Phase II Hotel/Casino or (in
each case) any portion thereof, including, without limitation, for payment of (A) heating, gas, electric and other utility bills (including, without limitation, any payments due under the HVAC
Services Agreements) or (B) amounts reasonably necessary to prevent the provider of any financing provided pursuant to clauses (g), (j) or (p) of the second paragraph of
Section 4.09 of the Mortgage Notes Indenture from (x) terminating its agreement to advance funds thereunder or (y) exercising rights under the documentation applicable to its
financing commitment so as to deprive 

8

 

the
Phase II Hotel/Casino of the property or equipment procured with advances made pursuant to such financing commitment. 

        "REA" means that certain Second Amended and Restated Reciprocal Easement, Use and Operating Agreement dated as of May 17, 2004, as
amended on July 30, 2004, by and among Venetian, LVSI,
Grand Canal Shops II, LLC, a Delaware limited liability company, Phase II Mall Subsidiary, LLC, a Delaware limited liability company and Interface Group-Nevada, Inc., a Nevada corporation, and
as further amended, amended and restated, supplemented or otherwise modified in accordance with the terms thereof from time to time. 

        "Related Collateral Account Agreements" means, collectively, all control agreements and/or collateral account agreements that grant a
security interest in, or perfect a security interest in any "securities account", "deposit account", "financial asset" or other "investment property" (each such term as defined in the Uniform
Commercial Code as in effect from time to time in New York) for the benefit of the Bank Agent and the Mortgage Notes Indenture Trustee (or the Intercreditor Agent on their behalf). 

        "Related Collateral Agreements" means the Security Agreement, the Consents and the Related Collateral Account Agreements. 

        "Revolving Bank Loan Commitment" shall have the meaning ascribed to the term "Revolving Loan Commitment" in the Bank Credit Agreement. 

        "Secured Credit Parties" means the Bank Agent, the Mortgage Notes Indenture Trustee, each Permitted Counterparty and the agent, trustee or
other representative of the Senior Lenders under a Future First Lien Credit Facility. 

        "Secured Lenders" means the Bank Agent and the Bank Lenders, each Permitted Counterparty, the Mortgage Notes Indenture Trustee and the
Mortgage Note Holders, and the Senior Lenders under a Future First Lien Credit Facility and their agent, trustee or other representative. 

        "Secured Obligations" means the Senior Lender Secured Obligations, the Senior Lender Hedging Obligations, or the Mortgage Notes Secured
Obligations, as the context requires. 

        "Secured Parties" means the Intercreditor Agent, the Bank Agent, the Mortgage Notes Indenture Trustee, the Lenders and the Permitted
Counterparties. 

        "Security Agreement" means the Amended and Restated Security Agreement, dated as of the Effective Date, among LVSI, Venetian and certain
of their Subsidiaries, as debtors thereunder, and Scotiabank, as the Intercreditor Agent thereunder, together with any amendment, amendment and restatement, supplement or other modification thereto
hereafter entered into by any Subsidiary of the Company for the benefit of one or more of the Secured Lenders. 

        "Security Documents" means, collectively and without duplication, the Bank Security Documents, the Mortgage Notes Indenture Security
Documents, the Consents, and any other deeds of trust, security agreements or collateral account agreements entered into by LVSI, LCR or Venetian or direct or indirect Subsidiaries of LVSI, LCR or
Venetian for the benefit of any Secured Credit Party in accordance with the terms of the Financing Agreements or this Agreement. 

9

   
        "Senior Lender Documents" shall mean the Bank Credit Agreement, each of the Bank Security Documents, each document or instrument
evidencing a Senior Lender Hedging Obligation, all documents and instruments evidencing any obligation under any Future First Lien Credit Facility and any other related document executed or delivered
pursuant to any Senior Lender Document at any time or otherwise evidencing any Senior Lender Secured Obligation, as any such document or instrument may from time to time be amended, renewed, restated,
supplemented or otherwise modified from time to time pursuant to a Permitted Facility Amendment. 

        "Senior Lender Hedging Obligations" means Obligations constituting Hedging Obligations of the Company or any of its Subsidiaries to the
extent owed to a Permitted Counterparty. 

        "Senior Lenders" shall mean the Persons holding Senior Lender Secured Obligations, including, without limitation, the Bank Agent and the
Bank Lenders. 

        "Senior Lender Secured Obligations" shall mean Senior Lender Hedging Obligations, the Bank Secured Obligations and all Obligations
outstanding under any Future First Lien Credit Facility. 

        "Specified Actions" means any of the following except to the extent contemplated by  Section 3.4 below or as otherwise required or permitted under this Agreement or
the Related Collateral Agreements or as otherwise required by
law: (i) the release of any Collateral; (ii) the release of any Lien under the Related Collateral Agreements; or (iii) any change in the priority of such Liens. 

        "Standstill Period" means a period of forty-five (45) days commencing upon the occurrence of a specified default, which
period may be extended for an additional fifteen (15) days upon written notice given to the other Secured Credit Parties within such 45-day period by the Bank Agent. 

        "Substantial Completion" has the meaning given in the Disbursement Agreement. 

        "Subsidiary" means, with respect to any Person, (i) any corporation, association, limited liability company or other business
entity (other than a partnership) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a
combination thereof and (ii) any partnership of which more than 50% of the partnership's capital accounts, distribution rights or general or limited partnership interests are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof. 

10

 

        1.2 Other Defined Terms.    The following terms shall have the meanings given such terms in the Sections set forth below: 

	Term
 
	 	Section

	Additional Intercreditor Agent	 	Section 6.7.2
	Agreement	 	Preamble
	Existing Casino Resort	 	Recital A
	Company	 	Recital A
	Effective Date	 	Preamble
	Existing Intercreditor Agreement	 	Preamble
	First Lien Agent	 	Section 2.2.2
	LCR	 	Recital D
	LVSI	 	Recital A
	Phase II Hotel/Casino	 	Recital D
	Phase II Mall	 	Recital D
	Realization	 	Section 4.4.2
	Scotiabank	 	Preamble
	Separate Unified Realization	 	Section 4.4.2
	Venetian	 	Recital A

        1.3 Interpretation.    To the extent that reference is made in this Agreement to any term defined in, or to any other provision
of, any other agreement, such term or provision shall continue to have the original meaning thereof notwithstanding any termination, expiration or amendment of such other agreement;  provided, however,
that upon any formal written amendment of any agreement to which all of the Secured Credit Parties are parties, to the extent such
amendment modifies terms defined therein or other provisions thereof which are referred to in this Agreement, then such references herein shall be to such terms or provisions as so amended. 

