Document:

Exhibit 10.1

Exhibit 10.1

EXECUTION VERSION

CREDIT AGREEMENT

DATED AS OF MAY 17, 2010

AMONG

VENETIAN ORIENT LIMITED,

as the Borrower,

THE LENDERS LISTED HEREIN,

as Lenders,

GOLDMAN SACHS LENDING PARTNERS LLC,

BNP PARIBAS, HONG KONG BRANCH,

CITIBANK, N.A., CITIGROUP GLOBAL MARKETS ASIA LIMITED, CITICORP

FINANCIAL SERVICES LIMITED, CITIBANK, N.A., HONG KONG BRANCH,

UBS AG HONG KONG BRANCH, and

BARCLAYS CAPITAL (THE INVESTMENT BANKING DIVISION OF BARCLAYS

BANK PLC),

as Global Coordinators, Co-Syndication Agents and Bookrunners,

BANK OF CHINA LIMITED, MACAU BRANCH and

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED,

as Global Coordinators and Bookrunners,

BANCO NACIONAL ULTRAMARINO, S.A.,

DBS BANK LTD. and

OVERSEA-CHINESE BANKING CORPORATION LIMITED,

as Mandated Lead Arrangers and Bookrunners,

and

THE BANK OF NOVA SCOTIA,

as Administrative Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 1. Definitions
	 	 	2	 
	 
	 	 	 	 
	1.1 Certain Defined Terms
	 	 	2	 
	 
	 	 	 	 
	1.2 Accounting Terms; Utilization of Applicable Accounting Standards for Purposes of Calculations Under Agreement
	 	 	70	 
	 
	 	 	 	 
	1.3 Other Definitional Provisions and Rules of Construction
	 	 	71	 
	 
	 	 	 	 
	1.4 Exchange Rates
	 	 	71	 
	 
	 	 	 	 
	Section 2. Amounts and Terms of Commitments and Loans
	 	 	72	 
	 
	 	 	 	 
	2.1 Commitments; Making of Loans; the Register; Notes
	 	 	72	 
	 
	 	 	 	 
	2.2 Interest on the Loans
	 	 	78	 
	 
	 	 	 	 
	2.3 Fees
	 	 	82	 
	 
	 	 	 	 
	2.4 Repayments, Prepayments and Reductions in Commitments; General Provisions Regarding Payments
	 	 	83	 
	 
	 	 	 	 
	2.5 Use of Proceeds
	 	 	90	 
	 
	 	 	 	 
	2.6 Special Provisions Governing Eurodollar Rate Loans and HIBOR Rate Loans
	 	 	91	 
	 
	 	 	 	 
	2.7 Increased Costs; Taxes; Capital Adequacy
	 	 	94	 
	 
	 	 	 	 
	2.8 Obligation of Lenders to Mitigate
	 	 	98	 
	 
	 	 	 	 
	2.9 Incremental Facilities
	 	 	99	 
	 
	 	 	 	 
	2.10 Swing Line Loans
	 	 	101	 
	 
	 	 	 	 
	2.11 Defaulting Lender
	 	 	103	 
	 
	 	 	 	 
	2.12 Removal of Defaulting Lender
	 	 	104	 
	 
	 	 	 	 
	Section 3. Letters of Credit
	 	 	105	 
	 
	 	 	 	 
	3.1 Issuance of Letters of Credit and Lenders’ Purchase of Participations Therein
	 	 	105	 
	 
	 	 	 	 
	3.2 Letter of Credit Fees
	 	 	107	 
	 
	 	 	 	 
	3.3 Drawings and Reimbursement of Amounts Paid Under Letters of Credit
	 	 	108	 
	 
	 	 	 	 
	3.4 Obligations Absolute
	 	 	111	 
	 
	 	 	 	 
	3.5 Indemnification; Nature of Issuing Lenders’ Duties
	 	 	112	 
	 
	 	 	 	 
	3.6 Increased Costs and Taxes Relating to Letters of Credit
	 	 	113	 
	 
	 	 	 	 
	Section 4. Conditions to Credit Extensions
	 	 	114	 
	 
	 	 	 	 
	4.1 Conditions to the Occurrence of the Closing Date and the Initial Borrowing Date
	 	 	114	 
	 
	 	 	 	 
	4.2 Conditions to Disbursements on or after the Initial Borrowing Date
	 	 	128	 

 

i

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	4.3 Conditions to Letters of Credit
	 	 	131	 
	 
	 	 	 	 
	Section 5. Representations and Warranties
	 	 	132	 
	 
	 	 	 	 
	5.1 Organization, Powers, Qualification, Good Standing, Business and Subsidiaries
	 	 	132	 
	 
	 	 	 	 
	5.2 Authorization of Borrowing, etc.
	 	 	133	 
	 
	 	 	 	 
	5.3 Financial Condition and Financial Plan
	 	 	135	 
	 
	 	 	 	 
	5.4 No Material Adverse Change; No Default; Etc.
	 	 	135	 
	 
	 	 	 	 
	5.5 Title to Properties; Liens; Real Property
	 	 	135	 
	 
	 	 	 	 
	5.6 Litigation; Adverse Facts
	 	 	137	 
	 
	 	 	 	 
	5.7 Payment of Taxes
	 	 	137	 
	 
	 	 	 	 
	5.8 Performance of Agreements; Materially Adverse Agreements; Material Contracts
	 	 	137	 
	 
	 	 	 	 
	5.9 Governmental Regulation
	 	 	138	 
	 
	 	 	 	 
	5.10 Securities Activities
	 	 	138	 
	 
	 	 	 	 
	5.11 Employee Benefit Plans
	 	 	138	 
	 
	 	 	 	 
	5.12 No Fees or Commissions
	 	 	139	 
	 
	 	 	 	 
	5.13 Environmental Protection
	 	 	139	 
	 
	 	 	 	 
	5.14 Employee Matters; Acts of God
	 	 	140	 
	 
	 	 	 	 
	5.15 Solvency
	 	 	140	 
	 
	 	 	 	 
	5.16 Matters Relating to Collateral
	 	 	141	 
	 
	 	 	 	 
	5.17 Sufficiency of Interests, Project Documents and Permits
	 	 	142	 
	 
	 	 	 	 
	5.18 Accuracy of Information
	 	 	143	 
	 
	 	 	 	 
	5.19 In Balance Requirement
	 	 	143	 
	 
	 	 	 	 
	5.20 Leasehold Title to the Site
	 	 	143	 
	 
	 	 	 	 
	5.21 Project Budget; Anticipated Cost Reports; Project Sources and Uses Schedule
	 	 	143	 
	 
	 	 	 	 
	5.22 Project Schedule
	 	 	144	 
	 
	 	 	 	 
	5.23 Excluded Subsidiaries
	 	 	144	 
	 
	 	 	 	 
	Section 6. Affirmative Covenants
	 	 	145	 
	 
	 	 	 	 
	6.1 Financial Statements and Other Reports
	 	 	145	 
	 
	 	 	 	 
	6.2 Corporate Existence, etc.
	 	 	151	 
	 
	 	 	 	 
	6.3 Payment of Taxes and Claims; Tax Consolidation
	 	 	152	 

 

ii

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	6.4 Maintenance of Properties; Insurance; Application of Net Loss Proceeds
	 	 	152	 
	 
	 	 	 	 
	6.5 Inspection; Lender Meeting
	 	 	153	 
	 
	 	 	 	 
	6.6 Compliance with Laws, etc.; Permits
	 	 	154	 
	 
	 	 	 	 
	6.7 Environmental Covenant
	 	 	154	 
	 
	 	 	 	 
	6.8 Material Contracts
	 	 	157	 
	 
	 	 	 	 
	6.9 Discharge of Liens
	 	 	158	 
	 
	 	 	 	 
	6.10 Further Assurances
	 	 	159	 
	 
	 	 	 	 
	6.11 Future Subsidiaries or Restricted Subsidiaries
	 	 	160	 
	 
	 	 	 	 
	6.12 FF&E
	 	 	162	 
	 
	 	 	 	 
	6.13 Interest Rate Protection
	 	 	162	 
	 
	 	 	 	 
	6.14 Deposits of Revenues and Other Amounts
	 	 	162	 
	 
	 	 	 	 
	6.15 Diligent Construction
	 	 	163	 
	 
	 	 	 	 
	6.16 Plans and Specifications
	 	 	163	 
	 
	 	 	 	 
	6.17 Construction Consultant
	 	 	163	 
	 
	 	 	 	 
	6.18 Construction within Lot Lines
	 	 	164	 
	 
	 	 	 	 
	6.19 Compliance with Material Contracts
	 	 	164	 
	 
	 	 	 	 
	6.20 Utility Easement Modifications
	 	 	164	 
	 
	 	 	 	 
	6.21 Project Sources and Uses Schedule
	 	 	164	 
	 
	 	 	 	 
	6.22 Payment and Performance Bonds; Retainage
	 	 	166	 
	 
	 	 	 	 
	6.23 Updates to Schedules
	 	 	167	 
	 
	 	 	 	 
	6.24 Definitive Registration of Land Concession Contract
	 	 	167	 
	 
	 	 	 	 
	6.25 Final Gaming Authorization and Categorization
	 	 	167	 
	 
	 	 	 	 
	6.26 In Balance Deposits
	 	 	167	 
	 
	 	 	 	 
	Section 7. Borrower’s Negative Covenants
	 	 	168	 
	 
	 	 	 	 
	7.1 Indebtedness
	 	 	168	 
	 
	 	 	 	 
	7.2 Liens and Related Matters
	 	 	171	 
	 
	 	 	 	 
	7.3 Investments; Joint Ventures; Formation of Subsidiaries
	 	 	173	 
	 
	 	 	 	 
	7.4 Contingent Obligations
	 	 	175	 
	 
	 	 	 	 
	7.5 Restricted Payments
	 	 	176	 
	 
	 	 	 	 
	7.6 Financial Covenants
	 	 	178	 
	 
	 	 	 	 
	7.7 Restriction on Fundamental Changes; Asset Sales and Acquisitions
	 	 	178	 
	 
	 	 	 	 
	7.8 Sales and Lease-Backs
	 	 	181	 

 

iii

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	7.9 Sale or Discount of Receivables
	 	 	182	 
	 
	 	 	 	 
	7.10 Transactions with Shareholders and Affiliates
	 	 	182	 
	 
	 	 	 	 
	7.11 Disposal of Subsidiary Stock
	 	 	184	 
	 
	 	 	 	 
	7.12 Conduct of Business
	 	 	185	 
	 
	 	 	 	 
	7.13 Certain Restrictions on Entering Into and Assigning Certain Documents
	 	 	185	 
	 
	 	 	 	 
	7.14 Consolidated Capital Expenditures
	 	 	187	 
	 
	 	 	 	 
	7.15 Fiscal Year
	 	 	187	 
	 
	 	 	 	 
	7.16 Excluded Subsidiaries
	 	 	188	 
	 
	 	 	 	 
	7.17 Waiver, Modification and Amendment
	 	 	188	 
	 
	 	 	 	 
	7.18 Scope Changes
	 	 	189	 
	 
	 	 	 	 
	7.19 Project Budget and Project Schedule Amendment
	 	 	190	 
	 
	 	 	 	 
	7.20 Opening
	 	 	192	 
	 
	 	 	 	 
	7.21 Horizontal Properties
	 	 	192	 
	 
	 	 	 	 
	Section 8. Events of Default
	 	 	193	 
	 
	 	 	 	 
	8.1 Failure to Make Payments When Due
	 	 	193	 
	 
	 	 	 	 
	8.2 Default under Other Indebtedness or Contingent Obligations
	 	 	193	 
	 
	 	 	 	 
	8.3 Breach of Certain Covenants
	 	 	194	 
	 
	 	 	 	 
	8.4 Breach of Warranty
	 	 	194	 
	 
	 	 	 	 
	8.5 Other Defaults Under Loan Documents
	 	 	194	 
	 
	 	 	 	 
	8.6 Involuntary Bankruptcy; Appointment of Receiver, etc.
	 	 	194	 
	 
	 	 	 	 
	8.7 Voluntary Bankruptcy; Appointment of Receiver, etc.
	 	 	195	 
	 
	 	 	 	 
	8.8 Judgments and Attachments
	 	 	195	 
	 
	 	 	 	 
	8.9 Dissolution
	 	 	195	 
	 
	 	 	 	 
	8.10 Change of Control
	 	 	195	 
	 
	 	 	 	 
	8.11 Failure of Guaranty; Repudiation of Obligations
	 	 	196	 
	 
	 	 	 	 
	8.12 Default Under or Termination of Project Documents
	 	 	196	 
	 
	 	 	 	 
	8.13 Loss of Leasehold Title
	 	 	198	 
	 
	 	 	 	 
	8.14 Abandonment
	 	 	198	 
	 
	 	 	 	 
	8.15 Default Under or Termination of Permits
	 	 	198	 
	 
	 	 	 	 
	8.16 Default Under or Repudiation of Sponsor Agreement
	 	 	198	 
	 
	 	 	 	 
	8.17 Expropriation; Change in Law
	 	 	199	 
	 
	 	 	 	 
	8.18 Default Under or Loss of Concessions
	 	 	199	 

 

iv

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	8.19 Loss of Performance Bond or Guaranty
	 	 	200	 
	 
	 	 	 	 
	8.20 Schedule; Completion; Delay of Substantial Operations
	 	 	201	 
	 
	 	 	 	 
	8.21 Failure to Demonstrate Balancing
	 	 	201	 
	 
	 	 	 	 
	8.22 Inability to Deliver Certificates
	 	 	201	 
	 
	 	 	 	 
	8.23 FF&E Proceeds
	 	 	202	 
	 
	 	 	 	 
	8.24 Delisting of Sponsor
	 	 	202	 
	 
	 	 	 	 
	8.25 Failure to Receive Gaming Net Proceeds
	 	 	202	 
	 
	 	 	 	 
	8.26 Employee Benefit Plans
	 	 	202	 
	 
	 	 	 	 
	Section 9. Agents and Arrangers
	 	 	203	 
	 
	 	 	 	 
	9.1 Appointment
	 	 	203	 
	 
	 	 	 	 
	9.2 Powers and Duties; General Immunity
	 	 	204	 
	 
	 	 	 	 
	9.3 Representations and Warranties; No Responsibility for Appraisal of Credit Worthiness
	 	 	206	 
	 
	 	 	 	 
	9.4 Right to Indemnity
	 	 	207	 
	 
	 	 	 	 
	9.5 Successor Administrative Agent and Swing Line Lender
	 	 	207	 
	 
	 	 	 	 
	9.6 Collateral Documents and Guaranty
	 	 	207	 
	 
	 	 	 	 
	9.7 Intercreditor Agreements and Depository Agreement
	 	 	208	 
	 
	 	 	 	 
	Section 10. Miscellaneous
	 	 	209	 
	 
	 	 	 	 
	10.1 Assignments and Participations in Loans
	 	 	209	 
	 
	 	 	 	 
	10.2 Expenses
	 	 	217	 
	 
	 	 	 	 
	10.3 Indemnity; Waivers
	 	 	218	 
	 
	 	 	 	 
	10.4 Set-Off; Security Interest in Deposit Accounts
	 	 	219	 
	 
	 	 	 	 
	10.5 Ratable Sharing
	 	 	220	 
	 
	 	 	 	 
	10.6 Amendments and Waivers
	 	 	220	 
	 
	 	 	 	 
	10.7 Certain Matters Affecting Lenders
	 	 	223	 
	 
	 	 	 	 
	10.8 Independence of Covenants
	 	 	223	 
	 
	 	 	 	 
	10.9 Notices
	 	 	223	 
	 
	 	 	 	 
	10.10 Survival of Representations, Warranties and Agreements
	 	 	225	 
	 
	 	 	 	 
	10.11 Failure or Indulgence Not Waiver; Remedies Cumulative
	 	 	225	 
	 
	 	 	 	 
	10.12 Marshalling; Payments Set Aside
	 	 	225	 
	 
	 	 	 	 
	10.13 Severability
	 	 	226	 
	 
	 	 	 	 
	10.14 Obligations Several; Independent Nature of Lenders’ Rights
	 	 	226	 

 

v

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	10.15 Headings
	 	 	226	 
	 
	 	 	 	 
	10.16 Applicable Law
	 	 	226	 
	 
	 	 	 	 
	10.17 Successors and Assigns
	 	 	226	 
	 
	 	 	 	 
	10.18 Consent to Jurisdiction and Service of Process
	 	 	226	 
	 
	 	 	 	 
	10.19 Waiver of Jury Trial
	 	 	228	 
	 
	 	 	 	 
	10.20 Confidentiality
	 	 	228	 
	 
	 	 	 	 
	10.21 Usury Savings Clause
	 	 	229	 
	 
	 	 	 	 
	10.22 Counterparts; Effectiveness
	 	 	230	 
	 
	 	 	 	 
	10.23 USA Patriot Act
	 	 	230	 
	 
	 	 	 	 
	10.24 Electronic Execution of Assignments
	 	 	230	 
	 
	 	 	 	 
	10.25 Judgment Currency
	 	 	230	 
	 
	 	 	 	 
	10.26 English
	 	 	231	 
	 
	 	 	 	 
	10.27 Gaming Authorities
	 	 	231	 
	 
	 	 	 	 
	10.28 No Fiduciary Duty
	 	 	231	 

 

vi

 

SCHEDULES

	 	 	 
	1A

	 	Closing FX Rates
	2.1

	 	Lenders’ Commitments, Pro Rata Shares, Notice Information
	4.1B(xii)(g)

	 	Permits
	5.1A

	 	Jurisdiction of Organizations
	5.1C

	 	Form and Ownership of the Borrower
	5.1D

	 	Subsidiaries of the Borrower
	5.2

	 	Governmental Consents
	5.5

	 	Property and Material Leases
	5.6

	 	Litigation
	5.7

	 	Taxes
	5.8

	 	Material Contracts
	5.11

	 	Employee Benefit Plans
	5.12

	 	Fees & Commissions
	5.13

	 	Environmental Matters
	5.16B

	 	Required Recordations
	5.23

	 	Excluded Subsidiary Assets
	7.1

	 	Existing Indebtedness
	7.2

	 	Liens Existing on the Closing Date
	7.3

	 	Investments Existing on the Closing Date
	7.7

	 	Leases Existing on the Closing Date
	7.10

	 	Affiliate Transactions
	7.10(i)

	 	Exchange Rate Determination
	9.7

	 	Administrative Agent’s Disbursement Discretion
	10.9

	 	Addresses for Notices

 

vii

 

EXHIBITS

	 	 	 
	A-1

	 	[RESERVED]
	A-2

	 	Form of TLF I Note
	A-3

	 	Form of TLF II Note
	A-4

	 	Form of Revolving Note
	A-5

	 	Form of Swing Line Note
	 
	 	 
	B-1

	 	Form of Borrowing Notice
	B-2

	 	Form of Issuance Notice
	B-3

	 	Form of Conversion/Continuation Notice
	 
	 	 
	C-1

	 	Form of Borrower Initial Borrowing Date Certificate
	C-2

	 	Form of Compliance Certificate
	C-3

	 	Form of Financial Condition Certificate (Borrower)
	C-4

	 	Form of Financial Condition Certificate (Sponsor)
	C-5

	 	Form of Borrower Closing Date Certificate
	 
	 	 
	D-1

	 	Form of Assignment Agreement
	D-2

	 	Form of Joinder Agreement
	 
	 	 
	E-1

	 	Form of Floating Charge
	E-2

	 	Form of Security Agreement
	E-3-I

	 	Form of Macau Disbursement Collateral Account Agreement (Borrower)
	E-3-II

	 	Form of Macau Operating Collateral Account Agreement (Each Loan Party)
	E-4

	 	Form of US Collateral Account Agreement
	E-5

	 	Form of Pledge Over Intellectual Property
	E-6

	 	Form of Mortgage
	E-7

	 	Form of Pledge Over Gaming Equipment and Utensils
	E-8

	 	Form of Assignment of Insurances
	E-9

	 	Form of Assignment of Reinsurances
	E-10

	 	Form of Assignment of Rights
	E-11

	 	[RESERVED]
	E-12

	 	Form of Livrança
	E-13

	 	Form of Livrança Side Letter
	E-14

	 	Form of Power of Attorney
	E-15-I

	 	Form of Hong Kong Disbursement Collateral Account Agreement (Borrower)
	E-15-II

	 	Form of Hong Kong Operating Collateral Account Agreement (Each Loan Party)
	E-16

	 	Form of VML/VOL Intercreditor Agreement
	E-17

	 	Form of Gaming Facilities Agreement
	E-18

	 	Form of Gaming Account Agreement
	 
	 	 
	F

	 	Form of Guaranty
	 
	 	 
	G

	 	Form of Subordination Agreement
	 
	 	 
	H-1

	 	Form of Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP
	H-2

	 	Form of Opinion of Sa Carneiro & Pinheiro Torres
	H-3

	 	Form of Opinion of Allen & Overy LLP
	H-4

	 	Form of Opinion of Walkers

 

viii

 

	 	 	 
	I

	 	Form of Depository Agreement
	J

	 	Form of IP License
	 
	 	 
	K-1

	 	Form of Project Budget
	K-2

	 	Form of Project Schedule
	K-3

	 	Form of Project Sources and Uses Schedule
	 
	 	 
	L-1

	 	Form of Construction Consultant’s Closing Date Certificate
	L-2

	 	Form of Construction Consultant’s Initial Borrowing Date Certificate
	L-3

	 	Form of Insurance Advisor’s Initial Borrowing Date Certificate
	L-4

	 	Form of Contract Amendment Certificate
	L-5

	 	Form of Realized Savings Certificate
	L-6

	 	Form of Project Budget/Schedule Amendment Certificate
	L-7

	 	Form of Additional Construction Contract Certificate
	 
	 	 
	M

	 	Form of Sponsor Agreement
	N

	 	Form of Collateral Agency Agreement
	O

	 	Insurance Requirements
	P

	 	Cotai Plan
	Q

	 	Schedule of Security Filings
	R

	 	Form of Subordination and Non-Disturbance Agreement
	S

	 	Outline of Auction Mechanics
	T

	 	Form of Auction Certificate
	 
	 	 
	U-1

	 	Form of Unconditional Release
	U-2

	 	Form of Conditional Release
	 
	 	 
	V-1

	 	Anticipated Cost Reports
	V-2

	 	Summary Anticipated Cost Reports
	 
	 	 
	W-1

	 	Form of Borrower’s Completion Certificate
	W-2

	 	Form of Construction Consultant’s Completion Certificate
	W-3

	 	Form of Certifying Architect’s Completion Certificate
	W-4

	 	Form of Contractor’s Completion Certificate
	W-5

	 	Form of Borrower’s Final Completion Certificate
	W-6

	 	Form of Construction Consultant’s Final Completion Certificate
	W-7

	 	Form of Certifying Architect’s Final Completion Certificate
	W-8

	 	Form of Contractor’s Final Completion Certificate
	W-9

	 	Form of Borrower’s Opening Day Certificate (including Insurance
Adviser and insurance broker certificates)
	W-10

	 	Form of Construction Consultant’s Opening Day Certificate

 

xi

 

	 	 	 
	X-1

	 	Description of FF&E Component for the Project
	X-2

	 	List of Eligible FF&E Equipment
	 
	 	 
	Y

	 	List of Plans and Specifications for the Project
	Z

	 	Safe Harbor Scope Change

 

x

 

CREDIT AGREEMENT

This CREDIT AGREEMENT is dated as of May 17, 2010 and entered into by and among VENETIAN
ORIENT LIMITED, a Macau corporation (the “Borrower”), THE FINANCIAL INSTITUTIONS LISTED ON THE
SIGNATURE PAGES HEREOF (each individually referred to herein as a “Lender” and collectively as the
“Lenders”), THE BANK OF NOVA SCOTIA (“SCOTIA CAPITAL”), as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”), GOLDMAN SACHS LENDING PARTNERS LLC (“GSLP”), BNP
PARIBAS, HONG KONG BRANCH (“BNP”), CITIBANK, N.A. (“CNA”), CITIGROUP GLOBAL MARKETS ASIA LIMITED
(“CGM”), CITICORP FINANCIAL SERVICES LIMITED (“CFSL”) and CITIBANK, N.A., HONG KONG BRANCH
(together with CNA, CGM and CFSL, “Citi”), UBS AG HONG KONG BRANCH (“UBS”), BARCLAYS CAPITAL, THE
INVESTMENT BANKING DIVISION OF BARCLAYS PLC (“Barclays”), BANK OF CHINA LIMITED, MACAU BRANCH
(“BOC”) and INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED (“ICBC”) as Global Coordinators
and Bookrunners (in such capacity, the “Global Coordinators”) and, with the exception of BOC and
ICBC, as co-syndication agents for the Lenders (in such capacity, the “Co-Syndication Agents”), and
BANCO NACIONAL ULTRAMARINO, S.A. (“BNU”), DBS BANK LTD. (“DBS”) and OVERSEA-CHINESE BANKING
CORPORATION LIMITED (“OCBC”), as Mandated Lead Arrangers and Bookrunners (in such capacity, the
“Mandated Lead Arrangers”, and together with the Global Coordinators, the “Arrangers”).

R E C I T A L S

WHEREAS, the Borrower intends to design, develop, construct and own the Project on land leased
from Macau SAR pursuant to the Land Concession Contract;

WHEREAS, the Borrower intends to operate, maintain and manage the Projects, other than (a) the
Casino Facilities, which will be operated, maintained and managed by the Company pursuant to the
Gaming Facilities Agreement, (b) the Shangri-La Hotel and the Traders Hotel, which the Borrower
intends that Shangri-La International Hotel Management Limited (or an Affiliate thereof) will
operate, maintain and manage pursuant to the Shangri-La Management Agreement and the Traders
Management Agreement, respectively, and (c) the Sheraton Hotel, which the Borrower intends that
Sheraton Overseas Management Co. (or an Affiliate thereof) will operate, maintain and manage
pursuant to the Sheraton Management Agreement;

WHEREAS, the Borrower desires to enter into this Agreement in order to provide the Borrower
with the Facilities such that the proceeds thereof can be utilized in accordance with and subject
to the conditions set forth herein to (a) pay fees and expenses incurred in connection with the
establishment of this Agreement and the other transactions related hereto, (b) pay certain
intercompany indebtedness with proceeds from the first Advance, (c) finance Non-Casino Project
Costs, (d) finance all or a portion of the land concession payments under the Land Concession
Contract and certain other land concession payments, and (e) provide funds for working capital and
general corporate purposes of the Loan Parties;

 

 

 

WHEREAS, the Borrower desires that the Lenders and the Issuing Lenders extend the senior
secured credit facilities described herein on the terms and conditions set forth herein for the
purposes set forth herein; and

WHEREAS, the Lenders and the Issuing Lenders are willing, on the terms and subject to the
conditions hereinafter set forth, to extend the Commitments and make Loans to the Borrower and
issue (or participate in) Letters of Credit.

NOW, THEREFORE, the parties hereto agree as follows:

Section 1. Definitions.

1.1 Certain Defined Terms.

The following terms used in this Agreement shall have the following meanings:

“Abandon” means to cease all or substantially all site construction activities with respect to
the Project for a period of ninety (90) consecutive days after such construction has started and
before the Final Completion Date for both Phases; provided that such cessation is not due
to the occurrence of an Event of Force Majeure.

“Accounts” is defined in the Depository Agreement.

“Active Phases” means Phase 1 and Phase 2; provided, however, that “Active
Phase” shall not include any particular Phase from and after the Final Completion Date of such
Phase.

“Additional Construction Contract Certificate” means an Additional Construction Contract
Certificate substantially in the form of Exhibit L-7.

“Adjusted Eurodollar Rate” means, for any Interest Period, an interest rate per annum equal to
the rate per annum obtained by dividing (and rounding upwards, if necessary, to the nearest 1/100
of 1%) (a) (i) the rate per annum as published by Reuters as the British Bankers Association
Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 A.M.
(London time) two London Business Days before the first day of such Interest Period, (ii) if for
any reason such rate does not appear on such service or such service shall not be available, the
term “Adjusted Eurodollar Rate” shall mean the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate on such other page or other service that displays the
British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest Period, determined as of
approximately 11:00 A.M. (London time) two London Business Days prior to the first day of such
Interest Period or (iii) in the event the rates referenced in the preceding clauses (i) and (ii)
are not available, the arithmetic mean of the rates per annum (rounded to the nearest 1/100 of 1%)
(as supplied to the Administrative Agent at its request) quoted by the Reference Banks to leading
banks in the London interbank market for deposits in Dollars (for delivery on the first day of the
relevant period) with maturities comparable to such period as of approximately 11:00 A.M. (London
time) two London Business Days before the first day of such Interest Period (provided that
if any Reference Bank does not notify such a rate to the
Administrative Agent for any relevant period, the Adjusted Eurodollar Rate for such period
shall be determined on the basis of the rates notified by the other Reference Banks so long as
there is at least one Reference Bank providing such a rate), by (b) a percentage equal to 100%
minus the Eurodollar Rate Reserve Percentage for such Interest Period. At the Borrower’s request,
the Administrative Agent will provide the Borrower with identifying information with respect to the
page, service or quotations so employed.

 

2

 

“Administrative Agent” is defined in the preamble and also means and includes any successor
Administrative Agent appointed pursuant to subsection 9.5.

“Administrative Agent’s Fee Letter” means the fee letter, dated as of May 14, 2010, between
the Administrative Agent and the Borrower.

“Advance” is defined in the Depository Agreement.

“Advance Request” is defined in the Depository Agreement.

“Affected Lender” is defined in subsection 2.6C.

“Affected Loans” is defined in subsection 2.6C.

“Affiliate” as applied to any Person, means any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, that Person
(excluding, however, any trustee under, or any committee with responsibility for administering, any
Pension Plan). With respect to any Lender, Approved Fund, or Issuing Lender, a Person shall be
deemed to be “controlled by” another Person if such other Person possesses, directly or indirectly,
power to vote 51% or more of the securities (on a fully diluted basis) having ordinary voting power
for the election of directors, managing general partners or managers, as the case may be. With
respect to all other Persons, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any such other
Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of that Person, whether through the ownership of voting securities
or by contract or otherwise; provided, however, that so long as no other Person or
group of Persons beneficially owns a majority of voting securities of such Person, the beneficial
owner of 20% or more of the voting Securities of a Person shall be deemed to have control.

“Agent” means, individually, each of the Administrative Agent, each Co-Syndication Agent, the
Collateral Agent, the Depository Agent and each Arranger, and “Agents” means the Administrative
Agent, the Co-Syndication Agents, the Collateral Agent, the Depository Agent and the Arrangers,
collectively.

“Aggregate Amounts Due” is defined in subsection 10.5.

“Agreement” means, on any date, this Credit Agreement dated as of the date referred to in the
preamble and as it may thereafter be amended, supplemented, amended and restated or otherwise
modified from time to time and in effect on such date.

 

3

 

“AH Transfer” is defined in subsection 7.10(xx).

“Alternate HK Dollar Rate” means, with respect to any period, the displayed HK Dollar Interest
Settlement Rates appearing under the heading “HONG KONG INTERBANK OFFERED RATES (HK DOLLAR)” on the
Reuters Screen RDF HKABHIBOR Page with respect to overnight HK Dollar transactions, as published by
Reuters as the Hong Kong Association of Banks Interest Settlement Rate for overnight deposits in HK
Dollars, for each day (or, if such day is not a Business Day, for the next preceding Business Day)
during such period.

“Anticipated Completion Date” means, with respect to Phase 1, September 1, 2012, and with
respect to Phase 2, April 1, 2013; in each case, as the same may from time to time be adjusted
pursuant to subsection 7.19.

“Anticipated Cost Reports” means each of the anticipated costs reports in the forms of
Exhibit V-1 annexed hereto, which provides, for each Line Item Category relating to each
Phase, the detailed supporting information broken down by Line Item.

“Anticipated Earnings” means, at any time, with respect to each Account (other than the
General Disbursement Account), the amount of investment income which the Borrower reasonably
determines will accrue on the funds in each such Account through the anticipated Project Final
Completion Date, taking into account the current and future anticipated rates of return on
Permitted Investments in each such Account and the anticipated times and amounts of Advances from
each such Account for the payment of Project Costs.

“Anticipated Monthly Project Costs” means the aggregate amount of Project Costs anticipated to
be incurred by the Loan Parties in each calendar month from the Closing Date through and including
the Project Final Completion Date.

“Anticipated Opening Date” means, with respect to Phase 1, September 30, 2011, with respect to
Phase 2, February 29, 2012; in each case, as the same may from time to time be adjusted pursuant to
subsection 7.19.

“Anticipated Substantial Operations Date” means June 1, 2012, as the same may from time to
time be adjusted pursuant to subsection 7.19.

“Applicable Accounting Standards” means, with respect to the Borrower or any other Loan Party,
GAAP.

“Applicable Margin” means, subject to increases pursuant to subsection 2.9, 4.50% per annum.

“Applicable Threshold Price” means with respect to any Purchase Offer, the lowest calculated
purchase price (as calculated by the Auction Manager in consultation with the Eligible Affiliate
Purchaser) for the Term Loans, for such Purchase Offer that will allow an Eligible Affiliate
Purchaser to purchase the relevant Maximum Offer Amount at prices not greater than the applicable
Maximum Purchase Price nor less than the applicable Minimum Purchase Price (as such terms are
defined in the applicable Offer Documents in respect of such Purchase Offer) per $1,000 stated
principal amount for such Term Loans.

 

4

 

“Applied Amount” is defined in subsection 2.4B(iv)(b).

“Approved Electronic Communications” means any notice, demand, communication, information,
document or other material that any Loan Party or the Sponsor provides to the Administrative Agent
pursuant to any Loan Document or the transactions contemplated therein which is distributed to
Arrangers, Agents, Lenders or Issuing Lenders by means of electronic communications pursuant to
Section 10.9B.

“Approved Fund” means (i) a fund, trust or other entity that invests in bank loans or (ii)
relative to any Lender, any other fund, trust or other entity that invests in bank loans in the
ordinary course of business and is advised or managed by the same investment advisor as such Lender
or by an Affiliate of such investment advisor.

“Architectural Services Agreements” means (a) the Lead Consultant’s Agreement to be entered
into prior to the Initial Borrowing Date between the Borrower and Aedas (Macau) Limited and (b)
with respect to any Active Phase, any agreement relating to the provision of architectural or
design services for such Phase entered into by any Loan Party, which in the reasonable opinion of
the Administrative Agent (acting in consultation with the Construction Consultant) is material.

“Arrangers” is defined in the preamble.

“Asset Sale” means the sale by any Loan Party to any Person of (a) any of the stock of any of
such Person’s direct Subsidiaries, (b) substantially all of the assets of any division or line of
business of any Loan Party, or (c) any other assets (whether tangible or intangible) of any Loan
Party (other than (i) inventory or goods sold in the ordinary course of business; (ii) sales,
transfers or other dispositions permitted by subsections 7.7 (ii), (iii), (iv), (v), (vi), (vii),
(viii), (ix), (x), (xi), (xiv), or (xvii); or (iii) any other assets to the extent that the
aggregate fair market value of such assets sold by all Loan Parties during any Fiscal Year is less
than or equal to $5,000,000).

“Asset Sales Proceeds Sub-Account” is defined in the Depository Agreement.

“Assignment Agreement” means an Assignment Agreement in substantially the form of Exhibit
D-1 annexed hereto, and solely for the purposes of assignments to any Eligible Affiliate
Purchaser pursuant to and in accordance with subsection 10.1I, an Auction Assignment Agreement.

“Assignment Effective Date” is defined in subsection 10.1B(ii).

“Assignment of Insurances” means each Assignment of Insurances, substantially in the form of
Exhibit E-8, executed by any Loan Party in favor of the Collateral Agent.

“Assignment of Reinsurances” means each Assignment of Reinsurances, substantially in the form
of Exhibit E-9, executed by any Loan Party in favor of the Collateral Agent.

“Assignment of Rights” means each Assignment of Rights, substantially in the form of Exhibit
E-10, executed by any Loan Party in favor of the Collateral Agent.

 

5

 

“Authorized Officer” means, relative to any Loan Party or the Sponsor, those of its officers,
directors, attorneys, general partners or managing members (as applicable) or those of the officers
of the general partners or managing members (as applicable) whose signatures and incumbency shall
have been certified to the Administrative Agent, the Lenders and the Issuing Lenders pursuant to
subsection 4.1A(i).

“Auction Assignment Agreement” means, with respect to any assignment by a Lender to an
Eligible Affiliate Purchaser pursuant to subsection 10.1I, an Auction Assignment Agreement in the
form reasonably acceptable to Borrower supplied by the Auction Manager to the Lenders at the time
the applicable Offer Document is posted to the Lenders on IntraLinks/IntraAgency or another
substantially equivalent website.

“Auction Certificate” is defined in subsection 10.1I(i).

“Auction Loan Purchase” means any purchase of any Term Loans by an Eligible Affiliate
Purchaser, together with the simultaneous cancellation of such Term Loans, in each case pursuant to
and in accordance with the terms of subsection 10.1I.

“Auction Manager” means, with respect to any Auction Loan Purchase pursuant to and in
accordance with the terms and conditions of Section 10.1I, GSLP in its capacity as sub-agent and
auction manager for Administrative Agent pursuant to subsection 9.2F.

“Auction Purchase Effective Date” is defined in subsection 10.1I(vi).

“Available Funds” means, from time to time, as of any determination date, the sum of (i)
Projected Free Cash Flow Credit Amount (determined, if applicable, in accordance with the last
sentence of subsection 6.21B); plus (ii) the aggregate of the amounts on deposit in the
Borrower Equity Account, the Supplemental Equity Contribution Account, the Cash Management Account,
the General Disbursement Account, the Asset Sales Proceeds Sub-Account, the Sales Deposit Account
(but only to the extent such funds are not subject to refund for any reason (other than due to a
Loan Party’s breach or failure to perform or satisfy a condition) and are otherwise available to
the Loan Parties to be used for construction of the Project under the agreement governing such
deposit and applicable Legal Requirements), the Local Currency Loans Accounts and all Anticipated
Earnings thereon, plus (iii) to the extent that a Commitment Termination Event has not
occurred or the Commitments have not otherwise been terminated in accordance with the terms of this
Agreement, the aggregate of the unutilized available Commitments under the Facilities (to the
extent permitted to be used to pay Non-Casino Project Costs), plus (iv) the aggregate of
the amounts available to be drawn under all FF&E Facilities, including any binding commitment
therefor (but not more than the aggregate amount of Remaining Costs set forth in column 11
of the Anticipated Cost Report for the FF&E Component for each Active Phase (as in effect from time
to time)) and all other debt facilities then available to the Borrower pursuant to agreements then
in existence in respect of Indebtedness permitted under subsections 7.1(ix), (xiv), (xv) and (xvi).

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

“Barclays” is defined in the preamble.

 

6

 

“Base Capital Expenditures Amount” means, for each Fiscal Year or portion thereof (pro rated
for the number of calendar days in such partial Fiscal Year) the amount set forth in the following
chart:

	 	 	 	 	 
	 	 	Each Fiscal Year	 	Base Capital Expenditures Amount
	I
	 	Prior to the Trigger Date
	 	$50,000,000
	II
	 	Fiscal Year in which the Trigger

Date occurs
	 	$75,000,000
	III
	 	Each Fiscal Year after the year

set forth in (II) above
	 	$125,000,000

provided that (a) in respect of the Fiscal Year in which the Trigger Date occurs, the “Base
Capital Expenditures Amount” for such Fiscal Year shall be the sum of (i) $50,000,000 multiplied by
a fraction, the numerator of which is the number of calendar months elapsed in such Fiscal Year up
to but excluding the month in which the Trigger Date occurs, and the denominator of which is 12,
plus (ii) $75,000,000 multiplied by a fraction, the numerator of which is the number of months in
such Fiscal Year (including the month in which the Trigger Date occurs) until the end of such
Fiscal Year, and the denominator of which is 12, and (b) for every $100,000,000, in the aggregate,
of New Term Loans and/or New Revolving Commitments entered into pursuant to Section 2.9, each of
the dollar amounts set forth on the chart above shall automatically increase by $10,000,000.

“Base Case Model” is defined in subsection 4.1A(viii).

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the rate which is 1/2
of 1% in excess of the Federal Funds Effective Rate and (c) the rate which is 1% in excess of the
Adjusted Eurodollar Rate for a one-month Interest Period.

“Base Rate Loans” means Loans bearing interest at rates determined by reference to the Base
Rate as provided in subsection 2.2A.

“BNP” is defined in the preamble.

“BNU” is defined in the preamble.

“BOC” is defined in the preamble.

“Borrower” is defined in the preamble.

“Borrower Equity Account” is defined in the Depository Agreement.

“Borrowing Notice” means a notice substantially in the form of Exhibit B-1 annexed
hereto delivered by the Borrower to the Administrative Agent pursuant to subsection 2.1B with
respect to a proposed borrowing.

“Building Department” means the Land Public Works and Transportation Bureau of Macau SAR.

 

7

 

“Business Day” means (a) for all purposes other than as covered by clause (b) below, any day
(it being understood that where the context is unclear, such day shall be determined based on
Eastern time) excluding Saturday, Sunday and any day which is a legal holiday under the laws of the
State of New York, Singapore, Macau SAR or Hong Kong SAR, or is a day on which banking institutions
located in any such state or such special administrative region are authorized or required by law
or other governmental action to close, (b) with respect to all notices, determinations, fundings
and payments in connection with the Adjusted Eurodollar Rate or any Eurodollar Rate Loans, any day
that is a Business Day described in clause (a) above and that is also a day for trading by and
between banks in Dollar deposits in the London interbank market, and (c) with respect to all
notices, determinations, fundings and payments in connection with the HIBOR Rate or any HIBOR Rate
Loans, any day that is a Business Day described in clause (a) above and that is also a day for
trading by and between banks in HK Dollar deposits in the Hong Kong interbank market.

“Cage Cash” means, from and after the Opening Date of Phase 1, amounts held in cash at the
Site for the Casino Facilities in connection with and necessary for the ordinary course operations
of the Casino Facilities as reasonably certified by the Borrower, which amount shall not exceed
$40,000,000; provided that the foregoing limit may be increased (x) as and to the extent
required by Legal Requirement or (y) with the consent of the Administrative Agent (such consent not
to be unreasonably withheld) either (1) concurrently with any increase in the size of gaming areas
or number of tables within Phase 1 and, if the Opening Date of Phase 2 has occurred, Phase 2 or (2)
whenever the Borrower believes in good faith that such increase is necessary for its prudent
commercial operations.

“Capital Lease” as applied to any Person, means any lease of any property (whether real,
personal or mixed) by that Person as lessee that, in conformity with Applicable Accounting
Standards, is accounted for as a capital lease on the balance sheet of that Person. For purposes
of this Agreement and each other Loan Document, the amount of a Person’s obligation under a Capital
Lease shall be the capitalized amount thereof, determined in accordance with Applicable Accounting
Standards, and the stated maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease may be terminated
by the lessee without payment of a premium or a penalty.

“Cash” means money, currency or a credit balance (in each case denominated in Dollars) in a
Deposit Account.

 

8

 

“Cash Equivalents” means (a) Dollars, HK Dollars and Patacas, (b) (i) direct obligations of
the United States (including obligations issued or held in book-entry form on the books of the
Department of the Treasury of the United States) or obligations fully guaranteed by the United
States, (ii) obligations, debentures, notes or other evidence of indebtedness issued or guaranteed
by any other agency or instrumentality of the United States, (iii) interest-bearing demand or time
deposits (which may be represented by certificates of deposit) issued by banks having general
obligations rated (on the date of acquisition thereof) at least “A” or the equivalent with a
“stable” outlook by S&P or Moody’s (together with their respective successors and with any other
nationally recognized credit rating agency if neither of such corporations is then currently rating
the pertinent obligations, a “Rating Agency”) or, if not so rated, secured at all times, in the
manner and to the extent provided by law, by collateral security in clause (i) or (ii) of this
definition, of a market value of no less than the amount of monies so invested, (iv) commercial
paper rated (on the date of acquisition thereof) at least “A-1” or “P-1” or the equivalent with a
“stable” outlook by any Rating Agency issued by any Person, (v) repurchase obligations for
underlying securities of the types described in clause (i) or (ii) above, entered into with any
commercial bank or any other financial institution having long-term unsecured debt securities rated
(on the date of acquisition thereof) at least “A” or “A2” or the equivalent with a “stable” outlook
by any Rating Agency in connection with which such underlying securities are held in trust or by a
third-party custodian, (vi) guaranteed investment contracts of any financial institution which has
a long-term debt rated (on the date of acquisition thereof) at least “A” or “A2” or the equivalent
with a “stable” outlook by any Rating Agency, (vii) obligations (including both taxable and
non-taxable municipal securities) issued or guaranteed by, and any other obligations the interest
on which is excluded from income for Federal income tax purposes issued by, any state of the United
States or District of Columbia or the Commonwealth of Puerto Rico or any political subdivision,
agency, authority or instrumentality thereof, which issuer or guarantor has (A) a short-term debt
rated (on the date of acquisition thereof) at least “A-1” or “P-1” or the equivalent with a
“stable” outlook by any Rating Agency and (B) a long-term debt rated (on the date of acquisition
thereof) at least “A” or “A2” or the equivalent with a “stable” outlook by any Rating Agency,
(viii) investment contracts of any financial institution either (A) fully secured by (1) direct
obligations of the United States, (2) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States or (3) securities or receipts
evidencing ownership interest in obligations or special portions thereof described in clause (1) or
(2), in each case guaranteed as full faith and credit obligations of the United States, having a
market value at least equal to 102% of the amount deposited thereunder, or (B) with long-term debt
rated (on the date of acquisition thereof) at least “A” or “A2” or the equivalent with, as of the
January 31 or June 30 next preceding any date of determination, a “stable” outlook by any Rating
Agency and short-term debt rated (on the date of acquisition thereof) at least “A-1” or “P-1” or
the equivalent with a “stable” outlook by any Rating Agency, (ix) a contract or investment
agreement with a provider or guarantor (A) which provider or guarantor is rated (on the date of
acquisition thereof) at least “A” or “A2” or the equivalent with a “stable” outlook by any Rating
Agency (provided that if a guarantor is a party to the rating, the guaranty must be
unconditional and must be confirmed in writing prior to any assignment by the provider to any
subsidiary of such guarantor), (B) providing that monies invested shall be payable to the
Administrative Agent without condition (other than notice) and without brokerage fee or other
penalty, upon not more than two Business Days’ notice for application when and as required or
permitted under the Collateral Documents, and (C) stating that such contract or agreement is
unconditional, expressly disclaiming any right of setoff and providing for immediate termination in
the event of insolvency of the provider and termination upon demand of the Administrative Agent
(which demand shall only be made at the direction of the Borrower) after any payment or other
covenant default by the provider, or (x) any debt instruments of any Person which instruments are
rated (on the date of acquisition thereof) at least “A,” “A2,” “A-1” or “P-1” or the equivalent
with a “stable” outlook by any Rating Agency, provided that in each case of clauses (i)
through (x), such investments are denominated in Dollars, HK Dollars or Macau Patacas, as
applicable, and maturing not more than 13 months from the date of acquisition thereof; (c)
investments in any money market fund which is rated (on the date of acquisition thereof) at least
“A” or “A2” or the equivalent with a “stable” outlook by any Rating Agency; (d) investments in
mutual funds sponsored by any securities broker-dealer of recognized national
standing having an investment policy that requires substantially all the invested assets of such
fund to be invested in investments described in any one or more of the foregoing clauses and having
a rating (on the date of acquisition thereof) of at least “A” or “A2” or the equivalent with a
“stable” outlook by any Rating Agency; or (e) short-term investments denominated in HK Dollars or
Macau Patacas approved by the Administrative Agent in its reasonable discretion.

 

9

 

“Cash Management Account” is defined in the Depository Agreement.

“Casino Facilities” means all casino and gaming space located within the Site and associated
gaming machines, utensils and equipment (including the Gaming Assets).

“Certifying Architects” means (a) the Regulatory Consultant and Aedas (Macau) Limited, or (b)
any other architect or designer which, in the reasonable opinion of the Administrative Agent
(acting in consultation with the Construction Consultant), shall be designing a significant portion
of any Active Phase pursuant to an Architectural Services Agreement.

“Certifying Consultants” means, collectively, the Construction Consultant, the Certifying
Architects, Certifying Contractors and the Cost Consultant.

“Certifying Contractor” means, with respect to any Active Phase, each Contractor which, in the
reasonable opinion of the Administrative Agent (acting in consultation with the Construction
Consultant), shall be constructing a significant portion of such Phase.

“Change of Control” means (i) any sale, pledge or other transfer of Securities whereby (a)
Parent and/or its Affiliates cease to own, directly or indirectly, in the aggregate at least 35% of
the voting Securities of the Sponsor, (b) the Sponsor ceases to own (either directly or indirectly)
at least 50.1% of the common equity interests of the Borrower; or (c) the Borrower ceases to own
directly or indirectly 100% of the equity Securities of each Restricted Subsidiary (subject to
applicable usufruct agreements and mandatory minority shareholder requirements in accordance with
Legal Requirements of Macau SAR); or (ii) a “Change of Control” (or similar term), as defined in
any other instrument evidencing Indebtedness of any Loan Party or any of their respective
Restricted Subsidiaries or the Sponsor in excess of $75,000,000, shall occur.

“Citi” is defined in the preamble.

“Class” means (i) with respect to Lenders, each of the following classes of Lenders: (a)
Lenders having TLF I Exposure, (b) Lenders having TLF II Exposure, (c) Lenders having Revolving
Exposure (including the Swing Line Lender), and (d) Lenders having New Term Loan Exposure of each
applicable Series, and (ii) with respect to Loans, each of the following classes of Loans: (a) TLF
I Loans, (b) TLF II Loans, (c) Revolving Loans (including Swing Line Loans), and (d) each Series of
New Term Loans.

“Closing Borrower Equity Contribution” means all cash available to the Borrower on the Initial
Borrowing Date prior to the funding of any Loans or issuance of any Letters of Credit hereunder.

 

10

 

“Closing Date” means the date on which all conditions set forth in Section 4.1A have been
satisfied or waived.

“Closing Date Certificate” means a certificate delivered by an authorized officer of the
Borrower on the Closing Date, substantially in the form of Exhibit C-5.

“Closing FX Rates” means the Exchange Rates for Dollars, HK Dollars and Patacas set forth on
Schedule 1A utilized to determine the initial Revolving Loan Commitment, TLF I Commitment
and TLF II Commitment of the Revolving Loan HK Dollar Lenders, the Revolving Loan Pataca Lenders,
the TLF I HK Dollar Lenders, the TLF I Pataca Lenders, the TLF II HK Dollar Lenders and the TLF II
Pataca Lenders.

“Code” means the Internal Revenue Code of 1986, as amended to the date hereof and from time to
time hereafter, and any successor statute.

“Collateral” means all real and personal property which is subject or is intended to become
subject to the security interests or Liens granted by any of the Collateral Documents as security
for the Obligations.

“Collateral Account Agreements” means the US Collateral Account Agreement, the Macau
Collateral Account Agreements, the Hong Kong Collateral Account Agreements, and any other
collateral account agreement or charge over accounts entered into after the Closing Date granting
any one or more of the Secured Parties a security interest in any account.

“Collateral Agency Agreement” means the Collateral Agency Agreement among the Administrative
Agent, the Collateral Agent and the Concession Guarantor, substantially in the form of Exhibit
N.

“Collateral Agent” means BOC, in its capacity as Collateral Agent under the Collateral Agency
Agreement, and any successor Collateral Agent appointed pursuant to the terms of the Collateral
Agency Agreement.

“Collateral Agent’s Fee Letter” means the fee letter, dated as of May 17, 2010, between the
Collateral Agent and the Borrower.