	2.
	Collateral, Priority of Liens and Subordination.  

         2.1 Liens and Security Interests.    The Secured Credit Parties agree that each Secured Lender shall have the benefit of the following
Liens on, and
security interests in, the Collateral: 

        2.1.1    Collateral for Senior Lender Secured Obligations.    The Senior Lender Secured Obligations shall be secured
by first priority Liens on and security interests in the Collateral. 

        2.1.2    Collateral for Mortgage Notes Secured Obligations.    The Mortgage Notes Secured Obligations shall be secured
by second priority Liens on and security interests in the Collateral, which second priority Liens and security interests shall be subject and subordinate to the Liens and security interests in the
Collateral securing the Senior Lender Secured Obligations. 

        Under
the Related Collateral Agreements, the Liens and security interests in the Collateral described therein have been granted to the Intercreditor Agent on behalf of the Secured Credit
Parties, with the Lien priorities provided for in this Section 2.1.

        2.2    No Other Collateral.    Except as provided in  Section 2.1
and in this Section 2.2, no Secured Credit Party in its capacity as such shall
be entitled to receive and hold, directly or indirectly, any Liens on or security interests in (i) any property or assets owned directly or indirectly by any of the Company Group or
(ii) any Capital Stock in the Company or in any Affiliate of the Company. No Senior Secured Lender in its capacity as such may hold a Lien in any Collateral that is not also pledged to the
Mortgage Notes Indenture Trustee. In connection with any Permitted Facility Amendment, the Bank Agent or any other agent or representative of the Senior Lenders under a Future First Lien Credit
Facility (the "First Lien Agent") may receive and hold Liens on and security interests for the benefit of the Bank Lenders, or such other Senior
Lenders, as the case may be, in any other assets or property 

11

 

owned
directly or indirectly by any of the Company Group other than any Capital Stock in the Company or any Affiliate of the Company, in each case, so
long as such additional collateral is also pledged for the benefit of the Mortgage Notes Indenture Trustee. 

        2.3    Confirmation of Liens.    Each Secured Credit Party hereto hereby confirms and agrees that the Liens and
security interests held by or for the benefit of each Secured Lender in the Collateral, as provided for in the preceding provisions of this  Section 2 shall secure all Obligations of the Company
Group or any of them now or hereafter owing to each Secured Lender in connection with the
applicable Facility or Senior Lender Hedging Obligation throughout the term of this Agreement, in each case with the priority specified in  Section 2.1, notwithstanding (i) the availability of
any other collateral to any Secured Lender, (ii) the actual date and time of
execution, delivery, recording, filing or perfection of any of the Security Documents or (iii) the fact that any Lien or security interest created by any of the Security Documents, or any claim
with respect thereto, is or may be subordinated, avoided or disallowed in whole or in part under the Bankruptcy Code or other applicable federal or state law. Notwithstanding any other provision in
this Agreement to the contrary, any Indebtedness owed to a Secured Credit Party which is secured by property that does not also secure the Mortgage Notes Secured Obligations shall  not be secured by the
Collateral. In the event of a proceeding, whether voluntary or involuntary, for insolvency, liquidation, reorganization,
dissolution, bankruptcy or other similar proceedings pursuant to the Bankruptcy Code or other applicable federal or state law, each Secured Credit Party further confirms and agrees that the
Obligations due and outstanding under and with respect to each Facility shall include all principal, additional advances permitted hereunder, Protective Advances made by such Secured Credit Party to
the extent provided in Section 3.6, interest, default interest, LIBOR breakage and swap breakage, post petition interest and all other amounts
due thereunder, for periods before and for periods after the commencement of any such proceedings, even if the claim for such amounts is disallowed pursuant to applicable law, and all proceeds from
the sale or other disposition of the Collateral shall be paid to the Secured Lenders in the order and priority provided for in this Section 2
notwithstanding the disallowance of any such claim or the invalidity or subordination of any Lien on or security interest in the Collateral under applicable law. 

        2.4    Effect.    All provisions of this Agreement, including but not limited to, all matters relating to the
creation, validity, perfection, priority, subordination and release of the Liens and security interests intended to be created by the Security Documents and all provisions regarding the allocation and
priority of payments with respect to any Facility, shall survive the filing of a proceeding under the Bankruptcy Code and be fully enforceable by and against each Secured Credit Party hereto during
any such proceeding. 

	3.
	Permitted Facility Amendments; Releases; Protective Advances.  

        3.1    Bank Credit Facility Amendments.    The Bank Agent and the Bank Lenders shall have the right, at any time and
without the consent of
the other Secured Credit Parties, and without affecting the validity and priority of the Liens on and security interests in the Collateral created by the Bank Security Documents, to enter into a
Facility Amendment with respect to the Bank Credit Facility or the Obligations evidenced thereby, provided that, after giving effect to such Facility
Amendment, the following conditions are satisfied: 

        3.1.1    in the event that the maximum amount of the Commitment under the Bank Credit Facility is increased pursuant to such
Facility Amendment, then the amount of Additional Bank Proceeds advanced and outstanding pursuant to such Facility Amendment shall not exceed, together with all other Indebtedness of the Company, the
amount permitted to be incurred by the Company and secured by a first priority Lien pursuant to the Mortgage Notes Indenture; and 

12

 

        3.1.2    such Facility Amendment shall not result in the creation of a Lien or security interest on additional collateral except
in accordance with the provisions of Section 2.2.2 above. 

        Any
Facility Amendment of the Bank Credit Facility in conformity with the foregoing shall constitute a Permitted Facility Amendment under this Agreement. The provisions of  Section 2 hereof with respect
to the validity, priority, perfection and subordination of all Liens on and security interests in the Collateral to
secure the Bank Secured Obligations shall continue to apply to the Bank Credit Facility as so amended, modified or refinanced. 

        3.2    Future First Lien Credit Facility Amendments.    A First Lien Agent and the Senior Lenders under a Future First
Lien Credit Facility shall have the right, at any time and without the consent of the other Secured Credit Parties, and without affecting the validity and priority of the Liens on and security
interests in the Collateral created by the collateral documents relating to such Future First Lien Credit Facility, to enter into a Facility Amendment with respect to such Future First Lien Credit
Facility or the Obligations evidenced thereby, provided that, after giving effect to such Facility Amendment, the following conditions are satisfied: 

        3.2.1    in the event that the maximum amount of the Commitment under the Future First Lien Credit Facility is increased
pursuant to such Facility Amendment, then the amount of additional proceeds
advanced and outstanding pursuant to such Facility Amendment shall not exceed, together with all other Indebtedness of the Company, the amount permitted to be incurred by the Company and secured by a
first priority Lien pursuant to the Bank Credit Agreement or Mortgage Notes Indenture; and 

        3.2.2    such Facility Amendment shall not result in the creation of a Lien or security interest on additional collateral except
in accordance with the provisions of Section 2.2.2 above. 

        Any
Facility Amendment of a Future First Lien Credit Facility in conformity with the foregoing shall constitute a Permitted Facility Amendment under this Agreement. The provisions of  Section 2 hereof
with respect to the validity, priority, perfection and subordination of all Liens on and security interests in the Collateral to
secure the Obligations under such Future First Lien Credit Facility shall continue to apply to the Future First Lien Credit Facility as so amended, modified or refinanced. 

        3.3    Amendments to Security Agreements.    The Mortgage Notes Trustee agrees to any amendments, waivers or consents
in respect of any Security Documents to the extent required under the second paragraph of Section 9.1 of the Mortgage Notes Indenture. 

        3.4    Releases.    The Mortgage Notes Indenture Trustee agrees to release its Lien on portions of the Collateral as
and when required pursuant to Section 10.03 of the Mortgage Notes Indenture. 

        3.5    Waivers.    Any Secured Credit Party may, without the consent of the other Secured Credit Parties, defer any
payments due under its Facility or agreement relating to Senior Lender Hedging Obligations to which it is a party or waive any provisions thereof. 

        3.6    Protective Advances.    Prior to Substantial Completion, in the event that an Event of Default or a Potential
Event of Default occurs, thereafter any Secured Credit Party may, without the consent of the other Secured Credit Parties and without affecting the validity or priority of any Liens on or security
interests in the Collateral created by the Security Documents, make Protective Advances, provided that the Secured Credit Party making any such
Protective Advance shall have the right to specify the costs to be paid from the proceeds of such Protective Advance. 

        3.7    No Other Facility Amendments.    Any Facility Amendment of the Bank Credit Facility or Future First Lien Credit
Facility that does not comply with the provisions set forth in this Section 3 shall not be effective unless the prior written consent of the
other Secured Credit Parties shall have 

13

 

been
obtained, in which event such Facility Amendment shall constitute a Permitted Facility Amendment. 

	4.
	Events of Default; Remedies; Certain Actions by the Intercreditor Agent.  

         4.1    Declaration of Event of Default.    Each Secured Credit Party may declare an Event of Default under its
Facility Agreement and
accelerate all Obligations due thereunder, to the extent and on the terms and conditions provided for in such Facility Agreement; provided, however,
that no Secured Credit Party shall be entitled to Exercise Remedies against any of the Company Group or with respect to the Collateral except as set forth in  Section 4.3.

        4.2    Proceeds of Collateral.    Any Proceeds of Collateral received by the Intercreditor Agent shall, except to the
extent otherwise required pursuant to the REA, be retained by the Intercreditor Agent in an account maintained by the Intercreditor Agent for the benefit of the Secured Parties and shall be applied to
repayment of the Obligations of the Secured Lenders in the order of priority of their respective Liens on the Collateral in accordance with  Section 2.1 hereof, subject to their respective
Facilities. Notwithstanding the foregoing, all rents and other proceeds received by the
Intercreditor Agent in respect of Space Leases (as defined in each Bank Deed of Trust) shall be applied (i) first to make Protective Advances and (ii) second, to pay interest and
principal due and payable under the Bank Credit Agreement. 

        4.3    Requirements Regarding Exercise of Remedies.    Each Secured Credit Party shall be entitled to declare an
Acceleration Event and Exercise Remedies against any of the Company Group or with respect to the Collateral in accordance with the terms of its Facility Agreement subject to compliance with each of
the following conditions: 

        4.3.1    such Secured Credit Party shall give written notice to the other Secured Credit Parties of the matter which constitutes
a default by or with respect to any of the Company Group which would, but for the provisions of this Agreement, permit such Secured Credit Party to declare an Acceleration Event or Exercise Remedies. 

        4.3.2    each Secured Credit Party shall be subject to the Standstill Period commencing upon the date such notice is given, and
until such Standstill Period shall have expired, no Secured Credit Party shall Exercise Remedies against any of the Company Group or with respect to the Collateral, except that if such Acceleration
Event is declared prior to Substantial Completion, the Controlling Party may direct the Intercreditor Agent with respect to the enforcement of rights in respect of the Assigned Agreements (as defined
in the Security Agreement), and the taking of protective action with respect to the Company Group or the Collateral; 

        4.3.3    no Secured Credit Party shall be entitled to initiate or join as a petitioning creditor in an involuntary proceeding
against the Company or any Affiliate of the Company until ten (10) days after the expiration of the Standstill Period; 

        4.3.4    notwithstanding the expiration of the applicable Standstill Period and the entitlement of each Secured Credit Party to
Exercise Remedies against any of the Company Group or with respect to the Collateral securing the Facility of such Secured Credit Party, each Secured Credit Party agrees to reinstate its Facility and
to recommence funding thereunder if, prior to the completion of the first foreclosure permitted hereunder, (a) all Events of Default either (i) are cured in accordance with the terms of
the applicable governing document within 30 days after the declaration thereof or (ii) are waived pursuant to Section 3.3 hereof
(b) do not involve an Event of Default pursuant to Section 8.6 or 8.7 of the Bank Credit Agreement in respect of the Company and
(c) the Indebtedness under the relevant Facility has not been accelerated. With respect to the Bank Credit Facility, the foregoing obligation to reinstate its lending commitment shall apply to
the Term A Loan Commitment (as defined in the Bank Credit Agreement) and the Term B Loan 

14

 

Commitment
(as defined in the Bank Credit Agreement) and not to the Revolving Loan Commitment (as defined in the Bank Credit Agreement). 