“Collateral Documents” means the Security Agreement, the US Collateral Account Agreement, the
Foreign Security Agreements, any account control agreements entered into with the relevant
Financial Institution pursuant to Section 5.14 of the Security Agreement or otherwise, and all
other instruments or documents delivered by a Loan Party pursuant to any of the Loan Documents in
order to grant to the Collateral Agent, on behalf of the Secured Parties, a Lien (or to perfect
such Lien) on any Collateral as security for the Obligations.

“Commercial Letter of Credit” means any letter of credit, bank guaranty or similar instrument
issued for the purpose of providing the financing payment mechanism in connection with the purchase
of any materials, goods or services by the Borrower or any other Loan Party in the ordinary course
of business of the Borrower or any other Loan Party.

 

11

 

“Commitment” means the commitment of a Lender to make Loans as set forth in subsection 2.1A or
Section 2.9, and “Commitments” means such commitments of all Lenders in the aggregate.

“Commitment Termination Event” means (a) the occurrence of any Event of Default with regard to
the Sponsor or any Loan Party described in subsection 8.6 or 8.7 or (b) the occurrence and
continuance of any other Event of Default and either (i) the declaration of all or any portion of
the Loans to be due and payable, or (ii) the giving of notice by the Administrative Agent, acting
at the direction of the Requisite Lenders, to the Borrower that the Commitments have been
terminated.

“Company” means Venetian Macau Limited, a Macau corporation.

“Company Material Adverse Effect” means an event described in clause (c) (with respect to the
Company’s obligations and liabilities under any Gaming Contract) or clause (d) of the definition of
“Material Adverse Effect”.

“Completion” means, with respect to any Active Phase, that each of the following has occurred:

(a) the Opening Date for such Phase shall have occurred;

(b) the construction of such Phase and all infrastructure and other improvements required to
be constructed shall have been completed (except for Project Punchlist Items for such Phase)
substantially in accordance with the Final Plans and Specifications;

(c) all furnishings, fixtures and equipment necessary to use and occupy the various portions
of such Phase (including the casino and all common areas) for their intended purposes shall have
been installed and shall be operational;

(d) such Phase shall be served by, and shall be equipped to accept, water, gas, electric,
sewer, sanitary sewer, storm drain and other facilities and utilities necessary for use of such
Phase and each portion thereof for its intended purposes, which utility services are provided by
public or private utilities over utility lines, pipes, wires and other facilities that run solely
over public streets or private property (in the case of private property, pursuant to recorded
easements);

(e) (1) an Occupancy Certificate for the entirety of such Phase shall have been issued (other
than tower 6B in the case of Phase 1), (2) each other material Permit required to be obtained prior
to opening and occupancy of such Phase shall have been obtained, and (3) all infrastructure and
other improvements comprising part of such Phase required to be constructed under applicable Legal
Requirements shall have been completed (except for Project Punchlist Items for such Phase);

(f) such Phase and the Plans and Specifications for such Phase are in material compliance with
all applicable Legal Requirements (including, without limitation, all applicable building and
zoning laws and ordinances) and applicable insurance requirements hereunder;

 

12

 

(g) the entirety of such Phase (other than the premises to be occupied by individual retail
and restaurant tenants in such Phase) shall be open for business to the general public for its
intended purposes; provided that in all events, a sufficient number of restaurant seats
shall be open for business to support the general public’s use of such Phase for its intended
purposes;

(h) (i) all Contractors and Subcontractors performing work or providing services or materials
relating to such Phase have been paid in full for such work, services and materials and (ii) the
Lien Release Parties (other than those performing engineering, design, advisory or consulting
services or those providing and/or installing Eligible FF&E), have delivered unconditional releases
in the form of Exhibit U-1 or, in the case of Phase 1 only, conditional releases in the
form of Exhibit U-2, (or, in each case, another form reasonably satisfactory to the
Administrative Agent) with respect to all such payments (other than, in the case of each of the
forgoing clauses (i) and (ii), (A) Retainage Amounts and other amounts that, as of the Completion
Date of such Phase, are being withheld from the Contractors and Subcontractors in accordance with
the provisions of the Construction Contracts, (B) amounts being contested in good faith by
appropriate proceedings in the maximum aggregate amount not to exceed $100,000,000 for all Active
Phases so long as adequate reserves have been established through an allocation in the Anticipated
Cost Report for all applicable Active Phases and in accordance with any requirements of this
Agreement (including, without limitation, clause (iv) to the definition of “Permitted Liens”); and
(C) amounts payable in respect of Project Punchlist Items relating to such Phase to the extent not
covered by the foregoing clause (A)); provided, however, that (x) for purposes of
determining whether such $100,000,000 limit referred to in clause (B) above has been exceeded,
contested amounts relating to any Construction Contract that has been terminated (i) prior to the
date hereof, to the extent that the reasonably expected aggregate settlement amount of such
contested amounts under all such terminated contracts does not exceed the Pre-Closing Settlement
Amount or (ii) without resulting in an Event of Default under subsection 8.12 hereof, shall not be
counted; and (y) the Borrower shall not be required to provide such acknowledgements of payment and
unconditional (or conditional, as applicable) releases from any Lien Release Parties with a value
or contract price of less than $500,000 (subject to an aggregate limit of $100,000,000 for all
Active Phases, after which acknowledgement and releases shall be provided from each Lien Release
Party regardless of the value or contract price of the work, services or materials being performed
or provided by such Person);

(i) for Project Punchlist Items relating to such Phase (except for Phase 1 with respect to
clause (iv) below):

(i) a list of any remaining Project Punchlist Items shall have been delivered to the
Construction Consultant and the Administrative Agent by the Borrower and approved by the
Construction Consultant as a reasonable final punchlist (such approval not to be
unreasonably withheld);

(ii) Completing any remaining Project Punchlist Items is not reasonably expected to
take more than 120 days and will not materially interfere with or disrupt the operation of
any Active Phase (including any Active Phase which has previously achieved Final Completion)
for its intended purposes;

 

13

 

(iii) the failure to complete any remaining Project Punchlist Items will not materially
interfere with or disrupt the operation of any Active Phase (including any Active Phase
which has previously achieved Final Completion) for its intended purposes; and

(iv) the Project Punchlist Completion Amount for such Phase does not exceed three
percent (3%) of the Hard Costs set forth in the Project Budget for such Phase;

(j) the Borrower and the Certifying Consultants other than the Cost Consultant shall have
certified to the Administrative Agent and the Lenders, as and to the extent set forth in their
respective Completion Certificates, that Completion of such Phase has been achieved; and

(k) the issuance of the “certificate of practical completion” for the last part of the “Works”
(as defined in the applicable Construction Contracts relating to such Phase) for the last “Section”
(as defined in each of the Construction Contracts relating to such Phase) of such Phase, in
accordance with the applicable Construction Contracts for such Phase;

provided, however, the requirements set forth above shall not apply to the “build
out” or “fit out” of any showroom, retail space or restaurant (provided that in all events, a
sufficient number of restaurant seats shall be open for business to support the general public’s
use of such Phase for its intended purposes).

“Completion Certificates” means, collectively, the Completion Certificates for an Active Phase
in the form of Exhibit W-1 through W-4 annexed hereto to be delivered by the
Borrower and the Certifying Consultants (other than the Cost Consultant for such Phase),
respectively.

“Completion Date” means the date on which Completion of an Active Phase occurs.

“Completion Proceeds” is defined in subsection 2.4B(iii)(f).

“Compliance Certificate” means a certificate substantially in the form of Exhibit C-2
annexed hereto delivered to the Administrative Agent and the Lenders by the Borrower pursuant
to subsection 6.1(iii).

“Concession Guarantor” means BNU, in its capacity as guarantor pursuant to the Land Concession
Guaranty regarding the Land Concession Contract.

 

14

 

“Consolidated Adjusted EBITDA” means, for any period, the sum of the amounts (without
duplication) for such period of (a) Consolidated Net Income, (b) Consolidated Interest Expense, (c)
capitalized interest and non-cash interest to the extent deducted in calculating Consolidated Net
Income, (d) provision for federal, state, local and foreign income or complementary tax, franchise
tax and state and similar taxes imposed in lieu of income taxes, in each case, to the extent
deducted in calculating Consolidated Net Income, (e) total depreciation expense, to the extent
deducted in calculating Consolidated Net Income and total depreciation expense in respect of the
Gaming Assets, (f) total amortization expense (including amortization
of the land premium paid pursuant to the Land Concession Contract), to the extent deducted in
calculating Consolidated Net Income, (g) total pre-opening and developmental expense, to the extent
deducted in calculating Consolidated Net Income consistent with the reported line item on the
Borrower’s financial statements, (h) non-recurring charges and expenses taken in such period, of up
to $15,000,000 in the aggregate in any Fiscal Year, (i) non-cash items reducing Consolidated Net
Income (including non-cash corporate expenses) and (j) Gaming Net Proceeds (to the extent earned by
the Company in such period and actually received by the Borrower within such period or within 5
Business Days after the end of such period), less other non-cash items increasing
Consolidated Net Income, all of the foregoing as determined on a consolidated basis for the Loan
Parties in conformity with Applicable Accounting Standards; provided that, for purposes of
determining compliance with the covenants set forth in section 7.6, the Consolidated Adjusted
EBITDA attributable to the operation of the Project prior to the first anniversary of the first
Quarterly Date following the Substantial Operations Date shall be calculated on the basis of the
three full Fiscal Quarters following the Substantial Operations Date, multiplied by 4/3. Any equity
contributions made by the Sponsor or any of its Affiliates (other than any Loan Party) to the
Borrower (other than contributions which are Gaming Net Proceeds, which are covered by clause (j)
of the preceding sentence) and/or proceeds of Shareholder Subordinated Indebtedness incurred by the
Borrower during any quarter and during a period of fifteen days following such quarter, may at the
written election of the Borrower (and, to the extent the Depository Agreement is then in effect,
the deposit of such amounts, to the extent consisting of cash equity contributions, into the
Borrower Equity Account) be included in Consolidated Adjusted EBITDA for such quarter solely for
purposes of calculations under subsection 7.6; provided that the Borrower may not include
such cash equity contributions and proceeds in the calculation of Consolidated Adjusted EBITDA (a)
if any Event of Default or Potential Event of Default has occurred and is continuing at the time
such cash contribution is made (other than, during the 15-day period following the end of the
relevant Fiscal Quarter, an Event of Default or Potential Event of Default caused by a breach of
subsection 7.6), (b) in an amount in excess of the amount required to cause the Borrower to be in
compliance with subsection 7.6, (c) more than twice in each four consecutive Fiscal Quarter period
of the Borrower and (d) more than four times in the aggregate (any such cash equity contribution so
included in the calculation of Consolidated Adjusted EBITDA, a “Specified Equity Contribution”).
Any loans repaid with any such cash contribution or proceeds in the same Fiscal Quarter or
four-Fiscal-Quarter period, as the case may be, in which such cash contribution or proceeds is
counted as Consolidated Adjusted EBITDA shall not be deemed to have been repaid for purposes of
determining compliance with subsections 7.6A or 7.6B. To the extent an Excluded Subsidiary is
converted to a Restricted Subsidiary during any relevant period, Consolidated Adjusted EBITDA shall
include the Consolidated Adjusted EBITDA of such Restricted Subsidiary on a pro forma basis since
the beginning of such relevant period.

 

15

 

“Consolidated Capital Expenditures” means, for any period, the sum of (a) the aggregate of all
expenditures (whether paid in cash or other consideration or accrued as a liability and including
that portion of Capital Leases which is capitalized on the consolidated balance sheet of the
Borrower) by the Borrower and each other Loan Party during that period that, in conformity with
Applicable Accounting Standards, are included in additions to “property, plant or equipment” or
comparable items reflected in the consolidated statement of cash flows of the Borrower and each
other Loan Party plus (b) to the extent not covered by clause (a) of this definition, any
expenditures by the Borrower or any other Loan Party during that period to
acquire (by purchase or otherwise) the business, property or fixed assets of any Person, or
the stock or other evidence of beneficial ownership of any Person that, as a result of such
acquisition, becomes a Restricted Subsidiary plus (c) the aggregate of all expenditures
(whether paid in cash or other consideration or accrued as a liability and including that portion
of Capital Leases which is capitalized on the consolidated balance sheet of the Company) by the
Company in respect solely of the Casino Facilities (including the purchase or acquisition of Gaming
Assets) during the period that, in conformity with Applicable Accounting Standards, is normally
included in additions to “property, plant or equipment” or comparable items reflected in the
consolidated statement of cash flows of the Person making such expenditures; provided,
however, that any expenditures for Project Costs (whether by the Borrower or the Company)
shall not be included in Consolidated Capital Expenditures, and any expenditures required to be
made for fixtures, furniture and equipment by the Loan Parties pursuant to the Shangri-La
Management Agreement or Sheraton Management Agreement (or any replacement of either such agreement)
for which reserves are taken (including “book entry” reserves) shall not be included in the
Consolidated Capital Expenditures until such reserved amounts are actually expended;
provided, further, that expenditures made with Net Loss Proceeds not required to be
applied to prepay Loans pursuant to Section 2.4 or, so long as no Potential Event of Default or
Event of Default shall have occurred and be continuing at the time of such expenditure or shall
otherwise result therefrom, made with the proceeds of equity contributions to the Borrower from the
Parent or Sponsor shall not be included in Consolidated Capital Expenditures.

“Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for
such period, excluding any amount not payable in Cash.

“Consolidated Current Assets” means, as at any date of determination, the total assets of the
Borrower and each other Loan Party on a consolidated basis and (without duplication) the total
assets of the Company with respect to the Casino Facilities, in each case, that may properly be
classified as current assets in conformity with Applicable Accounting Standards, excluding Cash and
Cash Equivalents.

“Consolidated Current Liabilities” means, as at any date of determination, the total
liabilities of the Borrower and each other Loan Party on a consolidated basis and (without
duplication, but only to the extent incurred directly related thereto) the total liabilities of the
Company with respect to the Casino Facilities, in each case, that may properly be classified as
current liabilities in conformity with Applicable Accounting Standards, excluding, in each case,
the current portion of long term debt.

 

16

 

“Consolidated Excess Cash Flow” means, for any period, an amount (if positive) equal to: (i)
the sum, without duplication, of the amounts for such period of (a) Consolidated Adjusted EBITDA
(excluding any Specified Equity Contribution received by the Borrower except as provided in this
parenthetical and including, at all times following the later of the Project Final Completion Date
and March 31, 2013, 35% of any Specified Equity Contribution received by the Borrower to be counted
in Consolidated Adjusted EBITDA pursuant to the provisions of the definition thereof), plus (b) the
Consolidated Working Capital Adjustment, minus (ii) the sum, without duplication, of the
amounts for such period of (a) Consolidated Capital Expenditures (net of any proceeds of (x) any
related financings with respect to such expenditures and (y) any sales of assets used to finance
such expenditures) and Project Costs (to the extent not paid with
proceeds from the Facilities or the sources described in clauses (a) and (c) of the definition
of Equity), (b) Consolidated Cash Interest Expense, (c) provisions for federal, state, local and
foreign income or complementary tax, franchise tax and state and similar taxes imposed in lieu of
income taxes, in each case of the Borrower and each other Loan Party and payable in cash with
respect to such period, (d) cash Investments made in reliance on and in accordance with subsection
7.3, (e) any cash fees and expenses incurred in connection with a financing to the extent added
back to Consolidated Net Income during such period in order to arrive at Consolidated Adjusted
EBITDA, (f) cancellation of Indebtedness income to the extent included in Consolidated Net Income
for such period, (g) aggregate amounts deposited during such period into the Borrower Equity
Account pursuant to Section 2.2.3 of the Depository Agreement (if then in effect), (h) total
pre-opening and developmental expense to the extent added to Consolidated Net Income in the
calculation of Consolidated Adjusted EBITDA during such period, (i) non-recurring charges and
expenses to the extent added to Consolidated Net Income in the calculation of Consolidated Adjusted
EBITDA during such period pursuant to clause (h) of the definition thereof and (j) scheduled
principal repayments of Consolidated Total Debt (excluding, for the avoidance of doubt, any
principal amount prepaid or redeemed prior to its scheduled payment date (including by
acceleration, the occurrence of any contingency or otherwise)).

“Consolidated Interest Coverage Ratio” means, as of any Quarterly Date, the ratio computed for
the period consisting of the Fiscal Quarter as to which such Quarterly Date relates and each of the
three immediately preceding Fiscal Quarters of (a) Consolidated Adjusted EBITDA (for all such
Fiscal Quarters or annualized) to (b) the sum (for all such Fiscal Quarters) of, without
duplication, (i) capitalized interest to the extent paid during such period and (ii) Consolidated
Interest Expense.

“Consolidated Interest Expense” means, for any period, total interest expense (including that
portion attributable to Capital Leases in accordance with Applicable Accounting Standards but
excluding (x) capitalized interest paid at any time if not paid in cash and (y) payment-in-kind
interest) of the Borrower and each other Loan Party on a consolidated basis with respect to all
outstanding Indebtedness of the Borrower and each other Loan Party (other than non-cash interest on
Permitted Subordinated Indebtedness), including all commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers’ acceptance financing and net costs
under Hedging Agreements, but excluding, however, amortization of debt issuance costs and deferred
financing fees including any amounts referred to in subsection 2.3 payable to the Agents or
Lenders, and any fees and expenses payable to the Agents or Lenders in connection with this
Agreement, in each case, on or prior to the Closing Date. To the extent an Excluded Subsidiary is
converted to a Restricted Subsidiary during any relevant period, Consolidated Interest Expense
shall include the Consolidated Interest Expense of such Restricted Subsidiary on a pro forma basis
since the beginning of such relevant period.

“Consolidated Leverage Ratio” means, as of any date, the ratio of (a) Consolidated Total Debt
outstanding on such date to (b) Consolidated Adjusted EBITDA computed for the period consisting of,
if such date is a Quarterly Date, the Fiscal Quarter ending on such date and each of the three
immediately preceding Fiscal Quarters, or if such date is not a Quarterly Date, the four full
Fiscal Quarters most recently ended.

 

17

 

“Consolidated Net Income” means, for any period, the net income (or loss) of the Borrower and
each other Loan Party on a consolidated basis for such period taken as a single accounting period
determined in conformity with Applicable Accounting Standards and before any reduction in respect
of preferred stock dividends; provided that there shall be excluded, without duplication,
(a) the income (or loss) of any Person (other than a Restricted Subsidiary), except to the extent
of the amount of dividends or other distributions actually paid to the Borrower or any other Loan
Party by such Person during such period (but net of any applicable taxes payable in connection
therewith), (b) the income (or loss) of any Person accrued prior to the date it is merged into or
consolidated with the Borrower or any other Loan Party or that Person’s assets are acquired by the
Borrower or any other Loan Party, (c) any after-tax gains or losses attributable to (i) Asset
Sales, (ii) returned surplus assets of any Pension Plan or (iii) the disposition of any Securities
or the extinguishment of any Indebtedness of any Loan Party, (d) the effect of non-cash accounting
adjustments resulting from a change in the tax status of a flow-through tax entity to a
“C-corporation” or other entity taxed similarly, (e) any net extraordinary gains or net
extraordinary losses and (f) any costs, amortization or charges associated with any amendments,
modifications or supplements to any agreement relating to Indebtedness (including any of the Loan
Documents); provided, further, that no effect shall be given to any non-cash
minority interest in any Loan Party permitted hereunder for purposes of computing Consolidated Net
Income.

“Consolidated Total Debt” means, as at any date of determination, the aggregate stated balance
sheet amount of all Indebtedness of the Borrower and each other Loan Party (other than any
Shareholder Subordinated Indebtedness and Indebtedness and the guarantees thereof incurred pursuant
to Section 7.1(xi)), determined on a consolidated basis in accordance with Applicable Accounting
Standards.

“Consolidated Working Capital” means, as at any date of determination, the excess of
Consolidated Current Assets over Consolidated Current Liabilities.

“Consolidated Working Capital Adjustment” means, for any period on a consolidated basis, the
amount (which may be a negative number) by which Consolidated Working Capital as of the beginning
of such period exceeds (or is less than) Consolidated Working Capital as of the end of such period.

“Construction Component” means any of the Resort Component or the FF&E Component.

“Construction Consultant” means Hanmi Parsons Co., Ltd., or any other person designated from
time to time under the Depository Agreement by the Administrative Agent to serve as the
Construction Consultant.

“Construction Consultant Engagement Agreement” means Schedule of Work No. 3 to that certain
Due Diligence Services Agreement dated as of October 1, 2005 among The Goldman Sachs Group, Inc.
and HanmiParsons Company Ltd.

“Construction Contracts” means, collectively, the contracts entered into, from time to time,
between any Loan Party, on the one hand, and any Contractor, on the other hand, for
performance of services or sale of goods in connection with the design, engineering,
installation or construction of the Project.

 

18

 

“Contingent Obligation”, as applied to any Person, means any direct or indirect liability,
contingent or otherwise, of that Person (a) with respect to any Indebtedness, lease, dividend or
other obligation of another if the primary purpose or intent thereof by the Person incurring the
Contingent Obligation is to provide assurance to the obligee of such obligation of another that
such obligation of another will be paid or discharged, or that any agreements relating thereto will
be complied with, or that the holders of such obligation will be protected (in whole or in part)
against loss in respect thereof, (b) with respect to any letter of credit issued for the account of
that Person or as to which that Person is otherwise liable for reimbursement of drawings, or (c)
under Hedging Agreements. Contingent Obligations shall include (a) the direct or indirect
guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of
business), co-making, discounting with recourse or sale with recourse by such Person of the
obligation of another, (b) the obligation to make take-or-pay or similar payments if required
regardless of non-performance by any other party or parties to an agreement, and (c) any liability
of such Person for the obligation of another through any agreement (contingent or otherwise) (i) to
purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide
funds for the payment or discharge of such obligation (whether in the form of loans, advances,
stock purchases, capital contributions or otherwise) or (ii) to maintain the solvency or any
balance sheet item, level of income or financial condition of another if, in the case of any
agreement described under subclauses (i) or (ii) of this sentence, the primary purpose or intent
thereof is as described in the preceding sentence. The amount of any Contingent Obligation shall
be equal to the amount of the obligation so guaranteed or otherwise supported or, if less, the
amount to which such Contingent Obligation is specifically limited. Notwithstanding the foregoing,
Contingent Obligations shall not include 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.

“Contract Amendment Certificate” means a Contract Amendment Certificate substantially in the
form of Exhibit L-4.

“Contract Consents” means the consents, executed by the applicable Loan Party and third party,
to the collateral assignment by the Loan Parties of the Material Contracts (other than the Gaming
Contracts, the Land Concession Contract, any shareholder agreement, any usufruct agreements or any
Organizational Document), as required by the terms of the Loan Documents, substantially in the form
of Schedule B to the Assignment of Rights or otherwise in form and substance reasonably
satisfactory to the Administrative Agent; provided that, with respect to each Hotel
Management Agreement with a Person that is not an Affiliate of the Borrower, the Sponsor or the
Parent, the Contract Consent shall also be executed by the Administrative Agent and shall contain
“non-disturbance” provisions for the benefit of the manager that are reasonably satisfactory to the
Administrative Agent.

“Contractors” means any architects, engineers, consultants, designers, contractors,
sub-contractors, suppliers, vendors, laborers or any other Persons engaged by the Borrower in
connection with the design, engineering, installation and construction of the Project.

 

19

 

“Contractual Obligation” means, as applied to any Person, any provision of any Security issued
by that Person or of any material indenture, mortgage, deed of trust, contract, undertaking,
agreement or other instrument to which that Person is a party or by which it or any of its
properties is bound or to which it or any of its properties is subject.

“Conversion/Continuation Notice” means a notice substantially in the form of Exhibit
B-3 annexed hereto delivered to the Administrative Agent pursuant to subsection 2.2D with
respect to a proposed conversion or continuation of the applicable basis for determining the
interest rate with respect to the Loans specified therein.

“Cost Consultant” means Rider, Levett & Bailey or any replacement cost consultant reasonably
acceptable to the Administrative Agent.

“Costs to Equity Ratio” means, on any date of determination, the ratio of (a) the Total
Project Costs which have been paid through such date of determination, to (b) the Equity as of such
date of determination.

“Cotai” means the area of reclaimed land between the islands of Taipa and Coloane in Macau
SAR.

“Cotai Plan” means the plan for the development of the Cotai Strip submitted to Macau SAR, the
current form of which as of the date hereof is set forth in the diagram attached as Exhibit
P showing the approximate placement of the land parcels along the Cotai Strip as designated by
Macau SAR, as such Plan may be modified in a non-material manner from time to time upon notice of
any such modification to the Administrative Agent.

“Cotai Strip” means the land located at Cotai in Macau SAR.

“Credit Extension” means, as the context may require, (a) the making of a Loan by a Lender or
(b) the issuance of any Letter of Credit, or the extension of any expiration date of any existing
Letter of Credit, by the Issuing Lender of such Letter of Credit.

“DBS” is defined in the preamble.

“Debt Service” means (a) with respect to the Facilities, all scheduled or mandatory principal
repayments, interest, fees, expenses and premium (if any) and other amounts payable or accrued from
time to time under the Credit Agreement and any other Loan Documents, and (b) with respect to FF&E
Facilities, all interest, fees and expenses payable or accrued from time to time under the FF&E
Facilities.

“Default Excess” means, with respect to any Funds Defaulting Lender, the excess, if any, of
such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of
all Lenders (calculated as if all Funds Defaulting Lenders (including such Funds Defaulting Lender)
had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount
of all Loans of such Funds Defaulting Lender.

 

20

 

“Default Period” means, (x) with respect to any Funds Defaulting Lender, the period commencing
on the date that such Lender became a Funds Defaulting Lender and ending on the
earliest of: (i) the date on which all Commitments are cancelled or terminated and/or the
Obligations are declared or become immediately due and payable, (ii) the date on which (a) the
Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by
the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the
non-pro rata application (in accordance with subsection 2.11) of any voluntary or mandatory
prepayments of the Loans in accordance with the terms of subsection 2.4B(i) or subsection 2.4B(iv)
or by a combination thereof) or such Defaulting Lender shall have paid all amounts due from it
under subsection 9.4, as the case may be, and (b) such Defaulting Lender shall have delivered to
Borrower and Administrative Agent a written reaffirmation of its intention to honor its obligations
hereunder with respect to its Commitments, and (iii) the date on which Borrower, Administrative
Agent and Requisite Lenders waive all failures of such Defaulting Lender to fund or make payments
required hereunder in writing; and (y) with respect to any Insolvency Defaulting Lender, the period
commencing on the date such Lender became an Insolvency Defaulting Lender and ending on the
earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated
and/or the Obligations are declared or become immediately due and payable and (ii) the date that
such Defaulting Lender ceases to hold any portion of the Loans or Commitments.

“Defaulted Loan” means any Revolving Loan or Term Loan or portion of any unreimbursed payment
under subsection 2.10D or 3.3C not made by any Lender when required thereunder.

“Defaulting Lender” means any Funds Defaulting Lender or Insolvency Defaulting Lender.

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings
and loan association, credit union or like organization, other than an account evidenced by a
negotiable certificate of deposit.

“Depository Agent” means The Bank of Nova Scotia, in its capacity as the depository agent
under the Depository Agreement and its successors in such capacity.

“Depository Agreement” means the Depository Agreement by and among the Administrative Agent,
the Depository Agent and the Borrower, in substantially the form of Exhibit I, as such
agreement may be amended, supplemented or otherwise modified from time to time in accordance with
the terms thereof and hereof.

“Dollar Equivalent” shall mean, on any date of determination, (a) with respect to any amount
denominated in Dollars, such amount and (b) with respect to any amount denominated in any other
currency, the equivalent in Dollars of such amount, determined by the Administrative Agent either
(i) pursuant to Section 1.4 using the Exchange Rate at the time in effect under the provisions of
such Section 1.4 or, (ii) if explicitly specified herein, using the applicable Closing FX Rate.

“Dollars”, “USD” and the sign “$” mean the lawful money of the United States.

 

21

 

“Easement” means any easement appurtenant, easement in gross, license agreement or other right
running for the benefit of any Loan Party, the Project, or appurtenant to any Site which benefits
or burdens the Project.

“Eligible Affiliate Purchaser” means the Borrower or any of its Affiliates.

“Eligible Assignee” means (a) (i) a commercial bank organized under the laws of the United
States or any state thereof; (ii) a savings and loan association or savings bank organized under
the laws of the United States or any state thereof; (iii) a finance company, insurance company,
bank or other financial institution or fund that is engaged in making, purchasing or otherwise
investing in commercial loans in the ordinary course of its business; and (iv) any other Person
which is an “accredited investor” (as defined in Regulation D under the Securities Act) which
(other than an Eligible Affiliate Purchaser) extends credit or buys loans in the ordinary course
including insurance companies, mutual funds and lease financing companies; (b) any Approved Fund;
(c) any Lender and any Affiliate of any Lender; and (d) solely for purposes of subsection 10.1I, an
Eligible Affiliate Purchaser; provided that, except as contemplated by subsection 10.1I, no
Loan Party or Affiliate of any Loan Party shall be an Eligible Assignee (it being understood that
the Eligible Affiliate Purchasers may acquire up to 20% of the Term Loans by assignment or
otherwise pursuant to subsection 10.1I); provided further that so long as no Event of
Default shall have occurred and be continuing, no (i) Person that owns or operates a casino or
other gaming operation located in Singapore, Macau SAR, the United Kingdom or the States of Nevada,
New Jersey, Pennsylvania or Michigan or any other jurisdiction in which Parent or any of its
Subsidiaries has obtained or applied for a gaming license (or is an Affiliate of such a Person)
(provided that a passive investment constituting less than 10% of the common stock of any
such casino or other gaming operation shall not constitute ownership thereof for the purposes of
this definition), (ii) Person that owns or operates a trade show, convention, exhibition or
conference center in Singapore, Macau SAR, the United Kingdom or Las Vegas or Clark County, Nevada,
or the States of New Jersey, Pennsylvania or Michigan, or any other jurisdiction in which the
Parent or any of its Subsidiaries owns, operates or is developing a convention, trade show,
conference center or exhibition facility (or an Affiliate of such a Person) (provided that
a passive investment constituting less than 10% of the common stock of any such casino or trade
show, convention, exhibition and conference center facility shall not constitute ownership for the
purpose of this definition), or (iii) union pension fund (provided that any intermingled
fund or managed account which has as part of its assets under management the assets of a union
pension fund shall not be disqualified from being an Eligible Assignee hereunder so long as the
manager of such fund is not controlled by a union or a union does not own 10% or more of the assets
of such fund), shall be an Eligible Assignee, and provided further that no Person
denied an approval or a license, or found unsuitable under the Nevada Gaming Laws or any other
applicable gaming laws applicable to Lenders shall be an Eligible Assignee. Notwithstanding the
foregoing, the Borrower may in its sole and absolute discretion waive the restrictions set forth in
clauses (i), (ii) and (iii) of the second proviso above as to any Person that would otherwise be an
Eligible Assignee by notifying the Administrative Agent in writing of such waiver. Notwithstanding
the foregoing, the Borrower hereby acknowledges that none of the Lenders as of the Closing Date and
their Affiliates shall be subject to the restrictions set forth in clauses (i), (ii) and (iii) of
the second proviso above.

 

22

 

“Eligible FF&E Equipment” means the fixtures, furniture and equipment permitted to be financed
under FF&E Facilities, as described on Exhibit X-2 annexed hereto (as such exhibit may be
updated from time to time by the Borrower with the consent of the Administrative Agent (in
consultation with the Construction Consultant), which consent shall not be unreasonably withheld).

“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA
which is or was maintained or contributed to by the Borrower or any of its ERISA Affiliates.

“Enforcement Notice” is defined in Section 8.

“Environmental Assessment” means, collectively (i) that certain Environmental Audit Report
dated as of December 4, 2009 prepared by ERM, and (ii) any future Environmental Assessments or
Equator Principles Review Reports prepared pursuant to the terms of this Agreement.

“Environmental Claim” means any investigation, notice, notice of violation, claim, action,
suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise),
by any Government Instrumentality or any other Person, arising (a) pursuant to or in connection
with any actual or alleged violation of any Environmental Law, (b) in connection with any Hazardous
Materials or any actual or alleged Hazardous Materials Activity, or (c) in connection with any
actual or alleged damage, injury, threat or harm to health, safety, natural resources or the
environment.

“Environmental Laws” means any and all applicable current or future statutes, ordinances,
orders, rules, regulations, binding guidance documents, judgments, Permits, international and
transnational treaties or legislation (including without limitation, the Equator Principles (as the
same exist as of the date of this Agreement (subject to subsection 6.7A(ii)) and any other such
treaties or legislation identified as applicable in the Environmental Assessment), or any other
applicable requirements of any Government Instrumentalities relating to (a) environmental matters,
including those relating to any Hazardous Environmental Activity, (b) the generation, use, storage,
transportation or disposal of Hazardous Materials, or (c) occupational safety and health,
industrial hygiene, land use or the protection of human, plant or animal health or welfare, in any
manner applicable to the Company or any of its Subsidiaries or any of their Properties, including
without limitation Macau Environmental Law (Law No. 2/91/M), Law on Aquatic Property (Law No.
6/86M), the Regulation on Noise Pollution Control (Decree Law No. 54/94/M), Regulation on Control
of and Reduction on Use of Chemicals that would affect the Ozone Layer (Decree Law No. 62/95),
Regulations on Approval for List of Ozone-Depletion Chemical Materials (Dispatch No. 78/GM/95),
Regulation on Water Supply and Discharge in Macau (Decree Law No. 46/96/M), Regulation on Marine
Pollution (Decree Law No. 35/97/M), General Regulation regarding Public Areas (Administrative
Regulation No. 28/2004), Regulation on Solid Waste and Hygiene in Macau City, Designation of an
Environmental Protection Zone on Coloane Island (Decree Law No. 33/81/M), Regulation on Protection
of Building, Landscape and Cultural Property (Decree Law No. 56/84/M), Regulation on Prevention of
Pollution Criminal (Macau Criminal Code approved by Decree Law No.
58/95/M), each as amended or supplemented, any analogous present or future state or local
statutes, laws, and any regulations promulgated pursuant to any of the foregoing.

 

23

 

“Environmental Management Plan” means that certain Environmental Management Plan prepared by
ERM, dated as of November 11, 2009, and a part of the Environmental Assessment.

“Equator Principles” means those certain principles and standards (including the preamble,
materials incorporated by reference and exhibits thereto) voluntarily adopted by certain banks and
other financial institutions, all as set forth more fully at
www.equator-principles.com/principles.shtml, as the same exist on the date of this
Agreement, including without limitation, the following World Bank and International Finance
Corporation (“IFC”) guidelines, policies and handbooks: Environmental, Health, and Safety General
Guidelines (April 30, 2007) and Environmental, Health, and Safety Guidelines for Tourism and
Hospitality Development (April 30, 2007), to the extent properly determined to be applicable to the
Project by an Environmental Assessment.

“Equity” means (a) cash capital contributed to the Borrower including, without limitation, by
way of subscription, “supplementary payments” or capital contributions (whether or not resulting in
additional paid-in capital), other than contributions that are Gaming Net Proceeds, (b) Gaming Net
Proceeds and cash revenues of any Loan Party to the extent used to pay Project Costs and/or (c)
proceeds of Shareholder Subordinated Indebtedness received by the Borrower (to the extent the
principal amount of any such Shareholder Subordinated Indebtedness has not yet been repaid).

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

“ERISA Affiliate” means, as applied to any Person, (a) any corporation which is a member of a
controlled group of corporations within the meaning of Section 414(b) of the Code of which that
Person is a member; (b) any trade or business (whether or not incorporated) which is a member of a
group of trades or businesses under common control within the meaning of Section 414(c) of the Code
of which that Person is a member; and (c) any member of an affiliated service group within the
meaning of Section 414(m) or (o) of the Code of which that Person, any corporation described in
clause (a) above or any trade or business described in clause (b) above is a member. Any former
ERISA Affiliate of the Borrower or any of its Subsidiaries shall continue to be considered an ERISA
Affiliate of the Borrower or such Subsidiary within the meaning of this definition with respect to
the period such entity was an ERISA Affiliate of the Borrower or such Subsidiary and with respect
to liabilities arising after such period for which Borrower or such Subsidiary could be liable
under the Code or ERISA.

 

24

 

“ERISA Event” means (a) a “reportable event” within the meaning of Section 4043 of ERISA and
the regulations issued thereunder with respect to any Pension Plan (excluding those for which the
provision for 30-day notice to the PBGC has been waived by regulation); (b) the failure to meet the
minimum funding standard of Section 412 of the Code with respect to any Pension Plan (whether or
not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a
required installment under Section 430(j) of the Code with
respect to any Pension Plan or the failure to make any required contribution to a
Multiemployer Plan; (c) the provision by the administrator of any Pension Plan pursuant to Section
4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination
described in Section 4041(c) of ERISA; (d) the withdrawal by the Borrower or any of its
Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more
contributing sponsors or the termination of any such Pension Plan resulting in liability pursuant
to Section 4063 or 4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any
Pension Plan, or the occurrence of any event or condition which might constitute grounds under
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (f)
the imposition of liability on the Borrower or any of its Subsidiaries or any of their respective
ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of
Section 4212(c) of ERISA; (g) the withdrawal of the Borrower or any of its Subsidiaries or any of
their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of
Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability
therefor, or the receipt by the Borrower or any of its Subsidiaries or any of their respective
ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under
Section 4041A or 4042 of ERISA; (h) the occurrence of an act or omission which could give rise to
the imposition on the Borrower or any of its Subsidiaries or any of their respective ERISA
Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Code or under
Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee
Benefit Plan; (i) the assertion of a material claim (other than routine claims for benefits)
against any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof, or against
the Borrower or any of its Subsidiaries or any of their respective ERISA Affiliates in connection
with any Employee Benefit Plan; (j) receipt from the PBGC of notice of the failure of any Pension
Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Code)
to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any
Pension Plan to qualify for exemption from taxation under Section 501(a) of the Code; or (k) the
conditions for imposition of a Lien pursuant to Section 430(k) of the Code or Section 303(k) of
ERISA with respect to any Pension Plan.

“ERM” means Environmental Resources Management.

“Eurodollar Rate Loans” means Loans bearing interest at rates determined by reference to the
Adjusted Eurodollar Rate as provided in subsection 2.2A.

“Eurodollar Rate Reserve Percentage” for any Interest Period for all Eurodollar Rate Loans
comprising part of the same Borrowing means the reserve percentage applicable two Business Days
before the first day of such Interest Period under regulations issued from time to time by the
Board of Governors of the Federal Reserve System (or any successor) for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal
reserve requirement) for a member bank of the Federal Reserve System in New York City with respect
to liabilities or assets consisting of or including eurocurrency liabilities (or with respect to
any other category of liabilities that includes deposits by reference to which the interest rate on
Eurodollar Rate is determined) having a term equal to such Interest Period.

 

25

 

“Event of Default” is defined in Section 8.

“Event of Force Majeure” means, with respect to any Active Phase, any event that causes a
delay in the construction of such Active Phase and is outside Loan Party’s reasonable control but
only to the extent (a) such event does not arise out of the negligence or willful misconduct of any
Loan Party and (b) such event consists of an act of God (such as tornado, flood, hurricane, etc.);
fires and other casualties; strikes, lockouts or other labor disturbances (except to the extent
taking place only at any Site); riots, insurrections or civil commotions; embargoes, shortages or
unavailability of materials, supplies, labor, equipment and systems that first arise after the date
hereof, but only to the extent caused by another act, event or condition covered by this clause
(b); sabotage; vandalism; act, omissions to act, or failures to timely act by the Regulatory
Consultant; act, omissions to act, or failures to timely act by any Governmental Instrumentality
without justifiable cause (unless any Loan Party should, in the exercise of due diligence and
prudent judgment, have anticipated such act, omission or failure and provided each Loan Party shall
have timely and properly submitted all applications, documents and other information required under
applicable Legal Requirements to request or initiate such action); the requirements of law,
statutes, regulations and other Legal Requirements enacted after the date hereof (unless any Loan
Party should, in the exercise of due diligence and prudent judgment, have anticipated such
enactment); orders or judgments; or any similar types of events, provided that the Company has
sought to mitigate the impact of the delay. In no event shall lack of funds be considered an Event
of Force Majeure.

“Event of Loss” means, with respect to any Collateral (whether a tangible or intangible asset,
or real or personal property), any of the following: (a) any loss, destruction or damage of such
property or asset; (b) any actual condemnation, seizure or taking by exercise of the power of
eminent domain or otherwise of such property or asset, or confiscation of such property or asset or
the requisition of the use of such property or asset; or (c) any settlement in lieu of clause (b)
above.

“Excess Asset Sale Proceeds” is defined in subsection 2.4B(iii)(a).

“Excess Loss Proceeds” is defined in subsection 2.4B(iii)(b).

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
any successor statute.

“Exchange Rate” shall mean the best spot rate of exchange available to the Administrative
Agent using commercially reasonable efforts as between any two currencies on a particular date,
which determination shall be conclusive absent manifest error; provided that upon the
request of the Borrower, the Administrative Agent will provide the Borrower with appropriate
documentation demonstrating the exchange rates received by the Administrative Agent with respect to
the applicable transaction; and provided, further, however, that with
respect to the calculation of outstanding amounts (but not with respect to funding or repayment)
under Swing Line Loans and Letters of Credit denominated in HK Dollars or Patacas, the reference
Exchange Rate shall be determined as follows: (a) with respect to HK Dollars, the middle HKD/USD
rate as announced daily by the Hong Kong Treasury Market Association and shown on the Reuter’s
HKDFIX page at 11:15 A.M. Hong Kong time on the applicable date (the
“Mid HKD/USD Rate”), and (b) with respect to Patacas, the product (to the nearest four decimal
points) of (i) the Mid HKD/USD Rate and (ii) the middle MOP/HKD rate as announced daily by the
Monetary Authority of Macau and shown on the Reuter’s AMCM page at 11:00 A.M. Hong Kong time. For
example, assume that on a determination date the Mid HKD/USD Rate is 7.7587, and the AMCM page for
that date shows MOP/HKD at 1.029 — 1.031 (whereas the mid rate would be 1.030). Thus the
applicable reference rate for MOP/USD would be calculated to be 7.7587 x 1.0300 = 7.9915.

 

26

 

“Excluded Information” is defined in subsection 10.1I(iii).

“Excluded Subsidiary” means (i) Cotai Ferry Company Limited, Venetian Travel Limited, Cotai
Retail Concepts Limited and Venetian Retail Limited, each a Macau corporation, (ii) Zhuhai Cotai
Logistics Services Co., Ltd., a wholly foreign-owned enterprise company organized under the laws of
the People’s Republic of China, (iii) any Subsidiary that is designated as an Excluded Subsidiary
by the Borrower as provided in the next sentence and (iv) any Subsidiary of an Excluded Subsidiary.
So long as such designation would not result in a Potential Event of Default or Event of Default
occurring and continuing, the Borrower may designate any Subsidiary of the Borrower (including any
Subsidiary of the Borrower acquired or formed after the date hereof) to be an Excluded Subsidiary
by providing written notice of such designation to the Administrative Agent; provided that
neither such Subsidiary nor any of its Subsidiaries may (i) own any capital stock or Indebtedness
of, or own or hold any Lien on any property or assets of any kind of, the Borrower or any
Restricted Subsidiary of the Borrower that is not a Subsidiary of the Subsidiary to be so
designated, (ii) be liable with respect to any Contingent Obligations for, or create, incur, assume
or otherwise permit any Lien on or with respect to any of its properties or assets of any kind to
secure, any Indebtedness of any other Person (other than another Excluded Subsidiary) or (iii)
participate, or be expected to participate, in any material respect, in the development,
construction, operation or management of the Project.

“Expiration Time” with respect to any Offer, as defined in the applicable Offer Documents.

“Facilities” means the TLF I Facility, the TLF II Facility, the Revolving Credit Facility and
any New Term Loan Facility.

“FDIC” means the Federal Deposit Insurance Corporation.

“Federal Funds Effective Rate” means, for any period, a fluctuating interest rate equal for
each day during such period to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is
a Business Day, the average of the quotations for such day on such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by the
Administrative Agent.

 

27

 

“FF&E Component” means the fixtures, furniture and equipment financed by the FF&E Facilities,
as described in Exhibit X-1 annexed hereto (and updated from time to time pursuant to
subsection 6.17D).

“FF&E Deposit Loans” means any Loans the proceeds of which are applied to fund advances or
deposits with respect to assets that later become Specified FF&E pursuant to the terms of the
Depository Agreement.

“FF&E Documents” means the credit agreement or other similar document governing any FF&E
Facility, and any intercreditor agreement related to any FF&E Facility.

“FF&E Facility” means any credit facility, vendor financing, mortgage financing, purchase
money obligation, capital lease or similar arrangement incurred to finance or refinance Specified
FF&E pursuant to subsection 7.1(ix) or (xiv).

“Final Completion Certificates” means, collectively, the Final Completion Certificates for an
Active Phase in the form of Exhibits W-5 through W-8 annexed hereto to be delivered
by the Borrower and each Certifying Consultant, respectively.

“Final Completion Conditions” means, with respect to any Active Phase, that (a) the Completion
Date for such Phase shall have occurred, (b) such Phase (excluding tower 6B in the case of Phase 1)
shall have received a permanent Occupancy Certificate from the Building Department (and copies of
such certificates shall have been delivered to the Administrative Agent and the Construction
Consultant), (c) the Borrower shall have delivered to the Administrative Agent and the Construction
Consultant its Final Completion Certificate certifying that (i) all Project Punchlist Items
relating to such Phase have been completed, and (ii) the Borrower has settled with the Contractors
and the Subcontractors performing work or providing services relating to such Phase all claims for
payments and amounts due under the Construction Contracts relating to such Phase (other than, in
the case of Phase 1 only, Retainage Amounts and other amounts that are being withheld from the
Contractors and Subcontractors in accordance with the provisions of the Construction Contracts),
respectively, and the Lien Release Parties (other than those providing engineering, design,
advisory or consulting services or those providing and/or installing Eligible FF&E) shall have
delivered unconditional releases in the form of Exhibit U-1 or, in the case of Phase 1
only, conditional releases in the form of Exhibit U-2, (or, in each case, another form
reasonably satisfactory to the Administrative Agent) with respect to all final payments;
provided, however, that (x) the Borrower shall not be required to provide such
acknowledgements of payments and unconditional releases from any Lien Release Party with a value or
contract price of less than $500,000 (subject to an aggregate limit of $25,000,000 for all Active
Phases, after which acknowledgement and releases shall be provided from each Lien Release Party
regardless of the value or contract price of the work, services or materials being performed or
provided by such Person (copies of which shall have been delivered to the Construction
Consultant)), (d) the Certifying Consultants shall have delivered their Final Completion
Certificates, (e) the Borrower shall have delivered to the Administrative Agent an “as built
survey” of such Phase, and (f) the definitive registration with the Macau Land and Building
Registration Department for the Land Concession Contract shall have occurred; provided,
however, that the foregoing clause (f) shall not apply with respect to Phase 1.

 

28

 

“Final Completion Date” means, with respect to any Active Phase, the date on which the Final
Completion Conditions for such Phase have been satisfied.

“Final Plans and Specifications” means, with respect to any particular work or Improvement for
an Active Project, the Plans and Specifications which (a) have received final approval from all
Governmental Instrumentalities required to approve such Plans and Specifications prior to
completion of the work or Improvements; and (b) contain sufficient specificity to permit the
completion of the work or Improvement.

“Financial Institution” means, collectively (i) The Bank of Nova Scotia, in its capacity as
“Financial Institution” under the US Collateral Account Agreement and any Hong Kong Collateral
Account Agreement, (ii) BOC, in its capacity as “Bank” under any Macau Collateral Account Agreement
and (iii) any other financial institution from time to time party to a Collateral Account
Agreement.

“Financial Plan” is defined in subsection 6.1(xii).

“First Priority” means, with respect to any Lien created in any Collateral pursuant to any
Collateral Document, that such Lien is the only Lien (other than Permitted Liens, which Liens are
not senior to, or pari passu with, the Liens in favor of the Secured Parties unless specifically
permitted to have a higher or same priority in the definition of Permitted Liens or which are given
such priority by operation of law) to which such Collateral is subject.

“First Sale” is defined in subsection 7.10(xx).

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.

“Fiscal Year” means the fiscal year of the Borrower ending on December 31 of each calendar
year.

“Floating Charge” means each Floating Charge, substantially in the form of Exhibit E-1,
executed by any Loan Party in favor of the Collateral Agent.

“Foreign Security Agreements” means the Mortgage, the Assignment of Rights, the Pledge Over
Gaming Equipment and Utensils, the Macau Collateral Account Agreement, the Assignment of
Insurances, the Pledge over Intellectual Property Rights, the Power of Attorney, the Livranças, the
Livrança Side Letter, the Floating Charge, each Hong Kong Collateral Account Agreement, any New
Mortgage entered into pursuant to subsection 7.21B and all other instruments or documents governed
by the laws of a jurisdiction other than the United States or any subdivision thereof, delivered by
a Loan Party pursuant to any of the Loan Documents in order to grant to the Collateral Agent, on
behalf of the Secured Parties, a Lien (or to perfect such Lien) on any Collateral as security for
the Obligations.

“Former Lender” is defined in subsection 10.7(a).

 

29

 

“Free Cash Flow” means, for any period, an amount (if positive) equal to: (i) the sum, without
duplication, of the amounts for such period of (a) Consolidated Adjusted EBITDA, plus (b) the
Consolidated Working Capital Adjustment (minus any increase in Cage Cash and plus
any decrease in Cage Cash, in each case from the first day of such period to the last day of
such period), minus (ii) the sum, without duplication, of the amounts for such period of (a)
Consolidated Capital Expenditures permitted by the terms of this Agreement (net of (x) any proceeds
of (1) any related financings with respect to such expenditures and (2) any sales of assets used to
finance such expenditures and (y) any Project Costs), (b) Consolidated Cash Interest Expense
permitted to be paid by the terms of this Agreement (excluding Cash Interest Expense paid from the
Interest Escrow Account), (c) the aggregate amount of all regularly scheduled principal payments of
Indebtedness (including, without limitation, the Term Loans but excluding any Contingent
Obligations) of the Loan Parties made during such period (other than in respect of any revolving
credit facility to the extent there is not an equivalent permanent reduction in commitments
thereunder such that after giving effect to such commitment reduction the applicable Loan Party
would not be able to reborrow all or any of the amount so prepaid), (d) federal, state, local and
foreign income Tax, franchise Tax and state and similar Taxes imposed in lieu of income Taxes, in
each case of the Loan Parties and payable in cash with respect to such period, (e) any cash fees
and expenses incurred in connection with a financing to the extent added to Consolidated Net Income
during such period in order to arrive at Consolidated Adjusted EBITDA and (f) to the extent
included in clause (i)(a) or (i)(b) of this definition, all Cash and Cash Equivalents required to
be kept in the Operating Accounts or other bank accounts pursuant to any Hotel Management
Agreement; provided, however, that the Administrative Agent shall be satisfied, in
its sole discretion, that the Borrower’s calculation of Free Cash Flow is reasonable.

“Free Cash Flow Contribution Termination Date” means the date upon which the aggregate of the
amounts on deposit in the Borrower Equity Account, the Local Currency Loans Account and the Project
Loans Disbursement Account, the Cash Management Account, the Sales Deposit Account, and the Asset
Sales Proceeds Sub-Account, and all Anticipated Earnings thereon, equal or exceed the sum of: (a)
one hundred and twenty percent 120% of the aggregate Remaining Costs, plus (b) the
aggregate of the Required Minimum Contingencies.