        4.3.5    upon expiration of the Standstill Period, each Secured Credit Party shall be entitled to Exercise Remedies against any
of the Company Group or with respect to the Collateral, provided that: (a) if any Senior Lender(s) shall accelerate the Indebtedness under the
corresponding Facility of such Senior Lender(s), then concurrently therewith or thereafter the agent under the corresponding Facility of such Senior Lender(s) shall provide the Mortgage Notes
Indenture Trustee with (i) notice of such acceleration and (ii) at least ten (10) days notice of the intent of such Senior Lenders to file any Notice of Default; and
(b) concurrently with any foreclosure by the Mortgage Notes Indenture Trustee under any Mortgage Notes Indenture Deed of Trust, all Obligations under the Facilities of the Senior Lenders must
be paid in full. 

        4.3.6    if a Secured Credit Party has the right to Exercise Remedies in accordance with the foregoing provisions of this  Section 4.3, such
exercise of remedies under the Related Collateral Agreements shall only be made in accordance with
Section 4.4.1 below. 

        4.4    Exercise of Rights Under Security Agreements.    

        4.4.1    Related Collateral Agreements by the Intercreditor Agent.    Notwithstanding any other provision of this
Agreement to the contrary, except as provided for in Section 4.4.2 below, only the Intercreditor Agent shall cause the Exercise of Remedies or
otherwise act with respect to the Collateral encumbered under the Related Collateral Agreements. The Intercreditor Agent shall be entitled to exercise, and it shall exercise, rights and remedies and
take such action as permitted to be taken by the Intercreditor Agent under each Related Collateral Agreement as it may be directed from time to time by the applicable Controlling Party pursuant to the
terms of this Agreement (including issuing instructions to any financial institutions or securities intermediaries under the Related Collateral Account Agreements);  provided that, such Controlling Party
shall have the right to Exercise Remedies only in accordance with the applicable provisions of  Section 4.3 above. Without limiting the generality of the foregoing, the Intercreditor Agent shall act
in accordance with any written
instructions delivered to the Intercreditor Agent from the applicable Controlling Party hereunder, and shall refrain from exercising any right, remedy or powers available to it or conferred on it
hereunder or in the applicable Related Collateral Agreement as set forth in such written instructions; provided, however, that nothing shall impair the
right of the Intercreditor Agent, in its reasonable discretion, to take or omit to take any action deemed proper by the Intercreditor Agent and permitted hereunder and under the applicable Related
Collateral Agreement which action or omission is not inconsistent with any written direction of the Controlling Party. 

        4.4.2    Separate Realization.    With respect to foreclosure against or other realization upon the Collateral
("Realization"), unless the Secured Credit Parties agree upon a single or coordinated Realization on all of the Collateral for the benefit of all of the
Secured Lenders having a security interest in such Collateral (and no Secured Credit Party shall be required to so agree), then notwithstanding the foregoing provisions of  Section 4.4.1 limiting
enforcement of the Related Collateral Agreements to the Intercreditor Agent (acting on the direction of the Controlling
Party), any Secured Credit Party holding subordinate Liens on any personal property Collateral encumbered under the Security Agreements, so that such Secured Credit Party is not a Controlling Party
with respect to such personal property Collateral, shall have the right to effect a unified sale of such personal property Collateral together with its real property Collateral,  i.e., simultaneous
Realization under the applicable Deeds of Trust and the applicable Security 

15

 

Agreements
(a "Separate Unified Realization") in accordance with the following terms and conditions of this  Section 4.4.2: 

        4.4.2.1    Realization by such Secured Credit Party must be permitted in accordance with the terms and conditions of  Section 4.3 above.

        4.4.2.2    The date of such Separate Unified Realization shall be not earlier than thirty (30) days following the date
such Secured Credit Party has given the other Secured Parties notice of its election to pursue Separate Unified Realization. 

        4.4.2.3    With respect to the personal property Collateral to be sold at such Separate Unified Realization, the electing
Secured Credit Party or an agent on its behalf (other than the Intercreditor Agent) shall have the right to schedule such sale, the right to give any required notices of such sale, the right to
conduct such sale in conjunction with the foreclosure or other realization under such Secured Credit Party's Deeds of Trust, and the right to take any other actions necessary for a secured party to so
foreclose such security interests in accordance with applicable law, but such Secured Credit Party shall take no other action with respect to such personal property Collateral, including, without
limitation, giving any other notices or directions to the debtor, the Intercreditor Agent, the account party on any assigned account or the contract obligor on any assigned contract; freezing or
otherwise taking action against any account of the Company; seeking the appointment of a receiver; bringing any action against the Company; or taking any action to Realize on such Collateral other
than at the Separate Unified Realization in accordance with this Section 4.4.2. 

        4.4.2.4    The rights of an electing Secured Credit Party under  Section 4.4.2.3 may be exercised by such Secured Credit Party or by an agent or
attorney on behalf of such Secured Credit Party; such rights
shall not be exercised by the Intercreditor Agent. 

        4.4.2.5    The Intercreditor Agent and the other Secured Credit Parties shall permit an electing Secured Credit Party to conduct
such Separate Unified Realization; provided, however, that the Intercreditor Agent shall not be required to conduct or participate in such Separate
Unified Realization. Subject to the obligation to permit the electing Secured Credit Party to conduct such Separate Unified Realization, the Controlling Party with respect to such Collateral shall
continue to have the sole right to direct the Intercreditor Agent in accordance with this Agreement, and in connection therewith, may, without limitation, cause the Intercreditor Agent to schedule and
conduct Realization on such Collateral at any time and cause the Intercreditor Agent to take such other actions as may be permitted under the terms of any of the Related Collateral Agreements. 

        4.4.2.6    Except for the extinguishment of junior Liens and security interests by operation of law upon any Separate Unified
Realization, no Separate Unified Realization shall operate to terminate any Security Agreement creating the security interest then realized upon, or to terminate any other Related Collateral
Agreement, and all security interests, Liens and other interests of the Intercreditor Agent and the other Secured Lenders under each Security Agreement shall (except to the extent extinguished by
operation of law, as aforesaid) survive such Separate Unified Realization and shall remain enforceable by the Intercreditor Agent and the other Secured Lenders. The purchaser at such Separate Unified
Realization, whether the Secured Credit Party conducting same or any other Person, shall acquire title to any Collateral sold at such sale subject to the continuing encumbrances, Liens and security
interests in favor of the other Secured Lenders (except to the extent extinguished by operation of law, as aforesaid). 

        4.4.2.7    The Secured Credit Party conducting any Separate Unified Realization shall, subject to  Section 4.3.5(b) above, be entitled to
receive the proceeds, if any, from the sale of the Collateral thereunder in accordance with applicable law
(including, without limitation, payment of excess proceeds to secured parties with junior Liens). 

16

 

        4.4.3    Foreclosure of Deeds of Trust.    The provisions of the preceding  Section 4.4.1 and Section 4.4.2 shall not restrict the right of a Secured Credit Party to
Exercise Remedies against, and to complete a foreclosure against or other realization upon any Collateral which constitutes an interest in real property encumbered by a Deed of Trust granted for the
benefit of such Secured Credit Party, provided that such Exercise of Remedies, foreclosure or other realization is permitted in accordance with the
applicable provisions of Section 4.3.

        4.5    Other Duties of and Actions by the Intercreditor Agent.    To the extent not otherwise provided for by this
Agreement, with respect to the Related Collateral Agreements, the Intercreditor Agent may take and shall take, or refrain from taking, action in its capacity as the Intercreditor Agent thereunder, in
accordance with the following provisions. 

        4.5.1    the Intercreditor Agent shall take such actions as it may be specifically required to take under the express terms of
the Related Collateral Agreements and as otherwise may be required by law; 

        4.5.2    the Intercreditor Agent may take such action or refrain from taking such action as it may reasonably deem necessary for
the normal conduct of its business as Intercreditor Agent hereunder and under the Related Collateral Agreements, or to the extent deemed necessary by the Intercreditor Agent, for purposes of
preservation of the Collateral or the rights or interests of the Secured Credit Parties thereunder; provided that, unless instructed in writing by the
Controlling Party to the contrary, the Intercreditor Agent shall have no obligation or liability as a result of its taking or failing to take actions pursuant to this  subsection 4.5.2; 

        4.5.3    with respect to any other action or omission relating to all or any portion of the Collateral, the Intercreditor Agent
shall take such actions or refrain from taking such action as the Controlling Party with respect to such Collateral may direct in writing; 

        4.5.4    with respect to any other matter relating to the Related Collateral Agreements, the Intercreditor Agent shall act or
refrain from acting in accordance with the written instructions of the Controlling Party, until the Senior Lender Secured Obligations are repaid in full, and thereafter the Mortgage Notes Indenture
Trustee; and 

        4.5.5    beyond its duties set forth herein and in the Related Collateral Agreements and as may be required by law, the
Intercreditor Agent shall not have any duty to any of the Company Group, to the Secured Credit Parties or to the Secured Lenders as to the Collateral in its possession or control under the Related
Collateral Agreements or in the possession or control of any agent or nominee of it or as to the preservation of rights against prior parties or any other rights pertaining thereto except as required
by applicable law. 

        5.    Representations and Warranties.    Each Secured Credit Party represents and warrants to each other Secured
Credit Party as follows: 

        5.1    Organization.    It is duly organized and is validly existing under the laws of the jurisdiction under which it
was organized with full power to execute, deliver and perform this Agreement and consummate the transactions contemplated hereby. 

        5.2    Authorization.    All actions necessary to authorize the execution, delivery and performance of this Agreement
on behalf of such party have been duly taken, and all such actions continue in full force and effect as of the date hereof. 

        5.3    Binding Agreement.    It has duly executed and delivered this Agreement and this Agreement constitutes the
legal, valid and binding agreement of such party enforceable in accordance with its terms subject to (i) applicable bankruptcy, reorganization, insolvency and moratorium laws, and
(ii) principles of equity, which may apply regardless of whether a proceeding is brought in law or in equity. 

17

 

        5.4    No Consent Required.    To the best of its knowledge, no consent of any other party and no consent, license,
approval or authorization of, or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with the execution, delivery or
performance by such party of this Agreement or consummation by such party of the transactions contemplated by this Agreement. 

        5.5    No Conflict.    None of the execution, delivery and performance of this Agreement nor the consummation of the
transactions contemplated by this Agreement will (i) violate or conflict with any provision of the organizational or governing documents, if any, of such party, (ii) to the best of its
knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or
both, would constitute) a default under the terms of any contract, mortgage, lease, bond, indenture, agreement or
other instrument to which such party is a party or to which any of its properties are subject, (iii) to the best of its knowledge, result in the creation of any Lien, charge, encumbrance,
mortgage, lease, claim, security interest or other right or interest upon the properties or assets of such party pursuant to the terms of any such contract, mortgage, lease, bond, indenture,
agreement, franchise or other instrument, (iv) violate any judgment, order, injunction, decree or award of any court, arbitrator, administrative agency or governmental or regulatory body of
which it has knowledge against, or binding upon such party or upon any of the securities, properties, assets or business of such party or (v) to the best of its knowledge, constitute a
violation by such party of any statute, law or regulation that is applicable to such party. 

	6.
	Appointment of the Intercreditor Agent.  

         6.1    Appointment.    Scotiabank is hereby appointed the Intercreditor Agent hereunder and under the Related
Collateral Agreements and each
Secured Credit Party hereby authorizes the Intercreditor Agent to enter into the applicable Related Collateral Agreements which secure Obligations to such Secured Credit Party and to act as its agent
in accordance with the terms of this Agreement and such Related Collateral Agreement. The Intercreditor Agent agrees to act upon the express conditions contained in this Agreement and the Related
Collateral Agreements, as applicable. The provisions of this Section 6 are solely for the benefit of the Intercreditor Agent and the Secured
Credit Parties, and none of the Company, any Affiliate of the Company, Adelson or any Adelson Relative shall have any rights as a third party beneficiary of any of the provisions thereof. In
performing its functions and duties under this Agreement, the Intercreditor Agent shall act solely as an agent of the Secured Credit Parties and does not assume and shall not be deemed to have assumed
any obligation towards or relationship of agency or trust with or for the Company, any Affiliate of the Company, Adelson or any Adelson Relative. 