“Free Cash Flow Monthly Contribution Amount” means, with respect to the applicable calendar
month, an amount (if positive) equal to: (a) all Cash and Cash Equivalents then on deposit in
Operating Accounts as of the last day of such month (excluding Cash and Cash Equivalents generated
by an equity contribution or the borrowing of any indebtedness and, from and after the Opening Date
of any Phase (or portion thereof), any Net Asset Sale Proceeds or Net Loss Proceeds (without giving
effect to clause (ii) of the definition thereof) arising from such Phase); minus (b) Cash
outflows reasonably estimated by the Borrower to be paid by the Borrower and the other Loan Parties
during the next thirty (30) calendar days immediately succeeding such calendar month in accordance
with the Loan Documents; minus (c) an amount for reserves equal to five percent (5%) of the
revenues generated by the Project during such calendar month; in each case, subject to the
satisfaction of the Depository Agent which shall not be unreasonably withheld; and minus
(d) all Cash and Cash Equivalents required to be kept in the Operating Accounts or other bank
accounts pursuant to any Hotel Management Agreement.

“Funding Date” means the date of the funding of a Loan or the issuance of a Letter of Credit.

 

30

 

“Funds Defaulting Lender” means any Lender who (i) defaults in its obligation to fund any Loan
or its portion of any unreimbursed payment under subsection 2.10D, subsection 3.1C
or subsection 3.3C, (ii) has notified the Borrower or the Administrative Agent in writing, or
has made a public statement, that it does not intend to comply with its obligation to fund any Loan
or its portion of any unreimbursed payment under subsection 2.10D, subsection 3.1C or subsection
3.3C or its Pro Rata Share of any payment under subsection 9.4, (iii) has failed to confirm that it
will comply with its obligation to fund any Loan or its portion of any unreimbursed payment under
subsection 2.10D, subsection 3.1C or subsection 3.3C or its Pro Rata Share of any payment under
subsection 9.4 within three Business Days after written request for such confirmation from
Administrative Agent (which request may only be made after all conditions to funding have been
satisfied); provided that such Lender shall cease to be a Funds Defaulting Lender pursuant
to this clause (iii) upon receipt of such confirmation by Administrative Agent, or (iv) has failed
to pay to Administrative Agent or any other Lender any amount (other than its portion of any
Revolving Loan or amounts required to be paid under subsection 2.10D, subsection 3.1C, subsection
3.3C or subsection 9.4 or any other amount that is de minimis) due under any Loan Document within
three Business Days of the date due, unless, in the case of clauses (i), (ii), (iii) and (iv)
above, such amount is the subject of a good faith dispute.

“GAAP” means, subject to the limitations on the application thereof set forth in subsection
1.2, generally accepted accounting principles in the United States set forth in opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession in the United States.

“Galaxy” means Galaxy Casino Company Limited.

“Gaming Account Agreement” means that certain Gaming Account Agreement among the Company, the
Borrower, the Administrative Agent and BOC substantially in the form of Exhibit E-18.

“Gaming Assets” has the meaning set forth in the Gaming Facilities Agreement.

“Gaming Concession Consent” means the consent, dated as of May 25, 2006, among Macau SAR, the
Company and Scotia Capital, as collateral agent in respect of the Gaming Sub-Concession Contract,
as amended, supplemented or otherwise modified from time to time.

“Gaming Concession Contract” means the collective reference to (i) the Gaming Sub-Concession
Contract; (ii) the Supplements to Gaming Sub-Concession Contract; and (iii) any other amendments or
supplements to the Gaming Sub-Concession Contract and/or the Supplements to Gaming Sub-Concession
Contract.

“Gaming Contracts” means the Gaming Facilities Agreement and the Gaming Account Agreement.

“Gaming Contracts Approval Letter” means that certain letter dated May 5, 2010 from the Gaming
Inspection and Coordination Bureau of the Macau SAR authorizing the Pledge over Gaming Equipment
and Utensils and the assignment of income by the Company in favor of the Borrower pursuant to the
Gaming Contracts.

 

31

 

“Gaming Facilities Agreement” means that certain Casino Facilities Agreement between the
Company and the Borrower substantially in the form of Exhibit E-17.

“Gaming License” means every license, franchise or other authorization of the Company to own,
lease, operate or otherwise conduct gaming activities (including the operation of “casinos”) in
Macau, including all such licenses and authorizations granted pursuant to the Gaming Concession
Contract, and other applicable US, Macanese, or other federal, state, foreign or local laws.

“Gaming Net Proceeds” means all Monthly Transfer Amounts (as defined in the Gaming Facilities
Agreement) transferred by VML to VOL pursuant to Section 3.5 of the Gaming Facilities Agreement.

“Gaming Sub-Concession Contract” means that certain sub-concession contract, dated December
19, 2002 (together with all amendments, supplements, modifications and all other ancillary
agreements and documents related thereto), between Galaxy and the Company.

“General Disbursement Account” is defined in the Depository Agreement.

“Governmental Acts” is defined in subsection 3.5A.

“Governmental Instrumentality” means any national, state or local government (whether domestic
or foreign), any political subdivision thereof or any other governmental, quasi-governmental,
judicial, regulatory, public or statutory instrumentality, authority, body, agency, bureau or
entity, (including any Macau governmental official acting under authority of the Macau SAR, any
zoning authority, the Comptroller of the Currency or the Federal Reserve Board, any central bank or
any comparable authority, the Macau Gaming Authority or any other applicable gaming authorities) or
any arbitrator with authority to bind a party at law.

“GSLP” is defined in the preamble.

“Guarantor” means the Sponsor and each Loan Party other than the Borrower.

“Guaranty” means the Guaranty, dated as of the date hereof, executed and delivered by each
Guarantor substantially in the form of Exhibit F.

“Hard Costs” means the Project Costs set forth in the Project Budget under the “Construction
Costs” Line Item Category.

“Hazardous Environmental Activity” means any past, current, proposed or threatened activity,
event or occurrence at the Properties (a) involving any Hazardous Materials, including the use,
manufacture, possession, storage, holding, presence, existence, location, Release, threatened
Release, discharge, placement, generation, transportation, processing, construction, treatment,
abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and
any corrective action or response action with respect to any of the foregoing, or (b) that has or
would reasonably be expected to have a significant adverse effect on human health, natural
resources or the environment.

 

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“Hazardous Materials” means (a) any chemical, material or substance at any time defined as or
included in the definition of “hazardous substances”, “hazardous wastes”, “hazardous materials”,
“extremely hazardous waste”, acutely hazardous waste”, “radioactive waste”, “biohazardous waste”,
“pollutant”, “toxic pollutant”, “contaminant”, “restricted hazardous waste”, “infectious waste”,
“toxic substances”, or any other term or expression intended to define, list or classify substances
by reason of properties harmful to health, safety or the indoor or outdoor environment (including
harmful properties such as ignitability, corrosivity, reactivity, carcinogenicity, toxicity,
reproductive toxicity, “TCLP toxicity” or “EP toxicity” or words of similar import under any
applicable Environmental Laws); (b) any oil, petroleum, petroleum fraction or petroleum derived
substance; (c) any drilling fluids, produced waters and other wastes associated with the
exploration, development or production of crude oil, natural gas or geothermal resources; (d) any
flammable substances or explosives; (e) any radioactive materials; (f) any asbestos-containing
materials; (g) urea formaldehyde foam insulation; (h) electrical equipment which contains any oil
or dielectric fluid containing polychlorinated biphenyls; (i) pesticides; and (j) any other
chemical, material or substance, exposure to which is prohibited, limited or regulated by any
Governmental Instrumentality or which may or could pose a hazard to the health of the owners,
occupants or any Persons in the vicinity of any Property or to the indoor or outdoor environment.

“Hedging Agreements” means (a) currency exchange or interest rate swap agreements, currency
exchange or interest rate cap agreements and currency exchange or interest rate collar agreements
and (b) other agreements or arrangements designed to protect against fluctuations in currency
exchange or interest rates.

“HIBOR Rate” means, for any Interest Rate Determination Date with respect to an Interest
Period for a HIBOR Rate Loan, (a) the applicable rate designated as “FIXING@11:00” (or any other
designation which may from time to time replace that designation or, if no such designation
appears, the arithmetic average (rounded up, to four decimal places) of the displayed rates for the
relevant period) appearing under the heading “HONG KONG INTERBANK OFFERED RATES (HK DOLLAR)” on the
Reuters Screen HIBOR1=R Page, or (b) (if no such rate is available for HK Dollars or for the
Interest Period for that HIBOR Rate Loan) the arithmetic mean of the rates per annum (rounded to
the nearest 1/100 of 1%) as supplied to the Administrative Agent at its request quoted by the
Reference Banks to leading banks in the Hong Kong interbank market, at or about 11:00 a.m. (Hong
Kong time) on such Interest Rate Determination Date for the offering of deposits in HK Dollars for
a period comparable to the Interest Period for that HIBOR Rate Loan; provided that if any
Reference Bank does not notify such a rate to the Administrative Agent for any relevant period, the
HIBOR Rate for such period shall be determined on the basis of the rates notified by the other
Reference Banks so long as there is at least one Reference Bank providing such a rate.

“HIBOR Rate Loans” means Loans bearing interest at rates determined by reference to the HIBOR
Rate as provided in subsection 2.2A.

“Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from
time to time may be contracted for, charged, or received under the laws applicable to any Lender
which are presently in effect or, to the extent allowed by law, under such applicable laws
which may hereafter be in effect and which allow a higher maximum nonusurious interest rate
than applicable laws now allow.

 

33

 

“Hong Kong Dollar Sub-Account” is defined in the Depository Agreement.

“HK Dollars” or “HKD” means the lawful currency of the Hong Kong Special Administrative Region
of the People’s Republic of China.

“HKD Livrança” means that certain promissory note substantially in the form of Exhibit
E-12, regarding the HK Dollar Loans executed by the Borrower, and endorsed by each Guarantor,
in favor of the Collateral Agent.

“Hong Kong Collateral Account Agreements” means that certain Disbursement Collateral Account
Agreement, to be entered into among the Borrower and the Administrative Agent, in substantially the
form of Exhibit E-15-I, and that certain Operating Collateral Account Agreement, to be
entered into among each of the Loan Parties and the Administrative Agent, in substantially the form
of Exhibit E-15-II.

“Hotel Management Agreement” means any of the Shangri-La Management Agreement, the Sheraton
Management Agreement and the Traders Hotel Management Agreement (or any replacement of any of them
in accordance with this Agreement).

“ICBC” is defined in the preamble.

“IFC” means the World Bank and International Finance Corporation.

“IFRS” means International Financial Reporting Standards promulgated by the International
Accounting Standards Boards (“IASB”) (which includes standards and interpretations approved by the
IASB and International Accounting Standards issued under previous constitutions), together with its
pronouncements thereon from time to time, and applied on a consistent basis.

“Improvements” means the buildings, fixtures and other improvements to be situated on each
Site.

“In Balance” means that, at the time of calculation, using the Exchange Rate in effect on the
date of such calculation, (and after deducting from Available Funds an amount equal to the amount
of costs incurred but not paid): (1) the Available Funds equal or exceed the sum of: (a) the
aggregate Remaining Costs for the Project, plus (b) the aggregate of the Required Minimum
Contingencies for the Project; (2) for each and every month until the then anticipated Project
Final Completion Date, the Liquid Available Funds anticipated to be in place at the beginning of
such month equals or exceeds the Anticipated Monthly Project Costs anticipated to be expended (as
opposed to incurred) during such month for all Projects; and (3) if the calculation is made in
connection with a requested Advance, the aggregate amount of the requested Advance shall not exceed
the aggregate amount of Liquid Available Funds at such time.

“Included Taxes” is defined in subsection 2.7B(i).

 

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“Increased Amount Date” is defined in subsection 2.9A.

“Indebtedness”, as applied to any Person, means (a) all indebtedness for borrowed money, (b)
that portion of obligations with respect to Capital Leases that is properly classified as a
liability on a balance sheet in conformity with Applicable Accounting Standards, (c) notes payable
and drafts accepted representing extensions of credit whether or not representing obligations for
borrowed money, (d) any obligation owed for all or any part of the deferred purchase price of
property or services (excluding any such obligations incurred under ERISA and trade payables and
accruals incurred in the ordinary course of business), and (e) all indebtedness secured by any Lien
on any property or asset owned or held and under contracts by that Person regardless of whether the
indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit
of that Person. Obligations under Hedging Agreements constitute Contingent Obligations and not
Indebtedness. Additionally, Indebtedness shall not include (i) 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 Applicable Accounting Standards,
or (ii) 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, or (iii) any indebtedness that has been either satisfied or discharged or defeased
through covenant defeasance or legal defeasance, or (iv) for purposes of determining compliance
with the covenants set forth in subsection 7.6, Indebtedness permitted by subsection 7.1(xi), or
(v) Indebtedness which would otherwise arise from the capitalization of “payment-in-kind” interest
that is capitalized (excluding any portion paid in cash (including by way of contemporaneous
borrowings or set-off or netting against any such contemporaneous borrowings)) in accordance with
the terms of the applicable debt instrument (and for the avoidance of doubt, the principal amount
of any Indebtedness incurred (including by way of contemporaneous borrowings or set-off or netting
against any such contemporaneous borrowings) to pay any such interest shall not be excluded from
Indebtedness pursuant to this clause (v)), or (vi) any completion guaranties, keepwell agreements
or any similar arrangements that are customary or “market standard” in project or construction
financing, including fraud and environmental indemnities.

“Indemnified Liabilities” is defined in subsection 10.3A.

“Indemnitees” is defined in subsection 10.3A.

“Independent Financial Advisor” means an accounting, appraisal or investment banking or
financial advisory firm of nationally or internationally recognized standing that is not an
Affiliate of the Sponsor.

“Initial Borrowing Date” means the date on which all conditions set forth in Section 4.1B and,
to the extent applicable to the funding of the Loans, Section 4.2, have been satisfied and the
initial funding of the Loans occurs.

“Initial Borrowing Date Certificate” means a certificate delivered by an authorized officer of
the Borrower on the Initial Borrowing Date, substantially in the form of Exhibit C-1.

 

35

 

“Insolvency Defaulting Lender” means any Lender who (i) has been (or any direct or indirect
parent of such Lender becomes) adjudicated as, or determined by any Governmental Instrumentality
having regulatory authority over such Person or its assets to be, insolvent, (ii) becomes (or any
direct or indirect parent of such Lender becomes) the subject of an insolvency, bankruptcy,
dissolution, liquidation or reorganization proceeding, or (iii) becomes (or any direct or indirect
parent of such Lender becomes) the subject of an appointment of a receiver, intervenor,
conservator, trustee, custodian, administrator, assignee for the benefit of creditors generally or
similar reason under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or
similar law now or hereafter in effect; provided that a Lender shall not be an Insolvency
Defaulting Lender solely by virtue of the ownership or acquisition by a Governmental
Instrumentality of any equity Securities in such Lender or a parent company thereof.

“Insurance Advisor” means Kornreich NIA or any other Person designated from time to time by
the Administrative Agent in its sole discretion (subject to the provisions of the Depository
Agreement) to serve as the Insurance Advisor under the Depository Agreement.

“Insurance Advisor’s Certificate” means a certificate in the form of Exhibit L-3.

“Insurance Report” is defined in subsection 4.1B(xv).

“Insurance Requirements” means all material terms of any insurance policy required pursuant
hereto.

“Interest Payment Date” means (a) with respect to any Loan that is a Base Rate Loan, each
Quarterly Date, and (b) with respect to any Loan that is a Eurodollar Rate Loan or a HIBOR Rate
Loan, the last day of each Interest Period applicable to such Loan; provided,
however, that (i) until the first Quarterly Date in March 2013, “Interest Payment Date” for
any six-month Interest Period shall be both (x) the date three months after the first day of such
Interest Period and (y) the last day of such Interest Period, and (ii) in the case of any Interest
Period that extends beyond a Quarterly Date, beginning with the Quarterly Date in March 2013,
“Interest Payment Date” shall also include such Quarterly Date.

“Interest Period” is defined in subsection 2.2B.

“Interest Rate Determination Date” means, with respect to any Interest Period (a) for
Eurodollar Rate Loans, two London Business Days prior to the first day of such Interest Period, and
(b) with respect to HIBOR Rate Loans, the first day of such Interest Period.

“Investment” means, relative to any Person, (a) any direct or indirect purchase or other
acquisition by such Person of, or of a beneficial interest in, any Securities of any other Person
(including any Subsidiary), (b) any direct or indirect purchase or other acquisition for value, by
such Person from any Person, of any equity Securities of any Person, or (c) any direct or indirect
loan, advance (other than advances to employees for moving, entertainment and travel expenses,
drawing accounts and similar expenditures in the ordinary course of business) or capital
contribution by such Person to any other Person, including all Indebtedness and accounts receivable
from that other Person that are not current assets or did not arise from sales to that other Person
in the ordinary course of business other than Hedging Agreements required or
permitted hereunder to hedge against fluctuations of interest rates or currency exchange risk.
The amount of any Investment shall be the original cost of such Investment plus the cost
of all additions thereto, without any adjustments for increases or decreases in value, or
write-ups, write-downs or write-offs with respect to such Investment less all returns of principal
or equity thereon.

 

36

 

“IP License” means the Intellectual Property License Agreement among SCL IP Holdings, LLC and
the Borrower, substantially in the form of Exhibit J.

“Issuance Notice” means a notice substantially in the form of Exhibit B-2 annexed
hereto delivered by the Borrower to the Administrative Agent pursuant to subsection 3.1B(i) with
respect to the proposed issuance of a Letter of Credit.

“Issuing Lender” means each of BOC, ICBC and BNU, in its capacity as Issuing Lender or any
other Lender which agrees or is otherwise obligated to issue a Letter of Credit, determined as
provided in subsection 3.1B(ii).

“Joinder Agreement” means a Joinder Agreement, substantially in the form of Exhibit
D-2, delivered pursuant to the terms of Section 2.9.

“Joint Venture” means a joint venture, partnership or other similar arrangement entered into
on terms reasonably satisfactory to the Administrative Agent, whether in corporate, partnership,
limited liability company or other legal form; provided that in no event shall any
Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party.

“Judgment Currency” is defined in Section 10.25.

“Judgment Currency Conversion Date” is defined in Section 10.25.

“Land Concession Contract” means the land concession contract, as published in the Official
Bulletin on May 12, 2010, to be entered into between Macau SAR and the Borrower pursuant to which
Macau SAR will lease the Site to the Borrower.

“Land Concession Guaranty” means any guaranty by a third party required by the government of
Macau SAR pursuant to the terms of the Land Concession Contract.

“Legal Requirements” means all laws, statutes, orders, decrees, injunctions, licenses,
permits, approvals, agreements and regulations of any Governmental Instrumentality having
jurisdiction over the matter in question, including the Macau Gaming Law and the requirements of
the Gaming Concession Contract and the Land Concession Contract.

“Lender” and “Lenders” is defined in the preamble, together with their successors and
permitted assigns pursuant to subsection 10.1; provided that the term “Lenders”, when used
in the context of a particular Commitment, shall mean Lenders having that Commitment.

“Letter of Credit” or “Letters of Credit” means Commercial Letters of Credit and Standby
Letters of Credit issued or to be issued by the Issuing Lenders for the account of the Borrower or
any other Loan Party pursuant to subsection 3.1.

 

37

 

“Letter of Credit Usage” means, as at any date of determination, the sum of (a) the maximum
aggregate amount which is or at any time thereafter may become available for drawing under all
Letters of Credit then outstanding plus (b) the aggregate amount of all drawings under
Letters of Credit honored by Issuing Lenders and not yet reimbursed by the Borrower (including any
such reimbursement out of the proceeds of Revolving Loans pursuant to subsection 3.3B).

“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 any conditional sale or other title retention agreement
or any lease in the nature thereof).

“Lien Release Parties” means, with respect to any particular Phase, each Contractor and
Selected Subcontractor performing work and/or providing services or materials with respect to such
Phase. For the purposes of this definition, “Selected Subcontractor” shall mean Subcontractors
selected by the Borrower.

“Line Item” means each of the individual line items set forth in the applicable Anticipated
Cost Report for an Active Phase.

“Line Item Category” means, with respect to the Project (or any Phase thereof), each of the
following Line Item Categories of the Project Budget:

	 	(i)	 	Consultant fees;

	 	(ii)	 	Construction Costs;

	 	(iii)	 	FF&E;

	 	(iv)	 	Pre-Opening Costs;

	 	(v)	 	Land Premium Lease;

	 	(vi)	 	Suspension and Termination Costs; and

	 	(vii)	 	Financing Fees, Legal Costs and Miscellaneous Expenses.

“Liquid Available Funds” mean, from time to time, as of any determination date, the sum of (a)
the aggregate of the amounts on deposit in the Borrower Equity Account, the Supplemental Equity
Contribution Account (up to the maximum amount permitted to be on deposit therein pursuant to
Section 2.2.5 of the Depository Agreement), the Cash Management Account, the General
Disbursement Account, the Asset Sales Proceeds Sub-Account, the Sales Deposit Account (but only to
the extent such funds are not subject to refund for any reason (other than due to a Loan Party’s
breach or failure to perform or satisfy a condition) and are otherwise available to the Loan
Parties to be used for construction of the Project under the agreement governing such deposit and
applicable Legal Requirements), and the Local Currency Loans Accounts, plus (b) to the
extent that a Commitment Termination Event has not occurred or the Commitments have not otherwise
been terminated in accordance with the terms of the Credit
Agreement, the aggregate of the unutilized available Commitments under the Facilities (to the
extent permitted to be used to pay Non-Casino Project Costs), plus (c) the aggregate of
the amounts available to be drawn under all FF&E Facilities (but not more than the aggregate amount
of Project Costs for Eligible FF&E Equipment included in the Anticipated Monthly Project Costs (if
such determination is made pursuant to clause (2) of the definition of “In Balance”) or in the
requested Advance (if such determination is made pursuant to clause (3) of the definition of “In
Balance”)).

 

38

 

“Livrança Side Letter” means that certain side letter substantially in the form of Exhibit
E-13, to be executed by the Borrower, and endorsed by each Guarantor, in favor of the
Collateral Agent.

“Livranças” means the HKD Livrança, the USD Livrança and the MOP Livrança.

“Loan” or “Loans” means one or more of the Term Loans, the New Term Loans, the Swing Line
Loans, the Revolving Loans or the New Revolving Loans or any combination thereof.

“Loan Documents” means this Agreement, the Notes, the Livranças, the Livrança Side Letter, any
applications for, or reimbursement agreements or other agreements executed by the Borrower in favor
of an Issuing Lender relating to the Letters of Credit, the Guaranty, each Rate/FX Protection
Agreement, the Collateral Documents, the Depository Agreement, the Sponsor Agreement and each other
agreement that expressly states by its terms that it is a Loan Document; provided,
however for the purposes of Section 5, subsections 8.1, 8.4, 8.5 and 10.6, Rate/FX
Protection Agreements shall not be considered to be a Loan Document.

“Loan Party” means the Borrower and each Restricted Subsidiary which is a party to the
Guaranty and each Restricted Subsidiary which hereafter executes and delivers a supplement to the
Guaranty and the Security Agreement in accordance with subsection 6.11A, and “Loan Parties” means
all such Persons, collectively.

“Local Currency Loans Accounts” is defined in the Depository Agreement.

“London Business Day” means any day, excluding Saturday, Sunday and any day which is a legal
holiday under the laws of England, or is a day on which banking institutions located in England are
authorized or required by law or other governmental action to close, that is also a day for trading
by and between banks in Dollar deposits in the London interbank market.

“Macau Collateral Account Agreements” means the Pledge Over Onshore Accounts, substantially in
the form of Exhibit E-3-I or E-3-II hereto, as the case may be, to be executed by any Loan Party in
favor of the Collateral Agent.

“Macau Gaming Authority” means the Gambling Inspection and Coordination Bureau (or Direcção de
Inspecção e Coordenação de Jogos).

“Macau Gaming Law” means the Law 16-2001, as amended from time to time, and Administrative
Regulation No 26/2001, as amended from time to time, and other laws
promulgated by any Governmental Instrumentality of the Macau SAR and applying to gaming
operations in the Macau SAR.

 

39

 

“Macau SAR” means the Macau Special Administrative Region of the People’s Republic of China.

“MAI Appraisal” means an appraisal conducted by a member of the Appraisal Institute in
accordance with the standards of the Appraisal Institute.

“Margin Stock” is defined in Regulation U of the Board of Governors of the Federal Reserve
System as in effect from time to time.

“Market Disruption Event” is defined in subsection 2.6F.

“Market Disruption Lenders” is defined in subsection 2.6F.

“Material Adverse Effect” means (a) a material adverse effect upon either (i) the business,
operations, properties, assets, condition (financial or otherwise) or prospects of (A) the Borrower
or (B) the Sponsor and the Loan Parties, taken as a whole, or (ii) the Project, taken as a whole,
(b) the material impairment of the ability of the Borrower, the Sponsor or any Loan Party to
observe or perform the Obligations, or of the Administrative Agent or the Lenders to enforce the
Obligations or any of their respective rights or remedies under the Loan Documents, (c) the
material impairment of the ability of the Borrower or the Company to observe or perform their
respective obligations and liabilities, or, in the case of the Borrower, to enforce its rights or
remedies, under any Gaming Contract, (d) the material impairment of the ability of the Company to
observe or perform its obligations under the Gaming Sub-Concession Contract, or (e) the material
impairment of the ability of the Borrower to achieve the Completion Date of each Phase by the
applicable Outside Completion Deadline.

“Material Construction Contracts” means, collectively, the Architectural Services Agreements,
and each other Construction Contract that constitutes a Material Contract.

“Material Contract” means (a) the Land Concession Contract, the Gaming Concession Contract,
the Gaming Contracts and the IP License, (b) Shangri-La Management Agreement, the Sheraton
Management Agreement and the Traders Management Agreement, (c) the Architectural Services
Agreement, (d) any other (i) Construction Contract with a total contract amount in excess of
$25,000,000, and (ii) Project Document (that is not a Construction Contract) with a total contract
amount in excess of $50,000,000, and (e) any other Project Document (other than any Project
Documents covered by clauses (a), (b), (c) and (d) above) to which the Borrower or any of its
Subsidiaries are a party (other than the Loan Documents) for which breach, nonperformance,
cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.

“Maturity Date” means the fifth anniversary of the earlier of (a) the 30th day
after the date hereof and (b) the Initial Borrowing Date.

 

40

 

“Maximum Offer Amount” means with respect to any Offer Document, the aggregate stated
principal amount of Term Loans that an Eligible Affiliate Purchaser is willing to purchase, as
specified in such Offer Document.

“Moody’s” means Moody’s Investor Services, Inc., or any successor thereto, and if such Person
shall for any reason no longer perform the function of a securities rating agency, Moody’s shall be
deemed to refer to any other rating agency designated by the Borrower with the written consent of
the Administrative Agent (such consent not to be unreasonably withheld or delayed).

“MOP Livrança” means that certain promissory note substantially in the form of
Exhibit E-12, regarding the MOP-denominated Loans to be executed by the Borrower, and
endorsed by each Guarantor, in favor of the Collateral Agent.

“Mortgage” means the Mortgage, substantially in the form of Exhibit E-6, executed by
the Borrower in favor of the Collateral Agent.

“Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” as
defined in Section 3(37) of ERISA.

“Multi-Use Sublimit” means $150,000,000.

“Net Asset Sale Proceeds” means the aggregate cash proceeds received by the Borrower or any
other Loan Party in respect of any Asset Sale, net of (a) the direct costs relating to such Asset
Sale (including legal, accounting and investment banking fees and expenses, employee severance and
termination costs, any trade payables or similar liabilities related to the assets sold and
required to be paid by the seller as a result thereof and sales, finders’ or broker’s commission),
and any relocation expenses incurred as a result thereof and taxes paid or payable as result
thereof (including any such taxes paid or payable by any Loan Party), (b) amounts required to be
applied to the repayment of Indebtedness secured by a Lien (or amounts permitted by the terms of
such Indebtedness to be otherwise reinvested in other assets of such Loan Party to the extent so
reinvested) which is prior to the Liens, if any, of Lenders under the Collateral Documents on the
asset or assets (including Specified FF&E) that are the subject of such Asset Sale, (c) any reserve
for adjustment in respect of the sale price of such asset or assets or any liabilities associated
with the asset disposed of in such Asset Sale and the deduction of appropriate amounts provided by
the seller as a reserve in accordance with Applicable Accounting Standards against any liabilities
associated with the assets disposed of in the Asset Sale and retained by the Borrower or any other
Loan Party, and (d) in the case of Asset Sales permitted pursuant to subsection 7.7(xviii) only,
(i) any amounts required to be paid as purchase consideration to a party providing a substantially
simultaneous financing for the purchase of such assets intended to be sold, and (ii) any amounts
required by such subsection 7.7(xviii) to be deposited into the Project Loans Disbursement Account.

“Net Loss Proceeds” means the aggregate cash proceeds received by the Borrower or any other
Loan Party in respect of any Event of Loss, including insurance proceeds from condemnation awards
or damages awarded by any judgment, net of the direct costs in recovery of such Net Loss Proceeds
(including legal, accounting, appraisal and insurance adjuster fees and expenses) and any taxes
paid or payable as a result thereof (including any such taxes paid or
payable by an owner of the Borrower or any other Loan Party) and amounts required to be
applied to the repayment of any Indebtedness secured by a Lien (or amounts permitted or required by
the terms of such Indebtedness to be otherwise reinvested in other assets of the Borrower or such
Restricted Subsidiary to the extent so reinvested) which is prior to the Liens, if any, of Lenders
under the Collateral Documents on the asset or assets (including Specified FF&E) that are the
subject of the Event of Loss. Notwithstanding the foregoing, (i) all proceeds of so-called
“liquidated damages” and “business interruption” insurance policies, and (ii) proceeds of up to
$2,000,000 per Fiscal Year, shall not be Net Loss Proceeds.

 

41

 

“Net Loss Proceeds Sub-Account” is defined in the Depository Agreement.

“Net Proceeds” is defined in subsection 2.4B(iii)(d).

“Net Proceeds Amount” is defined in subsection 2.4B(iii)(e).

“Net Termination Proceeds” means the aggregate cash proceeds received by the Borrower or any
other Loan Party in respect of any termination payment pursuant to the Land Concession Contract,
net of the direct costs incurred in connection with the recovery of such Net Termination Proceeds
and any taxes paid or payable as a result thereof (including any such taxes paid or payable by an
owner of the Borrower or any other Loan Party) and any reserves required in accordance with
Applicable Accounting Standards or by Macau SAR or any Governmental Instrumentality of Macau SAR
against liabilities associated with such termination.

“New Mortgage” is defined in subsection 7.21B.

“New Revolving Loan Commitments” is defined in subsection 2.9A.

“New Revolving Loan Lender” is defined in subsection 2.9A.

“New Revolving Loan” is defined in subsection 2.9C.

“New Term Loan Commitments” is defined in subsection 2.9A.

“New Term Loan Exposure” means, with respect to any Lender, as of any date of determination,
the outstanding principal amount of the New Term Loans of such Lender.

“New Term Loan Facility” is defined in subsection 2.9B.

“New Term Loan Lender” is defined in subsection 2.9A.

“New Term Loan Maturity Date” means the date that New Term Loans of a Series shall become due
and payable in full hereunder, as specified in the applicable Joinder Agreement, including by
acceleration or otherwise.

“New Term Loan” is defined in subsection 2.9D.

“Non-Casino Project Costs” means Project Costs, excluding any Project Costs relating to the
equipping or fit out of the Casino Facilities or any other casino or gaming area.

 

42

 

“Non-Project Cost Revolving Loans” means any Revolving Loans, the proceeds of which are used
for, and only for, working capital and general corporate purposes of the Loan Parties (including
Project Costs other than amounts payable under any Construction Contracts).

“Non-Project Cost Term Loans” means any TLF II Loans, the proceeds of which are used for, and
only for, working capital and general corporate purposes of the Loan Parties (including Project
Costs other than amounts payable under any Construction Contracts).

“Non-Recourse Financing” means Indebtedness (a) for which none of the Loan Parties provides
credit support pursuant to any undertaking, agreement or instrument that would constitute
Indebtedness, or is directly or indirectly liable (in each case, other than as permitted pursuant
to Section 7.3), (b) no default with respect to which (including any rights that the holders
thereof may have to take enforcement action against an Excluded Subsidiary) would permit (upon
notice, lapse of time or both) any holder of any other Indebtedness (other than Indebtedness
hereunder) of any Loan Party to declare a default on such other Indebtedness or cause the payment
thereof to be accelerated or payable prior to its stated maturity, and (c) in connection with which
the agent or other representative of the lenders under such Non-Recourse Financing has entered into
an intercreditor, standstill, or similar agreement, reasonably satisfactory in form and substance
to the Administrative Agent.

“Notes” means one or more of the TLF I Notes, TLF II Notes, Revolving Notes, Swing Line Notes,
notes evidencing New Term Loans, or any combination thereof.

“Obligation Currency” is defined in Section 10.25.

“Obligations” means (a) all loans, advances, debts, liabilities and obligations owed by the
Borrower, any other Loan Party and the Sponsor under the Credit Agreement or any other Loan
Document to any Secured Party 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, including all interest
(including post-petition interest in any proceeding under Title 11, U.S. Code or any similar
federal or state law for the relief of debtors, or any similar law for the relief of debtors
applicable under the laws of China, Macau SAR or Hong Kong SAR), fees, expenses, principal,
premium, if any, indemnification or otherwise; (b) any and all sums advanced or payable by the
Administrative Agent or the Collateral Agent in order to preserve the Collateral or preserve any
Secured Party’s security interest in the Collateral in connection with exercising any right under
the Collateral Documents or the Assignment of Reinsurances; and (c) 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 Agent
of its rights under the Collateral Documents or the Assignment of Reinsurances, together with
reasonable attorneys’ fees and court costs.

“OCBC” is defined in the preamble.

“Occupancy Certificate” means the Licenças de Ocupação — Utilização issued by Macau SAR
pursuant to applicable Legal Requirements for the Project.

 

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“Offer” is defined in subsection 10.1I(ii).

“Offer Document” means the offer document setting forth one or more Offers, with accompanying
annexes setting forth the outline of auction mechanics (on terms substantially the same as those
set forth in Exhibit S, with such changes as may be approved by the Auction Manager), and the form
of sale offer for Lenders to submit their bids, posted on IntraLinks/IntraAgency or another
substantially equivalent website by the Administrative Agent to the Lenders, as such Offer Document
may be amended or modified from time to time pursuant to and in accordance with the terms and
conditions of subsection 10.1I.

“Officers’ Certificate” means, as applied to any corporation or other legal entity, a
certificate executed on behalf of such Person by its chairman of the board (if an officer),
director or its president or one of its vice presidents or by its general counsel or secretary or
by its chief financial officer, Senior Vice President-Finance, Vice President-Finance, or its
treasurer (in their capacity as such officer) or by an authorized attorney or other authorized
signatory.

“Official Bulletin” means the Official Bulletin of the Government of Macau SAR.

“Opening Date” means with respect to each Phase, the date on which such Phase is open to the
general public and the Opening Date Conditions shall have been satisfied.

“Opening Date Certificates” means, collectively, the Opening Date Certificates in the form of
Exhibits W-9 through W-10 annexed hereto to be delivered by the Borrower, the
Insurance Advisor and the Construction Consultant.

“Opening Date Conditions” means, collectively, with respect to each Phase, the following:

(a) the Administrative Agent shall have received from the Borrower its Opening Date
Certificate for such Phase, pursuant to which the Borrower certifies that:

(i) the construction of such Phase and all infrastructure and any improvements required
to be constructed in connection with opening such Phase to the general public shall have
been completed (except for Project Punchlist Items) substantially in accordance with the
Final Plans and Specifications for such Phase;

(ii) all furnishings, fixtures and equipment necessary to use and occupy the various
portions of such Phase (including the casino (in the case of Phase 1 only) and all common
areas) for their intended purposes shall have been installed and shall be operational;

(iii) such Phase shall be served by, and shall be equipped to accept water, gas,
electric, sewer, sanitary sewer, storm drain and other facilities and utilities necessary to
use such Phase and each portion thereof for its intended purposes, which utility services
are provided by public or private utilities over utility lines, pipes, wires and other
facilities that run solely over public streets or private property (in the case of private
property, pursuant to recorded easements); and

 

44

 

(iv) (1) an Occupancy Certificate shall have been issued with respect to the entirety
of such Phase (other than tower 6B in the case of Phase 1), (2) each other material Permit
required to be obtained prior to opening and occupancy shall have been obtained, and (3) all
infrastructure and other improvements comprising part of such Phase required to be
constructed under applicable Legal Requirements in connection with opening such Phase to the
general public shall have been completed (except for Project Punchlist Items);

(b) in the case of Phase 1, Macau SAR shall have granted final authorization and
categorization of the such Phase as an area in which operation of casino games of chance or other
forms of gaming may be carried out in accordance with Article 9 of the Gaming
Sub-Concession Contract;

(c) the Construction Consultant shall have certified to the Administrative Agent and the other
Lenders, as and to the extent set forth on its Opening Date Certificate, that the Opening Date
Conditions have been satisfied with respect to such Phase;

(d) completion of the remaining work on such Phase shall be such that it will not materially
interfere with or disrupt the operation of any Active Phase (including both any Active Phase which
has previously achieved Final Completion and such Phase) for its intended purposes;

(e) the failure to complete the remaining work on such Phase would not materially interfere
with or disrupt the operation of any Active Project (including both any Active Phase which has
previously achieved Final Completion and such Phase) for its intended purposes; and

(f) the Borrower (or, with respect to Phase 1 in respect of the Casino Facilities only, the
Company) shall have available staff to operate such Phase in accordance with industry standards;

(g) in the case of Phase 1 only, the Administrative Agent shall have received evidence
reasonably satisfactory to it that all of Venetian Cotai’s rights and obligations under each of the
Shangri-La Hotel Management Agreement and Traders Hotel Management Agreement (as such management
agreements may have been replaced) are duly and validly held by (including by way of assignment)
the Borrower;

(h) the Administrative Agent shall have received a Contract Consent in respect of each Hotel
Management Agreement, duly executed by each of the parties thereto;

(i) the Company shall have obtained from the Macau Gaming Authority evidence reasonably
satisfactory to the Administrative Agent that each area within the Project where gaming activities
are anticipated to be conducted shall be designated as a “gaming area” and that no space shall be
designated as a “casino” at or within the Project for purposes of the Macau SAR’s
reversion/reclamation rights under the Gaming Sub-Concession Contract.

 

45

 

provided, however, only (i) the following portions of the Project shall be required
to be open and to have satisfied the requirements of clauses (a)(i) through (iv) and (f) above:
(x) the mall
common areas or 1,000 hotel rooms in the applicable Phase (or 500 hotel rooms in the case of Phase
2) and (y) 2,500 gaming “positions” in the casino (with positions being calculated as one for each
position at an electronic gaming machine, one position for each slot machine and seven positions
for each live gaming table), and (ii) completion of the remaining work on the Project shall not
materially interfere with or disrupt the operation of the foregoing portions of the Project that
are open for business; provided, further, that clauses (g) and (h) above shall not apply to
any Hotel Management Agreement that is terminated and not replaced, with a Person that is not an
Affiliate of the Borrower, the Sponsor or the Parent, in accordance with the terms of this
Agreement.

“Operating Account” means one or more deposit accounts established by the Borrower (and
governed by a Collateral Account Agreement between the Borrower and the applicable Financial
Institution), into which certain operating revenues of the Project and cash contributions
(including, without limitation, by way of subscription, “supplementary payments” or capital
contributions (whether or not resulting in additional paid-in capital)) that are Gaming Net
Proceeds will be deposited.

“Operating Costs” means all actual cash costs incurred by the Loan Parties (and, to the extent
directly related to the Casino Facilities, by the Company) and related to the actual operations of
any Phase or any portion thereof in the ordinary course of business (as opposed to construction and
development and pre-opening), including, without limitation, costs incurred for labor, consumables,
utility services, repairs and replacements of fixtures, furniture and equipment or other components
of such Phase from and after the Opening Date of such Phase other than the portions of such Phase
not yet open, any capital expenditures from and after the Opening Date of such Phase (as such Phase
may be amended pursuant to amendments to the Plans and Specifications in accordance with the
provisions hereof) to the extent such expenditures are not related to completion of construction of
such Phase, amounts paid by the Borrower under the Gaming Facilities Agreement and all other
operation-related costs (including Debt Service to the extent not characterized as Project Costs
under clause (b) or (c) of the definition thereof, and including payments with respect to other
Indebtedness).

“Operating Lease” means, as applied to any Person, any lease (including leases that may be
terminated by the lessee at any time) of any property (whether real, personal or mixed) that is not
a Capital Lease other than any such lease under which that Person is the lessor.

“Operative Documents” means the Loan Documents, the FF&E Documents, if any, and the Project
Documents.

“Organizational Documents” means (a) with respect to any corporation, its certificate or
articles of incorporation and its bylaws or articles of association, (b) with respect to any
limited partnership, its certificate of limited partnership and its partnership agreement, (c) with
respect to any general partnership, its partnership agreement, (d) with respect to any limited
liability company, its articles or certificate of organization and its operating agreement and
(e) with respect to any other entity, its equivalent organizational, governing documents including,
in the case of the Company and, if applicable, any other Macau entity, its usufruct agreements.

 

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“Other Indebtedness” means (a) the Indebtedness of any Loan Party incurred under any FF&E
Document and (b) Permitted Unsecured Indebtedness.

“Outside Completion Deadline” means December 31, 2013, as the same may from time to time be
extended pursuant to subsection 7.19B.

“Outside Opening Deadline” means August 1, 2012, as the same may from time to time be extended
pursuant to subsection 7.19B.

“Outside Substantial Operations Deadline” means December 31, 2012, as the same may from time
to time be extended pursuant to subsection 7.19B.

“Parent” means Las Vegas Sands Corp., a Nevada corporation.

“Patacas” or “MOP” means the lawful currency of Macau SAR.

“Patriot Act” is defined in subsection 5.9.

“Payment and Funding Office” means (a) for payments and fundings in Dollars and HK Dollars,
the office of the Administrative Agent located at The Bank of Nova Scotia, 25th Floor, United
Centre, 95 Queensway, Hong Kong (Attention: Philip Ng/Maggie Lim;  Fax: 852.2527.2527), and for
payments and fundings in Patacas, at such other office of the Administrative Agent or a third party
or sub-agent, as applicable, as shall be designated by the Administrative Agent to the Borrower
prior to the Initial Borrowing Date or (b) such other office of the Administrative Agent or of a
third party or sub-agent, as appropriate, as may from time to time hereafter be designated as such
in a written notice delivered by the Administrative Agent to the Borrower and each Lender.

“Payment and Performance Bond” means any payment or performance bond delivered under any
Construction Contract in favor of the Borrower, any other Loan Party, the Administrative Agent or
the Collateral Agent and supporting the Contractor’s obligations under any such Construction
Contract.

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is
subject to Section 412 of the Code or Section 302 of ERISA.

“Percentage” means, as the context may require, any Lender’s RL Percentage, TLF I Percentage
or TLF II Percentage.

“Permit Schedule” is defined in subsection 5.17B.

“Permits” means all material authorizations, consents, decrees, permits, waivers, privileges,
approvals from and filings with all Governmental Instrumentalities necessary for the realization of
the Project in accordance with the Project Documents, the Plans and Specifications, the Project
Budget, and any other material building, construction, land use, environmental or other material
permit, license, franchise, approval, consent and authorization
(including approvals required under the Gaming Concession Contract, the Land Concession
Contract or Environmental Laws) required for or in connection with the construction, ownership,
use, occupation and operation of the Project and the transactions provided for in this Agreement
and the other Operative Documents.

 

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“Permitted Asset Dispositions” means (i) the sale or disposition of any retail mall space and
any apartments, complementary accommodations or condominium units constructed in the Project
(including any sale of equity in connection with the sale or disposition of such retail mall space,
apartments, accommodations or condominium units) and (ii) the sale or disposition (other than an AH
Transfer) of Phase 3 (or any portion thereof) or any rights thereto.

“Permitted Bonds” has the meaning specified in subsection 7.1(xvi).

“Permitted Bond Issuance” has the meaning specified in subsection 7.1(xvi).

“Permitted Bond Ratable Share” means, at any date, the percentage equivalent to a fraction (i)
the numerator of which is the then outstanding principal amount of Permitted Bonds and (ii) the
denominator of which is the sum of (a) the numerator plus (b) the aggregate principal amount of all
Term Loans.

“Permitted Liens” means the following types of Liens (excluding any such Lien imposed pursuant
to Section 430(k) of the Code or by Section 303(k) of ERISA and any such Liens expressly prohibited
by any applicable terms of any of the Collateral Documents):

(i) Liens granted in favor of the Secured Parties and the holders of Indebtedness (and
their representatives) incurred pursuant to a Permitted Bond Issuance pursuant to the
Collateral Documents and the Assignment of Reinsurances;

(ii) Liens existing on the Closing Date and described in, and with the priority set
forth in, Schedule 7.2 annexed hereto;

(iii) Liens for taxes, assessments or governmental charges or claims the payment of
which is not, at the time, required by subsection 6.3 and which may be prior to the Liens
granted in favor of the Secured Parties;

(iv) statutory Liens of landlords, statutory Liens of banks and rights of set-off,
statutory Liens of carriers, warehousemen, mechanics, repairmen, workmen and materialmen,
and other Liens imposed by law, in each case incurred in the ordinary course of business or
in connection with the construction of the Project (a) for amounts not yet overdue, (b) for
amounts that are overdue and that (in the case of any such amounts overdue for a period in
excess of 5 days) are being contested in good faith by appropriate proceedings, so long as
(1) such reserves or other appropriate provisions, if any, as shall be required by
Applicable Accounting Standards, shall have been made for any such contested amounts, and
(2) in the case of a Lien with respect to any portion of the Collateral, such contest
proceedings conclusively operate to stay the sale of any portion of the Collateral on
account of such Lien or (c) with respect to Liens of mechanics, repairmen, workmen and
materialmen, if such Lien arises in the ordinary course of business or in the construction
of the Project, the Borrower has bonded such
Lien within a reasonable time after becoming aware of the existence thereof and which
may be prior to the Liens granted in favor of the Secured Parties;

 

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(v) Liens incurred or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other types of social security, or to
secure the performance of tenders, statutory obligations, surety and appeal bonds, bids,
leases, government contracts, trade contracts, performance and return-of-money bonds and
other similar obligations (exclusive of obligations for the payment of borrowed money),
incurred in the ordinary course of business or in connection with the construction of the
Project (a) for amounts not yet overdue, (b) for amounts that are overdue and that (in the
case of any such amounts overdue for a period in excess of five days) are being contested in
good faith by appropriate proceedings, so long as (1) such reserves or other appropriate
provisions, if any, as may be required by Applicable Accounting Standards, shall have been
made for any such contested amounts and (2) in the case of a Lien with respect to any
portion of the Collateral, such contest proceedings conclusively operate to stay the sale of
any portion of the Collateral on account of such Lien or (c) with respect to Liens of
mechanics, repairmen, workmen and materialmen, if such Lien arises in the ordinary course of
business or in the construction of the Project, the Borrower has bonded such Lien within a
reasonable time after becoming aware of the existence thereof (or with respect to which the
Borrower has obtained a title insurance endorsement insuring against losses arising
therewith) and which may be prior to the Liens granted in favor of the Secured Parties;

(vi) any attachment or judgment not constituting an Event of Default under
subsection 8.8 and which may be prior to the Liens granted in favor of the Secured Parties;

(vii) easements, rights-of-way, avigational servitudes, restrictions, encroachments,
and other defects or irregularities in title and other similar charges or encumbrances, in
each case which do not and will not interfere in any material respect with the ordinary
conduct of the business of any Loan Party or result in a material diminution in the value of
any Collateral as security for the Obligations and which may be prior to the Liens granted
in favor of the Secured Parties;

(viii) leases permitted under subsection 7.7(vi) and (viii) and any leasehold mortgage
in favor of any party financing the lessee under any lease permitted under
subsection 7.7(vi), provided that none of the Loan Parties is liable for the payment
of any principal of, or interest, premiums or fees on, such financing and which may be prior
to the Liens granted in favor of the Secured Parties;

(ix) Liens arising from filing UCC financing statements or the Macanese equivalent
relating solely to leases permitted by this Agreement;

(x) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods and which may
be prior to the Liens granted in favor of the Secured Parties;

 

49

 

(xi) licenses of patents, trademarks and other intellectual property rights granted by
any Loan Party in the ordinary course of business and not interfering in any material
respect with the ordinary conduct of the business of the Borrower or such Restricted
Subsidiary and which may be prior to the Liens granted in favor of the Secured Parties;

(xii) Liens incurred in connection with Hedging Agreements in respect of any
Indebtedness; provided that such Liens only extend to the collateral securing such
Indebtedness with the same priority thereto;

(xiii) Liens on Specified FF&E securing obligations in respect of an FF&E Facility
permitted to be incurred hereunder (including any mortgage, deed of trust, or similar
encumbrance, granted pursuant to documentation in form and substance reasonably satisfactory
to the Administrative Agent, on real property as may be necessary under applicable law to
create a Lien on Specified FF&E that may constitute a “fixture” appended to such real
property) and which may be prior to, or free and clear of, the Liens granted in favor of the
Secured Parties;

(xiv) Liens securing Indebtedness permitted pursuant to subsections 7.1(viii), 7.1(ix)
and 7.1(xiv), which Liens may be prior to, or free and clear of, the Liens granted in favor
of the Secured Parties;

(xv) Liens on property of a Person existing at the time such Person became a Restricted
Subsidiary, is merged into or consolidated with or into, or wound up into, the Borrower or
any other Loan Party; provided that such Liens were in existence prior to the
consummation of, and were not entered into in contemplation of, such acquisition, merger or
consolidation or winding up and do not extend to any other assets other than those of the
Person acquired by, merged into or consolidated with the Borrower or such Restricted
Subsidiary;

(xvi) Liens to secure a stay of process in proceedings to enforce a contested
liability, or required in connection with the institution of legal proceedings or in
connection with any other order or decree in any such proceeding or in connection with any
contest of any tax or other governmental charge, or deposits with a governmental agency
entitling a Loan Party to maintain self-insurance or to participate in other specified
insurance arrangements or any attachment or judgment Lien not constituting an Event of
Default under subsection 8.8 and which may be prior to the Liens granted in favor of the
Secured Parties;

(xvii) leases or subleases, licenses or sublicenses or other types of occupancy
agreements granted to third parties in accordance with any applicable terms of this
Agreement and the Collateral Documents and not interfering in any material respect with the
ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries and
which may be prior to the Liens granted in favor of the Secured Parties;

 

50

 

(xviii) any zoning or similar law or right reserved to or vested in any governmental
office or agency to control or regulate the use of any real property and which may be prior
to the Liens granted in favor of the Secured Parties;

(xix) Liens on property existing at the time of acquisition thereof by the Borrower or
any other Loan Party; provided that such Liens were in existence prior to the
consummation of, and were not entered into in contemplation of, such acquisition and do not
extend to any other assets other than those so acquired;

(xx) Liens on the interests of the Borrower in the Land Concession Contract and the
Property interest granted thereunder (and any balances, accounts or deposits with BNU),
granted in favor of the Concession Guarantor and/or other guarantors of payments under the
Land Concession Contract (or to the Collateral Agent on behalf of the Concession Guarantor
and/or such other guarantors) securing obligations in an aggregate amount of no more than
$5,000,000 at any one time pursuant to the Collateral Documents or pursuant to other
documentation reasonably satisfactory in form and substance to the Collateral Agent;

(xxi) Liens on the Collateral junior in priority to the Liens created by the Collateral
Documents pursuant to an intercreditor agreement entered into as contemplated by
Section 7.1(xv);

(xxii) Liens on the Collateral that are pari passu with the Liens created by the
Collateral Documents pursuant to an intercreditor agreement entered into as contemplated by
Section 7.1(xvi);

(xxiii) any interest or title of a lessor or sublessor under any lease of real estate
permitted hereunder;

(xxiv) Liens solely on any cash earnest money deposits made by any Loan Party in
connection with any letter of intent or purchase agreement permitted hereunder;

(xxv) Liens in favor of the Financial Institution under (and as provided in) the US
Collateral Account Agreement; and

(xxvi) Liens required pursuant to clause (b) of the proviso in subsection 7.7(xx).

“Permitted Subordinated Indebtedness” means any unsecured Indebtedness of the Borrower or any
other Loan Party (a) for which no installment of principal matures earlier than twelve months after
the Maturity Date, (b) pursuant to documentation containing redemption and other prepayment events,
interest rates, maturities, amortization schedules, covenants, events of default, remedies,
acceleration rights and other material terms that are on market terms (as determined by the
Borrower in good faith) or otherwise reasonably satisfactory to the Requisite Lenders and (c) that
has been subordinated (including, without limitation, with respect to payments of principal and
interest) by the lender thereof pursuant to a subordination agreement in substantially the form of
Exhibit G, as such subordination agreement may be modified or replaced at the request of
such lender and the Borrower; provided that, if either the Administrative Agent or
Collateral Agent determines, acting reasonably, that the proposed terms
of such modified or replaced subordination agreement are different in any material respect to
the terms set forth in Exhibit G, then the Requisite Lenders shall have approved such materially
different terms in the subordination agreement.

 

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“Permitted Unsecured Indebtedness” means any unsecured Indebtedness of the Borrower or any
other Loan Party (a) for which no installment of principal matures earlier than twelve months after
the Maturity Date, (b) in support of which no Liens are granted, whether on any Collateral or any
other assets of any Loan Party, and (c) for which the payment of principal and interest is pari
passu in right of payment to the Obligations pursuant to documentation containing redemption and
other prepayment events, maturities, amortization schedules, covenants, events of default,
remedies, acceleration rights and other material terms reasonably satisfactory to the
Administrative Agent.

“Person” means natural persons, corporations, limited partnerships, general partnerships,
limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures,
associations, companies, trusts, banks, trust companies, land trusts, business trusts or other
organizations, whether or not legal entities, and governments (whether federal, state or local,
domestic or foreign, and including political subdivisions thereof) and agencies or other
administrative or regulatory bodies thereof.

“Phase” means Phase 1 or Phase 2, as applicable.

“Phase 1” means (i) the Casino Facilities, (ii) the design, development, financing,
construction, ownership and operation and maintenance of tower “5A” (consisting of the Traders
Hotel and the Shangri-La Hotel), tower “6A” (consisting of the first Sheraton Hotel tower),
conference rooms and meeting facilities, a theater and certain retail facilities and (iii) the
design, development, financing, construction (up to the completion of structural works and
excluding Phase 2) and ownership of tower “6B” (consisting of the second Sheraton Hotel) and
certain retail facilities.

“Phase 2” means the internal fit-out and operation and maintenance of tower “6B” (consisting
of the second Sheraton Hotel) and certain retail facilities.

“Phase 3” means the design, development, financing, construction, ownership, operation and
maintenance of tower “5B” (consisting of the hotel and mixed use tower on the Site that is
currently contemplated to be St. Regis branded).

“Plans and Specifications” means, with respect to the Project, all plans, specifications,
design documents, schematic drawings and related items for the design, architecture and
construction of the Project that are listed on Exhibit Y annexed hereto as the same may be
(a) finalized in a manner consistent with the standards set forth in Exhibit Z annexed
hereto and (b) amended in accordance with subsection 7.18.

“Pledge Over Gaming Equipment and Utensils” means that certain Pledge Over Gaming Equipment
and Utensils substantially in the form of Exhibit E-7, to be executed by the Company in
favor of the Collateral Agent.

 

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“Pledge Over Intellectual Property Rights” means the Pledge Over Intellectual Property Rights,
substantially in the form of Exhibit E-5, to be executed by any Loan Party in favor of the
Collateral Agent.

“Potential Event of Default” means a condition or event that, after notice or lapse of time or
both, would constitute an Event of Default.

“Power of Attorney” means that certain power of attorney substantially in the form of
Exhibit E-14, to be executed by each Loan Party in favor of the Collateral Agent.

“Pre-Closing Borrower Equity Contribution” means the amount certified by the Borrower on the
Initial Borrowing Date as having been spent for out-of-pocket costs and expenses associated with
the design, development and construction of the Project since November 1, 2009 up to and including
the Initial Borrowing Date.

“Pre-Closing Settlement Amount” means the amount of the “Suspension and Termination Costs”
Line Item category in the Project Budget as of the Closing Date.

“Pre-Existing Construction Contract” means all Construction Contracts that have been executed
and delivered to the Syndication Agents as of the date hereof.

“Pre-Opening Expenses” means, with respect to any Active Phase, any costs and expenses
included in the “Pre-Opening Expenses” Line Item Category of the Project Budget with respect to
such Phase.

“Prepayment Account” means a deposit account established and maintained by the Administrative
Agent at the Payment and Funding Office in the name of the Borrower, and under the control of the
Administrative Agent, into which certain amounts required to be used to prepay Loans pursuant to
the terms hereof may be temporarily deposited, together with any potential breakage costs
associated with such prepayments.

“Primary Gaming Concession Contract” means the concession contract for the operation of games
of chance and other games in casinos in Macau SAR, dated June 26, 2002, between Macau SAR and
Galaxy.

“Prime Rate” means (i) with respect to Loans denominated in U.S. Dollars, the rate that the
Administrative Agent announces from its New York office from time to time as its Dollar prime
lending rate and (ii) with respect to Loans denominated in HK Dollars or Patacas, the rate that the
Administrative Agent announces from its Hong Kong office from time to time as its HK Dollar
generally applicable prime lending rate, in each case as in effect from time to time. The Prime
Rate is a reference rate and does not necessarily represent the lowest or best rate actually
charged to any customer. The Administrative Agent or any other Lender may make commercial loans or
other loans at rates of interest at, above or below the Prime Rate.

“Proceedings” is defined in subsection 6.1(ix).

“Process Agent” is defined in subsection 10.18B.

 

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“Project” means Phase 1 and Phase 2.

“Project Budget” means the budget and drawdown schedule for the Project delivered by the
Borrower on the Initial Borrowing Date and meeting the requirements of subsection 4.1B(xii)(b), as
the same may from time to time be amended from time to time pursuant to subsection 7.19(A).

“Project Completion Date” means the date both Phase 1 and Phase 2 have achieved their
respective Completion Dates.

“Project Cost Revolving Loans” means any Revolving Loans any proceeds of which are intended to
be used to fund Non-Casino Project Costs.

“Project Cost Term Loans” means any Term Loans the proceeds of which are intended to be used
to fund Non-Casino Project Costs.

“Project Costs” means all costs (other than working capital and general corporate expenses)
incurred, or to be incurred, in accordance with the Project Budget, in connection with the
development, design, engineering, procurement, installation, construction, equipping, fitting out
and opening of the Project (including the Casino Facilities), which costs shall include (without
duplication), but shall not be limited to: (a) all costs incurred under Construction Contracts,
(b) Debt Service (including the mandatory prepayment of the Loans under subsection 2.4B(iii)(i))
prior to the first Opening Date, (c) reasonable financing, closing and administration costs related
to each Active Phase until the Completion Date of such Phase including, but not limited to,
insurance costs, guarantee fees, legal fees and expenses, financial advisory fees and expenses,
technical fees and expenses (including, without limitation, fees and expenses of the Construction
Consultant and the Insurance Advisor), commitment fees, management fees, agency fees (including,
without limitation, fees and expenses of the Administrative Agent and the Collateral Agent),
interest, taxes (including value added tax but excluding gaming taxes and other amounts payable
under the Gaming Concession Contract), and other out-of-pocket expenses payable by the Loan Parties
under all documents related to the financing and administration of the Project until the Project
Final Completion Date, (d) the costs of acquiring Permits for each Active Phase prior to the Final
Completion Date of such Phase, (e) costs incurred in settling insurance claims in connection with
Events of Loss at each Active Phase and collecting Net Loss Proceeds relating thereto at any time
prior to the Final Completion Date of such Phase, and (f) all amounts expected to be payable by the
Loan Parties (as opposed to any third party developer) under the Land Concession Contract for the
period from the execution date thereof through the Opening Date for Phase 1, and at such times as
such payments are due or anticipated to be due in accordance with the then applicable monthly
Project Sources and Uses Schedule; provided that “Project Costs” shall not include
Operating Costs for any Phase from and after the Opening Date for such Phase.

“Project Documents” means, collectively, the Construction Contracts, the Gaming Contracts, the
Architect Services Agreements, the Land Concession Contract, and the contracts and other
arrangements entered into from time to time between the Borrower or a Loan Party and any contractor
or other third party for performance of services or sale of goods in connection with the design,
engineering, installation, construction, management, operation or development
of the Project (other than the Loan Documents and any FF&E Documents), as the same may be
amended from time to time in accordance with the terms and conditions of subsection 7.13 or 7.17.

 

54

 

“Project Final Completion Date” mean the date both Phase 1 and Phase 2 have achieved their
respective Final Completion Dates.

“Project Loans Disbursement Account” is defined in the Depository Agreement.

“Project Punchlist Completion Amount” means, with respect to any Active Phase from time to
time after the Completion Date of such Phase, the estimated cost to complete all remaining Project
Punchlist Items relating to such Phase if the owner of such Phase were to engage independent,
reputable and appropriately experienced and licensed contractor(s) to complete such work and no
other work certified by the Borrower and the Construction Consultant with respect to each Advance
from and after the Completion Date for such Phase in their respective certificates in the form of
Exhibits C and D to the Depository Agreement.

“Project Punchlist Items” means, with respect to any Active Phase, minor or insubstantial
details of construction or mechanical adjustment, the non-completion of which, when all such items
are taken together, will not interfere in any material respect with the use or occupancy of any
portion of such Phase for its intended purposes or the ability of the owner or master lessee, as
applicable, of any portion of such Phase (or any tenant thereof) to perform work that is necessary
or desirable to prepare such portion of such Phase for such use or occupancy; provided that, in all
events, “Project Punchlist Items” shall include (to the extent not already completed), without
limitation, the items set forth in the defects lists to be delivered under any Material
Construction Contract for such Phase and all items that are listed on the “punchlists” furnished by
the Building Department in connection with, or after, the issuance of such Phase’s temporary
Occupancy Certificate as those that must be completed in order for the Building Department to issue
such Phase a permanent Occupancy Certificate.

“Project Report” means a report of the Construction Consultant delivered to the Administrative
Agent and the Borrower stating, among other things, that (a) the Construction Consultant has
reviewed the Construction Contracts, the Plans and Specifications, and other material information
deemed reasonably necessary by the Construction Consultant for the purpose of evaluating whether
the Projects can be constructed and completed in the manner contemplated by the Operative Documents
and (b) based on its review of such information, the Construction Consultant is of the opinion that
the Project can be constructed in the manner contemplated by the Project Documents and, in
particular, that the Project can be constructed and completed substantially in accordance with the
Construction Contracts and the Plans and Specifications within the parameters set by the Project
Schedule and the Project Budget.

“Project Schedule” means the schedule for construction and completion of the Project
(including each Phase thereof) delivered by the Borrower on the Initial Borrowing Date and meeting
the requirements of subsection 4.1B(xii)(c), as the same may from time to time be amended pursuant
to subsection 7.19(B).

 

55

 

“Project Sources and Uses Schedule” means the Project Sources and Uses Schedule delivered by
the Borrower on the Closing Date and meeting the requirements of subsection 4.1B(xii)(d), as
amended from time to time in accordance with subsection 6.21.

“Projected Free Cash Flow Credit Amount” means, at any given time and in each case, the
aggregate amount of Free Cash Flow projected to be generated by the Borrower and the other Loan
Parties from the Project as set forth on the then current Project Sources and Uses Schedule;
provided that at the time of determination the Borrower is able to satisfy (i) the
conditions precedent to Advances with respect to each Phase under Section 3.1 of the
Depository Agreement (other than Section 3.1.3 of the Depository Agreement), for the period
commencing with the then Anticipated Opening Date of such Phase (or, if later, the then current
calendar month) through and including the month in which the Project Final Completion Date then is
anticipated to occur.

“Properties” means any and all real property (including all buildings, fixtures or other
improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by any
Loan Party.

“Pro Rata Share” means (a) with respect to all payments, computations and other matters
relating to the TLF I Commitment or the TLF I Loans of any Lender, the percentage obtained by
dividing (i) the TLF I Exposure of that Lender by (ii) the aggregate TLF I Exposure
of all Lenders, (b) with respect to all payments, computations and other matters relating to the
TLF II Commitment or the TLF II Loans of any Lender, the percentage obtained by dividing
(i) the TLF II Exposure of that Lender by (ii) the aggregate TLF II Exposure of all
Lenders, (c) with respect to all payments, computations and other matters relating to the Revolving
Loan Commitment or the Revolving Loans of any Lender or any Letters of Credit issued or
participations therein purchased by any Lender, the percentage obtained by dividing (i) the
Revolving Loan Exposure of that Lender by (ii) the aggregate Revolving Loan Exposure of all
Lenders, (d) with respect to all payments, computations, and other matters relating to New Term
Loan Commitments or New Term Loans of a particular Series, the percentage obtained by
dividing (i) the New Term Loan Exposure of that Lender with respect to that Series
by (ii) the aggregate New Term Loan Exposure of all Lenders with respect to that Series,
and (e) for all other purposes with respect to each Lender, the percentage obtained by
dividing (i) the sum of the TLF I Exposure of that Lender plus the TLF II Exposure
of that Lender plus the Revolving Loan Exposure of that Lender plus the New Term
Loan Exposure of that Lender by (ii) the sum of the aggregate TLF II Exposure of all
Lenders plus the aggregate TLF II Exposure of all Lenders plus the aggregate
Revolving Loan Exposure of all Lenders plus the aggregate New Term Loan Exposure of all
Lenders, in any such case as the applicable percentage may be adjusted by assignments permitted
pursuant to subsection 10.1. The Pro Rata Share of each Lender as of the Closing Date for purposes
of each of clauses (a), (b), (c) and (e) of the preceding sentence is set forth opposite the name
of that Lender in Schedule 2.1 annexed hereto.

“Quarterly Date” means March 31, June 30, September 30 and December 31.

“Rate/FX Protection Agreement” means, collectively, any Hedging Agreement entered into by the
Borrower or any other Loan Party under which the counterparty of such Hedging Agreement is (or at
the time such Hedging Agreement was entered into, was) a Lender, an
Agent, or an Affiliate of an Agent or a Lender; provided that such Hedging Agreement
relates to (a) interest rate risk with respect to Indebtedness secured by a First Priority Lien or
(b) any currency exchange risk.

 

56

 

“Rating Agency” is defined in the definition of “Cash Equivalents”.

“Realized Savings” means, with respect to the Project:

(a) with respect to each of the “Construction Costs” and “FF&E” Line Item Categories in the
Project Budget, a decrease in the anticipated cost to complete the work contemplated by such Line
Item Category which results from a decrease in the anticipated cost to complete the work
contemplated by such Line Item Category which the Borrower is able to demonstrate to the reasonable
satisfaction of the Construction Consultant, including as a result of a Scope Change which
(A) complies with the requirements of subsection 7.18 and (B) results, to the reasonable
satisfaction of the Construction Consultant, in a quantifiable decrease in materials, supplies, or
required services or the expected cost thereof.

(b) with respect to the “Consultants” Line Item Category in the Project Budget, a decrease in
the anticipated cost to complete the services contemplated by such Line Item Category which the
Borrower is able to demonstrate to the reasonable satisfaction of the Construction Consultant;

(c) with respect to the “Pre-Opening Costs” Line Item Category in the Project Budget, a
decrease of up to 25% in the cost anticipated to be incurred to complete the work contemplated by
such Line Item Category if the Borrower certifies that it does not intend to spend more than the
reduced amount and that such reduced amount is an appropriate amount for such Line Item Category;

(d) with respect to the “Suspension and Termination Costs” and “Financing Fees, Legal Costs
and Miscellaneous Expenses” Line Item Categories in the Project Budget, a decrease in the
anticipated cost to complete the services or to pay the fees and costs contemplated by such Line
Item Category which the Borrower is able to demonstrate to the reasonable satisfaction of the
Administrative Agent; and

(e) with respect to any other Line Item Category other than “Contingency” Line Item Category,
the amount by which the total cost allocated to such Line Item Category exceeds the total cost
incurred by the Borrower to complete all aspects of the work contemplated by such Line Item
Category (as confirmed by the Construction Consultant) which amount, if any, may not be established
until the Borrower has actually completed all such work;

in each case, which is documented by the Borrower in a Realized Savings Certificate in the
form of Exhibit L-5, duly executed and completed with all exhibits and attachments thereto. No
Realized Savings shall be obtainable with respect to the “Unallocated Contingency” Line Item
Category in the Project Budget until the Project Final Completion Date (provided that the amount of
such Line Item Category may be reduced pursuant to the definition of Required Minimum Contingency
in accordance with subsection 7.19A.

 

57

 

“Recalculation Date” means each of the following: (a) the first Business Day of each calendar
month; (b) each date of issuance of a Letter of Credit denominated in HK Dollars or Patacas;
(c) each date of an amendment of any such Letter of Credit having the effect of increasing the
amount thereof; (d) each date of any payment by the Issuing Bank under any such Letter of Credit;
(e) the date of any payment or conversion of any Loan denominated in HK Dollars or Patacas; and (f)
the date any Revolving Loans are made to repay Refunded Swing Line Loans.

“Reference Banks” means, in relation to (i) the Adjusted Eurodollar Rate, the principal London
offices of Barclays Bank PLC, BNP, Citi and UBS or such other Lender(s) that are Lenders as of the
date hereof and the date of its appointment hereunder that may be appointed by the Administrative
Agent in consultation with the Borrower; provided that any such other Lender(s) so
appointed provides quotes in the London interbank market for Dollar deposits in the ordinary course
of business for the offering of Dollar deposits as of the date of such appointment, and (ii) the
HIBOR Rate, the principal office in Hong Kong of BNP, Citi and UBS or such other Lender(s) that are
Lenders as of the date hereof and the date of its appointment hereunder that may be appointed by
the Administrative Agent in consultation with the Borrower; provided that any such other
Lender(s) so appointed provide quotes for HK Dollar deposits in its ordinary course of business for
the offering of HK Dollar deposits as of the date of such appointment.

“Refinancing Fees” means with respect to any extension, refinancing, defeasance, renewal,
replacement, substitution, refunding, repurchase, repayment or redemption of Indebtedness, or any
tender for or call of Indebtedness, any reasonable fees, expenses, premiums, make-whole payments,
and accrued and unpaid interest refinanced or paid or incurred in connection therewith.

“Refunded Swing Line Loans” is defined in subsection 2.10D.

“Register” is defined in subsection 2.1D(i).

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System, as
in effect from time to time.

“Regulatory Consultants” means Macau Professional Services.

“Reimbursement Date” is defined in subsection 3.3B.

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping,
deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials into
the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers
or other closed receptacles containing any Hazardous Materials), including the movement of any
Hazardous Materials through the air, soil, surface water or groundwater.

“Relevant Contracts” is defined in subsection 8.12(iii).

“Relevant Fiscal Year” means the first full Fiscal Year next succeeding the Fiscal Year in
which the Trigger Date occurs, and each subsequent Fiscal Year thereafter.

 

58

 

“Remaining Costs” means, with respect to each Active Phase at any given time, the difference
between (a) the aggregate amount of “Total Anticipated Costs” set forth in column 8 of the
Summary Anticipated Cost Report for such Phase as in effect from time to time and (b) the aggregate
amount of “Project Costs Incurred” set forth in column 10 of the Summary Anticipated Cost
Report for such Phase.

“Required Minimum Contingency” means: (a) from time to time prior to the Project Completion
Date, the amount allocated to the “unallocated contingency” Line Item category in the Project
Budget as of the Closing Date less ten percent (10%) of such amount, amortized on a double
declining basis from the Closing Date through the then-estimated Project Completion Date;
provided that, on the Initial Borrowing Date (but not any day thereafter) the “unallocated
contingency” Line Item category set forth in the Project Budget shall be no less than five percent
(5%) of the Hard Costs set forth in the Project Budget; and (b) from time to time after the Project
Completion Date, 150% of the Project Punchlist Completion Amount.

“Required Scope Change Approval” means, with respect to each proposed Scope Change for any
Active Phase, the consent of the Administrative Agent, such consent not to be unreasonably withheld
(or, with respect to any Scope Change that will increase the Project Costs by more than $50,000,000
(or that together with all other previously implemented Scope Changes as to which Required Scope
Change Approval was required, will increase the Project Costs by more than $150,000,000), the
consent of the Requisite Lenders, such consent not to be unreasonably withheld).

“Requisite Class Lenders” means, at any time of determination, (i) for the TLF I Lenders,
Lenders holding more than 50% of the aggregate TLF I Exposure of all Lenders; (ii) for the Class of
Lenders having TLF II Exposure, Lenders holding more than 50% of the aggregate TLF II Exposure of
all Lenders; (iii) for the Class of Lenders having Revolving Exposure, Lenders holding more than
50% of the aggregate Revolving Exposure of all Lenders, and (iv) for the Lenders having New Term
Loan Exposure with respect to any Series of new Term Loans, Lenders holding more than 50% of the
aggregate New Term Loan Exposure of that Series.

“Requisite Lenders” means Lenders having or holding more than 50% of the sum of the aggregate
outstanding principal amount of all Loans and unused amount of the Commitments of all Lenders.

“Resort Component” means all portions of a Project other than, at any time while an FF&E
Facility is in place, the FF&E Component being financed with such FF&E Facility.

“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on
account of any shares of any class of equity Securities of the Borrower now or hereafter
outstanding, except a dividend or distribution payable solely in shares of that class of equity
Securities to the holders of that class (or the accretion of such dividends or distribution),
(b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares of any class of equity Securities of the Borrower now or
hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire shares of any class of equity Securities
of the Borrower now or hereafter outstanding, and (d) any payment or prepayment of principal of,
premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including
in-substance or legal defeasance), sinking fund or similar payment with respect to Permitted
Subordinated Indebtedness.

 

59

 

“Restricted Subsidiary” means each Subsidiary of the Borrower that is not an Excluded
Subsidiary, whether existing on the Closing Date or subsequently formed or acquired.

“Retainage Amounts” means at any given time amounts which have accrued and are owing under the
terms of a Construction Contract for work or services already provided but which at such time (and
in accordance with the terms of the applicable Construction Contract) are being withheld from
payment to any Contractor, until certain subsequent events (e.g., completion benchmarks or
expiration of warranty period) have been achieved under the applicable Construction Contract.

“Revolving Credit Facility” is defined in subsection 2.1A(iii).

“Revolving Loan Commitment” means the commitment of a Lender to make Revolving Loans to the
Borrower pursuant to subsection 2.1A(iii) and “Revolving Loan Commitments” means such commitments
of all the Lenders in the aggregate.

“Revolving Loan Commitment Amount” means $250,000,000, as such amount may be reduced pursuant
to the terms of this Agreement.

“Revolving Loan Commitment Termination Date” means the earlier of (a) the occurrence of a
Commitment Termination Event or (b) the date that is one month prior to the fifth anniversary of
the Closing Date.

“Revolving Loan Exposure” means, with respect to any Lender as of any date of determination
(a) prior to the termination of the Revolving Loan Commitments, that Lender’s Revolving Loan
Commitment and the aggregate outstanding principal amount of the Revolving Loans made by that
Lender, (b) after the termination of the Revolving Loan Commitments, the aggregate outstanding
principal amount of the Revolving Loans of that Lender, and (c) in the case of the Swing Line
Lender, the aggregate outstanding principal amount of all Swing Line Loans (net of any repayments
thereof with Revolving Loans by other Lenders); provided that for purposes of the foregoing
clauses (a), (b) and (c), the Revolving Loan Commitment and Revolving Loans of each Revolving Loan
HK Dollar Lender and each Revolving Loan Pataca Lender shall be expressed in Dollars using the
applicable Closing FX Rate.

“Revolving Loan Dollar Lender” means a Lender that has a Revolving Loan Commitment denominated
in Dollars, as set forth on Schedule 2.1. Notwithstanding anything to the contrary in this
Agreement, no Revolving Loan Dollar Lender shall be obligated to fund Revolving Loans (i) in an
aggregate amount exceeding the amount set forth for such Revolving Loan Dollar Lender on Schedule
2.1 and (ii) in any currency other than Dollars.

“Revolving Loan HK Dollar Lender” means a Lender that has a Revolving Loan Commitment
denominated in HK Dollars, as set forth on Schedule 2.1. Notwithstanding anything to the contrary
in this Agreement, no Revolving Loan HK Dollar Lender shall be obligated to fund Revolving Loans
(i) in an aggregate amount exceeding the amount set forth for
such Revolving Loan HK Dollar Lender on Schedule 2.1 and (ii) in any currency other than HK
Dollars.

 

60

 

“Revolving Loan Lender” means each Revolving Loan Dollar Lender, Revolving Loan HK Dollar
Lender and Revolving Loan Pataca Lender.

“Revolving Loan Pataca Lender” means a Lender that has a Revolving Loan Commitment denominated
in Patacas, as set forth on Schedule 2.1. Notwithstanding anything to the contrary in this
Agreement, no Revolving Loan Pataca Lender shall be obligated to fund Revolving Loans (i) in an
aggregate amount exceeding the amount set forth for such Revolving Loan Pataca Lender on Schedule
2.1 and (ii) in any currency other than Patacas.

“Revolving Loans” is defined in subsection 2.1A(iii).

“Revolving Note” means a promissory note of the Borrower payable to any Revolving Loan Lender,
substantially in the form of Exhibit A-4 hereto (as such promissory note may be amended,
endorsed or otherwise modified from time to time), evidencing the aggregate Indebtedness of the
Borrower to such Revolving Loan Lender resulting from outstanding Revolving Loans, and also means
all other promissory notes accepted from time to time in substitution therefor or renewal thereof.

“RL Percentage” means, relative to any Lender, the applicable percentage (based on the
aggregate Revolving Loan Commitment of such Lender expressed in Dollars using the Closing FX Rates)
relating to Revolving Loans set forth opposite its name on Schedule 2.1 hereto under the
Revolving Loan Commitment column or set forth in an Assignment Agreement under the Revolving Loan
Commitment column, as such percentage may be adjusted from time to time pursuant to Assignment
Agreements executed by such Lender and its assignee Lender and delivered pursuant to
subsection 10.1B or by cancellations and terminations of Revolving Loan Commitments in accordance
with this Agreement. A Lender shall not have any Revolving Loan Commitment if its percentage under
the Revolving Loan Commitment column is zero.

“Safe Harbor Scope Change” means, with respect to each Phase, any Scope Change if, after
giving effect thereto, such Phase will be within or shall exceed the “standards” for such Phase set
forth on Exhibit Z, which Exhibit shall be proposed by the Borrower and reasonably approved
by the Administrative Agent and the Construction Consultant on or prior to the later of the Initial
Borrowing Date and the recommencement of construction of the applicable Phase.

“Sales Deposit Account” is defined in the Depository Agreement.

“Scope Change” means, with respect to each Active Phase, any change in the Plans and
Specifications for such Phase or any other change to the design, layout, architecture or quality of
such Phase from that which is contemplated upon the later of the Initial Borrowing Date and the
recommencement of construction of such Phase (unless such change is required by Legal Requirements,
design deficiencies or errors or otherwise reasonably necessary (as confirmed by the Construction
Consultant) in order to achieve Completion of such Phase for its intended purposes and in
accordance with the standards set forth in Exhibit Z (to the maximum extent reasonably
possible considering the Legal Requirements, deficiencies or errors requiring such change)),
including, without limitation, (a) additions, deletions or modifications to the “Work” or
the “Development” (as defined in any Contract relating to such Phase), and (b) modifications
to the “Construction Documents” (as defined in the Architect Services Agreement) to the extent the
same constitute an “Additional Service” under the Architect Services Agreement.

 

61

 

“Scotia Capital” is defined in the preamble.

“Secured Parties” means, collectively, the Lenders, each Issuing Lender, the Agents and each
counterparty to a Rate/FX Protection Agreement that is (or at the time such Rate/FX Protection
Agreement was entered into, was) a Lender or an Agent or an Affiliate thereof entered into by the
Borrower.

“Securities” means any stock, shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing agreement or arrangement, options,
warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities” or any certificates of interest, shares or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire,
any of the foregoing.

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any
successor statute.

“Security Agreement” means the Security Agreement executed and delivered by the Borrower and
each Guarantor that is a Restricted Subsidiary, substantially in the form of Exhibit E-2
annexed hereto.

“Selected Subcontractor” has the meaning set forth in the definition of Lien Release Parties.

“Series” is defined in subsection 2.9B.

“Settlement Confirmation” is defined in subsection 10.1B(i).

“Settlement Service” is defined in subsection 10.1C.

“Shangri-La Hotel” means the hotel that is currently contemplated to be Shangri-La branded, to
be operated, maintained and managed pursuant to the Shangri-La Management Agreement, or any other
branded hotel and, if applicable, related management agreement that replaces the Shangri-La Hotel
and Shangri-La Management Agreement, respectively.

“Shangri-La Management Agreement” means the Hotel Management Agreement dated as of October 28,
2005 between Shangri-La International Hotel Management Limited and Venetian Cotai Limited (which is
expected to be assigned to the Borrower) which provides for, among other things, the operation,
maintenance and management of a Shangri-La-branded hotel by Shangri-La International Hotel
Management Limited or an Affiliate thereof.

“Shared Services Agreement” means that certain Shared Services Agreement dated as of November
8, 2009 among the Parent and the Sponsor.

 

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“Shareholder Subordinated Indebtedness” means Permitted Subordinated Indebtedness held by the
Parent or any of its Subsidiaries (other than a Loan Party) that has a maturity date after the
Maturity Date, that does not pay any cash interest, that does not bind the obligor(s) thereon by
the provisions of any covenants other than customary affirmative covenants, and that does not
contain any cross-default provisions to any other Indebtedness of such obligor(s).

“Sheraton Hotel” means the hotel that is currently contemplated to be Sheraton branded, to be
operated, maintained and managed pursuant to the Sheraton Management Agreement, or any other
branded hotel and, if applicable, related management agreement that replaces the Sheraton Hotel and
Sheraton Management Agreement, respectively.

“Sheraton Management Agreement” means the Sheraton Macao Hotel Operating Agreement dated as of
March 1, 2007 between Sheraton Overseas Management Co. and the Borrower which provides for, among
other things, the operation, maintenance and management of a Sheraton-branded hotel by Sheraton
Overseas Management Co. or an Affiliate thereof.

“Site 5 & 6” means the real property designated as such on the Cotai Plan as it may be
modified in a non-material manner in accordance with the Cotai Plan, which is leased to the
Borrower pursuant to the Land Concession Contract, and on which the Project will be developed.

“Site” means Site 5 & 6.

“Solvent” means, with respect to any Person, that as of the date of determination both
(a) (i) the then fair saleable value of the property of such Person is (A) greater than the total
amount of liabilities (including contingent liabilities) of such Person and (B) not less than the
amount that will be required to pay the probable liabilities on such Person’s then existing debts
as they become absolute and matured considering all financing alternatives and potential asset
sales reasonably available to such Person; (ii) such Person’s capital is not unreasonably small in
relation to its business or any contemplated or undertaken transaction; and (iii) such Person does
not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond
its ability to pay such debts as they become due; and (b) such Person is “solvent” within the
meaning given that term and similar terms under applicable laws relating to fraudulent transfers
and conveyances. For purposes of this definition, the amount of any contingent liability at any
time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

“Specified Equity Contribution” has the meaning set forth in the definition of Consolidated
Adjusted EBITDA.

 

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“Specified FF&E” means any furniture, fixtures, equipment and other personal property that is
financed or refinanced with the proceeds from an FF&E Facility, including each and every item or
unit of equipment acquired with the proceeds thereof, each and every item or unit of equipment
acquired by substitution or replacement thereof; all parts, components, attachments, accessions,
accessories, manuals, installation kits and other items pertaining to such property; all documents
(including all warehouse receipts, dock receipts, bills of lading and the like); all
licenses (other than Gaming Licenses and the IP License), manufacturers’ and other warranties,
guarantees, service contracts and related rights and interests covering all or any portion of such
property (including any rights in any third-party developed software or firmware (it being
understood that if the Borrower or any of its Affiliates makes any addition, improvement or
modification to any such third-party developed software or firmware, such third-party developed
software or firmware shall not be disqualified from being “Specified FF&E”, but such addition,
improvement, or modification shall not be considered “Specified FF&E” to the extent that either
(i) the Borrower or such Affiliate retains ownership of such improvement or modification or
(ii) the applicable software license otherwise permits the Borrower or any Affiliate to retain such
ownership), any trademark licenses and any other intellectual property solely related to any such
property or other items of Specified FF&E); and to the extent not otherwise included, all proceeds
(including insurance and condemnation proceeds) of any of the foregoing and all accessions to,
substitutions and replacements for, and the rents, profits and products of, each of the foregoing
(including cash collateral and collateral accounts) and such other collateral reasonably determined
by the Administrative Agent in its reasonable discretion. Specified FF&E may not be financed with
the proceeds of any borrowings made under this Agreement (other than temporary funding with the
proceeds of FF&E Deposit Loans, provided such Loans are reimbursed with proceeds of loans under the
relevant FF&E Facility, and other than costs related to transportation, installation and sales
taxes).

“Sponsor” means Sands China Ltd., a Cayman Islands corporation.

“Sponsor Agreement” means that certain Sponsor Agreement, dated as of the date hereof, by and
among the Sponsor, the Administrative Agent and the Collateral Agent, substantially in the form of
Exhibit M hereto.

“Standby Letter of Credit” means any standby letter of credit, bank guaranty or similar
instrument issued for the purpose of supporting (a) Indebtedness of the Borrower or any other Loan
Party in respect of industrial revenue or development bonds or financings, (b) workers’
compensation liabilities of the Borrower or any other Loan Party, (c) the obligations of third
party insurers of the Borrower or any other Loan Party arising by virtue of the laws of any
jurisdiction requiring the third party insurers, (d) obligations with respect to Capital Leases or
Operating Leases of the Borrower or any other Loan Party, (e) performance, payment, deposit or
surety obligations of the Borrower or any other Loan Party, in any case if required by Legal
Requirement (including if required by any Governmental Instrumentality or otherwise necessary in
order to obtain any Permit related to the Project) or in accordance with custom and practice in the
industry, (f) Legal Requirements in connection with the development of the Project and (g) for
general corporate purposes of the Borrower or any other Loan Party; provided that Standby
Letters of Credit (other than those referred to in clauses (e) and (f) above) may not be issued for
the purpose of supporting (i) trade payables or (ii) any Indebtedness constituting “antecedent
debt” (as that term is used in Section 547 of Bankruptcy Code).

“Subcontractor” means any direct or indirect subcontractor of any tier under any Construction
Contract.

 

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“Subsidiary” means, with respect to any Person, (a) any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of
the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons
(whether directors, managers, trustees or other Persons performing similar functions) having the
power to direct or cause the direction of the management and policies thereof is at the time owned
or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof and (b) any partnership or limited liability company of which
more than 50% of such entities’ capital accounts, distribution rights, general or limited
partnership interests or membership interests are owned or controlled directly or indirectly by
such Person or one of more other Subsidiaries of that Person or a combination thereof.

“Substantial Operations Date” means the date upon which all of the following conditions shall
have been satisfied with respect to the Project, as certified by the Borrower (and confirmed by the
Construction Consultant): (i) the Opening Date for Phase 1 and Phase 2 shall have occurred with
respect to the portions of such Phase described in clauses (ii) and (iii) of this definition; (ii)
at least 5,000 hotel rooms shall be substantially complete and available for occupancy; (iii) a
sufficient number of restaurant seats shall be open for business to support the general public’s
use of the portions of Phase 1 and Phase 2 that are then open or available for occupancy for their
intended purposes; and (iv) at least 5,000 gaming positions shall be open to the public (with
positions being calculated at one for each position at an electronic gaming machine, one position
for each slot machine and seven positions for each live gaming table).

“Substitute Lender” is defined in subsection 10.7(a).

“Summary Anticipated Cost Reports” means anticipated cost reports for each Active Phase
substantially in the form of Exhibit V-2 annexed hereto and which provide the information
indicated therein segregated by Line Item Category for such Phase in the Project Budget.

“Supplemental Equity Contribution Account” is defined in the Depository Agreement.

“Supplements to Gaming Sub-Concession Contract” means (i) the Memorandum from Macau SAR
(executed by The Secretary for Economy and Finance), dated December 23, 2002, pursuant to which the
Gaming Sub-Concession Contract was deemed no longer dependent on the Primary Gaming Concession
Contract, (ii) the letter dated December 19, 2002, executed by the government of Macau SAR,
authorizing the transfer of rights under the concession agreement to the Company pursuant to the
terms of the Gaming Sub-Concession Contract, and (iii) the letter dated December 19, 2002, executed
by the government of Macau SAR, confirming its rights and obligations with respect to the Gaming
Sub-Concession Contract.

“Supplier Joint Venture” means any Person that supplies or provides materials or services to
any Loan Party or any contractor in relation to the Project and in which a Loan Party or one of its
Restricted Subsidiaries has Investments.

“Swing Line Lender” means each of BOC and ICBC, in its capacity as Swing Line Lender.

“Swing Line Loans” is defined in subsection 2.1A(iv).

 

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“Swing Line Note” means a promissory note of the Borrower payable to the Swing Line Lender,
substantially in the form of Exhibit A-5 annexed hereto (as such promissory note may be
amended, endorsed or otherwise modified from time to time), evidencing the aggregate Indebtedness
of the Borrower to the Swing Line Lender resulting from outstanding Swing Line Loans, and also
means all other promissory notes accepted from time to time in substitution therefor or renewal
thereof.

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill Corporation, or any
successor thereto, and if such Person shall for any reason no longer perform the function of a
securities rating agency, S&P shall be deemed to refer to any other rating agency designated by the
Borrower with the written consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed).

“Tax” or “Taxes” means any present or future tax, levy, impost, duty, charge, fee, deduction
or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever
imposed, levied, collected, withheld or assessed; provided that “Tax on the overall net
income” of a Person shall be construed as a reference to a tax imposed by (x) the jurisdiction in
which that Person is organized or in which that Person’s principal office (and/or, in the case of a
Lender, its lending office) is located, (y) any jurisdiction in which that Person (and/or, in the
case of a Lender, its lending office) is deemed to be doing business, or (z) any other jurisdiction
as a result of a present or former connection between that Person and such jurisdiction (other than
any connection arising solely from that Person having executed, delivered or performed its
obligations or received a payment under this Agreement or any other Loan Document), in each case on
all or part of the net income, profits or gains (whether worldwide, or only insofar as such income,
profits or gains are considered to arise in or to relate to a particular jurisdiction, or
otherwise) of that Person (and/or, in the case of a Lender, its lending office).

“Tax Credit” means a credit against, relief or remission for, or repayment of any, Included
Taxes.

“Term Loan Facilities” means TLF I and TLF II.

“Term Loan Facility I” or “TLF I” means the term loan facility to be made available to the
Borrower pursuant to subsection 2.1A(i).

“Term Loan Facility II” or “TLF II” “ means the term loan facility to be made available to the
Borrower pursuant to subsection 2.1A(ii).

“Term Loans” means, collectively, the TLF I Loans, the TLF II Loans and any New Term Loans.

“Termination Date” means the date on which all payment Obligations then due and payable have
been repaid in full in cash, all Letters of Credit have been terminated or expired (or been cash
collateralized or otherwise secured on terms and conditions satisfactory to the Issuing Lender of
such Letter of Credit) and all Commitments shall have terminated.

“TLF Commitments” means the TLF I Commitment and the TLF II Commitment.

 

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“TLF I Commitment” means the commitment of a Lender to make TLF I Loans to the Borrower
pursuant to subsection 2.1A(i) and “TLF I Commitments” means such commitments of all Lenders in the
aggregate.

“TLF I Commitment Amount” means $750,000,000.

“TLF I Commitment Termination Date” means the earlier of (a) the occurrence of a Commitment
Termination Event, (b) the date on which the full amount of the TLF I Loans available to be
borrowed has been borrowed and (c) the date that is 60 days after the date of this Agreement or if
such day is not a Business Day, the next succeeding Business Day.

“TLF I Exposure” means, with respect to any Lender as of any date of determination, (a) prior
to the TLF I Commitment Termination Date, the sum of that Lender’s TLF I Commitment and the
aggregate outstanding principal amount of the TLF I Loans made by that Lender and (b) after the TLF
I Commitment Termination Date, the outstanding principal amount of the TLF I Loans made by that
Lender; provided that, for purposes of the foregoing clauses (a) and (b), the TLF I
Commitment and TLF I Loans of each TLF I HK Dollar Lender and each TLF I Pataca Lender shall be
expressed in Dollars using the applicable Closing FX Rate.

“TLF I Dollar Lender” means a Lender that has a TLF I Commitment denominated in Dollars, as
set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement, no TLF I
Dollar Lender shall be obligated to fund (i) in an amount exceeding the amount set forth for such
TLF I Dollar Lender on Schedule 2.1 and (ii) in any currency other than Dollars.

“TLF I HK Dollar Lender” means a Lender that has a TLF I Commitment denominated in HK Dollars,
as set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement, no TLF I
HK Dollar Lender shall be obligated to fund (i) in an amount exceeding the amount set forth for
such TLF I HK Dollar Lender on Schedule 2.1 and (ii) in any currency other than HK Dollars.

“TLF I Lender” means each TLF I Dollar Lender, TLF I HK Dollar Lender and TLF I Pataca Lender.

“TLF I Pataca Lender” means a Lender that has a TLF I Commitment denominated in Patacas, as
set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement, no TLF I
Pataca Lender shall be obligated to fund (i) in an amount exceeding the amount set forth for such
TLF I Pataca Lender on Schedule 2.1 and (ii) in any currency other than Patacas.

“TLF I Loan” is defined in subsection 2.1A(i).

“TLF I Note” means a promissory note of the Borrower payable to any Lender, substantially in
the form of Exhibit A-2 annexed hereto (as such promissory note may be amended, endorsed or
otherwise modified from time to time), evidencing the aggregate Indebtedness of the Borrower to
such Lender resulting from outstanding TLF I Loans, and also means all other promissory notes
accepted from time to time in substitution therefor or renewal thereof.

 

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“TLF I Percentage” means, relative to any Lender, the applicable percentage (based on the
aggregate TLF I Commitment of such Lender expressed in Dollars using the Closing FX Rates) relating
to TLF I Loans set forth opposite its name on Schedule 2.1 hereto under the TLF I
Commitment column or set forth in a Assignment Agreement under the TLF I Commitment column, as such
percentage may be adjusted from time to time pursuant to Assignment Agreements executed by such
Lender and its assignee Lender and delivered pursuant to subsection 10.1B or by cancellations and
terminations of TLF I Commitments in accordance with subsection 10.1I. A Lender shall not have any
TLF I Commitment if its percentage under the TLF I Commitment column is zero.

“TLF II Commitment” means the commitment of a Lender to make TLF II Loans in the currencies
set forth in Schedule 2.1 to the Borrower pursuant to subsection 2.1A(ii) and “TLF II
Commitments” means such commitments of all Lenders in the aggregate.

“TLF II Commitment Amount” means $750,000,000.

“TLF II Commitment Termination Date” means the earlier of (a) the occurrence of a Commitment
Termination Event, (b) the date on which the full amount of TLF II Loans available to be borrowed
has been borrowed and (c) the date that is 18 months after the date of this Agreement or if such
day is not a Business Day, the next succeeding Business Day.

“TLF II Exposure” means, with respect to any Lender as of any date of determination, (a) prior
to the TLF II Commitment Termination Date, the sum of that Lender’s TLF II Commitment and the
aggregate outstanding principal amount of the TLF II Loans made by that Lender and (b) after the
TLF II Commitment Termination Date, the outstanding principal amount of the TLF II Loans made by
that Lender; provided that, for purposes of the foregoing clauses (a) and (b), the TLF II
Commitment and TLF II Loans of each TLF II HK Dollar Lender and each TLF II Pataca Lender shall be
expressed in Dollars using the applicable Closing FX Rate.

“TLF II Dollar Lender” means a Lender that has a TLF II Commitment denominated in Dollars, as
set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement, no TLF II
Dollar Lender shall be obligated to fund (i) in an amount exceeding the amount set forth for such
TLF II Dollar Lender on Schedule 2.1 and (ii) in any currency other than Dollars.

“TLF II HK Dollar Lender” means a Lender that has a TLF II Commitment denominated in HK
Dollars, as set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement,
no TLF II HK Dollar Lender shall be obligated to fund (i) in an amount exceeding the amount set
forth for such TLF II HK Dollar Lender on Schedule 2.1 and (ii) in any currency other than HK
Dollars.

“TLF II Lender” means each TLF II Dollar Lender, TLF II HK Dollar Lender and TLF II Pataca
Lender.

“TLF II Pataca Lender” means a Lender that has a TLF II Commitment denominated in Patacas, as
set forth on Schedule 2.1. Notwithstanding anything to the contrary in this Agreement, no TLF II
Pataca Lender shall be obligated to fund (i) in an amount exceeding the
amount set forth for such TLF II Pataca Lender on Schedule 2.1 and (ii) in any currency other
than Patacas.

 

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“TLF II Loan” is defined in subsection 2.1A(ii).

“TLF II Note” means a promissory note of the Borrower payable to any Lender, substantially in
the form of Exhibit A-3 annexed hereto (as such promissory note may be amended, endorsed or
otherwise modified from time to time), evidencing the aggregate Indebtedness of the Borrower to
such Lender resulting from outstanding TLF II Loans, and also means all other promissory notes
accepted from time to time in substitution therefor or renewal thereof.

“TLF II Percentage” means, relative to any Lender, the applicable percentage (based on the
aggregate TLF II Commitment of such Lender expressed in Dollars using the Closing FX Rates)
relating to TLF II Loans set forth opposite its name on Schedule 2.1 hereto under the TLF
II Commitment column or set forth in an Assignment Agreement under the TLF II Commitment column, as
such percentage may be adjusted from time to time pursuant to Assignment Agreements executed by
such Lender and its assignee Lender and delivered pursuant to subsection 10.1B or by cancellations
and terminations of TLF II Commitments in accordance with subsection 10.1I. A Lender shall not
have any TLF II Commitment if its percentage under the TLF II Commitment column is zero.

“Total Project Costs” means the aggregate Project Costs for the Project.

“Total Utilization of Revolving Loan Commitments” means, as at any date of determination, the
sum of (a) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving
Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing Issuing Lender
for any amount drawn under any Letter of Credit, but not yet so applied), plus (b) the
aggregate principal amount of all outstanding Swing Line Loans, plus (c) the Letter of
Credit Usage.

“Traders Hotel” means the hotel that is currently contemplated to be Traders branded, to be
operated, maintained and managed pursuant to the Traders Management Agreement, or any other branded
hotel and, if applicable, related management agreement that replaces the Traders Hotel and Traders
Management Agreement, respectively.

“Traders Management Agreement” means the Hotel Management Agreement for Traders Hotel dated as
of October 28, 2005 between Shangri-La International Hotel Management Limited and Venetian Cotai
Limited (which is expected to be assigned to the Borrower) which provides for, among other things,
the operation, maintenance and management of a Traders-branded hotel by Shangri-La International
Hotel Management Limited or an Affiliate thereof.

“Transaction Costs” means the fees, costs and expenses payable by the Borrower on or before
the Initial Borrowing Date in connection with this Agreement, the other Loan Documents, and the
initial Credit Extension hereunder.

“Transactions” is defined in subsection 4.1B(viii).

 

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“Trigger Date” means the last day of the second full Fiscal Quarter immediately following the
Fiscal Quarter in which the Substantial Operations Date occurs.

“UBS” is defined in the preamble.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New
York; provided, that if, with respect to any UCC financing statement or by reason of any
provisions of law, the perfection or the effect of perfection or non-perfection of the security
interests granted to the Collateral Agent pursuant to the applicable Loan Document is governed by
the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New
York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other
jurisdiction for purposes of the provisions of each Loan Document and any UCC financing statement
relating to such perfection or effect of perfection or non-perfection.

“United States” or “U.S.” means the United States, its fifty states and the District of
Columbia.

“US Collateral Account Agreement” means that certain Disbursement Collateral Account
Agreement, to be entered into among the Borrower, the Collateral Agent and the Administrative
Agent, in substantially the form of Exhibit E-4 hereto.

“USD Livrança” means that certain promissory note substantially in the form of
Exhibit E-12, regarding the Loans (other than the Loans denominated in HKD or MOP) to be
executed by the Borrower, and endorsed by each Guarantor, in favor of the Collateral Agent.

“Venetian Cotai” means Venetian Cotai Limited, a Macau corporation.

“VML Credit Agreement” means that certain Credit Agreement dated as of May 25, 2006 among VML
US Finance LLC, as Borrower, Venetian Macau Limited, as the Company, each other Loan Party, the
Administrative Agent, Banco Nacional Ultramarino, S.A. and Sumitomo Mitsui Banking Corporation as
co-documentation agents, Goldman Sachs Credit Partners L.P., Lehman Brothers Inc. and Citigroup
Global Markets, Inc. or their respective affiliates, collectively, as co-syndication agents, joint
lead arrangers and joint bookrunners, and each of the other agents and arrangers from time to time
party thereto and the financial institutions from time to time party thereto, as the same has been
and may be amended, amended and restated, supplemented, or otherwise modified from time to time.

“Withdrawal Period” is defined in subsection 10.7(b).

1.2 Accounting Terms; Utilization of Applicable Accounting Standards for Purposes of
Calculations Under Agreement.

Except as otherwise expressly provided in this Agreement (including the last sentence of this
subsection 1.2), all accounting terms not otherwise defined herein shall have the meanings assigned
to them in conformity with Applicable Accounting Standards. Financial statements and other
information required to be delivered by the Borrower to Lenders pursuant to clauses (i), (ii),
(iii) and (x) of subsection 6.1 shall be prepared in accordance with Applicable Accounting
Standards as in effect

 

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at the time of such preparation (and delivered together with the reconciliation statements provided for in subsection 6.1(iv)) except for those exceptions from
Applicable Accounting Standards that are called for by the requirements of those subsections.
Calculations in connection with the definitions, covenants and other provisions of this Agreement
shall utilize accounting principles and policies in conformity with those used to prepare the
financial statements referred to in subsection 5.3, except that where material changes to the
application of Applicable Accounting Standards have occurred after the Closing Date, Applicable
Accounting Standards as in effect as of the Closing Date will be applied. For the purposes of this
Agreement, “consolidated” with respect to any Person shall mean, unless expressly stated to be
otherwise, such Person consolidated with its Restricted Subsidiaries and shall not include any
Excluded Subsidiary; provided that the parties acknowledge that such definition of
“consolidated” is not in accordance with Applicable Accounting Standards.

1.3 Other Definitional Provisions and Rules of Construction.

A. Any of the terms defined herein may, unless the context otherwise requires, be used in the
singular or the plural, depending on the reference.

B. References to “Sections” and “subsections” shall be to Sections and subsections,
respectively, of this Agreement unless otherwise specifically provided.

C. The use in any of the Loan Documents of the word “include” or “including”, when following
any general statement, term or matter, shall not be construed to limit such statement, term or
matter to the specific items or matters set forth immediately following such word or to similar
items or matters, whether or not nonlimiting language (such as “without limitation” or “but not
limited to” or words of similar import) is used with reference thereto, but rather shall be deemed
to refer to all other items or matters that fall within the broadest possible scope of such general
statement, term or matter.

D. Any reference to an “Exhibit” (other than a reference to Exhibits C-5, F, L-1, M and N,
which Exhibits shall be in agreed form on the Closing Date) shall be to such Exhibit in form and
substance to be agreed between the Arrangers and the Borrower no less than five (5) Business Days
prior to the Initial Borrowing Date, as evidenced by an instrument executed by the Administrative
Agent and the Borrower and attaching the agreed form of each such Exhibit.