        6.2    Authority.    Each Secured Credit Party irrevocably authorizes the Intercreditor Agent to take such actions on
such Secured Credit Party's behalf and to exercise such powers, rights and remedies under the Related Collateral Agreements as are specifically delegated or granted to the Intercreditor Agent by the
terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. The Intercreditor Agent shall have only those duties and responsibilities that are
expressly specified in this Agreement and the applicable Related Collateral Agreement. The Intercreditor Agent agrees to act in accordance with instructions of the Controlling Party pursuant to  Section 4.4.1. The Intercreditor Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or
employees. The Intercreditor Agent shall not have, by reason of this Agreement or the Related Collateral Agreements, a fiduciary relationship in respect of any Secured Credit Party or any other
Person, and nothing in this Agreement or the Related Collateral Agreements, expressed or implied, is intended to or shall be so construed as to impose upon the Intercreditor Agent any obligations in
respect of this Agreement or the Related Collateral Agreements except as expressly set forth herein or therein. 

18

 

        6.3    Amendment of Agreements.    Subject to Section 3.3
hereof, without the prior written consent of the Secured Credit Parties, the Intercreditor Agent shall not amend any of the Related Collateral Agreements to which it is a party. Subject to  Section 3.3 hereof, upon approval by the Secured Credit Parties of any proposed amendment to the Related Collateral Agreements, the Intercreditor
Agent shall execute and deliver such amendment, in each case in its capacity as Intercreditor Agent hereunder. 

        6.4    Responsibility.    The Intercreditor Agent shall not be responsible to any Secured Credit Party for the
execution, effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Agreement, any Related Collateral Agreement or any Collateral or for any representations,
warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents
furnished to the Secured Credit Parties in connection with the Collateral and the transactions contemplated hereby or thereby or any default under any agreement included in the Collateral or for the
financial condition or business affairs of the Company or any other Person liable for the payment of any Obligations, nor shall the Intercreditor Agent be required to ascertain or inquire as to the
performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in this Agreement or any other Financing Agreement or any Collateral or as to the existence or
possible existence of any Event of Default, Potential Event of Default or any default under any agreement included in the Collateral. 

        6.5    Liability.    Neither the Intercreditor Agent nor any of its officers, directors, employees or agents shall be
liable to any Secured Credit Party or any other Person for any action taken or omitted by the Intercreditor Agent under or in connection with this Agreement, the Related Collateral Agreements or the
Collateral except to the extent caused by the Intercreditor Agent's gross negligence, bad faith or willful misconduct. The Intercreditor Agent shall be entitled to refrain from any act or the taking
of any action (including the failure to take an action) in connection with this Agreement, the Related Collateral Agreements or the Collateral or from the exercise of any power, discretion or
authority vested in it hereunder or thereunder unless and until the Intercreditor Agent shall have received instructions in respect thereof in accordance with this Agreement, and upon such
instruction, the Intercreditor Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions.
Without prejudice to the generality of the foregoing, (i) the Intercreditor Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or
document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and shall be entitled to rely, and shall be protected in relying, on opinions and
judgments of attorneys (who may be attorneys for the Company and the Affiliates of the Company), accountants, experts and other professional advisors selected by it and (ii) no Secured Credit
Party shall have any right of action whatsoever against the Intercreditor Agent as a result of the Intercreditor Agent acting or (where so instructed) refraining from acting under this Agreement or
any Related Collateral Agreement in its capacity as Intercreditor Agent to the extent authorized, permitted, required or instructed in accordance with the terms of this Agreement. Each Secured Lender
shall, from time to time on demand by the Intercreditor Agent, indemnify the Intercreditor Agent, in proportion to its pro rata share of the aggregate amount of the Secured Obligations outstanding at
such time, against any and all claims, costs, losses, expenses (including legal fees) and liabilities (collectively, "Losses"), which the Intercreditor
Agent may incur, other than by reason of its own gross negligence or willful misconduct, in acting in its capacity as Intercreditor Agent hereunder. Notwithstanding the foregoing, if any Losses are
incurred by the Intercreditor Agent in taking actions pursuant to instructions issued by a Controlling Party, and the issuance of such instructions constitutes gross negligence or willful misconduct,
such Controlling Party shall bear the full amount of the indemnity provided herein. 

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        6.6    Capacity.    The agency hereby created shall in no way impair or affect any of the rights and powers of, or
impose any duties or obligations upon, the Intercreditor Agent in its individual capacity as the Bank Agent, a Bank Lender or a Secured Credit Party hereunder. The Intercreditor Agent and its
Affiliates may accept deposits from, lend money to and generally engage in any kind of banking, trust, financial advisory or other business with the Company or any Affiliate of the Company as if it
were not performing the duties specified herein, and may accept fees and other consideration from any of the Company Group for services in connection with this Agreement and otherwise without having
to account for the same to other Secured Credit Parties. 

        6.7    Resignation; Appointment of Additional Intercreditor Agents.    

        6.7.1    The Intercreditor Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the
Secured Credit Parties, and the Intercreditor Agent may be removed at any time, with or
without cause, by an instrument in writing signed by the Bank Agent, delivered to the Mortgage Notes Indenture Trustee and to the Intercreditor Agent. Upon any such notice of resignation or any such
removal, the Senior Lenders shall have the right, upon seven days' notice to the Mortgage Notes Indenture Trustee to appoint a successor Intercreditor Agent. Any resignation shall take effect upon the
earlier of acceptance of such appointment by a successor Intercreditor Agent and expiration of the 30-day period described above. Upon the acceptance of any appointment as Intercreditor
Agent hereunder by a successor Intercreditor Agent, that successor Intercreditor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring
or removed Intercreditor Agent. The retiring or removed Intercreditor Agent shall reasonably cooperate with the successor Intercreditor Agent upon such appointment, to assist with such transition.
Upon the date of such removal or the effective date of such resignation (but not later than the date of such succession) the retiring or removed Intercreditor Agent shall be discharged from its duties
and obligations under this Agreement; provided, however, that commencing upon the date the Intercreditor Agent sends its notice of resignation, the
Intercreditor Agent shall not be required to take any action hereunder until and unless the Secured Credit Party or Parties requesting that such action be taken agree to reimburse all costs of the
Intercreditor Agent in connection therewith, and agree to indemnify, defend and hold the Intercreditor Agent harmless from all claims, liabilities, costs or expenses (including, without limitation,
attorneys' fees) in connection with or arising out of such actions taken by the Intercreditor Agent. 

        6.7.2    Any Controlling Party may elect to appoint one or more additional Intercreditor Agents with respect to its interests in
the Collateral (each an "Additional Intercreditor Agent") and the Intercreditor Agent shall, upon receipt of written instructions of such Controlling
Party, execute and deliver all instruments and agreements necessary or proper to appoint the other person or persons selected by the Controlling Party to act as an Additional Intercreditor Agent with
respect to such Collateral. Upon the written acceptance of the terms of such appointment and written notice thereof to the Secured Credit Parties and each member of the Company Group party to the
Related Collateral Agreements, each such additional or successor Additional Intercreditor Agent shall (i) thereupon succeed to and become vested with all the rights, powers, privileges and
duties of the Intercreditor Agent with respect to such Collateral and replace the prior Intercreditor Agent with respect to matters pertaining to such Collateral, (ii) be subject to the terms
and provisions of this Agreement and the other Related Collateral Agreements as they apply to the Intercreditor Agent and such Collateral and (iii) not have any other rights or duties hereunder
or under the Related Collateral Agreements with respect to any other Collateral or any other matter. 

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        6.7.3    After any retiring, removed or replaced Intercreditor Agent's resignation, removal or replacement hereunder as
Intercreditor Agent, the provisions of this Section 6.7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Intercreditor Agent under this Agreement. 

	7.
	Miscellaneous Provisions.  

         7.1    Notices; Addresses.    Any communications between the Secured Credit Parties hereto or notices herein to be
given may be given to the
following addressees: 

	If to the Bank Agent:	 	The Bank of Nova Scotia

580 California Street, 21st Floor

San Francisco, California 94104

Attn.: Alan Pendergast

Phone: (415) 616-4155

Fax: (415) 397-0791
	

with a copy to:	
 	

The Bank of Nova Scotia

Loan Administration

600 Peachtree Street, N.E.

Atlanta, Georgia 30308

Attn.: Hilma Gabbidon and Vicki Gibson

Phone: (404) 877-1525

Fax: (404) 888-8998
	

If to the Mortgage Notes

Indenture Trustee:	
 	

U.S. Bank National Association

180 East Fifth Street

St. Paul, Minnesota 55164-0111

Attn.: Corporate Trust Department

Phone: (651) 244-0721

Fax: (651) 244-0711
	

If to the Intercreditor Agent:	
 	

The Bank of Nova Scotia

580 California Street, 21st Floor

San Francisco, California 94104

Attn.: Alan Pendergast

Phone: (415) 616-4155

Fax: (415) 397-0791
	

with a copy to:	
 	

The Bank of Nova Scotia

Loan Administration

600 Peachtree Street, N.E.

Atlanta, Georgia 30308

Attn.: Hilma Gabbidon and Vicki Gibson

Phone: (404) 877-1525

Fax: (404) 888-8998

        All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be considered as properly given (a) if delivered in person,
(b) if sent by reputable overnight delivery service, (c) in the event overnight delivery services are not readily available, if mailed by first class mail, postage prepaid, registered or
certified with return receipt requested or (d) if sent by prepaid telex, or by telecopy with correct answer back received. Notice so given shall be effective upon 

21

 

receipt
by the addressee, except that any communication or notice so transmitted by telecopy or other direct written electronic means shall be deemed to have been validly and effectively given on the
day (if a Banking Day and, if not, on the next following Banking Day) on which it is validly transmitted if transmitted before 4 p.m., recipient's time, and if transmitted after that time, on
the next following Banking Day; provided, however, that if any notice is tendered to an addressee and
the delivery thereof is refused by such addressee, such notice shall be effective upon such tender. Any party shall have the right to change its address for notice hereunder to any other location by
giving no less than twenty (20) days' notice to the other parties in the manner set forth hereinabove. 

        7.2    Further Assurances.    Each Secured Credit Party (i) shall deliver to each other Secured Credit Party
and to the Intercreditor Agent such instruments, agreements, certificates and documents as any such Person may reasonably request to confirm the validity and priority of the Liens on and security
interests in the Collateral granted pursuant to the Security Documents as affected hereby, (ii) shall fully cooperate with each other and with the Intercreditor Agent and (iii) shall
perform all additional acts reasonably requested by any such Person to effect the purposes of this Agreement. 

        7.3    Delay and Waiver.    No delay or omission to exercise any right, power or remedy accruing upon the occurrence
of any Event of Default or Potential Event of Default or any other breach or default of the Company Group or any of them under any Facility Agreement or any Related Collateral Agreement shall impair
any such right, power or remedy of the Secured Credit Parties or the Intercreditor Agent, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or in any
similar breach or default thereafter occurring, nor shall any waiver of any single Event of Default or Potential Event of Default or other breach or default be deemed a waiver of any other Event of
Default or Potential Event of Default or other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any of the Secured
Credit Parties or the Intercreditor Agent of any Event of Default or Potential Event of Default or other breach or default under this Agreement, any Related Collateral Agreement or any other Financing
Agreement, or any waiver on the part of any of the Secured Credit Parties or the Intercreditor Agent, of any provision or condition of this Agreement or any other operative document, must be in
writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, under any Related Collateral Agreement or any other Financing
Agreement or by law or otherwise afforded to any of the Secured Credit Parties or the Intercreditor Agent shall be cumulative and not alternative (subject to any limitations on the exercise of such
remedies imposed under this Agreement). 