Any reference to any agreement or instrument shall be deemed to include a reference to such
agreement or instrument as assigned, amended, supplemented or otherwise modified from time to time,
but only to the extent in accordance with subsection 7.13 or 7.17 (to the extent applicable).

1.4 Exchange Rates.

Not later than 1:00 p.m. (Eastern time) on each Recalculation Date, the Administrative Agent
shall (i) determine the Exchange Rate as of such Recalculation Date with respect to Patacas and HK
Dollars to be used for calculating the Dollar Equivalent and (ii) give notice thereof to the
Lenders and the Borrower. The Exchange Rate so determined shall become effective on the relevant
Recalculation Date, shall remain effective until the next succeeding Recalculation Date, and shall
for all purposes of this Agreement (other than any provision
expressly requiring the use of a current Exchange Rate) be the Exchange Rate employed in
converting any amounts between Dollars and Patacas or HK Dollars, as the case may be.

 

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Not later than 5:00 p.m. (Eastern time) on each Recalculation Date, the Administrative Agent
shall (i) determine the aggregate amount of the Dollar Equivalent of the principal amounts of the
Loans denominated in HK Dollars and Patacas then outstanding and (ii) notify the Lenders and the
Borrower of the results of such determination. For purposes of determining compliance under
Section 7 with respect to any amount in Patacas or HK Dollars, as the case may be, such amount
shall be deemed to equal the Dollar Equivalent thereof at the Exchange Rate in effect at the time
of such incurrence. Notwithstanding anything else in this Agreement, the maximum amount of
Indebtedness, Liens, Investments and other basket amounts that the Borrower and the Restricted
Subsidiaries may incur under Section 7 shall not be deemed to be exceeded, with respect to any
outstanding Indebtedness, Liens, Investments and other basket amounts, solely as a result of
fluctuations in the exchange rate of currencies. When calculating capacity for the incurrence of
additional Indebtedness, Liens, Investments and other basket amounts by the Borrower and the
Restricted Subsidiaries under Section 7 the exchange rate of currencies shall be measured as of the
date of calculation.

Section 2. Amounts and Terms of Commitments and Loans.

2.1 Commitments; Making of Loans; the Register; Notes.

A. Commitments. Subject to the terms and conditions of this Agreement, each Lender
hereby severally agrees to make the Loans described in this subsection 2.1A.

(i) TLF I Loans. From time to time on any Business Day occurring on and after
the Closing Date but on or prior to the TLF I Commitment Termination Date, each TLF I Lender
agrees that it will severally make loans (relative to such Lender, its “TLF I Loans”) as
follows:

(a) in the case of each TLF I Dollar Lender, in an amount equal to such Lender’s TLF I
Percentage of the aggregate amount of the borrowing of the TLF I Loans requested by the
Borrower to be made on such day;

(b) in the case of each TLF I HK Dollar Lender, in an amount equal to such Lender’s TLF
I Percentage of the aggregate amount of the borrowing of the TLF I Loans requested by the
Borrower to be made on such day, in HK Dollars based on the Closing FX Rates for the
conversion of Dollars into HK Dollars; and

(c) in the case of each TLF I Pataca Lender, in an amount equal to such Lender’s TLF I
Percentage of the aggregate amount of the borrowing of the TLF I Loans requested by the
Borrower to be made on such day, in Patacas based on the Closing FX Rates for the conversion
of Dollars into Patacas.

No amounts paid or prepaid with respect to TLF I Loans may be reborrowed. No TLF I Lender
shall be permitted or required to make any TLF I Loan if, after giving effect thereto, the
aggregate outstanding principal amount of all TLF I Loans of such TLF I Lender would exceed
such Lender’s TLF I Percentage of the then existing TLF I
Commitment Amount. Each Lender’s TLF I Commitment shall expire on the TLF I Commitment
Termination Date.

 

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(ii) TLF II Loans. From time to time on any Business Day occurring on and
after the Closing Date but on or prior to the TLF II Commitment Termination Date, each TLF
II Lender agrees that it will severally make loans (relative to such Lender, its “TLF II
Loans”) as follows:

(a) in the case of each TLF II Dollar Lender, in an amount equal to such Lender’s TLF
II Percentage of the aggregate amount of the borrowing of the TLF II Loans requested by the
Borrower to be made on such day;

(b) in the case of each TLF II HK Dollar Lender, in an amount equal to such Lender’s
TLF II Percentage of the aggregate amount of the borrowing of the TLF II Loans requested by
the Borrower to be made on such day, in HK Dollars based on the Closing FX Rates for the
conversion of Dollars into HK Dollars; and

(c) in the case of each TLF II Pataca Lender, in an amount equal to such Lender’s TLF
II Percentage of the aggregate amount of the borrowing of the TLF II Loans requested by the
Borrower to be made on such day, in Patacas based on the Closing FX Rates for the conversion
of Dollars into Patacas.

No amounts paid or prepaid with respect to TLF II Loans may be reborrowed. No TLF II Lender
shall be permitted or required to make any TLF II Loan if, after giving effect thereto, the
aggregate outstanding principal amount of all TLF II Loans of such TLF II Lender would
exceed such Lender’s TLF II Percentage of the then existing TLF II Commitment Amount. Each
Lender’s TLF II Commitment shall expire on the TLF II Commitment Termination Date.

(iii) Revolving Loans. From time to time on any Business Day occurring on or
after the Closing Date but prior to the Revolving Loan Commitment Termination Date, each
Revolving Loan Lender agrees that it will severally make loans (relative to such Lender, its
“Revolving Loans”) as follows:

(a) in the case of each Revolving Loan Dollar Lender, in an amount equal to such
Lender’s RL Percentage of the aggregate amount of the borrowing of the Revolving Loans
requested by the Borrower to be made on such day;

(b) in the case of each Revolving Loan HK Dollar Lender, in an amount equal to such
Lender’s RL Percentage of the aggregate amount of the borrowing of the Revolving Loans
requested by the Borrower to be made on such day, in HK Dollars based on the Closing FX
Rates for the conversion of Dollars into HK Dollars; and

(c) in the case of each Revolving Loan Pataca Lender, in an amount equal to such
Lender’s RL Percentage of the aggregate amount of the borrowing of the Revolving Loans
requested by the Borrower to be made on such day, in Patacas based on the Closing FX Rates
for the conversion of Dollars into Patacas.

 

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On the terms and subject to the conditions hereof, the Borrower may from time to time
borrow, prepay and reborrow Revolving Loans. No Revolving Loan Lender shall be permitted or
required to make any Revolving Loan if, after giving effect thereto, the aggregate
outstanding principal amount of all Revolving Loans of such Revolving Loan Lender, together
with such Lender’s RL Percentage of the Letter of Credit Usage, would exceed such Lender’s
RL Percentage of the then existing Revolving Loan Commitment Amount and in no event shall
the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan
Commitments then in effect. Each Lender’s Revolving Loan Commitment shall expire on the
Revolving Loan Commitment Termination Date and all Revolving Loans and all other amounts
owed hereunder with respect to the Revolving Loans and the Revolving Loan Commitments shall
be repaid in full no later than that date. All Loans made or committed to be made under
this subsection, collectively, the “Revolving Credit Facility”.

(iv) Swing Line Loans. At any time prior to the Revolving Loan Commitment
Termination Date, subject to the terms and conditions hereof, the Swing Line Lender hereby
agrees to make loans (the “Swing Line Loans”) to the Borrower, in Dollars, Patacas or HK
Dollars as requested by the Borrower, in the aggregate amount (together with the aggregate
of the Letter of Credit Usage) up to but not exceeding the Multi-Use Sublimit;
provided, that after giving effect to the making of any Swing Line Loan, in no event
shall the Total Utilization of Revolving Loan Commitments exceed the Revolving Loan
Commitments then in effect. Amounts borrowed pursuant to this subsection 2.1A(iv) may be
repaid and reborrowed during the Revolving Commitment Period. The Swing Line Lender’s
Revolving Loan Commitment shall expire on the Revolving Loan Commitment Termination Date and
all Swing Line Loans and all other amounts owed hereunder with respect to the Swing Line
Loans shall be paid in full no later than such date.

B. Borrowing Mechanics. Loans made on any Funding Date (other than Revolving Loans
made pursuant to subsection 3.3B for the purpose of reimbursing any Issuing Lender for the amount
of a drawing under a Letter of Credit issued by it, and Swing Line Loans which shall be governed by
the provisions of subsection 2.10), shall be in an aggregate minimum amount of (y) $15,000,000 and
integral multiples of $5,000,000 in excess of that amount in the case of Term Loans and
(z) $1,000,000 and integral multiples of $500,000 in the case of Revolving Loans; it being
understood that each amount set forth in the foregoing clauses (x) and (y) shall apply to the
requested aggregate amount of all TLF I Loans, TLF II Loans or Revolving Loans, as applicable, to
be made on such Funding Date (calculated using the Dollar Equivalent (based on the applicable
Closing FX Rates) in the case of Loans denominated in HK Dollars and Patacas).

 

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Whenever the Borrower desires that the Lenders make Term Loans or Project Cost Revolving Loans
(other than (i) Revolving Loans made pursuant to subsection 3.3B for the purpose of reimbursing any
Issuing Lender for the amount of a drawing under a Letter of Credit issued by it, and (ii) Swing
Line Loans which shall be governed by the provisions of subsection 2.10), the Borrower shall
deliver to the Administrative Agent a Borrowing Notice; provided, that, (x) other than in
the case of the Initial Borrowing Date, the Borrower may not deliver any Borrowing Notice except on
or after the date all conditions set forth in Section 4.1 have been
satisfied and (y) in the case of the Initial Borrowing Date, the Borrower shall have satisfied
all conditions set forth in Section 4.1B no later than three (3) Business Days prior to the date
that is proposed to be the Initial Borrowing Date. Each such Borrowing Notice must be received by
the Administrative Agent prior to 3:00 p.m., Eastern time, at least five Business Days prior to the
requested Funding Date and must specify (i) the amount and type of Project Cost Term Loans,
Non-Project Cost Term Loans, or Project Cost Revolving Loans, as the case may be, to be borrowed,
(ii) the requested Funding Date and (iii) in the case of Eurodollar Rate Loans and in the case of
the HIBOR Rate Loans, the length of the initial Interest Period therefor. Each relevant Lender
will make the amount of its share of each borrowing as is required hereunder and under the
Depository Agreement available to the Administrative Agent in immediately available Dollars,
Patacas or HK Dollars, as applicable.

Whenever the Borrower desires that the Lenders make Non-Project Cost Revolving Loans (other
than (i) Revolving Loans made pursuant to subsection 3.3B for the purpose of reimbursing any
Issuing Lender for the amount of a drawing under a Letter of Credit issued by it, and (ii) Swing
Line Loans which shall be governed by the provisions of subsection 2.10), it shall deliver to the
Administrative Agent a Borrowing Notice no later than 3:00 p.m. (Eastern time) at least five
Business Days in advance of the proposed Funding Date. The Borrowing Notice shall specify (i) the
proposed Funding Date (which shall be a Business Day), (ii) the amount of Non-Project Cost
Revolving Loans requested, (iii) whether such Revolving Loans that are denominated in Dollars shall
be Base Rate Loans or Eurodollar Rate Loans, and (iv) in the case of any Loans requested to be made
as Eurodollar Rate Loans and in the case of the HIBOR Rate Loans, the initial Interest Period
requested therefor. Each relevant Lender will make the amount of its share of each borrowing as is
required pursuant to and subject to the applicable requirements of Section 2 available to the
Administrative Agent in immediately available Dollars, Patacas or HK Dollars, as applicable. The
Borrower shall notify the Administrative Agent prior to the funding of any such Revolving Loans in
the event that any of the matters to which the Borrower is required to certify in the applicable
Borrowing Notice is no longer true and correct as of the applicable Funding Date, and the
acceptance by the Borrower of the proceeds of any such Revolving Loans shall constitute a
recertification by the Borrower, as of the applicable Funding Date, as to the matters to which the
Borrower is required to certify in the applicable Borrowing Notice.

Except as otherwise provided in subsections 2.6B, 2.6C and 2.6G, a Borrowing Notice for a
Eurodollar Rate Loan or a HIBOR Rate Loan shall be irrevocable on and after the related Interest
Rate Determination Date, and the Borrower shall be bound to make a borrowing in accordance
therewith.

All proceeds of TLF I Loans not otherwise used to pay Transaction Costs on the Initial
Borrowing Date shall be deposited in the Project Loans Disbursement Account or Local Currency Loans
Accounts, as applicable. All proceeds of TLF II Loans that are Project Cost Term Loans, and
Project Cost Revolving Loans, shall be deposited in the Project Loans Disbursement Account or Local
Currency Loans Accounts, as applicable. All proceeds of Non-Project Cost Revolving Loans and
Non-Project Cost Term Loans shall be deposited in the Operating Accounts, as directed by the
Borrower.

 

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C. Lending of Funds. All Loans under this Agreement shall be made by the Lenders
simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no
Lender shall be responsible for any default by any other Lender in that other Lender’s obligation
to make a Loan requested hereunder nor shall the Commitment of any Lender to make the particular
type of Loan requested be increased or decreased as a result of a default by any other Lender in
that other Lender’s obligation to make a Loan requested hereunder. Promptly after receipt by the
Administrative Agent of a Borrowing Notice pursuant to subsection 2.1B, the Administrative Agent
shall notify each Lender of the proposed borrowing. Each applicable Lender shall make the amount
of its Loan available to the Administrative Agent not later than 11:00 a.m. (local time) on the
applicable Funding Date, in same day funds in Dollars, Patacas or HK Dollars, as applicable, by
wire transfer (together with the applicable SWIFT confirmation or Federal Funds Wire Confirmation)
at the applicable Payment and Funding Office, and the Administrative Agent shall make such funds
(a) in the case of Project Cost Term Loans (other than proceeds of TLF I Loans made on the Initial
Borrowing Date that are applied to pay Transaction Costs) and Project Cost Revolving Loans,
available no later than 1:00 pm (local time) on the applicable Funding Date by depositing such
Project Cost Term Loans (other than proceeds of TLF I Loans made on the Initial Borrowing Date that
are applied to pay Transaction Costs) and Project Cost Revolving Loans in the Project Loans
Disbursement Account (and in so doing such Loans shall be deemed made available to the Borrower
hereunder), and (b) in the case of all Non-Project Cost Term Loans and Non-Project Cost Revolving
Loans, available to the Borrower no later than 1:00 p.m. (local time) on the applicable Funding
Date by depositing such Non-Project Cost Term Loans and Non-Project Cost Revolving Loans in the
Operating Accounts, as directed by the Borrower. Notwithstanding the foregoing, upon instruction of
the Administrative Agent, Project Cost Term Loans denominated in Patacas or HK Dollars will instead
be made available on the applicable Funding Date not later than 1:00 p.m. (local time) by direct
deposit of such Loans by the Term Lenders into the relevant Local Currency Loans Accounts as
designated by the Administrative Agent.

Unless the Administrative Agent shall have been notified by any Lender prior to the Funding
Date for any Loans that such Lender does not intend to make available to the Administrative Agent
the amount of such Lender’s Loan requested on such Funding Date, the Administrative Agent may
assume that such Lender has made such amount available to the Administrative Agent on such Funding
Date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make
available to the Borrower a corresponding amount on such Funding Date. If such corresponding
amount is not in fact made available to the Administrative Agent by such Lender, the Administrative
Agent shall be entitled to recover such corresponding amount on demand from such Lender together
with interest thereon, for each day from such Funding Date until the date such amount is paid to
the Administrative Agent, at the customary rate set by the Administrative Agent for the correction
of errors among banks for three Business Days and thereafter at the Base Rate. If such Lender does
not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, the
Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such
corresponding amount to the Administrative Agent together with interest thereon, for each day from
such Funding Date until the date such amount is paid to the Administrative Agent, at the rate
payable under this Agreement for Base Rate Loans. Nothing in this subsection 2.1C shall be deemed
to relieve any Lender from its obligation to fulfill its Commitments hereunder or
to prejudice any rights that the Borrower may have against any Lender as a result of any
default by such Lender hereunder.

 

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D. The Register.

(i) The Administrative Agent (or its agent or sub-agent appointed by it) shall
maintain, as agent for the Borrower, at its address referred to in subsection 10.9, a
register for the recordation of the names and addresses of Lenders and the Commitments and
Loans of each Lender from time to time (the “Register”). The Register, as in effect at the
close of business on the preceding Business Day, shall be available for inspection by the
Borrower or any Lender at any reasonable time and from time to time upon reasonable prior
notice.

(ii) The Administrative Agent shall record, or shall cause to be recorded, in the
Register the Commitment and the Loans (in accordance with the provisions of subsection 10.1,
and, for any Loans or Commitments denominated in HK Dollars or Patacas, including the Dollar
Equivalent amount of such Loans and Commitments calculated using the Closing FX Rate) from
time to time of each Lender, and each repayment or prepayment in respect of the principal
amount of the Loans of each Lender (and any cancellations of Term Loans pursuant to and in
accordance with the terms and conditions of subsection 10.1I). Any such recordation shall
be conclusive and binding on the Borrower and each Lender, absent manifest error;
provided that failure to make any such recordation, or any error in such
recordation, shall not affect any Lender’s Commitments or the Obligations of any Loan Party
or the Sponsor in respect of any applicable Loans.

(iii) Each Lender shall record on its internal records (including the Notes held by
such Lender) the amount of each Loan made by it and each payment in respect thereof. Any
such recordation shall be conclusive and binding on the Borrower, absent manifest error;
provided that failure to make any such recordation, or any error in such
recordation, shall not affect any Lender’s Commitments or the Obligations of any Loan Party
or the Sponsor in respect of any applicable Loans; and provided, further
that in the event of any inconsistency between the Register and any Lender’s records, the
recordations in the Register shall govern.

(iv) The Administrative Agent and Lenders shall deem and treat the Persons listed as
Lenders in the Register as the holders and owners of the corresponding Commitments and Loans
listed therein for all purposes hereof, and no assignment or transfer of any such Commitment
or Loan shall be effective, in each case unless and until an Assignment Agreement effecting
the assignment or transfer thereof shall have been accepted by the Administrative Agent and
recorded in the Register as provided in subsections 10.1B(ii) or 10.1I(vi), as applicable.
Prior to such recordation, all amounts owed with respect to the applicable Commitment or
Loan shall be owed to the Lender listed in the Register as the owner thereof, and any
request, authority or consent of any Person who, at the time of making such request or
giving such authority or consent, is listed in the Register as a Lender shall be conclusive
and binding on any subsequent holder, assignee or transferee of the corresponding
Commitments or Loans.

 

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E. Notes. The Borrower agrees that, upon request to the Administrative Agent by any
Lender, the Borrower will execute and deliver to such Lender a Note evidencing the Loans made by,
and payable to the order of, such Lender in a maximum principal amount equal to such Lender’s
Percentage of the original applicable Commitment. The Borrower hereby irrevocably authorizes each
Lender to make (or cause to be made) appropriate notations on the grid attached to such Lender’s
Note (or on any continuation of such grid), which notations, if made, shall evidence, inter
alia, the date of, the outstanding principal amount of, and the interest rate and Interest
Period applicable to the Loans evidenced thereby. Such notations shall, to the extent not
inconsistent with notations made by the Administrative Agent in the Register, be conclusive and
binding on each Obligor absent manifest error; provided, however, that the failure
of any Lender to make any such notations shall not limit or otherwise affect any Obligations of any
Loan Party or the Sponsor.

2.2 Interest on the Loans.

A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Loan
shall bear interest on the unpaid principal amount thereof from the date made through maturity
(whether by acceleration or otherwise) at a rate determined by reference to (i) in the case of
Revolving Loans (but not including Swing Line Loans) or Term Loans denominated in Dollars, the
Adjusted Eurodollar Rate or the Base Rate, or (ii) in the case of Revolving Loans (but not
including Swing Line Loans) or Term Loans denominated in Patacas or HK Dollars, the HIBOR Rate.
The applicable basis for determining the rate of interest with respect to any Loan shall be
selected by the Borrower initially at the time a Borrowing Notice is given with respect to such
Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to
any Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Loan is
outstanding with respect to which notice has not been delivered to the Administrative Agent in
accordance with the terms of this Agreement specifying the applicable basis for determining the
rate of interest, then for that day that Loan shall bear interest determined by reference to the
Base Rate. Subject to the provisions of subsections 2.2E, 2.6G and 2.7, the Loans shall bear
interest at a rate per annum as follows:

(a) if a Base Rate Loan, then from the date of funding of such Loan at the sum of the
Base Rate plus the Applicable Margin for such Loans; or

(b) if a Eurodollar Rate Loan, then from the date of funding of such Loan at the sum of
the Adjusted Eurodollar Rate plus the Applicable Margin for such Loans; or

(c) if a HIBOR Rate Loan, then from the date of funding of such Loan at the sum of the
HIBOR Rate plus the Applicable Margin for such Loans; or

(d) if a Swing Line Loan, then from the date of funding of such Loan at the the sum of
either (i) in the case of Swing Line Loans denominated in Dollars, the Adjusted Eurodollar
Rate for an Interest Period of one month or (ii) in the case of Swing Line Loans denominated
in HK Dollars or Patacas, the HIBOR Rate for an Interest Period of one month, in each case
plus the Applicable Margin for Revolving Loans.

 

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All Eurodollar Rate Loans and HIBOR Rate Loans shall bear interest from and including the first day
of the applicable Interest Period to (but not including) the last day of such Interest Period at
the interest rate determined as applicable to such Eurodollar Rate Loan or HIBOR Rate Loan.

B. Interest Periods. In connection with each Eurodollar Rate Loan or HIBOR Rate Loan,
the Borrower may, pursuant to the applicable Borrowing Notice or Conversion/Continuation Notice, as
the case may be, select an interest period (each an “Interest Period”) to be applicable to such
Loan, which Interest Period shall be, at the Borrower’s option, either a one, two, three or six
month period (or, with the consent of all relevant Lenders, nine or twelve months, or a period of
less than one month if all relevant Lenders consent to such period); provided that:

(i) the initial Interest Period for any Eurodollar Rate Loan or HIBOR Rate Loan shall
commence on the Funding Date in respect of such Loan, in the case of a Loan initially made
as a Eurodollar Rate Loan or HIBOR Rate Loan, or on the Business Day specified in the
applicable Conversion/Continuation Notice, in the case of a Loan converted to a Eurodollar
Rate Loan or HIBOR Rate Loan;

(ii) in the case of immediately successive Interest Periods applicable to a Eurodollar
Rate Loan or HIBOR Rate Loan continued as such pursuant to a Conversion/Continuation Notice,
each successive Interest Period shall commence on the day on which the next preceding
Interest Period expires;

(iii) if an Interest Period would otherwise expire on a day that is not a Business Day,
such Interest Period shall expire on the next succeeding Business Day; provided
that, if any Interest Period would otherwise expire on a day that is not a Business Day but
is a day of the month after which no further Business Day occurs in such month, such
Interest Period shall expire on the next preceding Business Day;

(iv) any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period) shall, subject to subsection 2.2B(v), end on the last Business
Day of a calendar month;

(v) no Interest Period with respect to any portion of the Loans shall extend beyond the
Maturity Date for such Loans;

(vi) no Interest Period shall extend beyond a date on which the Borrower is required to
make a scheduled payment of principal of the Loans or a permanent reduction of the Revolving
Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount
of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans
that are Eurodollar Rate Loans or HIBOR Rate Loans with Interest Periods expiring on or
before such date plus (c) the excess of the Commitments then in effect over the
aggregate principal amount of the Loans then outstanding equals or exceeds the principal
amount required to be paid on the Loans or the permanent reduction of the Commitments that
is scheduled to occur, on such date;

(vii) there shall be no more than 12 Interest Periods outstanding at any time;

 

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(viii) in the event the Borrower fails to specify an Interest Period for any Eurodollar
Rate Loan or HIBOR Rate Loan in the applicable Borrowing Notice or Conversion/Continuation
Notice, the Borrower shall be deemed to have selected an Interest Period of one month; and

(ix) the Borrower may not select an Interest Period of greater than one month until
sixty days after the Closing Date (unless prior thereto the Co-Syndication Agents provide
written notice that the syndication has been completed).

C. Interest Payments. Subject to the provisions of subsection 2.2E, interest on each
Loan shall be payable in arrears (in the same currency as such Loan made to the Borrower) on each
Interest Payment Date with respect to such Loan, shall be payable in arrears upon any prepayment of
that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, and
shall be payable in arrears at maturity of the Loans, including final maturity of the Loans.

D. Conversion or Continuation. Subject to the provisions of subsection 2.6, the
Borrower shall have the option (i) to convert at any time all or any part of its outstanding Loans
equal to $5,000,000 (or $1,000,000 in the case of Revolving Loans) and integral multiples of
$1,000,000 in excess of that amount from Loans bearing interest at a rate determined by reference
to one basis to Loans bearing interest at a rate determined by reference to an alternative basis or
(ii) upon the expiration of any Interest Period applicable to a Eurodollar Rate Loan or HIBOR Rate
Loan, to continue all or any portion of such Loan equal to $3,000,000 and integral multiples of
$1,000,000 in excess of that amount as a Eurodollar Rate Loan or HIBOR Rate Loan, it being
understood that each amount set forth in the foregoing clauses (i) and (ii) shall apply to the
requested aggregate amount of such conversion or continuation, as applicable, to be so converted or
continued (calculated using the Dollar Equivalent (based on the applicable Closing FX Rates) in the
case of Loans denominated in HK Dollars and Patacas); provided, however, that
except as provided in subsection 2.6F, a Eurodollar Rate Loan may only be converted into a Base
Rate Loan on the expiration date of an Interest Period applicable thereto.

The Borrower shall deliver a Conversion/Continuation Notice to the Administrative Agent no
later than 3:00 p.m. (Eastern time) at least one Business Day in advance of the proposed conversion
date (in the case of a conversion to a Base Rate Loan) and at least five Business Days in advance
of the proposed conversion/continuation date (in the case of a conversion to a Eurodollar Rate
Loan, or a continuation of a Eurodollar Rate Loan or HIBOR Rate Loan). A Conversion/Continuation
Notice shall specify (i) the proposed conversion/continuation date (which shall be a Business Day),
(ii) the amount and type of the Loan to be converted/continued, (iii) the nature of the proposed
conversion/continuation, (iv) in the case of a conversion to a Eurodollar Rate Loan, or a
continuation of a Eurodollar Rate Loan or HIBOR Rate Loan, the requested Interest Period, (v) in
the case of a conversion to a Eurodollar Rate Loan, or a continuation of a Eurodollar Rate Loan,
that no Potential Event of Default or Event of Default has occurred and is continuing and (vi) in
the case of a continuation of a HIBOR Rate Loan, that no Potential Event of Default or Event of
Default has occurred and is continuing or, if a Potential Event of Default or Event of Default has
occurred and is continuing, the Borrower has not been notified in writing by the Administrative
Agent that it may not continue such HIBOR Rate Loan. In lieu of delivering the above-described
Conversion/Continuation Notice, the Borrower may give the Administrative Agent telephonic
notice by the required time of any proposed conversion/continuation under this subsection 2.2D;
provided that such notice shall be promptly confirmed in writing by delivery of a
Conversion/Continuation Notice to the Administrative Agent on or before the proposed
conversion/continuation date. Upon receipt of written or telephonic notice of any proposed
conversion/continuation under this subsection 2.2D, the Administrative Agent shall promptly
transmit such notice by telefacsimile or telephone to each Lender.

 

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Neither the Administrative Agent nor any Lender shall incur any liability to the Borrower in
acting upon any telephonic notice referred to above that the Administrative Agent believes in good
faith to have been given by a duly authorized officer or other Person authorized to act on behalf
of the Borrower or for otherwise acting in good faith under this subsection 2.2D, and upon
conversion or continuation of the applicable basis for determining the interest rate with respect
to any Loans in accordance with this Agreement pursuant to any such telephonic notice the Borrower
shall have effected a conversion or continuation, as the case may be, hereunder.

Except as otherwise provided in subsections 2.6B, 2.6C, 2.6F and 2.6G, a
Conversion/Continuation Notice for conversion to, or continuation of, a Eurodollar Rate Loan or a
HIBOR Rate Loan (or telephonic notice in lieu thereof) shall be irrevocable on and after the
related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or
continuation in accordance therewith.

E. Default Rate. Upon the occurrence and during the continuation of any Event of
Default, all overdue amounts other than fees then due and payable hereunder, shall thereafter bear
interest (including post-petition interest in any proceeding under the Bankruptcy Code or other
applicable bankruptcy laws) payable upon demand at a rate that is 2% per annum in excess of the
interest rate otherwise payable under this Agreement with respect to the applicable Loans (and, in
the case of any fees, at a rate which is 2% per annum in excess of the interest rate otherwise
payable under this Agreement for Base Rate Loans); provided that, in the case of Eurodollar
Rate Loans and HIBOR Rate Loans, upon the expiration of the Interest Period in effect at the time
any such increase in the interest rate is effective such Eurodollar Rate Loans and HIBOR Rate Loans
shall thereupon become Base Rate Loans and shall thereafter bear interest payable upon demand at a
rate which is 2% per annum in excess of the interest rate otherwise payable under this Agreement
for Base Rate Loans. Payment or acceptance of the increased rates of interest provided for in this
subsection 2.2E is not a permitted alternative to timely payment and shall not constitute a waiver
of any Event of Default or otherwise prejudice or limit any rights or remedies of the
Administrative Agent or any Lender.

F. Computation of Interest and Commitment Fees. Interest on the Loans and commitment
fees shall be computed on the basis of (i) a 360-day year, in the case of Eurodollar Rate Loans,
and (ii) a 365-day year, in respect of Base Rate Loans, HIBOR Rate Loans and commitment fees, in
each case, for the actual number of days elapsed in the period during which it accrues. In
computing interest on any Loan, (i) the date of the making of such Loan or the first day of an
Interest Period applicable to such Loan or, with respect to a Term Loan during any period when such
Loans may be assigned through a Settlement Service, the last Interest Payment Date with respect to
such Term Loan or, with respect to a Base Rate Loan being converted from a Eurodollar Rate Loan or
a HIBOR Rate Loan, the date of conversion of such Eurodollar Rate
Loan or HIBOR Rate Loan to such Base Rate Loan, as the case may be, shall be included, and
(ii) the date of payment of such Loan or the expiration date of an Interest Period applicable to
such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan or a HIBOR
Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan or HIBOR Rate
Loan, or, with respect to a Term Loan during any period when such Loans may be assigned through a
Settlement Service, the current Interest Payment Date with respect to such Term Loan as the case
may be, shall be excluded; provided that if a Loan is repaid on the same day on which it is
made, one day’s interest shall be paid on that Loan.

 

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2.3 Fees.

A. Commitment Fees. The Borrower agrees to pay to the Administrative Agent, for
distribution to each (i) Revolving Loan Lender in proportion to that Lender’s Pro Rata Share,
commitment fees for the period from and including the date of this Agreement to and excluding the
Revolving Loan Commitment Termination Date equal to (x) the average of the daily excess of the
Revolving Loan Commitments over the sum of (A) the aggregate principal amount of outstanding
Revolving Loans but not the Letter of Credit Usage plus (B) the Letter of Credit Usage
multiplied by (y) 1.50% per annum, (ii) each TLF I Lender in proportion to that Lender’s
Pro Rata Share, commitment fees for the period from and including the date that is 30 days after
the date of this Agreement to and excluding the TLF I Commitment Termination Date equal to the
average of the daily unused TLF I Commitments multiplied by 2.00% per annum and (iii) each
TLF II Lender in proportion to that Lender’s Pro Rata Share, commitment fees for the period from
and including the date of this Agreement to and excluding the TLF II Commitment Termination Date
equal to the average of the daily unused TLF II Commitments multiplied by 2.00% per annum,
in each case such commitment fees to be calculated on the basis of a 360-day year and the actual
number of days elapsed, to be paid to each Revolving Loan Lender, TLF I Lender and TLF II Lender in
the same currency as its Revolving Loan Commitment, TLF I Commitment and TLF II Commitment, as the
case may be, and to be payable quarterly in arrears on each Quarterly Date, commencing on the first
such date to occur after the date of this Agreement, and on the Revolving Loan Commitment
Termination Date, the TLF I Commitment Termination Date or the TLF II Commitment Termination Date,
as applicable.

B. Annual Administrative Fee. The Borrower agrees to pay to the Administrative Agent
an annual administrative fee in the amount and at the times set forth in the Administrative Agent’s
Fee Letter.

C. Collateral Agent’s Annual Fee. The Borrower agrees to pay to the Collateral Agent
an annual fee in the amount and at the times set forth in the Collateral Agent’s Fee Letter.

D. Other Fees. The Borrower agrees to pay to the Agents and the Arrangers such other
fees in the amounts and at the times as may be mutually agreed by them in writing.

 

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2.4 Repayments, Prepayments and Reductions in Commitments; General Provisions Regarding
Payments.

The Borrower shall repay, in full, the unpaid principal amount of each Loan (in the same
currencies as the Loans made to the Borrower) upon the applicable Maturity Date therefor. Prior
thereto, payments and prepayments of the Loans shall or may be made as set forth below.

A. Scheduled Payments of Term Loans.

The Borrower shall make principal payments on the Term Loans in the relevant currency in
installments on each Quarterly Date for Term Loans commencing with the Quarterly Date on March 31,
2013 and shall pay (i) 5% of the initial aggregate principal amount of the Term Loans outstanding
as of the TLF II Commitment Termination Date (and after giving effect to any Advance on such date)
on each Quarterly Date in 2013, (ii) 7.50% of the initial aggregate principal amount of the Term
Loans outstanding as of the TLF II Commitment Termination Date (and after giving effect to any
Advance on such date) on each Quarterly Date in 2014 and (iii) the remainder of such principal
amount on the Maturity Date; provided, in the event any New Term Loans are made, such New
Term Loans shall be repaid as set forth in the applicable Joinder Agreement; provided,
further, that the scheduled installments of principal of the Term Loans above shall be
reduced in connection with any voluntary or mandatory prepayments of the Term Loans in accordance
with subsection 2.4B(iv) or any cancellations in accordance with subsection 10.1I, and the final
installment payable by the Borrower in respect of the Term Loans shall be in an amount, if such
amount is different from that specified above, sufficient to repay all amounts owing by the
Borrower under this Agreement with respect to the Term Loans. Notwithstanding the foregoing, with
respect to any Term Loans which are cancelled pursuant to and in accordance with subsection 10.1I,
each of the installments of principal payments of the Term Loans due after the date of such
cancellation shall be reduced by the aggregate stated principal amount of such cancelled Term Loans
on a pro rata basis.

B. Prepayments and Unscheduled Reductions in Commitments.

(i) Voluntary Prepayments. The Borrower may, upon not less than one Business
Day’s prior written or telephonic notice given to the Administrative Agent by 3:00 p.m.
(Eastern time), in the case of Base Rate Loans (other than Swing Line Loans denominated in
Patacas or HK Dollars), five Business Days’ prior written or telephonic notice given to the
Administrative Agent by 3:00 p.m. (Eastern time), in the case of Eurodollar Rate Loans and
HIBOR Rate Loans, and upon written or telephonic notice given to the Administrative Agent by
11:00 a.m. (local time) on the date of such prepayment with respect to Swing Line Loans
denominated in HK Dollars, and in each case, if given by telephone, promptly confirmed in
writing to the Administrative Agent (which original written or telephonic notice
Administrative Agent will promptly transmit by telefacsimile or telephone to each Lender),
at any time and from time to time prepay any Loans on any Business Day in whole or in part
in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess
of that amount (or in the case of Swing Line Loans, in an aggregate minimum amount of
$500,000, and in integral multiples of $100,000 in excess of that amount); provided,
however, that with respect to any Eurodollar Rate Loan or a HIBOR Rate

 

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Loan not
prepaid on the expiration of the Interest Period applicable thereto the Borrower shall pay any amount payable pursuant
to subsection 2.6D; provided, further, that no such voluntary prepayments
will be permitted (other than in respect of Revolving Loans or Swing Line Loans) until after
the Trigger Date, or unless the Borrower demonstrates in an Officers’ Certificate that the
Borrower is In Balance on a pro forma basis after giving effect to such prepayment (unless
all principal, interest, fees and any other amounts outstanding under each of the Facilities
are being prepaid and all outstanding Commitments are being cancelled at the same time).
Notice of prepayment having been given as aforesaid, the principal amount of the Loans
specified in such notice shall become due and payable on the prepayment date specified
therein in the currency in which such loans were made to the Borrower unless such notice is
in connection with a refinancing of the Loans in which case such notice may be conditioned
upon consummation of such refinancing. Any such voluntary prepayment shall be applied as
specified in subsection 2.4B(iv).

(ii) Voluntary Reductions of Commitments. The Borrower may, upon not less than
five Business Days’ prior written or telephonic notice confirmed in writing to the
Administrative Agent (which original written or telephonic notice Administrative Agent will
promptly transmit by telefacsimile or telephone to each Lender), at any time and from time
to time terminate in whole or permanently reduce in part, without premium or penalty,
(A) the Revolving Loan Commitments in an amount up to the amount by which the Revolving Loan
Commitments exceed the Total Utilization of Revolving Loan Commitments at the time of such
proposed termination or reduction, or (B) the TLF Commitments; provided that any
such partial reduction of such Commitments shall be in an aggregate minimum amount of
$1,000,000 and integral multiples of $1,000,000 in excess of that amount; provided,
further, that no such voluntary commitment reductions will be permitted at any time
prior to the Project Final Completion Date unless the Borrower demonstrates in an Officers’
Certificate that the Borrower is In Balance on a pro forma basis after giving effect to such
reduction; provided that no such Officers’ Certificate shall be required if the
Borrower terminates the Commitments in full and prepays the full amount of the principal,
interest, fees and any other amounts outstanding under each of the Facilities at the same
time. The Borrower’s notice to the Administrative Agent shall designate the date (which
shall be a Business Day) of such termination or reduction and the amount of any partial
reduction. Any such voluntary reduction of the Commitments shall be applied as specified in
subsection 2.4B(iv). Any Commitments terminated pursuant to this subsection 2.4B(ii) may
not be reinstated.

(iii) Mandatory Prepayments. The Loans shall be prepaid in the amounts and
under the circumstances set forth below, all such prepayments to be applied as set forth
below or as more specifically provided in subsection 2.4B(iv):

(a) Prepayments From Net Asset Sale Proceeds. If any Asset Sale is consummated
on or after the Opening Date of the Project (or portion thereof) to which such assets being
sold, transferred or otherwise disposed of relate, then no later than the fifth Business Day
following the date of receipt by any Loan Party of any Net Asset Sale Proceeds in respect of
such Asset Sale (other than Net Asset Sale Proceeds in respect of (i) the sale of any
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no longer used or useful in the business of a
Loan Party to the extent such Net Asset Sale Proceeds are reinvested in the business of the Loan Parties within 12 months of receipt and (ii) Permitted
Asset Dispositions or Asset Sales permitted pursuant to subsections 7.7(xv), to the extent
such Net Asset Sale Proceeds under clause (ii) are reinvested in assets of the Loan Parties
constituting Collateral within 12 months of receipt), the Borrower shall prepay the Loans in
an aggregate amount equal to such Net Asset Sale Proceeds; provided that if no Event
of Default or Potential Event of Default has occurred and is continuing or will result from
such Asset Sale and the Consolidated Leverage Ratio is, prior to giving effect to such
prepayment, (i) greater than 3.0:1.0, only 75% of such Net Asset Sale Proceeds must be
applied to prepayments; (ii) greater than 2.50:1.0 but less than or equal to 3.0:1.0, only
50 % of such Net Asset Sale Proceeds must be applied to prepayments; and (iii) less than or
equal to 2.50:1.0, no such prepayment shall be required; provided further
that the amount of any prepayment otherwise required pursuant to the foregoing provisions of
this subsection 2.4B(iii)(a) shall be reduced by an amount equal to the lesser of (x) the
Permitted Bond Ratable Share of such amount and (y) the amount of the related Net Asset Sale
Proceeds which are required by the provisions of the Permitted Bonds to be applied or
offered to be applied to the redemption or retirement of Permitted Bonds; provided
that to the extent such Net Asset Sale Proceeds are not so applied to retire or redeem
Permitted Bonds after an offer to do so has been made (“Excess Asset Sale Proceeds”), such
Excess Asset Sale Proceeds shall be applied to repay Loans in accordance with this
Section 2.4B(iii)(a). For purposes of this subsection 2.4B(iii)(a), (x) no Net Asset Sale
Proceeds shall be deemed to have been received by a Loan Party as a result of any Asset Sale
of a complementary accommodation, apartment or condominium unit at any Phase (including any
sale of equity in connection with the sale or disposition of such apartments, accommodations
or units) until such time as the final payment for such Asset Sale is received (and is not
contractually subject to return or refund) by a Loan Party, and (b) no prepayment shall be
required with respect to Net Asset Sale Proceeds received as a result of Asset Sales of
complementary accommodations, apartment or condominium units (including any sale of equity
in connection with the sale or disposition of such apartments, accommodations or units)
until the aggregate amount of such Net Asset Sale Proceeds is in excess of $10,000,000 since
the prior prepayment made with respect to Net Asset Sale Proceeds received as a result of
Asset Sales of complementary accommodations, apartment or condominium units (including the
above-described equity sales), and in no event shall any prepayments with respect to Net
Asset Sale Proceeds received as a result of Asset Sales of complementary accommodations,
apartment or condominium units (including the above-described equity sales) be required to
be made more frequently than once per calendar month.

(b) Prepayments from Net Loss Proceeds. Subject to subsection 6.4C, the terms
of the Gaming Facilities Agreement and applicable law, no later than the date on which Net
Loss Proceeds are required to be applied to prepayment of Loans pursuant to the last
sentence of this subsection 2.4B(iii)(b), the Borrower shall prepay the Loans in an amount
equal to such Net Loss Proceeds; provided, however, so long as no Event of
Default has occurred and is continuing, the Borrower or another Loan Party may use such Net
Loss Proceeds to repair, restore and replace the property or asset with respect to which
such Net Loss Proceeds were paid in order to compensate the Borrower or such other Loan
Party for the Event of Loss which occurred thereto so long as such Net Loss Proceeds are
used for such purposes within 12 months of the

 

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Borrower’s receipt of such Net Loss Proceeds (or, if committed for such use by the Borrower, actually used for
such purposes within 15 months of the Borrower’s receipt of such Net Loss Proceeds);
provided further that the amount of any prepayment otherwise required
pursuant to the foregoing provisions of this subsection 2.4B(iii)(b) shall be reduced by an
amount equal to the lesser of (x) the Permitted Bond Ratable Share of such amount and (y)
the amount of the related Net Loss Proceeds which are required by the provisions of the
Permitted Bonds to be applied or offered to be applied to the redemption or retirement of
Permitted Bonds; provided that to the extent such Net Loss Proceeds are not so
applied to retire or redeem Permitted Bonds after an offer to do so has been made (“Excess
Loss Proceeds”), such Excess Loss Proceeds shall be applied to repay Loans in accordance
with this Section 2.4B(iii)(b). To the extent such Net Loss Proceeds are not so reinvested,
the Borrower will make a prepayment of the Loans within five Business Days of the end of
such 12-or-15-month period, as the case may be; provided further, that no prepayment
shall be required with any Net Loss Proceeds from any Event of Loss that, taken together
with all other Events of Loss from and after the Closing Date as to which the Net Loss
Proceeds were not used to prepay loans hereunder do not exceed $5,000,000 in the aggregate,
so long as such Net Loss Proceeds are reinvested in assets of the Loan Parties used or
useful in the business of the Loan Parties (which assets shall be pledged as Collateral to
support the Obligations) within 12 months of the Borrower’s receipt of such Net Loss
Proceeds.

(c) Prepayments from Net Termination Proceeds. No later than the fifth
Business Day following the date of receipt by the Company or any other Loan Party of any Net
Termination Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to
100% of such Net Termination Proceeds; provided that the amount of any prepayment
otherwise required pursuant to the foregoing provisions of this subsection 2.4B(iii)(c)
shall be reduced by an amount equal to the lesser of (x) the Permitted Bond Ratable Share of
such amount and (y) the amount of the related Net Termination Proceeds which are required by
the provisions of the Permitted Bonds to be applied or offered to be applied to the
redemption or retirement of Permitted Bonds; provided further that to the
extent such Net Termination Proceeds are not so applied to retire or redeem Permitted Bonds
after an offer to do so has been made (“Excess Termination Proceeds”), such Excess
Termination Proceeds shall be applied to repay Loans in accordance with this
Section 2.4B(iii)(c).

(d) Prepayments Due to Incurrence of Debt. On the fifth Business Day following
the date of receipt by the Borrower or any other Loan Party of the Cash proceeds (any such
proceeds, net of underwriting discounts and commissions and other reasonable fees, costs and
expenses associated therewith, including reasonable legal fees and expenses, being “Net
Proceeds”) from the incurrence of any debt of the Borrower or any other Loan Party (other
than any debt expressly permitted under subsection 7.1), the Borrower shall prepay the Loans
in an aggregate amount equal to 100% of such Net Proceeds.

 

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(e) Calculations of Net Proceeds Amounts; Additional Prepayments Based on
Subsequent Calculations. Concurrently with any prepayment of the Loans pursuant to
subsections 2.4B(iii)(a)-(d), the Borrower shall deliver to the Administrative Agent an
Officers’ Certificate demonstrating the calculation of the amount (the “Net Proceeds
Amount”) of the applicable Net Asset Sale Proceeds, Net Loss Proceeds, Net Termination
Proceeds or Net Proceeds, as the case may be, that gave rise to such prepayment. In the
event that the Borrower shall subsequently determine that the actual Net Proceeds Amount was
greater than the amount set forth in such Officers’ Certificate, the Borrower shall promptly
make an additional prepayment of the Loans in an amount equal to the amount of such excess,
and the Borrower shall concurrently therewith deliver to the Administrative Agent an
Officers’ Certificate demonstrating the derivation of the additional Net Proceeds Amount
resulting in such excess.

(f) Prepayments Due to Residual Term Loan Proceeds. On the fifth Business Day
following the Project Final Completion Date, pursuant to the terms of the Depository
Agreement, any proceeds of Term Loans remaining in the Project Loans Disbursment Account or
Local Currency Loans Accounts maintained under the Depository Agreement (collectively,
“Completion Proceeds”) shall be applied to prepay the Loans; provided that no such
prepayment shall be required if the Consolidated Leverage Ratio on such fifth Business Day
after the Project Final Completion Date is, prior to giving effect to such prepayment, less
than 2.50:1.0.

(g) Prepayments Due to Reductions or Restrictions of Revolving Loan
Commitments. The Borrower shall from time to time prepay Swing Line Loans and/or
Revolving Loans to the extent necessary so that the Total Utilization of Revolving Loan
Commitments shall not at any time exceed the Revolving Loan Commitments then in effect;
provided that no prepayments shall be required pursuant to this clause (g) due to
fluctuations in the exchange rates of currencies, which is subject to clause (i) below.

(h) Prepayments Due to Excess Cash Flow. In the event that there shall be
Consolidated Excess Cash Flow for any Relevant Fiscal Year, the Borrower shall, no later
than 105 days after the end of such Relevant Fiscal Year, prepay the Loans in an aggregate
amount equal to (i) 50% of such Consolidated Excess Cash Flow, minus (ii) voluntary
repayments of Consolidated Total Debt made during such Fiscal Year (excluding repayments of
Revolving Loans or Swing Line Loans except to the extent the Revolving Loan Commitments are
permanently reduced in connection with such repayments) minus (iii) the aggregate principal
amount of any Term Loans cancelled in accordance with subsection 10.1I; provided
that for any Fiscal Year in which the Consolidated Leverage Ratio (determined for any such
period by reference to the Compliance Certificate delivered pursuant to subsection 6.1(iii)
calculating the Consolidated Leverage Ratio as of the last day of such Fiscal Year) shall be
less than or equal to 3.5:1.0 but greater than 2.5:1.0, the Borrower shall only be required
to make the prepayments and/or reductions otherwise required hereby in an amount equal to
(i) 25% of such Consolidated Excess Cash Flow, minus (ii) voluntary repayments of
Consolidated Total Debt made during such Fiscal Year (excluding repayments of Revolving
Loans or Swing Line Loans except to the extent the Revolving Loan Commitments are
permanently reduced in connection with such repayments) minus (iii) the aggregate principal
amount of any Term Loans cancelled in accordance with subsection 10.1I; and
provided, further that for any Fiscal Year in which the Consolidated
Leverage Ratio (determined for any such period by reference to the Compliance Certificate
delivered
pursuant to subsection 6.1(iii) calculating the Consolidated Leverage Ratio as of the
last day of such four Fiscal Quarter period) shall be less than or equal to 2.5:1.0, the
Borrower shall not be required to make the prepayments and/or reductions otherwise required
hereby.

 

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(i) Prepayments Due to Currency Fluctuations. The Administrative Agent shall
calculate the Dollar Equivalent of the Total Utilization of Revolving Loan Commitments on
each Recalculation Date. If such calculation reflects that, as of such Recalculation Date,
the Dollar Equivalent of the Total Utilization of Revolving Loan Commitments exceeds an
amount equal to one hundred and two percent (102%) of the Revolving Loan Commitment Amount
then in effect, then, within two Business Days after notice of such calculation from the
Administrative Agent to the Borrower, the Borrower shall prepay Swing Line Loans or
Revolving Loans and/or cash collateralize outstanding Letters of Credit in an aggregate
amount sufficient to reduce the Total Utilization of Revolving Loan Commitments as of such
date of payment to an amount not exceeding one hundred percent (100%) of the Revolving Loan
Commitment Amount then in effect; provided, that solely for purposes of measuring
compliance with this subsection 2.4B(iii)(i), the amount of cash collateral delivered to the
Collateral Agent pursuant hereto shall be deemed to have reduced the Revolving Loan
Commitment Amount. Each such prepayment shall be applied to the Revolving Loans of
Revolving Lenders in accordance with their respective Pro Rata Shares.

(iv) Application of Prepayments.

(a) Application of Voluntary Prepayments by Type of Loan and Order of Maturity.
Any voluntary prepayments pursuant to subsection 2.4B(i) shall be applied (1) as specified
by the Borrower with respect to Revolving Loans or Swing Line Loans in the applicable notice
of prepayment and (2) on a pro rata basis (in accordance with subsection 2.4B(iv)(c)) with
respect to Term Loans; provided that in the event the Borrower fails to specify the
Loans to which any such prepayment shall be applied, such prepayment shall be applied
first to repay outstanding Swing Line Loans and Revolving Loans to the full extent
thereof on a pro rata basis and second to repay outstanding Term Loans on a pro rata
basis (in accordance with subsection 2.4B(iv)(c)).

(b) Application of Mandatory Prepayments by Type of Loans. Any amount (the
“Applied Amount”) required to be applied as a mandatory prepayment of the Term Loans
pursuant to subsections 2.4B(iii)(a)-(f) or (h) shall be applied to first prepay the
Term Loans on a pro rata basis to the full extent thereof and second, to the extent
of any remaining portion of the Applied Amount, to prepay the Revolving Loans pro rata to
the full extent thereof (without any reduction of Revolving Loan Commitments).

(c) Application of Prepayments of Term Loans to the Scheduled Installments of
Principal Thereof. Any prepayments of Term Loan Facility pursuant to subsection 2.4B(i)
or 2.4B(iii)(a)-(f) or (h) shall be applied pro rata to the Term Loans under both Term Loan
Facilities and shall be applied to the scheduled installments thereof (x) in the case of
payments pursuant to subsection 2.4(B)(i), in direct order of
maturity and (y) in the case of payments pursuant to subsection 2.4B(iii), on a pro
rata basis.

 

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(d) Application of Prepayments to Base Rate Loans and Eurodollar Rate Loans.
Considering Loans being prepaid separately, any prepayment thereof shall be applied first to
Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in
each case in a manner which minimizes the amount of any payments required to be made by the
Borrower pursuant to subsection 2.6D.