        7.4    Entire Agreement.    This Agreement and any agreement, document or instrument attached hereto or referred to
herein integrate all the terms and conditions mentioned herein or incidental hereto and supersede all oral negotiations and prior writings in respect to the subject matter hereof, all of which
negotiations and writings are deemed void and of no force and effect. Without limiting the generality of the foregoing, this Agreement replaces and supercedes in its entirety the Existing
Intercreditor Agreement. As among the Secured Credit Parties, in the event of any conflict between the terms of this Agreement and the terms of the Related Collateral Agreements, the terms of this
Agreement shall control. 

        7.5    Governing Law.    This Agreement shall be governed by the laws of State of New York of the United States of
America and shall for all purposes be governed by and construed in accordance with the laws of such state without regard to the conflict of law rules thereof other than
Section 5-1401 of the New York General Obligations Law. 

        7.6    Severability.    In case any one or more of the provisions contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter
into good faith negotiations to replace the invalid, illegal or unenforceable provision. 

22

 

        7.7    Headings.    Section headings have been inserted in this Agreement as a matter of convenience for reference
only and it is agreed that such headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement. 

        7.8    Limitations on Liability.    No claim shall be made by any Secured Credit Party or any of its Affiliates
against any other Secured Credit Party, the Intercreditor Agent or any of their respective Affiliates, directors, employees, attorneys or agents for any special, indirect, consequential or punitive
damages (whether or not the claim therefor is based on contract, tort or duty imposed by law), in connection with, arising out of or in any way related to the transactions contemplated by this
Agreement or any act or omission or event occurring in connection therewith; and each Secured Credit Party hereby waives, releases and agrees not to sue upon any such claim for any such special,
indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

        7.9    Consent to Jurisdiction.    Any legal action or proceeding arising out of this Agreement may be brought in or
removed to the courts of the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this
Agreement, each Secured Credit Party, accepts, for its and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts for legal proceedings arising out of or
in connection with this Agreement and irrevocably consents to the appointment of Corporation Service Company as its agent to receive service of process in New York, New York. Nothing herein shall
affect the right to serve process in any other manner including, without limitation, judicial or non-judicial foreclosure of real property interests which are part of the Collateral. Each
Secured Credit Party hereby waives any right to stay or dismiss any action or proceeding under or in connection with any or all of the Existing Casino Resort, the Phase II Hotel/Casino, this Agreement
or any other operative document brought before the foregoing courts on the basis of forum non-conveniens. 

        7.10    Successors and Assigns.    The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns; provided, however, this Agreement shall terminate upon the date of payment in cash in
full of all Obligations then due and payable under all Facilities of the Senior Lenders and agreements evidencing Senior Lender Hedging Obligations. 

        7.11    Counterparts.    This Agreement may be executed in one or more duplicate counterparts and when signed by all
of the Secured Credit Parties listed below shall constitute a single binding agreement. 

        7.12    No Third Party Beneficiaries.    Except for the Bank Lenders, the Mortgage Note Holders, the Permitted
Counterparties and any lenders with respect to any Future First Lien Credit Facility, the Secured Credit Parties do not intend the benefits of this Agreement to inure to the benefit of nor shall it be
enforceable by any third party (including, without limitation, the Company, any of its Affiliates, Adelson or any Adelson Relative) nor shall this Agreement be construed to make or render any Secured
Credit Party liable to any third party (including, without limitation, the Company, any of its Affiliates, Adelson or any Adelson Relative) for the performance or failure to perform any obligations
hereunder. 

        7.13    Additional Secured Credit Parties.    Upon any refinancing, replacement or restructuring, in whole or in part,
of any Facility, or entering into a Future First Lien Credit Facility or agreements relating to Hedging Obligations with Permitted Counterparties (subject to the rights of the existing Secured Credit
Parties under their respective Financing Agreements with respect to any such refinancing, replacement or restructuring of a Facility or the entering into of such Future First Lien Credit Facility or
Hedging Obligations), the applicable lender or Permitted Counterparty shall execute a joinder or supplement to this Agreement in form and substance reasonably satisfactory to the then 

23

 

existing
Secured Credit Parties. Upon the execution and delivery by such lender(s) of such joinder or supplement, such lender(s) shall become a "Secured Credit Party" hereunder with the same force and
effect as if it were originally a party to this Agreement and named as a "Secured Credit Party" herein. The execution and delivery of such joinder or supplement shall not require the consent of any
other Secured Credit Party hereunder, and the rights and obligations of each Secured Credit Party hereunder shall remain in full force and effect notwithstanding the addition of any new Secured Credit
Party as a party to this Agreement. 

        7.14    Trust Indenture Act.    The parties do not intend that the provisions of this Agreement violate the
requirements of the Trust Indenture Act of 1939, as amended. 

        [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

24

   
        IN WITNESS WHEREOF, the Secured Credit Parties hereto have caused this Agreement to be executed by their respective officers or agents
thereunto duly authorized as of the day and year first above written. 

	 	 	Bank Agent:
	

 	
 	
THE BANK OF NOVA SCOTIA,
	 	 	a Canadian chartered bank
	

 	
 	

By:	

/s/  ALAN PENDERGAST      
 Name: Alan Pendergast

Title: Managing Director
	

 	
 	

Mortgage Notes Indenture Trustee:
	

 	
 	
U.S. BANK NATIONAL ASSOCIATION,
	 	 	a national banking association
	

 	
 	

By:	

/s/  RICHARD PROKOSCH      
 Name: Richard Prokosch

Title: Vice President
	

 	
 	

Intercreditor Agent:
	

 	
 	
THE BANK OF NOVA SCOTIA,
	 	 	a Canadian chartered bank
	

 	
 	

By:	

/s/  ALAN PENDERGAST      
 Name: Alan Pendergast

Title: Managing Director

25

 

	State of California          )	 	 	 
	County of San Francisco ) ss.:	 	 	 

        This instrument was acknowledged before me on August 20, 2004 by (persons appearing before notary public) Alan Pendergast. 

	 	 	 	/s/  STEPHANIE CHASSIN      
 Stephanie Chassin

Notarial
Seal 

26

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AMENDED AND RESTATED INTERCREDITOR AGREEMENT

RECITALS

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