C. General Provisions Regarding Payments.

(i) Manner and Time of Payment. All payments by the Borrower of principal,
interest, fees and other Obligations hereunder and under the Notes shall be made in Dollars,
Patacas or HK Dollars, based on each Lender’s Percentage of outstanding TLF I Loans, TLF II
Loans and Revolving Loans in each such currency (or, with respect to commitment fees under
subsection 2.3A, each Lender’s Percentage of the Commitments under the applicable Facility
in the currency of such Commitments), in same day funds, without defense, setoff or
counterclaim, free of any restriction or condition, and delivered to the Administrative
Agent not later than 1:00 p.m. (local time) on the date due (or, if necessary, on the next
preceding Business Day) at the applicable Payment and Funding Office for the account of
Lenders; for purposes of computing interest and fees, funds received by the Administrative
Agent after that time on such due date shall be deemed to have been paid by the Borrower on
the next succeeding Business Day. The Borrower hereby authorizes the Administrative Agent
to charge its accounts with Administrative Agent in order to cause timely payment to be made
to the Administrative Agent of all principal, interest, fees and expenses due hereunder
(subject to sufficient funds being available in its accounts for that purpose).

(ii) Application of Payments to Principal and Interest. All payments in
respect of the principal amount of any Loan shall include payment of accrued interest on the
principal amount being repaid or prepaid, and all such payments shall be applied to the
payment of interest before application to principal.

(iii) Apportionment of Payments. Aggregate principal and interest payments in
respect of Loans shall be apportioned among all outstanding Loans proportionately to the
Lenders’ respective Pro Rata Shares (subject to subsection 2.11). The Administrative Agent
(or its agent or sub-agent appointed by it) shall promptly distribute to each Lender, at its
primary address set forth on Schedule 2.1 or at such other address as such Lender
may request in writing, its Pro Rata Share of all such payments received by the
Administrative Agent, and the commitment fees of such Lender and all other amounts due to
such Lender, when received by the Administrative Agent pursuant to subsection 2.3 (subject
to subsection 2.11). Notwithstanding the foregoing provisions of this subsection 2.4C(iii),
if, pursuant to the provisions of subsection 2.6C, any Conversion/Continuation Notice is
withdrawn as to any Affected Lender or Market Disruption Lender or if any Affected Lender or
Market Disruption Lender makes Base Rate Loans or Alternate HK Dollar Rate Loans in lieu of
its Pro Rata Share of any
Eurodollar Rate Loans or HIBOR Rate Loans, the Administrative Agent shall give effect
thereto in apportioning payments received thereafter.

 

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(iv) Payments on Business Days. Subject to the provisos set forth in the
definition of “Interest Period” as they may apply to Revolving Loans, whenever any payment
to be made hereunder shall be stated to be due on a day that is not a Business Day, such
payment shall be made on the next succeeding Business Day and, with respect to Revolving
Loans only, such extension of time shall be included in the computation of the payment of
interest hereunder or of the commitment fees hereunder, as the case may be.

(v) Notation of Payment. Each Lender agrees that before disposing of any Note
held by it, or any part thereof (other than by granting participations therein), that Lender
will make a notation thereon of all Loans evidenced by that Note and all principal payments
previously made thereon and of the date to which interest thereon has been paid;
provided that the failure to make (or any error in the making of) a notation of any
Loan made under such Note shall not limit or otherwise affect the obligations of the
Borrower hereunder or under such Note with respect to any Loan or any payments of principal
or interest on such Note.

2.5 Use of Proceeds.

A. Revolving Loans. The proceeds of the Revolving Loans (other than any New Revolving
Loans), including any Swing Line Loans, shall be applied by the Borrower for working capital and
general corporate purposes of the Loan Parties including to finance Phase 1 and Phase 2 (excluding
any equipment for or interior design fit out of the Casino Facilities), including any investment or
payment permitted hereunder and the financing of Non-Casino Project Costs.

B. Term Loans. The proceeds of the Term Loans (other than any New Term Loans) shall
be applied by the Borrower to pay Transaction Costs, pay Non-Casino Project Costs (including land
concession payments pursuant to the Land Concession Contract) and for working capital and general
corporate purposes of the Loan Parties with respect to the hotels and other non-gaming portions of
the Project, in each case incurred on or after November 1, 2009, or to repay Shareholder
Subordinated Indebtedness that was used to pay such costs if and to the extent that the Equity
(after giving effect to such repayment) applied (or retained for application) to pay such costs
incurred on or after November 1, 2009 is not less than $500,000,000.

C. New Term Loans and New Revolving Loans. The proceeds of the New Term Loans and/or
New Revolving Loans, if any, shall be applied by the Borrower to pay costs incurred in connection
with Phase 3 or any other use agreed to by the Requisite Lenders.

D. Margin Regulations. No portion of the proceeds of any borrowing under this
Agreement shall be used by the Borrower, any other Loan Party or any of their Affiliates in any
manner that would cause the borrowing or the application of such proceeds to violate Regulation U,
Regulation T or Regulation X of the Board of Governors of the Federal Reserve
System or any other regulation of such Board or to violate the Exchange Act, in each case as
in effect on the date or dates of such borrowing and such use of proceeds.

 

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2.6 Special Provisions Governing Eurodollar Rate Loans and HIBOR Rate Loans.

Notwithstanding any other provision of this Agreement to the contrary, the following
provisions shall govern with respect to Eurodollar Rate Loans or HIBOR Rate Loans as to the matters
covered:

A. Determination of Applicable Interest Rate. As soon as practicable after 11:00 a.m.
(local time) on each Interest Rate Determination Date, the Administrative Agent shall determine
(which determination shall, absent manifest error, be final, conclusive and binding upon all
parties) the interest rate that shall apply to the Eurodollar Rate Loans or HIBOR Rate Loans for
which an interest rate is then being determined for the applicable Interest Period and shall
promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower and
each Lender.

B. Inability to Determine Applicable Interest Rate. In the event that the
Administrative Agent shall have determined (which determination shall be final and conclusive and
binding upon all parties hereto), on any Interest Rate Determination Date with respect to any
Eurodollar Rate Loans or HIBOR Rate Loans, that by reason of circumstances affecting the interbank
Eurodollar or HK Dollar market adequate and fair means do not exist for ascertaining the interest
rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar
Rate or HIBOR Rate, as the case may be, the Administrative Agent shall on such date give notice (by
telefacsimile or by telephone confirmed in writing) to the Borrower and each Lender of such
determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans or
HIBOR Rate Loans, as the case may be, until such time as Administrative Agent notifies the Borrower
and the Lenders that the circumstances giving rise to such notice no longer exist and (ii) any
Borrowing Notice or Conversion/Continuation Notice given by the Borrower with respect to the Loans
denominated in Dollars in respect of which such determination was made shall be deemed to be made
with respect to Base Rate Loans.

C. Illegality or Impracticability of Eurodollar Rate Loans or HIBOR Rate Loans. In
the event that it becomes unlawful for a Lender to make, maintain or continue its Commitments or
Loans, as contemplated by this Agreement, as a result of compliance by such Lender in good faith
with any law, treaty, governmental rule, regulation, guideline or order not in effect on the date
such Person became a Lender (or would conflict with any such treaty, governmental rule, regulation,
guideline or order not having the force of law even though the failure to comply therewith would
not be unlawful), then, and in any such event, such Lender shall be an “Affected Lender” and it
shall promptly give notice (by telefacsimile or by telephone confirmed in writing) to the Borrower
and the Administrative Agent of such determination (which notice Administrative Agent shall
promptly transmit to each other Lender). Thereafter (i) if the same is unlawful for such Affected
Lender, the obligation of such Affected Lender to make Loans as, or to convert Loans to, Eurodollar
Rate Loans, HIBOR Rate Loans and Base Rate Loans, as the case may be, shall be suspended until such
notice shall be withdrawn by the Affected Lender (which such Affected Lender shall do at the
earliest practicable date), (ii) if it becomes unlawful for such Affected Lender to maintain its
outstanding Loans, such Affected

 

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Lender’s obligation to maintain its outstanding Loans (the “Affected Loans”) shall be terminated, its Commitments
shall be terminated and its RL Percentage, TLF I Percentage and/or TLF II Percentage, as
applicable, shall be reduced to zero, in each case, at the earlier to occur of the expiration of
the Interest Period then in effect with respect to the Affected Loans or when required by law
(being no earlier than the last day of any applicable grace period permitted by law), whereupon
such Affected Lender shall receive a prepayment in the amount of its outstanding Loans and cease to
be a Lender under this Agreement, and (iii) the Borrower shall promptly pay to the Administrative
Agent such additional amounts of cash as reasonably requested by any Issuing Lender or the Swing
Line Lender to be held as security for the Borrower’s reimbursement Obligations in respect of
Letters of Credit and Swing Line Loans then outstanding (such amount not to exceed such Affected
Lender’s obligations under subsection 2.10D, subection 3.1C or subsection 3.3C). Except as provided
in the immediately preceding sentence, nothing in this subsection 2.6C shall affect the obligation
of any Lender other than an Affected Lender to make or maintain Loans as, or to convert Loans to,
Eurodollar Rate Loans or HIBOR Rate Loans in accordance with the terms of this Agreement.

D. Compensation For Breakage or Non-Commencement of Interest Periods. The Borrower
shall compensate each Lender, upon written request by that Lender (which request shall set forth
the basis for requesting such amounts), for all reasonable losses, expenses and liabilities
(including any interest paid by that Lender to lenders of funds borrowed by it to make or carry its
Eurodollar Rate Loans or HIBOR Rate Loans and any loss, expense or liability sustained by that
Lender in connection with the liquidation or re-employment of such funds) which that Lender may
sustain: (i) if for any reason (other than a default by that Lender) a borrowing of any Eurodollar
Rate Loan or HIBOR Rate Loan does not occur on a date specified therefor in a Borrowing Notice or a
telephonic request for borrowing, as applicable, or a borrowing of any Eurodollar Rate Loan or
HIBOR Rate Loan does not occur as a result of the revocation by the Borrower of the related
Borrowing Notice pursuant to subsection 2.6F, or a conversion to or continuation of any Eurodollar
Rate Loan or HIBOR Rate Loan does not occur on a date specified therefor in a
Conversion/Continuation Notice or a telephonic request for conversion or continuation, (ii) if any
prepayment (including any prepayment pursuant to subsection 2.4B(i) and subsection 2.4B(iii)) or
other principal payment (including pursuant to an assignment of Revolving Loans on any Increased
Amount Date pursuant to Section 2.11) or any conversion of any of its Eurodollar Rate Loans or
HIBOR Rate Loans occurs on a date prior to the last day of an Interest Period applicable to that
Loan, (iii) if any prepayment of any of its Eurodollar Rate Loans or HIBOR Rate Loans is not made
on any date specified in a notice of prepayment given by the Borrower, or (iv) as a consequence of
any other default by the Borrower in the repayment of its Eurodollar Rate Loans or HIBOR Rate Loans
when required by the terms of this Agreement. If at any time any prepayment is required that would
give rise to any compensation pursuant to this subsection 2.6D under clause (ii) of the preceding
sentence, and no Potential Event of Default or Event of Default has occurred and is continuing,
then at the Borrower’s option upon five Business Days’ notice to the Administrative Agent, the
applicable prepayment amount may be deposited irrevocably into the Prepayment Account in lieu of
payment to the applicable Lenders. Such funds shall be held in the Prepayment Account until the
last day of the applicable Interest Period, at which time the amount deposited in the Prepayment
Account shall be further disbursed to the applicable Lenders. The deposit of amounts into the
Prepayment Account shall not constitute a prepayment of principal and all
principal to be prepaid using the proceeds from such account shall continue to accrue interest
at the then applicable interest rate until actually prepaid.

 

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E. Booking of Eurodollar Rate Loans or HIBOR Rate Loans. Any Lender may make, carry
or transfer Eurodollar Rate Loans or HIBOR Rate Loans at, to, or for the account of any of its
branch offices or the office of an Affiliate of that Lender, provided that as of the date
of any such change in any Lender’s booking office for its Commitments or Loans hereunder or the
effective date of any such assignment to an Affiliate of such Lender, such Lender or Affiliate is
not entitled to claim an amount in excess of that which would have been payable to or for the
account of original branch of such Lender or such Lender, as the case may be, in respect of
Included Taxes pursuant to subsection 2.7B (but without prejudice to any obligation of the
Borrower under this Agreement with respect to such Included Taxes occurring after the date of such
change or assignment).

F. Market Disruption. If within one Business Day after the Interest Rate Determination
Date for any Interest Period with respect to any Eurodollar Rate Loans or HIBOR Rate Loans the
Administrative Agent receives notifications from a Lender, or Lenders, holding more than 50% of the
aggregate principal amount of such Loans (any such Lender or Lenders, “Market Disruption Lenders”)
that the cost to it or them of obtaining matching deposits in the London interbank market or the
Hong Kong interbank market, respectively, would be in excess of the Adjusted Eurodollar Rate or the
HIBOR Rate, as the case may be (a “Market Disruption Event”), then, the rate of interest for such
Loans for such Interest Period shall be the percentage rate per annum which is the sum of (i) the
Applicable Margin and (ii) the percentage rate per annum notified by the Lender of each such Loan
to the Administrative Agent to be the cost to such Lender of funding such Loan from whatsoever
source it may reasonably select (which cost shall take into account the Eurodollar Rate Reserve
Percentage for such Interest Period). Upon receipt of notification from the Market Disruption
Lenders, the Administrative Agent shall notify the Borrower in writing (which notice shall identify
the Market Disruption Lenders) of the occurrence of such Market Disruption Event, and thereafter
the Borrower may by telephonic notice to the Administrative Agent, at any time prior to the
Business Day next preceding the date of such Borrowing or the first day of such Interest Period, as
the case may be, revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or HIBOR Rate Loans, as applicable, or, failing that, will be deemed to have
converted such request into a request for a Borrowing of (1) in the case of Loans denominated in
Dollars, Base Rate Loans and (2) in the case of Loans denominated in HK Dollars or Patacas, Loans
at the HIBOR Rate determined as the arithmetic mean of the rates quoted by Reference Banks in
accordance with clause (b) in the definition of HIBOR Rate (or if the HIBOR Rate which gave rise to
the Market Disruption Event was already determined in such manner, at the Alternate HK Dollar Rate)
in the amount specified therein. If a Market Disruption Event occurs and the Administrative Agent
or the Borrower so requires, the Administrative Agent and the Borrower shall enter into
negotiations (for a period of not more than 30 days) with a view to agreeing as substitute basis
for determining the rate of interest for Eurodollar Rate Loans or HIBOR Rate Loans, as the case may
be). Any alternative basis so agreed between the Administrative Agent and the Borrower shall, with
the prior consent of all Lenders and the Borrower, be binding on all parties hereto.

 

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G. Eurodollar Rate Loans and HIBOR Rate Loans After Default. After the occurrence of
and during the continuation of a Potential Event of Default or an Event of Default, (i) the
Borrower may not elect to have a Loan be made or maintained as, or converted to, a Eurodollar Rate
Loan or, if so notified by the Administrative Agent, a HIBOR Rate Loan (provided that, if
such notice has been given by the Administrative Agent, such HIBOR Rate Loan shall bear interest at
the Alternate HK Dollar Rate), after the expiration of any Interest Period then in effect for that
Loan and (ii) subject to the provisions of subsection 2.6D, any Borrowing Notice or
Conversion/Continuation Notice given by the Borrower with respect to a requested borrowing or
conversion/continuation that has not yet occurred shall be deemed made with respect to Base Rate
Loans.

2.7 Increased Costs; Taxes; Capital Adequacy.

A. Compensation for Increased Costs and Taxes. Subject to the provisions of
subsection 2.7B (which shall be controlling with respect to the matters covered thereby), in the
event that any Lender shall determine (which determination shall, absent manifest error, be final
and conclusive and binding upon all parties hereto) that any law, treaty or governmental rule,
regulation or order, or any change therein or in the interpretation, administration or application
thereof (including the introduction of any new law, treaty or governmental rule, regulation or
order), or any determination of a court or Governmental Instrumentality, in each case that becomes
effective after the date hereof, or compliance by such Lender with any guideline, request or
directive issued or made after the date hereof by any Governmental Instrumentality (whether or not
having the force of law):

(i) subjects such Lender (or its applicable lending office) to any additional Tax
(other than any Tax on the overall net income of such Lender) with respect to this Agreement
or any of its obligations hereunder or any payments to such Lender (or its applicable
lending office) of principal, interest, fees or any other amount payable hereunder;

(ii) imposes, modifies or holds applicable any reserve (including any marginal,
emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC
insurance or similar requirement against assets held by, or deposits or other liabilities in
or for the account of, or advances or loans by, or other credit extended by, or any other
acquisition of funds by, any office of such Lender (other than any such reserve or other
requirements with respect to Eurodollar Rate Loans or HIBOR Rate Loans that are reflected in
the definition of Adjusted Eurodollar Rate or HIBOR Rate, respectively); or

(iii) imposes any other condition (other than with respect to a Tax matter) on or
affecting such Lender (or its applicable lending office) or its obligations hereunder or the
interbank Eurodollar or HK Dollar market;

 

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and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make,
making or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender
(or its applicable lending office) with respect thereto; then, in any such case, the Borrower shall
promptly pay to such Lender, upon receipt of the statement referred to in the next
sentence, such additional amount or amounts (in the form of an increased rate of, or a different
method of calculating, interest or otherwise as such Lender in its sole discretion shall determine)
as may be necessary to compensate such Lender for any such increased cost or reduction in amounts
received or receivable hereunder. Such Lender shall deliver to the Borrower (with a copy to the
Administrative Agent) a written statement, setting forth in reasonable detail the basis for
calculating the additional amounts owed to such Lender under this subsection 2.7A, which statement
shall be prima facie evidence of the matters set forth therein. Notwithstanding anything to the
contrary herein, the Borrower shall not be required to compensate any Lender pursuant to this
subsection 2.7A for any Taxes, costs or reduced amounts incurred more than twelve (12) months prior
to the date that such Lender notifies the Borrower of the circumstances giving rise to such Taxes
or increased costs or reduction in amounts received or receivable by such Lender and of such
Lender’s intention to claim compensation therefor (except that, if the circumstances giving rise to
such Taxes, increased costs or reductions are retroactive in effect, then the twelve-month period
referred to above shall (if the period of retroactive effect includes any period prior to the first
day of such twelve month period) be extended to include the period of retroactive effect thereof).

B. Withholding of Taxes.

(i) Payments to Be Free and Clear. All sums payable by the Borrower, any other
Loan Party or the Sponsor under this Agreement and the other Loan Documents to any Agent or
any Lender shall (except to the extent required by law) be paid free and clear of, and
without any deduction or withholding on account of, any Tax (other than a Tax on the overall
net income of any Lender) imposed, levied, collected, withheld or assessed by or within
(a) the United States or any political subdivision in or of the United States or (b) Macau
SAR or any political subdivision in or of Macau SAR or (c) any other jurisdiction from or to
which a payment is made or deemed made by or on behalf of the Borrower or by any federation
or organization of which the United States or any such jurisdiction is a member at the time
of payment, all such non-excluded Taxes being hereinafter collectively referred to as
“Included Taxes”.

(ii) Grossing-up of Payments. If the Borrower or any other Person is required
by law to make any deduction or withholding on account of any such Included Tax from any sum
paid or payable by the Borrower to the Administrative Agent or any Lender under any of the
Loan Documents:

(a) the Borrower shall notify Administrative Agent of any such requirement or any
change in any such requirement as soon as the Borrower becomes aware of it;

(b) the Borrower shall pay any such Included Tax before the date on which penalties
attach thereto, such payment to be made (if the liability to pay is imposed on the Borrower)
for its own account or (if that liability is imposed on Administrative Agent or such Lender,
as the case may be) on behalf of and in the name of the Administrative Agent or such Lender;

 

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(c) the sum payable by the Borrower, any other Loan Party or the Sponsor in respect of
which the relevant deduction, withholding or payment is required shall be
increased to the extent necessary to ensure that, after the making of that deduction,
withholding or payment (including any deduction, withholding or payment on amounts paid
pursuant to this subsection 2.7B), the Administrative Agent or such Lender, as the case may
be, receives on the due date a net sum equal to what it would have received had no
deduction, withholding or payment been required or made; and

(d) within 30 days after paying any sum from which it is required by law to make any
deduction or withholding, and within 30 days after the due date of payment of any Included
Tax which it is required by clause (b) above to pay, the Borrower shall deliver to the
Administrative Agent evidence satisfactory to the other affected parties of such deduction,
withholding or payment and of the remittance thereof to the relevant taxing or other
authority.

(iii) Evidence of Reduction of or Exemption from Withholding Tax. (a) A
Lender that is entitled to an exemption from or reduction of any Included Taxes imposed on
payments made by the Borrower or any Guarantor pursuant to the Loan Documents shall deliver
to the Administrative Agent for transmission to the Borrower, promptly upon request to such
Lender by the Borrower, such properly completed and executed documentation provided by the
Borrower and prescribed by applicable law and such other information reasonably requested
that is necessary to reduce or eliminate such Tax. Notwithstanding the foregoing, no Lender
shall be obligated to provide any documentation pursuant to this subsection 2.7B(iii) if
such Lender is not legally able to do so. For the avoidance of doubt, a Lender’s failure to
provide information or documentation which it is not legally able to provide shall not
affect its right to receive additional amounts pursuant to subsection 2.7B(ii).

(b) Each Lender required to deliver any documentation or other information pursuant to
subsection 2.7B(iii)(a) hereby agrees, from time to time after the initial delivery by such
Lender of such documentation or other information, that (i) whenever a lapse in time or
change in circumstances renders documentation or other information about such Lender
obsolete or inaccurate in any material respect, then such Lender shall inform the Borrower
and shall at the request of the Borrower, or (ii) if the Borrower otherwise requests,
promptly (1) deliver to the Administrative Agent for transmission to the Borrower
replacement documentation as provided by the Borrower which is properly completed and duly
executed by such Lender, together with any other information reasonably required and that
the Borrower informs such Lender of which is necessary in order to confirm or establish that
such Lender is entitled to an exemption from or reduction of any Included Taxes imposed on
payments to such Lender under the Loan Documents or (2) notify Administrative Agent and the
Borrower of its inability to deliver any such documentation or other information. For the
avoidance of doubt, a Lender’s failure to provide information or documentation which it is
not legally able to provide shall not affect its right to receive additional amounts
pursuant to subsection 2.7B(ii).

(c) The Borrower or any Guarantor shall not be required to pay any additional amount to
any Lender under subsection 2.7B(ii) if such Lender shall have failed to satisfy the
requirements of clause (a) or (b)(1) of this subsection 2.7B(iii). For the avoidance of
doubt, a Lender’s failure to provide information or documentation which it is not legally
able to provide shall not affect its right to receive additional amounts pursuant to
subsection 2.7B(ii).

 

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C. Capital Adequacy Adjustment. If any Lender (which term shall include the Issuing
Lender for purposes of this subsection 2.7C) shall have determined that the adoption,
effectiveness, phase-in or applicability after the date hereof of any law, rule or regulation (or
any provision thereof) regarding capital adequacy, or any change therein or in the interpretation
or administration thereof after the date hereof by any Governmental Instrumentality charged with
the interpretation or administration thereof, or compliance by any Lender (or its applicable
lending office) with any guideline, request or directive regarding capital adequacy (whether or not
having the force of law) of any such Governmental Instrumentality, has or would have the effect of
reducing the rate of return on the capital of such Lender or any corporation controlling such
Lender as a consequence of, or with reference to, such Lender’s Loans or Commitments or Letters of
Credit or participations therein or other obligations hereunder with respect to the Loans or the
Letters of Credit to a level below that which such Lender or such controlling corporation could
have achieved but for such adoption, effectiveness, phase-in, applicability, change or compliance
(taking into consideration the policies of such Lender or such controlling corporation with regard
to capital adequacy), then from time to time, within five Business Days after receipt by the
Borrower from such Lender of the statement referred to in the next sentence, the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender or such controlling
corporation on an after-tax basis for such reduction. Such Lender shall deliver to the Borrower
(with a copy to the Administrative Agent) a written statement, setting forth in reasonable detail
the basis of the calculation of such additional amounts, which statement shall be conclusive and
binding upon all parties hereto absent manifest error.

D. Replacement of Lenders due to Withholding Tax. Notwithstanding the foregoing, if
any Lender becomes (x) an Affected Lender or (y) entitled to receive any additional amounts
pursuant to subsection 2.7A or  2.7B(ii), then the Borrower may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in
subsection 10.1, including as a condition precedent to such assignment, (i) Administrative Agent’s
consent to the assignee unless not otherwise required by subsection 10.1 and (ii) payment by the
Borrower of the registration fee set forth in subsection 10.1B(i), if applicable), all its
interests, rights and obligations under this Agreement to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment, or an
Affiliate of the Company to the extent such Affiliate is permitted as an Eligible Assignee);
provided that (i) such Lender shall have received irrevocable payment in full in cash of an
amount equal to the outstanding principal of its Loans, accrued interest thereon, and accrued fees
and all other Obligations and other amounts payable to it hereunder (including amounts payable
pursuant to Section 2.6D) from the assignee or the Borrower (or such lesser amount agreed to by the
parties), (ii) such assignee would, immediately after such assignment, not be entitled to receive
any additional amounts pursuant to subsection 2.7B(ii) hereof (or, alternatively, would be entitled
to receive reduced additional amounts pursuant to subsection 2.7B(ii) hereof than such assignor
would have received but for such assignment), and (iii) no more than the greater of (a) twelve
Lenders, and (b) the number of Lenders holding up to
$50,000,000 in aggregate principal amount of the Loans may be so replaced pursuant to this
subsection 2.7D in the aggregate after the Initial Borrowing Date.

 

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E. Tax Credits. If a Lender or the Administrative Agent determines, in its sole
discretion, that it has finally and irrevocably received a Tax Credit from a Governmental
Instrumentality in respect of Included Taxes as to which the Borrower has paid additional amounts
pursuant to this subsection 2.7, it shall within 60 days from the date of such determination, pay
over the amount of such Tax Credit to the Borrower (but only to the extent of such indemnity
payments or additional payments made by the Borrower under this subsection 2.7 with respect to such
Included Taxes Taxes giving rise to such Tax Credit and to the extent the Administrative Agent or
such Lender, as the case may be, determines in its sole discretion that it can do so without
prejudice to the retention of the amount of such Tax Credit), net of all reasonable out-of-pocket
expenses of such Lender or the Administrative Agent and without interest (other than interest paid
by the relevant taxation authority with respect to such Tax Credit); provided, that the
Borrower, upon request of such Lender or the Administrative Agent, agrees to repay the amount paid
over to the Borrower (plus penalties, interest or other reasonable charges) to such Lender or the
Administrative Agent in the event such Lender or the Administrative Agent is required to repay such
Tax Credit to such Governmental Instrumentality. Notwithstanding anything in this Agreement to the
contrary, this subsection 2.7 shall not be construed to require any Lender or the Administrative
Agent to (i) make available its tax returns (or any other information which it deems to be
confidential) to the Borrower or any other person, (ii) require the Administrative Agent or any
Lender to claim any refund of any Included Taxes or (iii) interfere with the right of the
Administrative Agent or any Lender to arrange its tax affairs in whatever manner it thinks fit.

2.8 Obligation of Lenders to Mitigate.

Each Lender and Issuing Lender agrees that, as promptly as practicable after the officer of
such Lender or Issuing Lender responsible for administering the Loans or Letters of Credit of such
Lender or Issuing Lender, as the case may be, becomes aware of the occurrence of an event or the
existence of a condition that would cause such Lender or Issuing Lender to become an Affected
Lender or that would entitle such Lender or Issuing Lender to receive payments under subsection 2.7
or subsection 3.6 it will, to the extent not inconsistent with the internal policies of such Lender
or Issuing Lender and any applicable legal or regulatory restrictions, use reasonable efforts
(i) to make, issue, fund or maintain the Commitments of such Lender or Issuing Lender or the
affected Loans or Letters of Credit of such Lender or Issuing Lender through another lending or
Letters of Credit office of such Lender or Issuing Lender or (ii) take such other measures as such
Lender or Issuing Lender may deem reasonable, if as a result thereof the circumstances which would
cause such Lender or Issuing Lender to be an Affected Lender would cease to exist or the additional
amounts which would otherwise be required to be paid to such Lender or Issuing Lender pursuant to
subsection 2.7 would be materially reduced and if, as determined by such Lender or Issuing Lender
in its sole discretion, the making, issuing, funding or maintaining of such Commitments or Loans or
Letters of Credit through such other lending or Letters of Credit office or in accordance with such
other measures, as the case may be, would not otherwise adversely affect, in any material respect,
such Commitments or Loans or Letters of Credit or the interests of such Lender or Issuing Lender;
provided that such Lender or Issuing Lender will not be obligated to utilize such other
lending or Letters of Credit office pursuant to this
subsection 2.8 if such Lender or Issuing Lender would incur incremental expenses as a result
of utilizing such other lending office as described in clause (i) above unless the Loan Parties
agree in writing to pay all such incidental costs on or prior to the date such costs would be
incurred by such Lender. A certificate as to the amount of any such expenses payable by the
Borrower pursuant to this subsection 2.8 (setting forth in reasonable detail the basis for
requesting such amount) submitted by such Lender or Issuing Lender to the Borrower (with a copy to
the Administrative Agent) shall be conclusive absent manifest error.

 

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2.9 Incremental Facilities.

A. The Borrower may by written notice to the Co-Syndication Agents and the Administrative
Agent elect to request from time to time (i) prior to the Revolving Loan Commitment Termination
Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving
Loan Commitments”) and/or (ii) the establishment of one or more new term loan commitments (the “New
Term Loan Commitments”), denominated in Dollars, HK Dollars or Patacas pursuant to the terms of
this Agreement, and in either case not less than $25,000,000 (or the equivalent thereof in HK
Dollars or Patacas) individually (or such lesser amount which shall be approved by the
Co-Syndication Agents and the Administrative Agent), which amount set forth in such notice may be a
proposed range of new commitments that otherwise comply with the foregoing requirements;
provided that such New Revolving Loan Commitments and New Term Loan Commitments, together
with the aggregate principal amount of all secured Indebtedness outstanding pursuant to
subsections 7.1(xv) and 7.1(xvi), shall be in an amount not in excess of $500,000,000 (or the
equivalent thereof in HK Dollars or Patacas) in the aggregate. Each such notice shall specify the
date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan
Commitments or New Term Loan Commitments, as the case may be, shall be effective, which shall be a
date not less than 10 Business Days (or such shorter time as is agreed upon by the Administrative
Agent and each Co-Syndication Agent) after the date on which such notice is delivered to each
Co-Syndication Agent and the Administrative Agent. When available, the Co-Syndication Agents will
deliver a notice to the Borrower and each Lender and the Administrative Agent setting forth the
identity of each Lender or other Person that is an Eligible Assignee (each, a “New Term Loan
Lender” or a “New Revolving Loan Lender”, as applicable) to which the Co-Syndication Agents have
allocated any portion of such New Revolving Loan Commitments or New Term Loan Commitments and the
amounts of such allocations, and in the case of each notice to any Revolving Loan Lender, the
respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the
assignments contemplated by this Section; provided that any Lender approached to provide
all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or
decline, in its sole discretion, to provide a New Revolving Loan Commitment or New Term Loan
Commitment.

B. Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective as
of such Increased Amount Date; provided that (1) no Potential Event of Default or Event of
Default shall exist on such Increased Amount Date before or after giving effect to such New
Revolving Loan Commitments or New Term Loan Commitments and the related Credit Extensions; (2) both
before and after giving effect to the making of any series of New Term Loans (a “Series”), each of
the conditions set forth in Section 4.2 shall be satisfied; (3) the Borrower shall be in pro forma
compliance with each of the

 

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covenants set forth in Section 7.6 (provided that for the purpose of subsection 7.6B, the Consolidated
Leverage Ratio shall not exceed 3.50:1.0) as of the last day of the most recently ended Fiscal
Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments;
(4) the New Revolving Loan Commitments or New Term Loan Commitments shall be effected pursuant to
one or more Joinder Agreements executed and delivered by the Borrower, the Co-Syndication Agents
and the Administrative Agent, and each of which shall be recorded in the Register and shall be
subject to the requirements set forth in subsection 2.7B(iii); (5) the Borrower shall make any
payments required pursuant to subsection 2.6D in connection with the New Revolving Loan Commitments
or New Term Loan Commitments to any Lender (including any New Term Loan Lender or New Revolving
Loan Lender); and (6) the Borrower shall deliver or cause to be delivered any legal opinions or
other documents reasonably requested by the Administrative Agent or any Co-Syndication Agent in
connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be
designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement (all
New Term Loans or New Term Loan Commitments of any Series, a “New Term Loan Facility”).

C. On any Increased Amount Date on which New Revolving Loan Commitments are effected, subject
to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Loan Lenders
shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving Loan Lenders
shall purchase from each of the Revolving Loan Lenders, at the principal amount thereof (together
with accrued interest), such interests in the Revolving Loans outstanding on such Increased Amount
Date as shall be necessary in order that, after giving effect to all such assignments and
purchases, such Revolving Loans will be held by existing Revolving Loan Lenders and New Revolving
Loan Lenders ratably in accordance with their Revolving Loan Commitments after giving effect to the
addition of such New Revolving Loan Commitments to the Revolving Loan Commitments, (b) each New
Revolving Loan Commitment shall be deemed for all purposes a Revolving Loan Commitment and each
Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan
and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Loan
Commitment and all matters relating thereto.

D. On any Increased Amount Date on which any New Term Loan Commitments of any Series are
effective, subject to the satisfaction of the foregoing terms and conditions, (i) each New Term
Loan Lender of such Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal
to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of such Series
shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the
New Term Loans of such Series made pursuant thereto. Proceeds of any Series of New Term Loans
shall be deposited in the Project Loans Disbursement Account.

E. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series
shall be, except as otherwise set forth herein or in the Joinder Agreement, identical to the TLF I
Loans. The terms and provisions (other than the amounts of commitment and other fees) of the New
Revolving Loans shall be identical to the Revolving Loans. In any event (i) the weighted average
life to maturity of all New Term Loans of any Series shall be no shorter than the remaining
weighted average life to maturity of the TLF I Loans, (ii) the applicable New Term Loan Maturity
Date of each Series shall be no earlier

 

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than the final maturity of the TLF I Loans, (iii) the rate of interest and any applicable original
issue discount applicable to the New Term Loans of each Series shall be determined by the Borrower
and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement;
provided however that the yield per annum with respect to the New Term Loans (consisting of
the interest rate applicable to such New Term Loans plus any applicable original issue discount
with respect thereto (which original issue discount shall be equated to interest rates based on an
assumed four-year average life to maturity)) shall not be greater at any time than the interest
rate then applicable to any TLF I Loans (on a pro forma basis for the borrowing of such New Term
Loans) plus 0.25% per annum, unless the Applicable Margins with respect to the TLF I Loans are
increased so as to comply with the provisions of this sentence. Each Joinder Agreement may,
without the consent of any other Lenders, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the opinion of the Co-Syndication Agents and
the Administrative Agent, to effect the provision of this subsection 2.9.

2.10 Swing Line Loans.

A. Swing Line Loans shall be made in an aggregate minimum amount of $500,000 and integral
multiples of $100,000 in excess of that amount.

B. Whenever the Borrower desires that the Swing Line Lender make a Swing Line Loan, the
Borrower shall deliver to the Administrative Agent a Borrowing Notice no later than 11:00 a.m.
(local time) on the proposed Funding Date.

C. The Swing Line Lender shall make the amount of its Swing Line Loan available to
Administrative Agent not later than 3:00 p.m. (local time) on the applicable Funding Date by wire
transfer (together with the applicable SWIFT confirmation or Federal Funds Wire Confirmation) of
same day funds in Dollars, Patacas or HK Dollars, as the case may be, where and as directed by the
Borrower. Except as provided herein, upon satisfaction or waiver of the conditions precedent
specified in subsection 4.2, the Administrative Agent shall make the proceeds of such Swing Line
Loans available to the Borrower on the applicable Funding Date by causing an amount of same day
funds in Dollars, Patacas or HK Dollars, as the case may be, equal to the proceeds of all such
Swing Line Loans received by the Administrative Agent from the Swing Line Lender to be credited to
the account of the Borrower at the Payment and Funding Office, or such other office of the
Administrative Agent as may be designated in writing to the Borrower in the case of Swing Line
Loans denominated in Patacas or HK Dollars.

D. With respect to any outstanding Swing Line Loans, if (i) such Swing Line Loans shall be
outstanding for more than four Business Days, (ii) any Event of Default or Potential Event of
Default shall occur and be continuing on a date such Swing Line Loans are outstanding, or (iii) the
Swing Line Lender delivers to the Administrative Agent (with a copy to the Borrower), no later than
11:00 a.m. (Eastern time) at least one Business Day in advance of the proposed Funding Date, a
notice (which shall be deemed to be a Borrowing Notice given by Borrower) requesting that each
Lender holding a Revolving Commitment make Revolving Loans that are Base Rate Loans to the Borrower
on such Funding Date in an amount equal to the Dollar Equivalent of the amount of such outstanding
Swing Line Loans (in each case, the “Refunded Swing Line Loans”), each Revolving Loan Lender shall
deposit in an account specified by the Swing Line Lender its Pro Rata Share of the amount so
requested in same day

 

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funds and such funds shall be applied by the Swing Line Lender to repay the Refunded Swing Line Loans.
Anything contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such
Revolving Loans made by the Lenders other than the Swing Line Lender shall be immediately delivered
by the Administrative Agent to the Swing Line Lender (and not to the Borrower) and applied to repay
a corresponding portion of the Refunded Swing Line Loans and (2) on the day such Revolving Loans
are made, the Swing Line Lender’s Pro Rata Share of the Refunded Swing Line Loans shall be deemed
to be paid with the proceeds of a Revolving Loan made by Swing Line Lender to the Borrower in the
amount of the Dollar Equivalent of such Pro Rata Share, and such portion of the Swing Line Loans
deemed to be so paid shall no longer be outstanding as Swing Line Loans and shall no longer be due
under the Swing Line Note of the Swing Line Lender but shall instead constitute part of the Swing
Line Lender’s outstanding Revolving Loans to the Borrower and shall be due under the Revolving Loan
Note issued by the Borrower to the Swing Line Lender. The Borrower hereby authorizes the
Administrative Agent and the Swing Line Lender to charge the Borrower’s accounts with the
Administrative Agent and the Swing Line Lender (up to the amount available in each such account) in
order to immediately pay the Swing Line Lender the amount of the Refunded Swing Line Loans to the
extent the proceeds of such Revolving Loans made by Lenders holding Revolving Commitments,
including the Revolving Loans deemed to be made by the Swing Line Lender, are not sufficient to
repay in full the Refunded Swing Line Loans. If any portion of any such amount paid (or deemed to
be paid) to the Swing Line Lender should be recovered by or on behalf of the Borrower from the
Swing Line Lender in bankruptcy, by assignment for the benefit of creditors or otherwise, the loss
of the amount so recovered shall be ratably shared among all Lenders.

E. Notwithstanding anything contained herein to the contrary, (1) each Lender’s obligation to
make Revolving Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to the
preceding paragraph shall be absolute and unconditional and shall not be affected by any
circumstance, including without limitation (A) any set-off, counterclaim, recoupment, defense or
other right which such Lender may have against the Swing Line Lender, any Loan Party, the Sponsor
or any other Person for any reason whatsoever; (B) the occurrence or continuation of a Potential
Event of Default or Event of Default; (C) any adverse change in the business, operations,
properties, assets, condition (financial or otherwise) or prospects of any Loan Party or the
Sponsor; (D) any breach of this Agreement or any other Loan Document by any party thereto; or
(E) any other circumstance, happening or event whatsoever, whether or not similar to any of the
foregoing; and (2) the Swing Line Lender shall not be obligated to make any Swing Line Loans (A) if
it has elected not to do so after the occurrence and during the continuation of a Potential Event
of Default or Event of Default or (B) at a time when any Lender is a Defaulting Lender unless the
Swing Line Lender has entered into arrangements satisfactory to it and the Borrower to eliminate
the Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such Swing
Line Loan, including by cash collateralizing such Defaulting Lender’s Pro Rata Share of the
outstanding Swing Line Loans.

 

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2.11 Defaulting Lender. Notwithstanding anything to the contrary contained herein, if
any Lender becomes a Defaulting Lender, then during any Default Period with respect to such
Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of
voting on any matters (including, but not limited to, any amendment, waiver or consent,
provided that such Defaulting Lender’s consent shall be required in connection with any
amendment, waiver, consent or other modification of this Agreement that would to the extent that
such
modification would increase the amount of or extend the maturity of such Defaulting Lender’s
Commitments hereunder) with respect to any provision of the Loan Documents that requires the
approval of Requisite Lenders or all affected lenders. During any Default Period with respect to a
Defaulting Lender (a) fees shall cease to accrue on the unfunded portion of the commitment of such
Defaulting Lender pursuant to subsection 2.3; (b) to the extent permitted by applicable law, any
amounts that would otherwise be payable to such Defaulting Lender with respect to its Loans and
Commitments under the Loan Documents (including, without limitation, voluntary and mandatory
prepayments, interest and fees) may, in lieu of being distributed to such Defaulting Lender, at the
written direction of Borrower to Administrative Agent, be retained by Administrative Agent and
applied in the following order of priority: first, to the payment of any amounts owing by such
Defaulting Lender to Administrative Agent and to collateralize indemnification and reimbursement
obligations of such Defaulting Lender in an amount reasonably determined by Administrative Agent,
second, to the payment of any amounts owing by such Defaulting Lender to the Swing Line Lender,
third, to the payment of any amounts owing by such Defaulting Lender to the Issuing Lender, fourth,
to the funding of any Loan in respect of which the Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, fifth, to the payment of any amounts owing to the Borrower
as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against
the Defaulting Lender as a result of the Defaulting Lender’s breach of its obligations under this
Agreement, and sixth, to the payment of the Term Loans and Revolving Loans of other Lenders (but
not to the Loans of such Defaulting Lender) as if such Defaulting Lender had funded all Defaulted
Loans of such Defaulting Lender; (c) (i) such Defaulting Lender’s Revolving Loan Commitment and
outstanding Revolving Loans and such Defaulting Lender’s Pro Rata Share of the Letter of Credit
Usage shall be excluded for purposes of calculating the Revolving Loan Commitment fee payable to
Lenders in respect of any day during any Default Period with respect to such Defaulting Lender, and
such Defaulting Lender shall not be entitled to receive any Revolving Loan Commitment fee pursuant
to subsection 2.3 with respect to such Defaulting Lender’s Revolving Loan Commitment in respect of
any Default Period with respect to such Defaulting Lender (and the Borrower shall not be required
to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender) and (ii) such Defaulting Lender’s TLF Commitments and outstanding Term Loans shall be
excluded for purposes of calculating the Term Loan commitment fee payable to Lenders in respect of
any day during any Default Period with respect to such Defaulting Lender, and such Defaulting
Lender shall not be entitled to receive any Term Loan commitment fee pursuant to subsection 2.3
with respect to such Defaulting Lender’s TLF Commitment in respect of any Default Period with
respect to such Defaulting Lender (and the Borrower shall not be required to pay any such fee that
otherwise would have been required to have been paid to that Defaulting Lender); and (d) the Total
Utilization of Revolving Loan Commitments as at any date of determination shall be calculated as if
such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto. No Commitment of any Lender shall be increased
or otherwise affected, and, except as otherwise expressly provided in this subsection 2.11,
performance by Borrower of its obligations hereunder and the other Loan Documents shall not be
excused or otherwise modified as a result of any Lender becoming a Defaulting Lender or the
operation of this subsection 2.11. The rights and remedies against a

 

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Defaulting Lender under this subsection 2.11 are in addition to other rights and remedies
which Borrower may have against such Defaulting Lender as a result of it becoming a Defaulting
Lender and which Administrative Agent or any Lender may have against such Defaulting Lender with
respect thereto. Notwithstanding the foregoing, nothing contained in this subsection 2.11 shall
alter in any way the Borrower’s obligations to repay any Defaulting Lender for Loans that it has
actually funded. The Administrative Agent shall not be required to ascertain or inquire as to the
existence of any Funds Defaulting Lender or Insolvency Defaulting Lender.

2.12 Removal of Defaulting Lender. Anything contained herein to the contrary
notwithstanding, in the event that (i) any Lender shall become a Defaulting Lender, (ii) the
Default Period for such Defaulting Lender shall remain in effect, and (iii) such Defaulting Lender
shall fail to cure the default as a result of which it has become a Defaulting Lender within five
Business Days after Borrower’s request that it cure such default; then, with respect to each such
Defaulting Lender (the “Terminated Lender”), the Borrower may, by giving written notice to the
Administrative Agent and any Terminated Lender of its election to do so, elect to cause such
Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding
Loans and its Commitments, if any, in full to one or more Eligible Assignees (each a “Replacement
Lender”) in accordance with the provisions of subsection 10.1 and the Borrower shall pay the fees,
if any, payable thereunder in connection with any such assignment from an Insolvency Defaulting
Lender, and the Funds Defaulting Lender (if not also an Insolvency Defaulting Lender) shall pay the
fees, if any, payable thereunder in connection with any such assignment from such Defaulting
Lender; provided, (x) on the date of such assignment, the Replacement Lender shall, unless
otherwise agreed by such Terminated Lender, pay to such Terminated Lender an amount equal to the
sum of (1) an amount equal to the principal of, and all accrued interest on, all outstanding Loans
of the Terminated Lender, (2) an amount equal to all unreimbursed drawings that have been funded by
such Terminated Lender, together with all then unpaid interest with respect thereto at such time
and (3) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender
pursuant to subsection 2.3; (y) on the date of such assignment, Borrower shall pay any amounts
payable to such Terminated Lender pursuant to subsection 2.6D and subsection 2.7 or otherwise then
due and payable to such Terminated Lender under any Loan Document as if it were a prepayment;
provided, Borrower may not make such election with respect to any Terminated Lender that is also an
Issuing Lender unless, prior to the effectiveness of such election, Borrower shall have caused each
outstanding Letter of Credit issued thereby to be cancelled or issued by a new Issuing Lender.
Upon the prepayment of all amounts owing to any Terminated Lender and the termination of such
Terminated Lender’s Commitments, if any, such Terminated Lender shall no longer constitute a
“Lender” for purposes hereof; provided, any rights of such Terminated Lender to indemnification
hereunder shall survive as to such Terminated Lender. Each Lender agrees that if the Borrower
exercises its option hereunder to cause an assignment by such Lender as a Terminated Lender, such
Lender shall, promptly after receipt of written notice of such election, execute and deliver all
documentation necessary to effectuate such assignment in accordance with subsection 10.1. In the
event that a Lender does not comply with the requirements of the immediately preceding sentence
within one Business Day after receipt of such notice, each Lender hereby authorizes and directs the
Administrative Agent to execute and deliver such documentation as may be required to give effect to
an assignment in accordance with subsection 10.1 on behalf of a Terminated Lender and any such
documentation so executed by the Administrative Agent shall be effective for purposes of
documenting an assignment pursuant
to subsection 10.1. For the avoidance of doubt, any such replacement shall not be deemed to be
a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have
against the replaced Lender.

 

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Section 3. Letters of Credit.

3.1 Issuance of Letters of Credit and Lenders’ Purchase of Participations Therein.

A. Letters of Credit. The Borrower may request, in accordance with the provisions of
this subsection 3.1, from time to time during the period from the Closing Date to but excluding the
Revolving Loan Commitment Termination Date, that an Issuing Lender issue Letters of Credit for the
account of the Borrower for the purposes specified in the definitions of Commercial Letters of
Credit and Standby Letters of Credit. Subject to the terms and conditions of this Agreement and in
reliance upon the representations and warranties of the Borrower herein set forth, the Issuing
Lenders shall issue such Letters of Credit in accordance with the provisions of this
subsection 3.1; provided that the Borrower shall not request that any Issuing Lender issue
(and no Issuing Lender shall issue):

(i) any Letter of Credit if, after giving effect to such issuance, the Total
Utilization of Revolving Loan Commitments would exceed the Revolving Loan Commitments then
in effect;

(ii) any Letter of Credit if, after giving effect to such issuance, the aggregate of
the Letter of Credit Usage and the aggregate outstanding principal amount of the Swing Line
Loans would exceed the Multi-Use Sublimit;

(iii) any Standby Letter of Credit having an expiration date later than the earlier of
(a) the Revolving Loan Commitment Termination Date and (b) the date which is one year from
the date of issuance of such Standby Letter of Credit (unless the Issuing Lender agrees to
issue a Letter of Credit with an expiration date which is more than one year from the date
of its issuance); provided that the immediately preceding clause (b) shall not
prevent any Issuing Lender from agreeing that a Standby Letter of Credit will automatically
be extended for one or more successive periods not to exceed one year each unless such
Issuing Lender elects not to extend for any such additional period; and provided,
further that such Issuing Lender shall elect not to extend such Standby Letter of
Credit if it has knowledge that an Event of Default has occurred and is continuing at the
time such Issuing Lender must elect whether or not to allow such extension;

(iv) any Commercial Letter of Credit having an expiration date (a) later than the
earlier of (X) the date which is 30 days prior to the Revolving Loan Commitment Termination
Date and (Y) the date which is 180 days from the date of issuance of such Commercial Letter
of Credit or (b) that is otherwise unacceptable to the applicable Issuing Lender in its
reasonable discretion; or

 

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(v) any Letter of Credit denominated in a currency other than Dollars, HK Dollars or
Patacas;
provided further, that if any Revolving Lender is a Defaulting Lender, no
Issuing Lender shall be required to issue any Letter of Credit unless such Issuing Lender
has entered into arrangements reasonably satisfactory to it and the Borrower to eliminate
the Issuing Lender’s risk with respect to the participation in Letters of Credit of the
Defaulting Lender, including by cash collateralizing such Defaulting Lender’s Pro Rata Share
of the Letter of Credit Usage.

B. Mechanics of Issuance.

(i) Notice of Issuance. Whenever the Borrower desires the issuance of a Letter
of Credit, it shall deliver to the Administrative Agent an Issuance Notice no later than
3:00 p.m. (Eastern time) at least three Business Days (in the case of Standby Letters of
Credit) or five Business Days (in the case of Commercial Letters of Credit), or in each case
such shorter period as may be agreed to by the Issuing Lender in any particular instance, in
advance of the proposed date of issuance. The Issuance Notice shall specify (a) the
proposed date of issuance (which shall be a Business Day), (b) whether the Letter of Credit
is to be a Standby Letter of Credit or a Commercial Letter of Credit, (c) the currency and
face amount of the Letter of Credit, (d) the expiration date of the Letter of Credit,
(e) the name and address of the beneficiary, (f) either the verbatim text of the proposed
Letter of Credit or the proposed terms and conditions thereof, including a precise
description of any documents to be presented by the beneficiary which, if presented by the
beneficiary prior to the expiration date of the Letter of Credit, would require the Issuing
Lender to make payment under the Letter of Credit and (g) the applicable Issuing Lender;
provided that the Issuing Lender, in its reasonable discretion, may require changes
in the text of the proposed Letter of Credit or any such documents; and provided,
further, that no Letter of Credit shall require payment against a conforming draft
to be made thereunder on the same business day (under the laws of the jurisdiction in which
the office of the Issuing Lender to which such draft is required to be presented is located)
that such draft is presented if such presentation is made after 10:00 A.M. (in the time zone
of such office of the Issuing Lender) on such business day.

The Borrower shall notify the applicable Issuing Lender (and the Administrative Agent, if
Administrative Agent is not such Issuing Lender) prior to the issuance of any Letter of
Credit in the event that any of the matters to which the Borrower is required to certify in
the applicable Issuance Notice is no longer true and correct as of the proposed date of
issuance of such Letter of Credit, and upon the issuance of any Letter of Credit the
Borrower shall be deemed to have re-certified, as of the date of such issuance, as to the
matters to which the Borrower is required to certify in the applicable Issuance Notice.

(ii) Determination of Issuing Lender. Upon receipt by the Administrative Agent
of an Issuance Notice pursuant to subsection 3.1B(i) requesting the issuance of a Letter of
Credit, the Administrative Agent shall deliver a copy of such Issuance Notice to all Issuing
Lenders, requesting that the applicable Issuing Lender issue such Letter of Credit. Subject
to satisfaction or waiver of the conditions contained in subsection 4.3, the Lender so
requested to issue such Letter of Credit shall promptly issue such Letter of Credit, and
shall be the Issuing Lender with respect thereto.

 

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(iii) Issuance of Letter of Credit. Upon satisfaction or waiver (in accordance
with subsection 10.6) of the conditions set forth in subsection 4.3, the applicable Issuing
Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender’s
standard operating procedures.

(iv) Notification to Lenders. Upon the issuance of any Letter of Credit the
applicable Issuing Lender shall promptly notify Administrative Agent and each other
Revolving Loan Lender of such issuance, which notice shall be accompanied by a copy of such
Letter of Credit. Promptly after receipt of such notice, the Administrative Agent shall
notify each Lender of the amount of such Lender’s respective participation in such Letter of
Credit, determined in accordance with subsection 3.1C.

(v) Reports to Lenders. Within 15 days after the end of each calendar quarter
ending after the Closing Date, so long as any Letter of Credit shall have been outstanding
during such calendar quarter, each Issuing Lender shall deliver to the Administrative Agent
a report setting forth for such calendar quarter the daily aggregate amount available to be
drawn under the Letters of Credit issued by such Issuing Lender that were outstanding during
such calendar quarter.

C. Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the
issuance of each Letter of Credit, each Revolving Loan Lender shall be deemed to, and hereby agrees
to, have irrevocably purchased from the Issuing Lender a participation in such Letter of Credit and
any drawings honored thereunder in an amount equal to such Revolving Loan Lender’s Pro Rata Share
of the maximum amount which is or at any time may become available to be drawn thereunder.

3.2 Letter of Credit Fees.

The Borrower agrees to pay the following amounts with respect to Letters of Credit issued
hereunder:

(i) with respect to each Standby Letter of Credit, (a) without duplication of any
amounts payable to the Issuing Lender pursuant to the Administrative Agent’s Fee Letter, a
fronting fee, payable directly to the applicable Issuing Lender for its own account, equal
to 0.25% per annum of the daily amount available to be drawn under such Standby Letter of
Credit (or such lesser amount agreed to by the Issuing Lender) and (b) a letter of credit
fee, payable to the Administrative Agent for the account of Lenders, equal to the product of
(y) the Applicable Margin then in effect and (z) the daily maximum amount available to be
drawn under such Standby Letter of Credit, each such fronting fee or letter of credit fee to
be payable in arrears on and to (but excluding) each Quarterly Date and, if applicable, on
the date of any termination or expiration of such Standby Letter of Credit and computed on
the basis of a 360-day year for the actual number of days elapsed;

 

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(ii) with respect to each Commercial Letter of Credit, (a) without duplication of any
amounts payable to the Issuing Lender pursuant to the Administrative Agent’s Fee Letter, a
fronting fee, payable directly to the applicable Issuing Lender for its own
account, equal to 0.25% per annum of the daily amount available to be drawn under such
Commercial Letter of Credit (or such lesser amount agreed to by the Issuing Lender) and
(b) a letter of credit fee, payable to the Administrative Agent for the account of Lenders,
equal to the product of (y) the Applicable Margin then in effect, and (z) the daily maximum
amount available to be drawn under such Commercial Letter of Credit, each such fronting fee
or letter of credit fee to be payable in arrears on and to (but excluding) each Quarterly
Date and, if applicable, on the date of any termination or expiration of such Commercial
Letter of Credit and computed on the basis of a 360-day year for the actual number of days
elapsed; and

(iii) with respect to the issuance, amendment or transfer of each Letter of Credit and
each payment of a drawing made thereunder (without duplication of the fees payable under
clauses (i) and (ii) above), documentary and processing charges payable directly to the
applicable Issuing Lender for its own account in accordance with such Issuing Lender’s
standard schedule for such charges in effect at the time of such issuance, amendment,
transfer or payment, as the case may be.

For purposes of calculating any fees payable under clauses (i) and (ii) of this subsection 3.2, the
daily amount available to be drawn under any Letter of Credit shall be determined in Dollars (with
the amount available to be drawn under each Letter of Credit denominated in HK Dollars or Patacas
to be converted into Dollars for purposes of this subsection 3.2 at the Closing FX Rate) as of the
close of business on any date of determination. Promptly upon receipt by the Administrative Agent
of any amount described in clause (i)(b) or (ii)(b) of this subsection 3.2, the Administrative
Agent shall distribute to each Lender its Pro Rata Share of such amount.

3.3 Drawings and Reimbursement of Amounts Paid Under Letters of Credit.

A. Responsibility of Issuing Lender With Respect to Drawings. In determining whether
to honor any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Lender
shall be responsible only to examine the documents delivered under such Letter of Credit with
reasonable care so as to ascertain whether they appear on their face to be in accordance with the
terms and conditions of such Letter of Credit.

B. Reimbursement by the Borrower of Amounts Paid Under Letters of Credit. In the
event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it,
such Issuing Lender shall immediately notify the Borrower and the Administrative Agent, and the
Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following
the date on which such drawing is honored (the “Reimbursement Date”) in an amount in Dollars and in
same day funds equal to the Dollar Equivalent of the amount of such honored drawing. In the case
of any such payment in Dollars of a Letter of Credit denominated in another currency, the Issuing
Lender shall notify the Borrower of the Dollar Equivalent of the amount of the drawing promptly
following the determination thereof. Anything contained in this Agreement to the contrary
notwithstanding, unless the Borrower shall have notified Administrative Agent and such Issuing
Lender prior to 3:00 p.m. (local time) at least three (3) Business Days prior to the date such
drawing is honored that the Borrower intends to reimburse such Issuing Lender for the amount of
such honored drawing with funds other than the proceeds of Revolving Loans, the Borrower

 

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 shall be
deemed to have given a timely Borrowing Notice to the Administrative Agent requesting the Revolving Loan Lenders to make Revolving Loans that
are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the Dollar
Equivalent of the amount of such honored drawing and the Revolving Loan Lenders shall, on the
Reimbursement Date, make Revolving Loans that are Base Rate Loans in an amount equal to the Dollar
Equivalent of the amount of such honored drawing, the proceeds of which shall be applied directly
by Agent to reimburse such Issuing Lender for the amount of such honored drawing; and
provided, further, that if for any reason proceeds of Revolving Loans are not
received by such Issuing Lender on the Reimbursement Date in an amount equal to the Dollar
Equivalent of the amount of such honored drawing, the Borrower shall reimburse such Issuing Lender,
on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing
over the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this
subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans
on the terms and conditions set forth in this Agreement, and the Borrower shall retain any and all
rights it may have against any Lender resulting from the failure of such Lender to make such
Revolving Loans under this subsection 3.3B.

C. Payment by Lenders of Unreimbursed Amounts Paid Under Letters of Credit.

(i) Payment by Lenders. In the event that the Borrower shall fail for any
reason to reimburse any Issuing Lender as provided in subsection 3.3B in an amount equal to
the Dollar Equivalent of the amount of any drawing honored by such Issuing Lender under a
Letter of Credit issued by it, such Issuing Lender shall promptly notify each other
Revolving Loan Lender of the unreimbursed amount of such honored drawing and of such other
Revolving Loan Lender’s respective participation therein based on such Revolving Loan
Lender’s Pro Rata Share. Each Revolving Loan Lender shall make available to such Issuing
Lender an amount equal to its respective participation, in Dollars and in same day funds, at
the office of such Issuing Lender specified in such notice, not later than 12:00p.m. (local
time) on the first business day (under the laws of the jurisdiction in which such office of
such Issuing Lender is located) after the date notified by such Issuing Lender. In the
event that any Revolving Loan Lender fails to make available to such Issuing Lender on such
business day the amount of such Lender’s participation in such Letter of Credit as provided
in this subsection 3.3C, such Issuing Lender shall be entitled to recover such amount on
demand from such Lender together with interest thereon at the rate customarily used by such
Issuing Lender for the correction of errors among banks for three Business Days and
thereafter at the Base Rate. Nothing in this subsection 3.3C shall be deemed to prejudice
the right of any Lender to recover from any Issuing Lender any amounts made available by
such Lender to such Issuing Lender pursuant to this subsection 3.3C in the event that it is
determined by the final judgment of a court of competent jurisdiction that the payment with
respect to a Letter of Credit by such Issuing Lender in respect of which payment was made by
such Lender constituted gross negligence or willful misconduct on the part of such Issuing
Lender.

 

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(ii) Distribution to Lenders of Reimbursements Received From the Borrower. In
the event any Issuing Lender shall have been reimbursed by other Lenders pursuant to
subsection 3.3C(i) for all or any portion of any drawing honored by such Issuing Lender
under a Letter of Credit issued by it, such Issuing Lender shall distribute to each other
Lender which has paid all amounts payable by it under subsection 3.3C(i) with respect
to such honored drawing such other Lender’s Pro Rata Share of all payments subsequently
received by such Issuing Lender from the Borrower in reimbursement of such honored drawing
when such payments are received. Any such distribution shall be made to a Lender at its
primary address set forth below its name on the appropriate signature page hereof or at such
other address as such Lender may request.

D. Interest on Amounts Paid Under Letters of Credit.

(i) Payment of Interest by the Borrower. The Borrower agrees to pay to each
Issuing Lender, with respect to drawings honored under any Letters of Credit issued by it,
interest on the amount paid by such Issuing Lender in respect of each such honored drawing
from the date such drawing is honored to but excluding the date such amount is reimbursed by
the Borrower (including any such reimbursement out of the proceeds of Revolving Loans
pursuant to subsection 3.3B) at a rate equal to (a) for the period from the date such
drawing is honored to but excluding the Reimbursement Date, the rate then in effect under
this Agreement with respect to Revolving Loans that are Base Rate Loans and (b) thereafter,
a rate which is 2% per annum in excess of the rate of interest otherwise payable under this
Agreement with respect to Revolving Loans that are Base Rate Loans. Interest payable
pursuant to this subsection 3.3D(i) shall be computed on the basis of a 365-day year for the
actual number of days elapsed in the period during which it accrues and shall be payable on
demand or, if no demand is made, on the date on which the related drawing under a Letter of
Credit is reimbursed in full.

(ii) Distribution of Interest Payments by Issuing Lender. Promptly upon
receipt by any Issuing Lender of any payment of interest pursuant to subsection 3.3D(i) with
respect to a drawing honored under a Letter of Credit issued by it, (a) such Issuing Lender
shall distribute to each other Lender, out of the interest received by such Issuing Lender
in respect of the period from the date such drawing is honored to but excluding the date on
which such Issuing Lender is reimbursed for the amount of such drawing (including any such
reimbursement out of the proceeds of Revolving Loans pursuant to subsection 3.3B), the
amount that such other Lender would have been entitled to receive in respect of the letter
of credit fee that would have been payable in respect of such Letter of Credit for such
period pursuant to subsection 3.2 if no drawing had been honored under such Letter of
Credit, and (b) in the event such Issuing Lender shall have been reimbursed by other Lenders
pursuant to subsection 3.3C(i) for all or any portion of such honored drawing, such Issuing
Lender shall distribute to each other Lender which has paid all amounts payable by it under
subsection 3.3C(i) with respect to such honored drawing such other Lender’s Pro Rata Share
of any interest received by such Issuing Lender in respect of that portion of such honored
drawing so reimbursed by other Lenders for the period from the date on which such Issuing
Lender was so reimbursed by other Lenders to but excluding the date on which such portion of
such honored drawing is reimbursed by the Borrower. Any such distribution shall be made to
a Lender at its primary address set forth below its name on the appropriate signature page
hereof or at such other address as such Lender may request.

 

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3.4 Obligations Absolute.

The obligation of the Borrower to reimburse each Issuing Lender for drawings honored under the
Letters of Credit issued by it and to repay any Revolving Loans made by Lenders pursuant to
subsection 3.3B and the obligations of Lenders under subsection 3.3C(i) shall be unconditional and
irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all
circumstances including any of the following circumstances:

(i) any lack of validity or enforceability of any Letter of Credit;

(ii) the existence of any claim, set-off, defense or other right which the Borrower or
any Lender may have at any time against a beneficiary or any transferee of any Letter of
Credit (or any Persons for whom any such transferee may be acting), any Issuing Lender or
other Lender or any other Person or, in the case of a Lender, against the Borrower, whether
in connection with this Agreement, the transactions contemplated herein or any unrelated
transaction (including any underlying transaction between the Borrower or one of its
Affiliates and the beneficiary for which any Letter of Credit was procured);

(iii) any draft or other document presented under any Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

(iv) payment by the applicable Issuing Lender under any Letter of Credit against
presentation of a draft or other document which does not substantially comply with the terms
of such Letter of Credit;

(v) any adverse change in the business, operations, properties, assets, condition
(financial or otherwise) or prospects of the Company or the Borrower;

(vi) any breach of this Agreement or any other Loan Document by any party thereto;

(vii) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing; or

(viii) the fact that an Event of Default or a Potential Event of Default shall have
occurred and be continuing;

provided, in each case, that payment by the applicable Issuing Lender under the applicable
Letter of Credit shall not have constituted gross negligence or willful misconduct of such Issuing
Lender under the circumstances in question (as determined by a final judgment of a court of
competent jurisdiction).

 

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3.5 Indemnification; Nature of Issuing Lenders’ Duties.

A. Indemnification. In addition to amounts payable as provided in subsection 3.6, the
Borrower hereby agrees to protect, indemnify, pay and save harmless each Issuing Lender
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and
expenses (including reasonable fees, expenses and disbursements of counsel) which such Issuing
Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any
Letter of Credit by such Issuing Lender, other than as a result of (a) the gross negligence or
willful misconduct of such Issuing Lender as determined by a final judgment of a court of competent
jurisdiction or (b) subject to the following clause (ii), the wrongful dishonor by such Issuing
Lender of a proper demand for payment made under any Letter of Credit issued by it or (ii) the
failure of such Issuing Lender to honor a drawing under any such Letter of Credit as a result of
any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
government or governmental authority (all such acts or omissions herein called “Governmental
Acts”).

B. Nature of Issuing Lenders’ Duties. As between the Borrower and any Issuing Lender,
the Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit
issued by such Issuing Lender by, the respective beneficiaries of such Letters of Credit. In
furtherance and not in limitation of the foregoing, such Issuing Lender shall not be responsible
for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document
submitted by any party in connection with the application for and issuance of any such Letter of
Credit, even if it should in fact prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring
or assigning or purporting to transfer or assign any such Letter of Credit or the rights or
benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply
fully with any conditions required in order to draw upon such Letter of Credit; (iv) errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable,
telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of
technical terms; (vi) any loss or delay in the transmission or otherwise of any document required
in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the
misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under
such Letter of Credit; or (viii) any consequences arising from causes beyond the control of such
Issuing Lender, including any Governmental Acts, and none of the above shall affect or impair, or
prevent the vesting of, any of such Issuing Lender’s rights or powers hereunder.

In furtherance and extension and not in limitation of the specific provisions set forth in the
first paragraph of this subsection 3.5B, any action taken or omitted by any Issuing Lender under or
in connection with the Letters of Credit issued by it or any documents and certificates delivered
thereunder, if taken or omitted in good faith, shall not put such Issuing Lender under any
resulting liability to the Borrower.

 

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Notwithstanding anything to the contrary contained in this subsection 3.5, the Borrower shall
retain any and all rights it may have against any Issuing Lender for any liability arising solely
out of the gross negligence or willful misconduct of such Issuing Lender, as determined by a final
judgment of a court of competent jurisdiction.

3.6 Increased Costs and Taxes Relating to Letters of Credit.

Subject to the provisions of subsection 2.7B (which shall be controlling with respect to the
matters covered thereby), in the event that any Issuing Lender or Lender shall determine (which
determination shall, absent manifest error, be final and conclusive and binding upon all parties
hereto) that any law, treaty or governmental rule, regulation or order, or any change therein or in
the interpretation, administration or application thereof (including the introduction of any new
law, treaty or governmental rule, regulation or order), or any determination of a court or
governmental authority, in each case that becomes effective after the date hereof, or compliance by
any Issuing Lender or Lender with any guideline, request or directive issued or made after the date
hereof by any central bank or other governmental or quasi-governmental authority (whether or not
having the force of law):

(i) subjects such Issuing Lender or Lender (or its applicable lending or letter of
credit office) to any additional Tax (other than any Tax on the overall net income of such
Issuing Lender or Lender) with respect to the issuing or maintaining of any Letters of
Credit or the purchasing or maintaining of any participations therein or any other
obligations under this Section 3, whether directly or by such being imposed on or suffered
by any particular Issuing Lender;

(ii) imposes, modifies or holds applicable any reserve (including any marginal,
emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC
insurance or similar requirement in respect of any Letters of Credit issued by any Issuing
Lender or participations therein purchased by any Lender; or

(iii) imposes any other condition (other than with respect to a Tax matter) on or
affecting such Issuing Lender or Lender (or its applicable lending or letter of credit
office) regarding this Section 3 or any Letter of Credit or any participation therein;

and the result of any of the foregoing is to increase the cost to such Issuing Lender or Lender of
agreeing to issue, issuing or maintaining any Letter of Credit or agreeing to purchase, purchasing
or maintaining any participation therein or to reduce any amount received or receivable by such
Issuing Lender or Lender (or its applicable lending or letter of credit office) with respect
thereto; then, in any case, the Borrower shall promptly pay to such Issuing Lender or Lender, upon
receipt of the statement referred to in the next sentence, such additional amount or amounts as may
be necessary to compensate such Issuing Lender or Lender for any such increased cost or reduction
in amounts received or receivable hereunder. Such Issuing Lender or Lender shall deliver to the
Borrower a written statement, setting forth in reasonable detail the basis for calculating the
additional amounts owed to such Issuing Lender or Lender under this subsection 3.6, which statement
shall be prima facie evidence of the matters set forth therein.

 

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Section 4. Conditions to Credit Extensions.

The Lenders and the Issuing Lenders shall not be required to make any Credit Extensions, and
the Borrower may not issue any Borrowing Notice, unless the Closing Date has occurred and the
applicable conditions set forth below are satisfied (or waived) as of the date of the Borrowing
Notice requesting the Credit Extensions (unless expressly provided otherwise in
subsection 2.1B with respect to the Initial Borrowing Date or in Section 4.1) and on the
proposed date of such Credit Extension.

4.1 Conditions to the Occurrence of the Closing Date and the Initial Borrowing Date.

A. The conditions to the occurrence of the Closing Date are:

(i) Loan Parties’ Documents. The Borrower shall have delivered to the
Administrative Agent the following, each, unless otherwise noted, dated the Closing Date and
with respect to the Company, each Loan Party and the Sponsor:

(a) copies of the Organizational Documents of such Person, certified by the Secretary
of State or functional equivalent of its jurisdiction of organization if such certification
is generally available dated a recent date prior to the Closing Date and in each other case,
by such Person’s secretary or assistant secretary, including any usufruct agreements in
respect of the Company and, if applicable, any Loan Party organized under the laws of Macau
SAR;

(b) to the extent available, a good standing certificate from its jurisdiction of
organization and a certificate or other evidence of good standing as to payment of any
applicable franchise or similar taxes from the appropriate taxing authority of such
jurisdiction, or, in the case of each Macau corporation, commercial certificates issued by
each of the Companies Register Bureau of Macau SAR confirming that such Person exists and
that no bankruptcy or other proceedings customarily covered by such certificate have been
filed against such Person, each dated a recent date prior to the Closing Date;

(c) resolutions of the Shareholders General Meeting and/or the Board of Directors
and/or Declarations from the Director(s), as applicable, of such Person approving and
authorizing the execution, delivery and performance of the Loan Documents being executed on
or prior to the Closing Date (including the granting of the liens on the Collateral) to
which it is a party, certified as of the Closing Date by the secretary or an assistant
secretary of such Person as being in full force and effect without modification or
amendment;

(d) signature and incumbency certificates of the officers of such Person authorized to
execute the Loan Documents to which it is a party; and

(e) such other documents as Administrative Agent may reasonably request,

all of which shall be reasonably satisfactory to the Arrangers.

(ii) Guaranty. The Administrative Agent shall have received the Guaranty, duly
executed and delivered by an Authorized Officer of each Guarantor.

(iii) Collateral Agency Agreement. The Collateral Agent shall have executed
the Collateral Agency Agreement on behalf of the Secured Parties and received executed
counterparts of the Collateral Agency Agreement from each other party thereto.

 

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(iv) Sponsor Agreement. The Administrative Agent shall have received the
Sponsor Agreement, duly executed and delivered by an Authorized Officer of the Sponsor.

(v) Closing Date Certificate. The Administrative Agent shall have received
from the Borrower the Closing Date Certificate which shall include the Summary Anticipated
Cost Report and the Anticipated Cost Report for the Project, as well as the Project Budget,
Project Schedule and Project Sources and Uses Schedule required under subsection 4.1B(xii),
all of which shall comply with the requirements of this Agreement and shall be in form and
substance reasonably satisfactory to the Administrative Agent, the Arrangers and the
Construction Consultant.

(vi) Consultant’s Certificate and Project Reports. Delivery to the
Administrative Agent of the Construction Consultant’s Closing Date Certificate substantially
in the form of Exhibit L-1, with respect to the Project Reports attached thereto,
such certificate and Project Reports to be in form and substance reasonably satisfactory to
the Administrative Agent and the Arrangers.

(vii) [RESERVED].

(viii) Base Case Model. Delivery to the Administrative Agent and the Arrangers
of the financial model (the “Base Case Model”) which sets forth the base case financial
projections and ratios in form and scope reasonably satisfactory to the Arrangers.

(ix) Completion of Proceedings. All corporate and other proceedings taken or
to be taken in connection with the transactions contemplated hereby and all documents
incidental thereto not previously found reasonably acceptable by the Arrangers and the
Administrative Agent, acting on behalf of Lenders, and their respective counsel shall be
reasonably satisfactory in form and substance to the Arrangers and the Administrative Agent
and such counsel, and the Administrative Agent and its counsel shall have received all such
counterpart originals or certified copies of such documents as Administrative Agent may
reasonably request.

(x) Service of Process. The Administrative Agent shall have received a letter
from Corporate Services Corporation or any other Person reasonably satisfactory to the
Arrangers consenting to its appointment by each Loan Party and the Sponsor, in each case in
form and substance acceptable to the Arrangers, as each such Person’s agent to receive
service of process in New York, New York.

(xi) Litigation. Except as disclosed in writing to the Arrangers prior to the
date hereof, there shall be no actions, suits, proceedings, arbitrations, litigations or
investigations (whether or not purportedly on behalf of the Borrower or any of its
Subsidiaries) at law or in equity, or before or by any federal, state, municipal or other
governmental department, commission, board, bureau, agency or instrumentality, domestic or
foreign (including any Environmental Claims) that are pending or, to the knowledge of the
Borrower, threatened against or affecting the Company or the Borrower
or any of its Subsidiaries or any property of the Company or the Borrower or any of its
Subsidiaries that, in the reasonable opinion of the Arrangers and the Administrative Agent,
individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect or, in the case of the Company, a Company Material Adverse Effect.

 

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(xii) Financial Statements. Delivery to the Lenders of the following financial
statements and information: (i) the audited consolidated balance sheets of (a) the Sponsor
and its Subsidiaries and (b) the Borrower as at each of December 31, 2009, December 31, 2008
and December 31, 2007 and the related consolidated statements of income, changes in equity
and cash flows of (a) the Sponsor and its Subsidiaries, (b) the Company and its
Subsidiaries, and (c) the Borrower for the Fiscal Year then ended; and (ii) the unaudited
consolidated and (in the case of clause (a)) supplemental consolidating information
regarding assets and liabilities of (a) the Sponsor and its Subsidiaries and (b) the
Borrower as at March 31, 2010 and the related unaudited consolidated and (in the case of
clause (a)) supplemental consolidating information regarding income, changes in equity and
cash flows of (a) the Sponsor and its Subsidiaries and (b) the Borrower for such three-month
period then ended.

(xiii) Shared Services Agreement. The Administrative Agent and the Arrangers
shall have received a true and correct copy of the Shared Services Agreement, duly executed
and delivered by an Authorized Officer of each of the Parent and the Sponsor.

(xiv) [RESERVED].

(xv) Construction Consultant Engagement Letter. Delivery to the Administrative
Agent of the engagement agreement between the Construction Consultant and The Goldman Sachs
Group, Inc. concerning the duties and obligations of the Construction Consultant regarding
the Project in form, scope and substance satisfactory to the Administrative Agent and the
Arrangers.

(xvi) Patriot Act. No less than five (5) days prior to the Closing Date, the
Borrower shall have delivered to each Lender all documentation and other information
required by bank regulatory authorities under applicable “know-your-customer” and anti-money
laundering rules and regulations, including the Patriot Act.

B. The obligations of the Lenders to make any Loans on the Initial Borrowing Date, shall be
subject to the following conditions precedent:

(i) Notes. The Administrative Agent shall have received all Notes requested by
Lenders prior to the Closing Date executed by the Borrower.

(ii) No Material Adverse Change. Since December 31, 2009, no event or change
has occurred that has caused or evidences, either in any case or in the aggregate, a
Material Adverse Effect.

 

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(iii) Initial Borrowing Date Certificate. The Administrative Agent shall have
received from the Borrower the Initial Borrowing Date Certificate, which shall include a
certification that the Summary Anticipated Cost Report and the Anticipated Cost Report
for the Project, as well as the Project Budget, Project Schedule and Project Sources and
Uses Schedule delivered with the Closing Date Certificate continue to be in effect and
accurate in all respects, or, if any such items delivered on the Closing Date are no longer
accurate and/or in effect, deliver such items as in effect on the Initial Borrowing Date,
all of which shall comply with the requirements of this Agreement and the Depository
Agreement and shall be in form and substance reasonably satisfactory to the Administrative
Agent, the Arrangers and the Construction Consultant.

(iv) Real Property; Mortgages. The Administrative Agent shall have received
from the Borrower:

(a) Land Concession Contract. A true and correct copy of the Land Concession
Contract, which shall be certified by an Authorized Officer of the Borrower as being in full
force and effect and evidencing that the Borrower has been granted an exclusive lease over
the Site by Macau SAR for a term of at least 25 years.

(b) Mortgage. A true and correct copy of the Mortgage covering the Site,
executed and delivered by an Authorized Officer of the Borrower in favor of the Collateral
Agent, which shall have been notarized, recorded, stamped and registered with the Macau Land
and Building Registration Department, and shall be a valid, first priority Lien on the Site,
free and clear of all liens, encumbrances and exceptions to title whatsoever (other than
Permitted Liens).

(c) Public Properties Register Bureau Certificate. A certificate issued by the
Macau Land and Building Registration Department (together with an English translation)
showing that the Borrower holds an exclusive lease over the Site pursuant to the Land
Concession Contract and confirming no Liens have been recorded with respect to the Site or
the Land Concession Contract (other than Permitted Liens).

(d) Registration. Evidence that the Land Concession Contract has been published
in the Official Bulletin and registered as provisional with the Macau Land and Building
Registration Department.

(v) Depository Agreement. The Administrative Agent shall have received the
Depository Agreement, duly executed and delivered by an Authorized Officer of the Borrower,
and shall have received from the Borrower:

(a) Establishing of Accounts. Evidence that each of the Accounts governed by
the Depository Agreement shall have been established pursuant to the terms thereof, and that
the Operating Accounts shall have been established; and

(b) Funding of Accounts. Evidence reasonably satisfactory to the
Administrative Agent that (a) the Closing Borrower Equity Contribution has been deposited
into the Borrower Equity Account, (b) the entire Pre-Closing Borrower Equity Contribution
has either been used to pay for Project Costs in conformance with the Project Budget or
deposited in the Borrower Equity Account, and (c) the aggregate
amount of the Closing Borrower Equity Contribution and the Pre-Closing Borrower Equity
Contribution is no less than $500,000,000.

 

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(vi) Security Interests in Personal and Mixed Property. The Administrative
Agent shall have received evidence reasonably satisfactory to it and the Arrangers that the
Borrower shall have taken or caused to be taken all such actions, executed and delivered or
caused to be executed and delivered all such agreements, documents and instruments, and made
or caused to be made all such filings and recordings (other than the filing or recording of
certain items described in clauses (d) and (e) below) that may be necessary or, in the
reasonable opinion of the Collateral Agent or the Arrangers, desirable in order to create in
favor of the Collateral Agent, for the benefit of the Secured Parties, a valid and (upon
such filing and recording) perfected First Priority security interest in the Collateral
relating to (i) the Project, and (ii) such other Collateral in which a security interest may
be granted or perfected on the Initial Borrowing Date. Such actions shall include the
following:

(a) Schedules to Collateral Documents. Delivery to the Collateral Agent of
accurate and complete schedules to all of the applicable Collateral Documents;

(b) Instruments. Delivery to the Collateral Agent of all promissory notes or
other instruments (duly endorsed, where appropriate, in a manner satisfactory to the
Administrative Agent and the Collateral Agent) evidencing any Collateral;

(c) Collateral Account Agreements. Delivery to the Collateral Agent of (a) an
executed US Collateral Account Agreement, dated on or before the Initial Borrowing Date,
duly executed and delivered by an Authorized Officer of each Loan Party, which shall be
stamped and, as and to the extent required by the Gaming Sub-Concession Contract, delivered
to the government of Macau SAR, (b) executed Macao Collateral Account Agreements, dated on
or before the Initial Borrowing Date, duly executed and delivered by an Authorized Officer
of each Loan Party, which shall have been notarized and stamped, and (c) an executed Hong
Kong Collateral Account Agreement, dated on or before the Initial Borrowing Date, duly
executed and delivered by an Authorized Officer of each Loan Party, which shall be stamped,
in each case in full force and effect granting the Collateral Agent a first priority
security interest in the Accounts and the amounts from time to time on deposit therein. All
actions necessary or desirable, including all filings, in the reasonable opinion of the
Administrative Agent to create and, to the extent relevant under the applicable law
governing each Collateral Account Agreement, perfect the security interests granted therein
as a valid security interest over the Accounts having the priority contemplated therefor by
this Agreement, and the Collateral Account Agreements shall have been completed;

 

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(d) Lien Searches and UCC Termination Statements. Delivery to the Collateral
Agent of (a) the results of a recent search, by a Person reasonably satisfactory to the
Collateral Agent and the Arrangers, of all effective UCC financing statements and fixture
filings and all judgment and tax lien filings which may have been made with respect to any
personal or mixed property of any Loan Party, together with copies of all such filings
disclosed by such search, (b) UCC termination statements duly executed by
all applicable Persons for filing in all applicable jurisdictions as may be necessary
to terminate any effective UCC financing statements or fixture filings disclosed in such
search (other than any such financing statements or fixture filings in respect of Liens
permitted to remain outstanding pursuant to the terms of this Agreement), and (c) the
results of a recent search, by a Person reasonably satisfactory to the Collateral Agent and
the Arrangers, of all Commercial and Moveable Property Registry filings which may have been
made with respect to any personal or mixed property of any Loan Party, together with copies
of all such filings disclosed by such search;

(e) UCC Financing Statements. Delivery to the Collateral Agent of UCC
financing statements and, where appropriate, fixture filings and Patent and Trademark Office
and/or Copyright Office filings (and equivalent filings with the intellectual property
offices or registries in Macau SAR or any other foreign jurisdiction), duly executed by each
applicable Loan Party with respect to all personal and mixed property Collateral of such
Loan Party, for filing in all jurisdictions as may be necessary or, in the reasonable
opinion of any Arranger, the Administrative Agent or the Collateral Agent, desirable to
perfect the security interests created in such Collateral pursuant to the Collateral
Documents, including those listed on Exhibit Q;

(f) Foreign Security Agreements. Delivery to the Collateral Agent, with
counterparts for each Lender, (a) the Pledge Over Gaming Equipment and Utensils (which
document and the associated pledge list shall be registered with the Macau Companies
Registry as soon as practicable and in any event no later than the initial purchase of any
Gaming Assets by the Company in accordance with the Gaming Facilities Agreement), dated on
or before the Initial Borrowing Date, duly executed and delivered by an Authorized Officer
of the Company and filed with the Macau Gaming Authority, (b) the Livranças and the Livrança
Side Letter, each dated on or before the Initial Borrowing Date, duly executed and delivered
by an Authorized Officer of the Borrower and endorsed by an Authorized Officer of each
Guarantor, (c) Powers of Attorney, dated on or before the Initial Borrowing Date, duly
executed and delivered by an Authorized Officer of each Loan Party, (d) an Assignment of
Rights, dated as on or before the Initial Borrowing Date, duly executed and delivered by an
Authorized Officer of each Loan Party, (e) Assignments of Insurances, dated on or before the
Initial Borrowing Date, duly executed and delivered by an Authorized Officer of each Loan
Party, (f) Assignments of Reinsurances, dated on or before the Initial Borrowing Date, duly
executed and delivered by an Authorized Officer of each insurer of the Loan Parties, (g)
Pledges Over Intellectual Property Rights, dated on or before the Initial Borrowing Date,
duly executed and delivered by an Authorized Officer of each Loan Party organized under the
laws of Macau SAR, and (h) Floating Charges, dated on or before the Initial Borrowing Date,
duly executed and delivered by an Authorized Officer of the Borrower and registered with the
Macau Companies Registry with regard to each corporate enterprise of each Loan Party; each
of which items in clauses (a) through (h) shall have been notarized, stamped (to the extent
required) and in appropriate form for filing with the government of Macau SAR;

 

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(g) Notices of Security. Delivery to the Collateral Agent of copies of notices
sent by “Certified Mail” to, and (in the case of clauses (a), (b), and (d), to the extent
obtainable after using commercially reasonable efforts) on or prior to the Initial
Borrowing Date, acknowledgments of such notices executed by, (a) each insurer providing an
insurance policy assigned pursuant to an Assignment of Insurances, (b) each reinsurer
providing a reinsurance policy assigned pursuant to an Assignment of Reinsurances, (c) each
Financial Institution holding any account of a Loan Party in which account an interest has
been assigned pursuant to a Macao Collateral Account Agreement, and (d) each Financial
Institution holding any account of a Loan Party in which account an interest has been
assigned pursuant to a Hong Kong Collateral Account Agreement in the form of
Exhibit E-15-II;

(h) Intellectual Property License Agreement. Delivery to the Collateral Agent
of the IP License, duly executed and delivered by an Authorized Officer of SCL IP Holdings,
LLC and the Borrower; and

(i) Account Control Agreements. Delivery to the Collateral Agent of all
account control agreements, duly executed and delivered by an Authorized Officer of the
Borrower and the relevant Financial Institution, required pursuant to Section 5.14 of the
Security Agreement on the Initial Borrowing Date.

(j) Acknowledgement and Contract Consents. Delivery to each of the Collateral
Agent and the Administrative Agent of Contract Consents from each Contractor party to a
Material Contract and each other Person party to a Material Contract (other than the
Shangri-La Management Agreement, the Sheraton Management Agreement and the Traders
Management Agreement) to the extent required by subsection 6.8 (to the extent not previously
delivered by the Borrower) in effect on the Initial Borrowing Date, each of which Contract
Consents shall be in form and substance reasonably satisfactory to the Collateral Agent.

(vii) Solvency Assurances. On the Initial Borrowing Date, the Lenders shall
have received a Financial Condition Certificate from each of the Borrower and the Sponsor
dated as of the Initial Borrowing Date, substantially in the form of Exhibits C-3
and C-4 hereto, respectively, and with appropriate attachments and otherwise
reasonably satisfactory to the Arrangers and the Administrative Agent, demonstrating that,
after giving effect to the transactions contemplated by this Agreement including the
borrowing of the full amount of Commitments as and when contemplated hereunder, and the
other Loan Documents, (i) the Borrower and (ii) the Sponsor and its Subsidiaries taken as a
whole, will be Solvent.

(viii) Consummation of Transactions. The Arrangers shall have received
evidence satisfactory to them that all actions necessary to consummate the transactions
contemplated hereby shall have been taken in accordance with all Legal Requirements, and
prior to the Initial Borrowing Date the Arrangers and the Administrative Agent shall be
satisfied that (a) the maturity date of any Indebtedness for borrowed money set forth in
Schedule 7.1 has been extended to a date reasonably satisfactory to them, (b) that no
default or event of default shall be in existence thereunder, and (c) that the terms thereof
shall provide for (1) no payment of principal until the date which is no earlier than six
months after the Maturity

 

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Date, (2) no Collateral, (3) subordination to the Obligations on terms reasonably satisfactory to the Arrangers and the Administrative Agent, (4) an
interest rate no greater than the interest rate from time to time on term loans issued to
VML US Finance LLC under its credit agreement as in effect on the Closing Date and (5) other
terms reasonably satisfactory to the Arrangers and the Administrative Agent (collectively,
the “Transactions”) and the terms and documentation of the foregoing Transactions shall be
reasonably satisfactory in all respects to the Arrangers and the Administrative Agent and
their respective counsel. Following consummation of the Transactions, all other
Indebtedness and Contingent Obligations not permitted hereby of the Loan Parties shall have
been repaid in full, all commitments relating thereto shall have been terminated, and all
Liens or security interests related thereto shall have been terminated or released, in each
case on terms reasonably satisfactory to the Arrangers and the Administrative Agent.

(ix) Fees. The Borrower shall have paid to the Arrangers and the Administrative
Agent, for distribution (as appropriate) to the Lenders, the fees payable on the Initial
Borrowing Date referred to in subsection 2.3 and all other costs, expenses and fees owing to
any Arranger or any Agent on the Initial Borrowing Date.

(x) Real Estate Appraisal. The Administrative Agent shall have received a
FIRREA-compliant MAI Appraisal of all real property Collateral associated with the Project
prepared by HVS International in form, scope and substance reasonably satisfactory to the
Arrangers and the Administrative Agent, confirming the gross development value of the
Project (on a completed basis) to be at least $5,000,000,000, and satisfying the
requirements of any applicable laws and regulations.

(xi) Environmental. The Administrative Agent and the Arrangers shall have
received copies of the final Environmental Assessment from ERM, in form, scope and
substance reasonably satisfactory to the Administrative Agent and the Arrangers.

(xii) Construction.

(a) Project Documents. The Administrative Agent and the Construction
Consultant shall have received (a) true and correct copies of each Project Document relating
to the Project that is a Material Contract in effect as of the Closing Date and any
supplements or amendments thereto, including without limitation the Land Concession
Contract, Construction Contracts that are Material Contracts, any operation and maintenance
agreements that are Material Contracts, material Permits (or amendments to existing Permits
and Material Contracts) then in effect, all of which shall be in form and substance
reasonably satisfactory to each of the Administrative Agent and each Arranger (in
consultation with the Construction Consultant), and shall include any risk mitigants
required by the Administrative Agent and the Arrangers (which may include delay liquidated
damages, specified pricing, insurance requirements and surety bonding), and shall have been
duly authorized, executed and delivered by the parties thereto, and each such Material
Contract shall be certified by an Authorized Officer of the Borrower as of the Closing Date
as being true, complete and correct and in full force and effect, and shall have been duly
filed, recorded, stamped and/or registered as necessary, (b) evidence satisfactory to each
of

 

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the Administrative Agent and each Arranger, that (i) each such Project Document is with appropriately licensed vendors and is in full force and
effect, (ii) no breach or default has occurred by the Company or any Loan Party under, and
no breach or default has occurred by the Macau SAR of any material obligation under, the
Gaming Concession Contract or the Land Concession Contract and (iii) no breach or default
has occurred by the Borrower or any Loan Party, or, to the Borrower’s knowledge by any other
party thereto, under any other Material Contract relating to the Project, in each case under
this clause (iii) unless the same could not reasonably be expected to have a Material
Adverse Effect, and (c) copies of all payment and/or performance bonds required under
subsection 6.22 or otherwise delivered to or on behalf of the Borrower pursuant to any
Construction Contracts or Subcontracts (as defined in the Depository Agreement).

(b) Project Budget. Delivery to each of the Administrative Agent, the
Arrangers and the Construction Consultant of the Project Budget, in the form of Exhibit K-1
for all anticipated Project Costs related to the Project (including, without limitation,
Projects Costs incurred prior to, as well as after, the Initial Borrowing Date, “Pre-Opening
Expenses” and “Debt Service”), which includes a drawdown schedule for Advances necessary to
achieve the Final Project Completion Date, broken down by Line Item Category and showing the
Required Minimum Contingency (which budget and, drawdown schedule shall be consistent with
the Project Sources and Uses Schedule then in effect). The Project Budget shall be
reasonably satisfactory to the Administrative Agent and the Arrangers and to the
Construction Consultant (as and to the extent certified to in the Construction Consultant’s
Closing Date Certificate for the Project).

(c) Project Schedule. Delivery to each of the the Administrative Agent, the
Arrangers and the Construction Consultant of the Project Schedule (including the schedule
for construction and completion of each Construction Component of each Phase and the Project
as a whole), in the form of Exhibit K-2, which demonstrates that the Opening Date for each
Phase will occur on or before its Anticipated Opening Date, and that the Completion Date for
each Phase will occur on or before its Anticipated Completion Date, and which is otherwise
reasonably satisfactory to the Administrative Agent and the Arrangers and to the
Construction Consultant (as and to the extent certified to in the Construction Consultant’s
Closing Date Certificate for such Phase).

(d) Project Sources and Uses Schedule. Delivery to each of the Administrative
Agent, the Arrangers and the Construction Consultant of the Project Sources and Uses
Schedule in the form of Exhibit K-3 setting forth (a) the anticipated Free Cash Flow in each
calendar month for the period commencing on the Initial Borrowing Date through and including
the anticipated Project Final Completion Date; (b) the aggregate amount of Anticipated
Monthly Project Costs (subject to the provisions of subsection 5.22) for the Project in each
calendar month for the period commencing on the Initial Borrowing Date through and including
the anticipated Project Final Completion Date; (c) a balanced statement of sources and uses
of proceeds, Free Cash Flow and any other funds necessary to complete the Project; and
(d) the anticipated aggregate amount of the Consolidated Excess Cash Flow anticipated to be
applied in each calendar month to the mandatory prepayment of the Loans pursuant to
subsection 2.4B(iii)(h) for the period commencing with the first relevant Fiscal Year
through and
including the anticipated Project Final Completion Date; which Project Sources and Uses
Schedule shall be reasonably satisfactory to the Administrative Agent, the Arrangers and the
Construction Consultant, as and to the extent certified to in the Construction Consultant’s
Closing Date Certificate.

 

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(e) Project Plans and Specifications. Delivery to each of the Administrative
Agent, the Arrangers and the Construction Consultant of the Project Plans and
Specifications, which shall be reasonably satisfactory in form and substance to the
Arrangers and the Administrative Agent in consultation with the Construction Consultant.

(f) Consultant’s Certificate and Project Reports. Delivery to the
Administrative Agent of the Construction Consultant’s Initial Borrowing Date Certificate
substantially in the form of Exhibit L-2, such certificate (including any
attachments thereto) to be in form and substance reasonably satisfactory to the
Administrative Agent and the Arrangers.

(g) Permits. (a) All material Permits described in
Schedule 4.1B(xii)(g) shall have either (1) been received and shall be in full force
and effect, and not subject to current legal proceedings or to any unsatisfied conditions
(that are required to be satisfied by the Closing Date) that could reasonably be expected to
result in material modification or revocation, and all applicable appeal periods with
respect thereto shall have expired without any action being taken by any applicable
authority; or (2) subject to the consent of the Arrangers and the Administrative Agent (such
consent not to be unreasonably withheld), will be received pending the expiration of any
such applicable waiting period, and shall be reasonably expected to be obtained upon the
termination of such waiting period, or (3) with respect to any of the Permits described in
Schedule 4.1B(xii)(g) as not yet required to be obtained, no facts or circumstances
exist which indicate that any such Permit will not be obtainable prior to the time that it
becomes required; and (b) the Gaming Concession Contract shall be in full force and effect.

(h) Work Force. Delivery of a description of the proposed work force for the
construction and operation and maintenance of the Project (including, without limitation,
evidence that the Borrower and its Subsidiaries have obtained all necessary licenses and
Permits required as of the Closing Date to permit the contractors then constructing the
Project to obtain and/or employ workers/labor from mainland China or Hong Kong).

(i) Material Contracts. Delivery to each of the Administrative Agent and the
Construction Consultant of (a) true and correct copies of each Material Contract then in
effect relating to the Project and any supplements or amendments thereto (including, without
limitation, any reciprocal easement agreements or other similar agreements that are Material
Contracts; ground or other leases that are Material Contracts; the Land Concession Contract;
the Material Construction Contracts; any operation and maintenance agreements that are
Material Contracts and material Permits (or amendments to existing Permits)), all of which
shall be in form and substance reasonably satisfactory to the Administrative Agent (in
consultation with the Construction Consultant) and shall, in the case of Material
Construction Contracts, include any risk mitigants

 

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reasonably required by the Administrative Agent (which may include delay
liquidated damages, specified pricing, insurance requirements and surety bonding), shall
have been duly authorized, executed and delivered by the parties thereto, and each such
Material Contract shall be certified by an Authorized Representative of the Borrower as
being true, complete and correct and in full force and effect (except as set forth on
Schedule 5.8) and shall have been duly filed, recorded, stamped and/or registered as
necessary, (b) evidence reasonably satisfactory to each of the Administrative Agent and the
Depository Agent that (i) each such Material Contract is in full force and effect (except as
set forth on Schedule 5.8), (ii) no breach or default has occurred by the Borrower, the
Company or any Loan Party under, and no breach or default has occurred by the Macau SAR of
any material obligation under, any Gaming Contract, the Gaming Concession Contract, the IP
License or the Land Concession Contract, and (iii) no breach or default has occurred by the
Borrower or any Loan Party, or, to the Borrower’s knowledge, by any other party thereto, of
any material obligation under any other Material Contracts, in each case under this clause
(iii) unless the same could not reasonably be expected to have a Material Adverse Effect,
and (c) copies of all payment and/or performance bonds required under subsection 6.22 or
otherwise delivered to the Borrower pursuant to any Construction Contracts or Subcontracts
relating to the Project.

(j) Bid Contracts. The Borrower shall have executed lump sum, fixed price or
guaranteed maximum price Construction Contracts in respect of at least five percent (5%) of
the total costs reflected in the Project Budget for the “Construction Costs” Line Item
Category incurred or to be incurred from and after November 1, 2009; and copies of all such
Construction Contracts shall have been delivered to the Construction Consultant. The
Borrower shall have certified that such Construction Contracts satisfy the requirements of
this subsection 4.1(B)(xii)(j) and are consistent with the Project Budget, the Project
Schedule and the Plans and Specifications for such Phases.

(k) Architectural Services Agreement. Delivery to the Administrative Agent of
the Lead Consultant’s Agreement between the Borrower and Aedas (Macau) Limited.

(l) Consultants’ Initial Borrowing Date Certificates. Delivery to the
Administrative Agent of (a) the Construction Consultant’s Initial Borrowing Date Certificate
relating to the Project in the form of Exhibit L-2, together with an updated report as
required by such exhibit and (b) the Insurance Advisor’s Initial Borrowing Date Certificate
relating to the Project in the form of Exhibit L-3, together with an updated report as
required by such exhibit.

(m) Availability of Services, Materials and Utilities. The Construction
Consultant shall have become satisfied, as certified to in the Construction Consultant’s
Initial Borrowing Date Certificate, that arrangements, which are reflected accurately in the
Project Budgets for each of Phase 1 and Phase 2 shall have been or are reasonably expected
to be made under the Project Documents relating to such Phase or otherwise on commercially
reasonable terms for the provision of all services, materials and utilities necessary for
the construction, operation and maintenance of each such Phase as contemplated by the
Operative Documents and the Final Plans and Specifications for each such Phase.

 

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(n) Surveys. The Borrower shall have delivered to the Administrative Agent a
survey of the Site for Phase 1 and Phase 2 from the Cadastre and Cartography Bureau or
copies of the description of such Site attached to the Land Concession Contract reasonably
satisfactory in form and substance to the Administrative Agent.

(o) Releases. The Borrower shall have delivered or caused to be delivered to
the Construction Consultant and the Administrative Agent:

(1) Unconditional Releases. Duly executed acknowledgments of payments
and unconditional releases in the form of Exhibit U-1 (or, in the case of
any Pre-Existing Construction Contract that requires the delivery of
acknowledgements of payment and unconditional releases on a prescribed form, the
form specified in such Pre-Existing Construction Contract) or otherwise in form and
substance reasonably satisfactory to the Administrative Agent from the Lien Release
Parties performing work and/or providing services (other than engineering, design,
advisory or consulting) and/or providing and/or installing materials (other than
Eligible FF&E), for all work, services and materials done, performed or furnished
for the construction of the Project through the calendar month ending immediately
prior to the Initial Borrowing Date except for claims for amounts due in respect of
such work, services and materials the payment for which is being disputed in good
faith, by appropriate means and with appropriate reserves through an allocation in
the Anticipated Cost Report for the Project shall not exceed $100,000,000;
provided, however, that (i) for purposes of determining whether such
$100,000,000 limit has been exceeded, contested amounts relating to any Construction
Contract that has been terminated (i) prior to the date hereof, to the extent that
the reasonably expected aggregate settlement amount of such contested amounts under
all such terminated contracts does not exceed the Pre-Closing Settlement Amount or
(ii) after the date hereof without resulting in an Event of Default under
subsection 8.12, shall not be counted; and (ii) the Borrower shall not be required
to provide such acknowledgements of payments and unconditional releases from any
Lien Release Party with a value or contract price of less than $500,000 (subject to
an aggregate limit of $100,000,000, after which acknowledgements and releases shall
be provided from each Lien Release Party regardless of the value or contract price
of the work, services or materials being performed or provided by such Person); and

(2) Conditional Releases. Duly executed acknowledgments of payments
and releases in the form of Exhibit U-2 (or, in the case of any Pre-Existing
Construction Contract that requires the delivery of acknowledgements of payment and
releases on a prescribed form, the form specified in such Pre-Existing Construction
Contract) or otherwise in form and substance reasonably satisfactory to the
Administrative Agent from the Lien Release Parties performing work and/or providing
services (other than engineering, design, advisory or consulting) and/or providing
materials and/or installing (other than Eligible FF&E), for all work, services and
materials done, performed or furnished for the construction of the Project from the
calendar month ending immediately prior to the Initial Borrowing Date through

 

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the
Initial Borrowing Date, conditioned upon receiving payment from the proceeds of the requested Advance, except for claims
for amounts due in respect of work, services or materials the payment for which is
being disputed in good faith, by appropriate means and with appropriate reserves
through an allocation in the Anticipated Cost Report for the Project which in the
aggregate shall not exceed $100,000,000; provided, however, that (i)
for purposes of determining whether such $100,000,000 limit has been exceeded,
contested amounts relating to any Construction Contract that have been terminated
(i) prior to the date hereof, to the extent that the reasonably expected aggregate
settlement amount of such contested amounts under all such terminated contracts does
not exceed the Pre-Closing Settlement Amount or (ii) after the date hereof without
resulting in an Event of Default under subsection 8.12, shall not be counted; and
(ii) the Borrower shall not be required to provide such acknowledgements of payments
and conditional releases from any Lien Release Party with a value or contract price
of less than $500,000 (subject to an aggregate limit of $100,000,000, after which
acknowledgements and releases shall be provided from each Lien Release Party
regardless of the value or contract price of the work, services or materials being
performed or provided by such Person).

(xiii) Gaming Concession Contract. The Arrangers and the Administrative Agent
shall have received certification by the Borrower as to the following matters in the Initial
Borrowing Date Certificate:

(a) Capital Requirements. (A) The share capital of the Company is (and will be
after giving effect to the Transactions) not less than 200,000,000 Patacas, as contemplated
by Article 15(1) of the Gaming Sub-Concession Contract (or such other amount as may be
required pursuant to Article 15(2)), (B) the Sponsor has signed and submitted (on behalf of
itself and, if applicable, its Subsidiaries) to Macau SAR the statement contemplated by
Article 34(4) of the Gaming Sub-Concession Contract, and (C) the Company has informed Macau
SAR regarding the loans and security being provided by the Loan Documents and has provided
copies of such documents to Macau SAR pursuant to Articles 34(2) and (3) of the Gaming
Sub-Concession Contract.

(b) [RESERVED].

(c) [RESERVED].

(d) Document Submissions. (a) Copies of documents have been submitted to Macau
SAR as required under Article 21(1) of the Gaming Sub-Concession Contract; (b) Macau SAR has
approved the granting of the liens pursuant to the Loan Documents as contemplated by
Article 42(1) of the Gaming Sub-Concession Contract; and (c) approval by Macau SAR of the
Company’s delegation of management authority, including the appointment of the managing
director, the scope of power of the managing director and the term of authorization (and the
Arrangers and the Administrative Agent shall be reasonably satisfied with such delegation,
appointment, scope and term).

(e) [RESERVED].

 

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(f) Required Approvals. (a) All general transitional provisions of the Gaming
Sub-Concession Contract have been satisfied, including the initial deposit of capital and
commencement of business of the Sands Macao casino facilities as required by Article 96
thereof, the designation and approval of the managing director of the Company as required by
Article 97 thereof, the execution of declarations by each shareholder, director and major
employee to cooperate with the Government of Macau SAR as required by Article 99 thereof,
the approval by the Government of Macau SAR of the Organizational Documents of the Company
as required by Article 101 thereof, the existence of and approval by the Government of Macau
SAR of applicable powers of attorney as required by Article 102 thereof, notification of
other shareholder gaming operations as required by Article 103 thereof, notification of
board composition as required by Article 104 thereof and notification of ownership structure
as required by Article 105 thereof; (b) the Organizational Documents of the Company have not
been amended without approval of the government of Macau SAR as required by Article 22 of
the Gaming Sub-Concession Contract; and (c) the government of Macau SAR has made no request
that any industrial property rights or intellectual property rights of the Company be
assigned pursuant to Article 85 of the Gaming Sub-Concession Contract.

(xiv) Performance Bonds and Guarantees. Delivery to the Administrative Agent
of evidence that all performance bonds, guarantees or similar items required by the Gaming
Sub-Concession Contract or the Land Concession Contract then in effect have been provided to
Macau SAR, and the Arrangers and the Administrative Agent shall be reasonably satisfied with
such performance bonds, guarantees or similar items, the terms and providers thereof and the
status of the recourse to the Loan Parties in respect thereof.

(xv) Insurance. The Borrower shall have insurance complying with the
requirements of Section 6.4B in place and in full force and effect, and the Administrative
Agent shall have received (i) the Insurance Advisor’s Certificate substantially in the form
of Exhibit L-3, (ii) certified copies of all policies evidencing such insurance (or
a binder, commitment or certificates signed by the insurer or a broker authorized to bind
the insurer along with a commitment to issue the policies within 45 days after the Closing
Date) naming the Collateral Agent on behalf of the Lenders as an additional insured or loss
payee, as its interests may appear, and otherwise in form and substance reasonably
satisfactory to the Arrangers, (iii) a report (the “Insurance Report”) from the Insurance
Advisor with respect to the insurance arrangements for the Project in form, scope and
substance reasonably acceptable to the Administrative Agent and the Arrangers, and (iv) the
engagement agreement among the Insurance Advisor, the Borrower and the Administrative Agent
concerning the duties and obligations of the Insurance Advisor regarding the Project in
form, scope and substance satisfactory to the Administrative Agent and the Arrangers.

(xvi) Security Agreement. The Collateral Agent shall have received, with
counterparts for each Lender, the Security Agreement, duly executed and delivered by an
Authorized Officer of each Loan Party.

 

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(xvii) Opinions of Counsel. The Lenders and their respective counsel shall
have received (i) originally executed copies of one or more written opinions of Paul, Weiss,
Rifkind, Wharton & Garrison LLP, counsel for the Sponsor, the Company and the Loan
Parties, (ii) originally executed copies of one or more written opinions of Sá Carneiro &
Pinheiro Torres, Advogados e Notários Privados, Macau counsel for the Sponsor, the Company
and the Loan Parties, (iii) originally executed copies of one or more written opinions of
Allen & Overy LLP, Hong Kong counsel for the Sponsor, the Company and the Loan Parties, and
(iv) originally executed copies of one or more written opinions of Walkers, Cayman Islands
counsel for the Sponsor, each in form and substance reasonably satisfactory to the
Administrative Agent, the Arrangers and their respective counsel, dated as of (or a recent
date prior to) the Initial Borrowing Date and setting forth substantially the matters in the
opinions designated in Exhibits H-1 through H-4 hereto, respectively, and as
to such other matters as the Administrative Agent or any Arranger may reasonably request
(including, without limitation, an opinion satisfactory to the Administrative Agent that the
Gaming Sub-Concession Contract is an autonomous document and that any failure by Galaxy to
perform its obligations under its concession agreement with Macau SAR would not affect the
duties, rights, liabilities or obligations of the Company under the Gaming Sub-Concession
Contract). The Borrower hereby acknowledges and confirms that it has requested such counsel
to deliver such opinions to the Lenders.

(xviii) [RESERVED].

(xix) Intercreditor Agreement. Delivery by the Borrower of a certified, true
copy of the intercreditor agreement between the Administrative Agent and the administrative
agent under the VML Credit Agreement, substantially in the form of Exhibit E-16
(including an acknowledgement that the terms and conditions of the Gaming Facilities
Agreement and the Gaming Account Agreement are reasonably satisfactory to such
administrative agent).

(xx) Gaming Contracts. The Gaming Contracts shall have been executed by all
parties thereto in a form substantially similar to the forms attached hereto as Exhibit
E-17 and E-18.

4.2 Conditions to Disbursements on or after the Initial Borrowing Date.

The obligation of any Lender to make any Loans and the obligation of the Swing Line Lender to
make Swing Line Loans on or after the Initial Borrowing Date on any Funding Date are subject to the
satisfaction (or waiver) of the following further conditions precedent:

A. Closing Date. The Closing Date shall have occurred.

B. Borrowing Request and Certification. The Administrative Agent shall have received
before that Funding Date:

(i) in accordance with the provisions of subsection 2.1B, an originally executed
Borrowing Notice (and, if applicable, Issuance Notice), in each case signed by the chief
executive officer, the chief financial officer, Senior Vice President-Finance, Vice
President-Finance, or the treasurer of the Borrower or by any executive officer of
the Borrower designated by any of the above-described officers on behalf of the
Borrower in a writing delivered to the Administrative Agent;

 

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(ii) an updated Business Registry certificate, which certificate does not show any
material proceedings against the Company or the Borrower;

(iii) a certificate issued by the Macau Land and Building Registration Department
showing that the Borrower holds the Site under lease pursuant to the Land Concession
Contract; and confirming no Liens (other than Permitted Liens) have been created with
respect to the Site or such land concession contracts;

(iv) with respect to any Material Contracts for Active Phases entered into or obtained
or transferred since the date of the most recent Advance, the Administrative Agent shall
have received (a) a Contract Consent in the form of Schedule B to the Assignment of
Rights or otherwise in form and substance reasonably satisfactory to the Administrative
Agent (but only if required under subsection 6.8), and (b) the Administrative Agent shall
have received payment and performance bonds with respect to any Construction Contract (but
only if required under subsection 6.22), each in form and substance reasonably satisfactory
to the Administrative Agent (in consultation with the Construction Consultant).

C. Representations and Warranties; Other Conditions. As of such Funding Date:

(i) Each representation and warranty of (a) the Borrower, the Sponsor and the Loan
Parties set forth in Section 5 hereof or in any of the other Loan Documents shall be true
and correct in all material respects as if made on such date (except that any representation
and warranty that relates expressly to an earlier date shall be deemed made only as of such
earlier date), and (b) to the Borrower’s knowledge, of each other party (other than the
Borrower) to a Material Contract set forth in any of the Operative Documents, shall be true
and correct in all material respects as if made on such date (except that any representation
and warranty that relates expressly to an earlier date shall be deemed made only as of such
earlier date) unless in the case of representations referred to in clause (b) the failure of
any such representation and warranty to be true and correct could not reasonably be expected
to have a Material Adverse Effect, in each case, as certified by the Borrower in the
relevant Borrowing Notice;

(ii) No event shall have occurred and be continuing or would result from the
consummation of the borrowing contemplated by such Borrowing Notice that would constitute an
Event of Default or a Potential Event of Default;

(iii) No order, judgment or decree of any court, arbitrator or Governmental
Instrumentality shall purport to enjoin or restrain any Lender from making the Loans to be
made by it on that Funding Date;

(iv) The making of the Loans requested on such Funding Date shall not violate any law
applicable to the Loan Parties or Regulation T, Regulation U or Regulation X of the Board of
Governors of the Federal Reserve System;

 

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(v) There shall not be pending or, to the knowledge of the Borrower, threatened, any
action, suit, proceeding, governmental investigation or arbitration against or affecting the
Company or the Borrower or any of its Subsidiaries or any property of the Company or the
Borrower or any of its Subsidiaries that is required to be disclosed under, and has not been
disclosed by the Borrower or the Company in writing pursuant to, subsection 5.6 or 6.1(ix)
prior to the making of the last preceding Loans (or, in the case of the initial Loans, prior
to the execution of this Agreement), and there shall have occurred no development not so
disclosed in any such action, suit, proceeding, governmental investigation or arbitration so
disclosed, that, in either event, in the reasonable opinion of the Administrative Agent,
would have a Material Adverse Effect;

(vi) The Costs to Equity Ratio shall be less than or equal to 2.0:1.0;

(vii) Each Operative Document shall be in full force and effect, without amendment
since the respective date of its execution and delivery, and in a form which was approved by
the Administrative Agent (to the extent such approval was required) except (a) in the case
of any Construction Contract, as permitted pursuant to subsection 7.17, and (b) in the case
of any other Operative Document, to the extent not prohibited under this Agreement, or to
the extent the Borrower has entered into a replacement Operative Document to the extent
permitted or required by this Agreement; and each certificate delivered by the Borrower with
respect to any such document shall be true and correct in all material respects as certified
by the Borrower in the relevant Borrowing Notice;

(viii) The Borrower shall have certified that:

(a) The Gaming Concession Contract and the Land Concession Contract are in full force
and effect (except the Land Concession Contract shall be permitted to be “provisional” as
required by applicable law until 180 days after the Project Final Completion Date) (as such
deadline may be extended under the proviso to subsection 6.24)) and are not subject to
current legal proceedings or to any unsatisfied conditions (that are required to be
satisfied by such Funding Date) that could reasonably be expected to result in material
modification or revocation, and all applicable appeal periods with respect thereto shall
have expired without any action being taken by any applicable Governmental Authority. No
breach or default has occurred by (x) the Company or the Macau SAR of any material
obligation under the Gaming Concession Contract, or (y) the Borrower or the Macau SAR of any
material obligation under the Land Concession Contract; and

(b) All other material Permits described in Schedule 4.1B(xii)(g) for the Active Phases
as required to have been obtained by the Borrower or any other Person by the date of such
Advance shall have either (i) been received and shall be in full force and effect, and not
subject to current legal proceedings or to any unsatisfied conditions (that are required to
be satisfied by such Funding Date) that could reasonably be expected to result in material
modification or revocation, and all applicable appeal periods with respect thereto shall
have expired without any action being taken by any applicable Governmental Authority; or
(ii) subject to the consent of the Administrative Agent (such
consent not to be unreasonably withheld), been received pending the expiration of any
such applicable waiting period, and shall be reasonably expected to be obtained upon the
termination of such waiting period; or (iii) no facts or circumstances exist which indicate
that any of the Permits for each such Active Phase described in Schedule 4.1B(xii)(g) as not
yet required to be obtained will not be obtainable prior to the time that such Permit
becomes required.

 

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(ix) The Gaming Contracts are in full force and effect and are not subject to current
legal proceedings that could reasonably be expected to result in revocation or termination
thereof, and no breach or default has occurred by any party thereunder.

(x) The Borrower shall have paid or arranged for payment out of the requested Loans of
all fees, expenses and other charges then due and payable by it under this Agreement or
under the other Loan Documents or under any agreements between the Company and any of the
Independent Consultants.

(xi) Insurance complying in all material respects with the requirements of
subsection 6.4 shall be in place and in full force and effect.

(xii) All of the Collateral Documents required to have been executed on or prior to
such Funding Date shall be in full force and effect and all actions necessary or desirable
(including all filings) in the reasonable opinion of the Collateral Agent and the
Administrative Agent party thereto for such Person to create and, to the extent relevant
under the law governing such Collateral Document, perfect the security interests granted
therein as a valid security interest over the Collateral thereunder having the priority
contemplated therefor by this Agreement and the Collateral Documents shall have been
completed unless perfection of such security interest is not required under Section 4.11(a),
(b), (c) and (d) of the Security Agreement or the applicable Macau Security Document. All
property, rights and assets required for the Active Phases shall be free and clear of all
encumbrances except for Permitted Liens.

D. Maximum Cash Amount. In the case of any Revolving Loans requested after the later
of the Project Final Completion Date and March 31, 2013, after giving effect to such Credit
Extension, the aggregate Cash and Cash Equivalents of the Loan Parties (excluding (i) amounts on
deposit in any accounts maintained under the Depository Agreement, (ii) Cage Cash and (iii) amounts
needed for payables that are due within 90 days) will not exceed $100,000,000; provided
that this subsection 4.2D shall not apply at any time when the Consolidated Leverage Ratio of the
Company is less than or equal to 3.0:1.0.

4.3 Conditions to Letters of Credit.

The issuance of any Letter of Credit hereunder on or after the Closing Date is subject to the
following conditions precedent:

A. Issuance Notice. On or before the date of issuance of such Letter of Credit, the
Administrative Agent shall have received, in accordance with the provisions of subsection 3.1B(i),
an originally executed Issuance Notice, in each case signed by the chief executive officer, the
chief financial officer, the Senior Vice President-Finance, the Vice President-Finance
or the treasurer of the Borrower or by any executive officer of the Borrower designated by any
of the above-described officers on behalf of the Borrower in a writing delivered to the
Administrative Agent, together with all other information specified in subsection 3.1B(i) and such
other documents or information as the applicable Issuing Lender may reasonably require in
connection with the issuance of such Letter of Credit.

 

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B. Other Conditions Precedent. On the date of issuance of such Letter of Credit, all
conditions precedent described in subsection 4.2C shall be satisfied to the same extent as if the
issuance of such Letter of Credit were the making of a Loan.

C. Purpose of Issuance. The purpose for requesting such Letter of Credit shall be in
accordance with the use of proceeds of the Revolving Loans under subsection 2.5A. Such Letter of
Credit shall be required in the ordinary course of business of the Borrower and its Restricted
Subsidiaries, and shall not be used in connection with financing any costs or expenses related to
the Casino Facilities.

D. Issuing Bank Policy. The issuance of such Letter of Credit shall not violate the
applicable Issuing Lender’s internal policies regarding the issuance of letters of credit.

Section 5. Representations and Warranties.

In order to induce the Lenders and Issuing Lenders to enter into this Agreement and to make
Credit Extensions, the Borrower represents and warrants to each Lender that, on the Initial
Borrowing Date and on each Funding Date each of the following statements and representations and
warranties set forth in Section 5 (other than, in the case of Credit Extensions of Non-Project Cost
Term Loans, Non-Project Cost Revolving Loans, TLF II Loans made on the date that is 18 months after
the date of this Agreement (or, if such day is not a Business Day, the next succeeding Business
Day) and Letters of Credit that are not being used for Project Costs, subsections 5.19, 5.21 and
5.22), are true, correct and complete.

5.1 Organization, Powers, Qualification, Good Standing, Business and Subsidiaries.

A. Organization and Powers. Each of the Loan Parties is a corporation, limited
liability company or other entity duly organized, validly existing and in good standing (to the
extent such concept exists in the relevant jurisdiction) under the laws of its jurisdiction of
organization as specified in Schedule 5.1A annexed hereto. Each of the Loan Parties has
all requisite corporate, limited liability company or other entity power and authority to own and
operate its properties, to carry on its business as now conducted and as proposed to be conducted,
to enter into the Loan Documents and the other Operative Documents to which it is a party and to
carry out the transactions contemplated thereby.

B. Qualification and Good Standing. Each of the Loan Parties is qualified to do
business and in good standing in every jurisdiction (to the extent such concept exists in the
relevant jurisdiction) where its assets are located and wherever necessary to carry out its
business and operations, including registration of, each Loan Party that is a Macau company with
the Companies Register Bureau of Macau SAR, except in jurisdictions where the failure to be so
qualified or in good standing has not had and would not reasonably be expected to have a Material
Adverse Effect.

 

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C. Ownership of the Borrower. The equity interests in the Borrower are duly
authorized, validly issued and (if applicable) fully paid and nonassessable and, as of the Closing
Date, none of such equity interests constitute Margin Stock.

D. Subsidiaries. All of the Subsidiaries of the Borrower are identified in
Schedule 5.1D annexed hereto, as said Schedule 5.1D may be supplemented from time
to time pursuant to the provisions of subsection 6.1(xv). The equity interests of each of the
Subsidiaries of the Borrower identified in Schedule 5.1D annexed hereto (as so
supplemented) are duly authorized, validly issued and (if applicable), fully paid and nonassessable
and none of such equity interests constitutes Margin Stock. Each of the Subsidiaries of the
Borrower identified in Schedule 5.1D annexed hereto (as so supplemented) is a corporation,
limited liability company or other entity duly organized, validly existing and in good standing (to
the extent such concept exists in the relevant jurisdiction) under the laws of its respective
jurisdiction of organization set forth therein, has all requisite corporate, limited liability
company or other power and authority to own and operate its properties and to carry on its business
as now conducted and as proposed to be conducted, and is qualified to do business and in good
standing in every jurisdiction where its assets are located and wherever necessary to carry out its
business and operations, in each case except where failure to be so qualified or in good standing
or a lack of such corporate power and authority has not had and would not reasonably be expected to
have a Material Adverse Effect. Schedule 5.1D annexed hereto (as so supplemented)
correctly sets forth the ownership of the Borrower and each of its Subsidiaries.

E. Rights to Acquire Equity. There are no options, warrants, convertible securities
or other rights to acquire any equity interests in the Borrower or any Loan Party.

F. Conduct of Business. The Loan Parties are engaged only in the businesses permitted
to be engaged in pursuant to subsection 7.12.

5.2 Authorization of Borrowing, etc.

A. Authorization of Documents. The execution, delivery and performance of the Loan
Documents and the Project Documents have been duly authorized by all necessary corporate or other
entity action on the part of each Loan Party that is a party thereto.

B. No Conflict. The execution, delivery and performance by the Loan Parties of the
Loan Documents and the Project Documents to which they are parties and the consummation of the
transactions contemplated by the Loan Documents and the Project Documents do not and will not
(i) violate any provision of (a) any Legal Requirement applicable to the Borrower or any of its
Subsidiaries, (b) the Organizational Documents of the Borrower or any of its Subsidiaries or
(c) any order, judgment or decree of any Governmental Instrumentality binding on the Borrower or
any of its Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due notice
or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its
Subsidiaries (including such obligations pursuant to the Gaming Contracts and the Land Concession
Contract), (iii) result in or require the creation or imposition of any Lien upon any of the
properties or assets of the Borrower or any of its Subsidiaries (other than any Liens created under
any of the Loan Documents in favor of the Collateral Agent on behalf of

 

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Lenders and any Liens
granted on the Land Concession Contract and the real property covered by such contract in favor of the Concession Guarantor), or (iv) require any approval of any Person
under any Contractual Obligation of the Borrower or any of its Subsidiaries except, in the case of
this clause (iv), for such approvals or consents which will be obtained on or before the Initial
Borrowing Date, or are not yet required to be obtained pursuant to such Contractual Obligation and
which the Borrower has no reason to believe cannot be obtained when required, and disclosed in
writing to Lenders, and except, in the case of clauses (i)(a), (i)(c), (ii), (iii) and (iv), for
such violations, conflicts, breaches, defaults, Liens, approvals and consents the failure of which
to obtain would not reasonably be expected to have a Material Adverse Effect.

The execution, delivery and performance by the Company of the Pledge over Gaming Assets, the
Gaming Concession Contract and the Gaming Contracts and the consummation of the transactions
contemplated by the Pledge over Gaming Assets, the Gaming Concession Contract and the Gaming
Contracts do not and will not (i) violate any provision of (a) any Legal Requirement applicable to
the Company, (b) the Organizational Documents of the Company or (c) any order, judgment or decree
of any Governmental Instrumentality binding on the Company, (ii) conflict with, result in a breach
of or constitute (with due notice or lapse of time or both) a default under any Contractual
Obligation of the Company, (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of the Company (other than any Liens created under the Pledge over
Gaming Assets in favor of the Collateral Agent on behalf of Lenders and any Liens granted on the
Gaming Contracts in favor of the lenders and agents under the VML Credit Agreement), or
(iv) require any approval of any Person under any Contractual Obligation of the Company except for
such approvals or consents which will be obtained on or before the Initial Borrowing Date, or are
not yet required to be obtained pursuant to such Contractual Obligation and which the Company has
no reason to believe cannot be obtained when required, and disclosed in writing to Lenders, and
except, in the case of clauses (i), (ii), (iii) and (iv), for such violations, conflicts, breaches,
defaults, Liens, and approvals and consents the failure of which to obtain, would not reasonably be
expected to have a Company Material Adverse Effect.

C. Governmental Consents. Other than as set forth on Schedule 5.2, the
execution, delivery and performance by the Loan Parties of the Loan Documents to which they are
parties and the consummation of the transactions contemplated by the Loan Documents do not and will
not require any registration with, consent or approval of, or notice to, or other action to, with
or by, any federal, state or other governmental authority or regulatory body.

D. Binding Obligation. Each of the Loan Documents and the Project Documents has been
duly executed and delivered by Loan Parties that are parties hereto or thereto, as applicable, and
is the legally valid and binding obligation of the Loan Parties, enforceable against such Loan
Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability, whether brought in a proceeding in equity or at
law.

 

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5.3 Financial Condition and Financial Plan.

All financial statements of the Borrower delivered to the Lenders on the Closing Date pursuant
to subsection 4.1A were prepared in conformity with the Financial Reporting Standards
issued by the Government of the Macao Special Administrative Region (except as described in
subsection 1.2) and fairly present, in all material respects, the financial position of the
entities described in such financial statements as at the respective dates thereof and the results
of operations and cash flows of the entities described therein for each of the periods then ended,
subject, in the case of any such unaudited financial statements, to changes resulting from audit
and normal year-end adjustments. As of the date hereof, except for obligations under the Operative
Documents the Loan Parties do not (and will not following the funding of the initial Loans) have
any Contingent Obligation, contingent liability or liability for taxes, long-term lease or forward
or long-term commitment that is not reflected in the foregoing financial statements or the notes
thereto and which in any such case is material in relation to the business, operations, properties,
assets, financial condition or prospects of the Loan Parties taken as a whole. Each Financial Plan
provided to the Arrangers was prepared by the Borrower on the basis of good faith estimates and
assumptions believed by the Borrower to be reasonable at the time made.

5.4 No Material Adverse Change; No Default; Etc.

A. No Material Adverse Change. Since December 31, 2009, no event or change has
occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse
Effect.

B. No Default. No default or event of default by (x) any Loan Party under any
Indebtedness in an aggregate principal amount in excess of $25,000,000 (other than the Obligations)
or (y) the Company or any Loan Party under any Material Contract (other than the Gaming Concession
Contract and the Land Concession Contract) to which it is a party (in the case of Material
Contracts referred to in clause (y) except for (i) defaults under all such Material Contracts other
than the Gaming Contracts which would not reasonably be expected to have a Material Adverse Effect
and (ii) immaterial defaults under any Gaming Contract) has occurred and is continuing, or will be
caused by the Borrowings to be made on the Funding Date to which this representation refers.

C. Existing Defaults. There is no Potential Event of Default or Event of Default.

D. Other Breaches, Defaults, etc. No breach or default has occurred by the Macau SAR,
the Borrower or the Company of any material obligation under the Gaming Concession Contract or the
Land Concession Contract. To the Borrower’s knowledge, no breach or default has occurred by any
party other than the Borrower, the Company, the Macau SAR or a Loan Party under any Material
Contract (other than the Gaming Concession Contract and the Land Concession Contract, which are
covered by the preceding sentence and not this sentence), in each case unless the same could not
reasonably be expected to have a Material Adverse Effect.

5.5 Title to Properties; Liens; Real Property.

A. Title to Properties; Liens. The Borrower and its Restricted Subsidiaries have
(i) good marketable fee simple title to (in the case of fee interests in real property), (ii) valid
leasehold interests in (in the case of leasehold interests in real or personal property) and
(iii) good title to (in the case of all other personal property), all of their respective material
properties and assets reflected in the financial statements referred to in subsection 5.3 or in the
most recent financial statements delivered pursuant to subsection 6.1, in each case except for
assets disposed of since the date of such financial statements in the ordinary course of business
or as otherwise permitted under subsection 7.7. Except as permitted by this Agreement, all such
properties and assets are held free and clear of Liens.

 

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B. Real Property. As of the Closing Date, Schedule 5.5 annexed hereto
contains a true, accurate and complete list of (i) each Property of the Borrower or any other Loan
Party and (ii) all material leases, subleases or assignments of leases (together with all
amendments, modifications, supplements, renewals or extensions of any thereof) affecting real
estate or real properties owned, leased, used or operated by the Borrower or any other Loan Party
(exclusive of any retail and restaurant leases) regardless of whether the Borrower or such Loan
Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under
such lease, sublease or assignment. As of the Closing Date, each agreement listed in clause (ii)
of the immediately preceding sentence is in full force and effect and the Borrower does not have
knowledge of any material default that has occurred and is continuing thereunder, and each such
agreement constitutes the legally valid and binding obligation of the applicable Loan Party,
enforceable against such Loan Party in accordance with its terms, except as enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
limiting creditors’ rights generally or by equitable principles except to the extent that the
failure of such agreement to be in full force and effect could not reasonably be expected to have a
Material Adverse Effect. Each Property, the material Easements thereto and the current use thereof
comply in all material respects with all applicable Legal Requirements and with all Insurance
Requirements. No taking or voluntary conveyance of all or part of any Property, or any interest
therein or right accruing thereto or use thereof, as the result of, or in settlement of, any
condemnation or other eminent domain proceeding by any Governmental Instrumentality affecting the
Project has been commenced or, to the Borrower’s knowledge, is contemplated with respect to all or
any portion of any Property or Easement or for the relocation of roadways providing access thereto
except, in each case, as could not, individually or collectively, reasonably be expected to have a
Material Adverse Effect. Except as disclosed in writing by the Borrower to the Administrative
Agent from time to time, there are no current, pending or, to the knowledge of the Borrower,
proposed special or other assessments for public improvements or otherwise affecting any Property
or Easement, nor are there any contemplated improvements thereto that may result in such special or
other assessments, in any case that could reasonably be expected to result in a Material Adverse
Effect. There are no outstanding options to purchase or rights of first refusal or restrictions on
transferability affecting any material portion of the Property or the material Easements (other
than those set forth in the Shangri-La Management Agreement, the Sheraton Management Agreement, the
Traders Management Agreement, or any replacements thereof, the Land Concession Contract or arising
by mandatory operation of law). Except as could not, individually or collectively, reasonably be
expected to have a Material Adverse Effect, no building or structure relating to or comprising a
portion of the Project or any appurtenance thereto or equipment thereon, or the use, operation or
maintenance thereof, violates any restrictive covenant or encroaches on any easement or on any
property owned by others.

 

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5.6 Litigation; Adverse Facts.

Except as set forth on Schedule 5.6, as it may be supplemented from time to time,
there are no actions, suits, proceedings, arbitrations or governmental investigations (whether or
not
purportedly on behalf of the Borrower or any of its Subsidiaries) at law or in equity, or
before or by any federal, state, municipal or other governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign (including any Environmental Claims) that
are pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or
any of its Subsidiaries or any property of the Borrower or any of its Subsidiaries. To the
knowledge of the Borrower, there are no such actions, suits, proceedings, arbitrations or
governmental investigations that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. None of the Borrower or any of its Subsidiaries or the
Company (i) is in violation of any applicable laws (including Environmental Laws) that,
individually or in the aggregate, could reasonably be expected to result (with respect to the
Borrower or any of its Subsidiaries) in a Material Adverse Effect or (with respect to the Company)
a Company Material Adverse Effect, or (ii) is subject to or in default with respect to any final
judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state,
municipal or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, that, individually or in the aggregate, could reasonably be expected to result
(with respect to the Borrower or any of its Subsidiaries) in a Material Adverse Effect or (with
respect to the Company) a Company Material Adverse Effect.

5.7 Payment of Taxes.

Except to the extent permitted by subsection 6.3 or as set forth on Schedule 5.7, all
Tax returns and reports of any Loan Party required to be filed by such Person have been timely
filed, all taxes shown on such Tax returns to be due and payable and all material assessments, fees
and other governmental charges upon any Loan Party and upon their respective properties, assets,
income, businesses and franchises which are due and payable have been paid when due and payable.
The Borrower knows of no proposed Tax assessment against any Loan Party except for those with
respect to which reserves or other appropriate provisions, if any, as shall be required in
conformity with Applicable Accounting Standards shall have been made or provided therefor.

5.8 Performance of Agreements; Materially Adverse Agreements; Material Contracts.

A. None of the Loan Parties is in default in the performance, observance or fulfillment of any
of the obligations, covenants or conditions contained in any of its Contractual Obligations, no
condition exists that, with the giving of notice or the lapse of time or both, would constitute
such a default, except where the consequences of such default or defaults, if any, would not
reasonably be expected to have a Material Adverse Effect.

B. Schedule 5.8 contains a true, correct and complete list of all the Material
Contracts in effect on the Closing Date. As of the Closing Date, except as set forth on
Schedule 5.8, all such Material Contracts are, to the knowledge of the Borrower, in full
force and effect and no material defaults currently exist thereunder.

 

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5.9 Governmental Regulation.

None of the Loan Parties is subject to regulation under the Public Utility Holding Company Act
of 2005, the Federal Power Act, or the Interstate Commerce Act or registration under the Investment
Company Act of 1940 or under any other U.S. federal or state, or Macau
SAR statute or regulation which may limit its ability to incur Indebtedness, or which may
otherwise render all or any portion of the Obligations unenforceable. To the extent applicable,
each Loan Party is in compliance, in all material respects, with the (i) Trading with the Enemy
Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or
executive order relating thereto, and (ii) Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Patriot Act”). No part of the proceeds of the Loans will be
used, directly or indirectly, by any Loan Party for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended.

5.10 Securities Activities.

A. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose of purchasing or carrying
any Margin Stock.

B. Following the application of the proceeds of each Credit Extension, not more than 25% of
the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a
consolidated basis) subject to the provisions of subsection 7.2 or 7.7 or subject to any
restriction contained in any agreement or instrument, between any Loan Party and any Lender or any
Affiliate of any Lender, relating to Indebtedness and within the scope of subsection 8.2, will be
Margin Stock.

5.11 Employee Benefit Plans.

A. Except as could not reasonably be expected to have a Material Adverse Effect, (i) the
Borrower, each of its Subsidiaries and each of their respective ERISA Affiliates are in material
compliance with all applicable provisions and requirements of ERISA and the regulations thereunder
with respect to each Employee Benefit Plan, and have performed all their obligations under each
Employee Benefit Plan; and (ii) each Employee Benefit Plan which is intended to qualify under
Section 401(a) of the Code is so qualified.

B. No ERISA Event has occurred or is reasonably expected to occur which has resulted or would
be reasonably likely to result in a liability in the aggregate amount of $25,000,000 or more.

C. Except to the extent required under Section 4980B of the Code or as set forth on
Schedule 5.11, no Employee Benefit Plan provides health or welfare benefits (through the
purchase of insurance or otherwise) for any retired or former employee of the Borrower, any of its
Subsidiaries or any of their respective ERISA Affiliates that would result in liability to any of
the foregoing entities in excess of $25,000,000.

 

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D. As of the most recent valuation date for any Pension Plan, the amount of unfunded benefit
liabilities (as defined in Section 4001(a)(18) of ERISA), individually or in the
aggregate for all Pension Plans (excluding for purposes of such computation any Pension Plans
with respect to which assets exceed benefit liabilities), does not exceed $25,000,000.

E. As of the most recent valuation date for each Multiemployer Plan for which the actuarial
report is available, the potential liability of the Borrower, its Subsidiaries and their respective
ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of
Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal
from all Multiemployer Plans does not exceed $25,000,000.

5.12 No Fees or Commissions.

No broker’s or finder’s fee or commission will be payable with respect to this Agreement or
any of the transactions contemplated hereby (other than fees payable to Agents and Lenders under
subsection 2.3), and the Borrower hereby indemnifies Lenders against, and agrees that it will hold
Lenders harmless from, any claim, demand or liability for any such broker’s or finder’s fees
alleged to have been incurred in connection herewith or therewith and any expenses (including
reasonable fees, expenses and disbursements of counsel) arising in connection with any such claim,
demand or liability. Except as set forth on Schedule 5.12, no Loan Party has entered into
any agreement or arrangement to pay any portion of its revenues from any Phase to any other Person,
and to the Borrower’s knowledge no other Person has entered into any such agreement or arrangement
on its behalf.

5.13 Environmental Protection.

Except as set forth in Schedule 5.13 annexed hereto or as could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect:

(i) none of the Borrower or any of its Restricted Subsidiaries nor any of their
respective Properties or operations relating to the Project are subject to any outstanding
written order, consent decree or settlement agreement with any Person relating to (a) any
Environmental Law, (b) any Environmental Claim, or (c) any Hazardous Environmental Activity;

(ii) there are, and to the Borrower’s knowledge, have been, no conditions, occurrences,
or Hazardous Environmental Activities on any of the Properties which could reasonably be
expected to form the basis of an Environmental Claim against the Borrower or any of its
Restricted Subsidiaries;

(iii) none of the Borrower or any of its Restricted Subsidiaries nor, to the Borrower’s
knowledge, any predecessor of the Borrower or any of its Subsidiaries has filed any notice
under any Environmental Law indicating past or present treatment of Hazardous Materials at
any Property, and none of the Borrower’s or any of its Subsidiaries’ operations involves the
generation, transportation, treatment, storage or disposal of Hazardous Materials (or wastes
derived therefrom) in a manner which would result in liability to the Borrower or any of its
Subsidiaries;

 

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(iv) the Projects are (and at all relevant times have been) in compliance in all
material respects with Environmental Laws, including without limitation the Environmental
Management Plan;

(v) to the Borrower’s knowledge, all factual information provided by the Borrower and
its Restricted Subsidiaries to ERM in connection with the Environmental Assessment are true
and correct in all material respects; and

(vi) compliance with all current or reasonably foreseeable future requirements pursuant
to or under Environmental Laws will not, individually or in the aggregate, have a reasonable
possibility of giving rise to a Material Adverse Effect.

Notwithstanding anything in this subsection 5.13 to the contrary, no event or condition has
occurred or is occurring with respect to the Borrower or any of its Subsidiaries relating to any
Environmental Law, any Release of Hazardous Materials, or any Hazardous Environmental Activity,
including any matter disclosed on Schedule 5.13, which individually or in the aggregate has
had or could reasonably be expected to have a Material Adverse Effect.

5.14 Employee Matters; Acts of God.

Except as disclosed in writing by the Borrower to the Administrative Agent from time to time,
neither the business nor the Properties of the Borrower or its Subsidiaries, nor, to the knowledge
of the Borrower, any other party to a Project Document that is a Material Contract, is affected by
any fire, explosion, accident, drought, storm, hail, earthquake, embargo, act of God or of the
public enemy, or other casualty or other event of force majeure, that could reasonably be expected
to have a Material Adverse Effect. Except as disclosed in writing by the Borrower to the
Administrative Agent from time to time, there are no strikes, lockouts, stoppages, slowdowns or
other labor disputes against the Company (with respect to the Casino Facilities only), the Borrower
or its Subsidiaries pending or, to the knowledge of the Borrower, threatened that (individually or
in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by
and payment made to employees of the Company (with respect to the Casino Facilities only) and the
Borrower and its Subsidiaries have not been in violation of any applicable Legal Requirement,
except for violations that would not reasonably be expected to have a Material Adverse Effect, and
all payments due from the Company (with respect to the Casino Facilities only), the Borrower and
its Subsidiaries on account of employee health and welfare insurance that (individually or in the
aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been
paid or accrued as a liability on the books of the Company or the Borrower, as applicable.

5.15 Solvency.

The Loan Parties, taken as a whole, are and, upon the incurrence of any Obligations by any
Loan Party on any date on which this representation is made, will be, Solvent. The Borrower is
and, upon the incurrence of any Obligations by the Borrower on any date on which this
representation is made, will be, Solvent.

 

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5.16 Matters Relating to Collateral.

A. Creation, Perfection and Priority of Liens. The execution and delivery of the
Collateral Documents by the Loan Parties, together with the actions taken on or prior to the
Initial Borrowing Date pursuant to subsection 4.1 are effective to create in favor of the
Collateral Agent for the benefit of the Secured Parties, as security for the Obligations, subject
to exceptions contained herein, in the Security Agreement and the other Collateral Documents, a
valid and perfected First Priority Lien on all of the Collateral, and all filings and other actions
necessary to perfect and maintain the perfection and priority status of such Liens have been duly
made or taken and remain in full force and effect, other than the filing of any UCC financing
statements delivered to the Collateral Agent for filing (but not yet filed), the recording of each
Mortgage with the Macau Land and Building Registration Department, the registration of each
Floating Charge with the Companies Registry in respect of each business ‘establishment’ maintained
by any Loan Party from time to time, the filing of the Pledge Over Intellectual Property and the
Pledge over Gaming Equipment and Utensils with the Companies’ Registry Bureau, the delivery of
certain notices and receipt of certain Contract Consents as contemplated by the Assignment of
Rights and as permitted hereunder not to be obtained, and the periodic filing of UCC continuation
statements in respect of UCC financing statements filed by or on behalf of the Collateral Agent.
As of the Closing Date, no filing, recordation, re-filing or re-recording other than those listed
on Exhibit Q is necessary to perfect and maintain the perfection of the interest, title or
Liens of the Collateral Documents or the Assignment of Reinsurances.

B. Filings and Recordations. No authorization, approval or other action by, and no
notice to or filing with, any Governmental Instrumentality is required for either (i) the pledge or
grant by the Loan Parties of the Liens purported to be created in favor of the Collateral Agent
pursuant to any of the Collateral Documents or (ii) the exercise by the Collateral Agent of any
rights or remedies in respect of any Collateral (whether specifically granted or created pursuant
to any of the Collateral Documents or the Assignment of Reinsurances or created or provided for by
applicable law), except for filings or recordings contemplated by subsection 5.16A or as set forth
in Schedule 5.16B.

C. Absence of Third-Party Filings. Except such as may have been filed in favor of the
Administrative Agent or the Collateral Agent as contemplated by subsection 5.16A or filed to
perfect a Permitted Lien, no effective UCC financing statement, fixture filing or other instrument
similar in effect covering all or any part of the Collateral is on file in any filing or recording
office.

D. Information Regarding Collateral. All information supplied to the Administrative
Agent or the Collateral Agent by or on behalf of any Loan Party with respect to any of the
Collateral (in each case taken as a whole with respect to any particular Collateral) is accurate
and complete in all material respects.

 

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5.17 Sufficiency of Interests, Project Documents and Permits.

A. Sufficiency. Other than those services to be performed and materials to be
supplied that can be reasonably expected to be commercially available when and as required, the
Borrower owns (or holds under lease) all of the materials, has obtained or contracted to obtain all
services and has entered into all documents and agreements necessary as of the date this
representation is made or deemed made to develop, construct, complete, own and operate the Project,
in accordance with all Legal Requirements and the Project Schedule and relevant Project Documents.
The Administrative Agent has received a true, complete and correct copy of each of the Project
Documents in effect as of the date this representation is made or deemed made (including all
exhibits, schedules, side letters and disclosure letters referred to therein or delivered pursuant
thereto, if any). All conditions precedent to the obligations of the respective parties (other
than the Company or any Loan Party) under the Project Documents have been satisfied, except for
such conditions precedent (a) the failure of which to be satisfied could not reasonably be expected
to have a Material Adverse Effect or (b) which by their terms cannot be met until a later stage in
the construction or operation of the applicable Project, and the Borrower has no reason to believe
that any such condition precedent (the failure of which to be satisfied could reasonably be
expected to have a Material Adverse Effect) cannot be satisfied on or prior to the appropriate
stage in the construction or operation of the applicable Project.

B. Permit Schedule. There are no material Permits that are required or will become
required for the ownership, construction, financing or operation of the Project, the transactions
contemplated hereby and the Credit Extensions hereunder, other than the Permits described on
Schedule 4.1B(xii)(g) as such schedule may be amended from time to time in accordance with
subsection 6.23A (the “Permit Schedule”). The Permit Schedule for the Project accurately states
the stage in construction by which each such Permit is required to be obtained. Each material
Permit described in the Permit Schedule as required to be obtained by each date that this
representation is deemed to be made has either (i) been received and is in full force and effect,
and not subject to current legal proceedings or to any unsatisfied conditions (that are required to
be satisfied by such date) that could reasonably be expected to result in material modification or
revocation, and all applicable appeal periods with respect thereto have expired without any action
being taken by any applicable Governmental Authority, or (ii) subject to the consent of the
Administrative Agent (such consent not to be unreasonably withheld), been received pending the
expiration of any such applicable waiting or appeal period, and is reasonably expected to be
obtained upon the termination of such waiting or appeal period. No fact or circumstance exists
which indicates that any Permit described in the Permit Schedule not required to have been obtained
by the date that this representation is deemed to be made will not be obtained prior to the time
that it becomes required. Neither the Borrower nor, to Borrower’s knowledge, any other party
involved in the Project is in violation of any condition in any Permit the effect of which could
reasonably be expected to have a Material Adverse Effect. The Gaming Concession Contract and the
Land Concession Contract are in full force and effect (except that the Land Concession Contract
shall be permitted to be “provisional” as required by applicable law until 180 days after the
Project Final Completion Date; provided, that if any destruction or damage to any material
portion of the Project shall occur after the Project Final Completion Date, then the 180 day time
period may be extended by the number of days reasonably necessary for the Borrower to repair or
replace the relevant Project, as certified by the Borrower and confirmed by the Construction
Consultant.

 

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5.18 Accuracy of Information. None of the factual information (other than projections
and pro forma financial information as to which no representation is made under this subsection),
taken as a whole, furnished by or on behalf of any Loan Party in writing to any Arranger, the
Administrative Agent, the Issuing Lender or any Lender for inclusion in the confidential
information memorandum delivered to the Lenders contains any untrue statement of a material
fact or omitted to state any material fact necessary to make such information, taken as a whole,
not misleading.

5.19 In Balance Requirement. As of each Funding Date and the date of each disbursement
by the Depository Agent of funds from a Collateral Account (after giving effect to the requested
Credit Extension or disbursement), the Borrower is In Balance.

5.20 Leasehold Title to the Site.

A. The Loan Parties have good leasehold title to the Site. The Loan Parties own all of the
material property interests and have entered into all documents and agreements necessary to
develop, construct, complete, own and operate Phase 1 and Phase 2 on the Site in accordance with
all Legal Requirements and the Project Schedule for the Project and as contemplated in the Loan
Documents, other than those services to be performed and materials and equipment to be supplied
and/or constructed that can be reasonably expected to be commercially available when and as
required. For the avoidance of doubt, this Section is not intended to address Permits, as the
representations regarding Permits is addressed under Section 5.17.

B. As of the Closing Date and as of the date of each Advance thereafter, the Land Concession
Contract creates a valid and subsisting leasehold interest in the Property and the Improvements
covered thereby, subject only to Permitted Liens.

5.21 Project Budget; Anticipated Cost Reports; Project Sources and Uses Schedule.

A. The Project Budget for the Project (i) is, to the Borrower’s knowledge as of the date of
submission, based on reasonable assumptions as to all legal and factual matters material to the
estimates set forth therein, (ii) as of the date of submission, is consistent with the provisions
of the Operative Documents and the Loan Documents in all material respects, (iii) has been and will
be prepared in good faith and with due care, (iv) as of the date of submission, sets forth, for
each Line Item, the total costs anticipated to be incurred through the Final Completion Date of
each Phase, (v) fairly represents the Borrower’s expectation as to the matters covered thereby as
of its date and as of any revision date; and (vi) as of the date of submission, sets forth a total
amount of Project Costs for the Project, including the Required Minimum Contingency, which is,
collectively at such time, equal to or less than the Available Funds and which is equal to the
aggregate amount of Anticipated Monthly Project Costs for the Project set forth on the Project
Sources and Uses Schedule (as in effect from time to time).

B. The Summary Anticipated Cost Report (as in effect from time to time) for the Project:

(i) sets forth in column 3 thereof the amount allocated to each Line Item Category
pursuant to the Project Budget for each Active Phase;

(ii) sets forth in column 8 thereof, for each Line Item Category, an aggregate amount
no less than the aggregate amount set forth for such Line Item Category in the Project
Budget less Realized Savings obtained with respect to such Line Item Category (and not
reflected in the Project Budget);

 

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(iii) fairly represents the expectations of the Loan Parties with respect to all
Project Costs anticipated to be incurred through Final Completion of each Phase; and

(iv) is true and correct in all material respects.

C. The Anticipated Cost Report (as in effect from time to time) accurately reflects the detail
underlying the Summary Anticipated Cost Report, segregated by Construction Component and by each
Line Item described therein, and for each Active Phase sets forth in column 8 thereof, for each
Line Item other than the “unallocated contingency” Line Item, an amount no less than the total
anticipated costs to be incurred by the Loan Parties from the commencement through the completion
of the work contemplated by such Line Item, as determined by the Borrower and approved by the
Construction Consultant in the Construction Consultant’s certificate dated the date on which this
representation is made or deemed made.

D. The Project Sources and Uses Schedule (as in effect from time to time) fairly represents
the expectations of the Loan Parties with respect to all Anticipated Monthly Project Costs
anticipated to be incurred through Project Final Completion Date, the Liquid Available Funds for
each month and the Free Cash Flow for the Project included on the Project Sources and Uses Schedule
and is true and correct in all material respects. The aggregate amount of Anticipated Monthly
Project Costs for the Project set forth on the Project Sources and Uses Schedule is equal to the
aggregate amount of Remaining Costs for all Line Item Categories set forth in column 11 of the
Summary Anticipated Costs Report for the Project and for all Line Items set forth in column 11 of
the Anticipated Cost Report for the Project (each, as in effect from time to time).

5.22 Project Schedule. To the Borrower’s knowledge, the Project Schedule for the
Project accurately specifies in summary form the work that the Borrower and each Contractor propose
to complete in each calendar month from the date of submission of the Project Schedule for each
Phase through the Final Completion Date for each Phase, all of which is expected to be achieved.

5.23 Excluded Subsidiaries. As of the date hereof, the Borrower does not have any
Subsidiaries other than the Excluded Subsidiaries. Except as set forth on Schedule 5.23,
none of Venetian Travel Limited, Cotai Retail Concepts Limited and Venetian Retail Limited, each a
Macau corporation, or Zhuhai Cotai Logistics Hotel Services Co., Ltd., a company organized under
the laws of the People’s Republic of China, owns or leases any assets (real or personal, tangible
or intangible (including intellectual property rights)) that are material to the business and
operation of the Borrower or to the development, construction, operation and maintenance of the
Project.

 

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Section 6. Affirmative Covenants.

The Borrower covenants and agrees with each Lender and each Agent that, until the Termination
Date, the Borrower shall (and the Borrower shall cause each other Loan Party to) perform all
covenants set forth in this Section 6.

6.1 Financial Statements and Other Reports.

The Borrower will maintain a system of accounting established and administered in accordance
with sound business practices to permit preparation of financial statements in conformity with
Applicable Accounting Standards. The Borrower will deliver to the Administrative Agent (which will
promptly deliver to the Lenders):

(i) Quarterly Financials: as soon as available and in any event within 50 days
after the end of each Fiscal Quarter (with respect to the first three Fiscal Quarters of any
Fiscal Year),

(a) the consolidated balance sheets of the Borrower and its Subsidiaries as at the end
of such Fiscal Quarter and the related consolidated statements of income, changes in equity
and cash flows of the Borrower and its Subsidiaries for such Fiscal Quarter and for the
period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter,
setting forth in each case in comparative form the corresponding figures for the
corresponding periods of the previous Fiscal Year, all in reasonable detail and certified by
the Chief Financial Officer or Senior Vice President-Finance of the Borrower or the Sponsor,
on behalf of the Borrower, that they fairly present, in all material respects, the financial
condition of the Borrower and its Subsidiaries as at the dates indicated and the results of
their operations and their cash flows for the periods indicated, subject to changes
resulting from audit and normal year-end adjustments and which include supplemental
consolidating information relating to the Borrower, its Restricted Subsidiaries and its
Excluded Subsidiaries; and

(b) a narrative report describing the operations of the Loan Parties for such Fiscal
Quarter and for the period from the beginning of the then current Fiscal Year to the end of
such Fiscal Quarter in a form reasonably satisfactory to the Administrative Agent;

(ii) Year-End Financials: as soon as available and in any event within 90 days
after the end of each Fiscal Year,

(a) the consolidated balance sheets of the Borrower and its Subsidiaries as at the end
of such Fiscal Year and the related consolidated statements of income, changes in equity and
cash flows of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each
case in comparative form the corresponding figures for the previous Fiscal Year, all in
reasonable detail and certified by the Chief Financial Officer or Senior Vice
President-Finance of the Borrower or the Sponsor, on behalf of the Borrower, that they
fairly present, in all material respects, the financial condition of the Borrower and its
Subsidiaries as at the dates indicated and the results of their operations and their cash
flows for the periods indicated and which include supplemental consolidating information
relating to the Borrower, its Restricted Subsidiaries and its Excluded Subsidiaries on which
the Borrower’s independent certified public accountants will make the report described in
clause (ii)(c) below;

 

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(b) a narrative report describing the operations of the Borrower and its Subsidiaries
for such Fiscal Year in a form reasonably satisfactory to the Administrative Agent; and

(c) in the case of such consolidated financial statements specified in clause (a)
above, a report thereon of PriceWaterhouseCoopers or other independent certified public
accountants of recognized international standing selected by the Borrower and reasonably
satisfactory to the Administrative Agent, which report shall be unqualified as to scope of
audit, shall express no doubts about the ability of the Persons covered thereby to continue
as a going concern, and shall state that such consolidated financial statements fairly
present, in all material respects, the consolidated financial position of the Borrower and
its Subsidiaries, as at the dates indicated and the results of their operations and their
cash flows for the periods indicated in conformity with Applicable Accounting Standards
(except as otherwise disclosed in such financial statements) and that the examination by
such accountants in connection with such consolidated financial statements has been made in
accordance with generally accepted auditing standards in the United States of America. In
addition, with regard to the supplemental consolidating information, such report will state
that such information has been subjected to the auditing procedures applied in the audit of
the consolidated financial statements and is fairly stated in all material respects in
relation to the consolidated financial statements taken as a whole;

(iii) Officers’ and Compliance Certificates: together with each delivery of
financial statements of the Borrower and its Subsidiaries (or Restricted Subsidiaries, as
the case may be) pursuant to clauses (i) and (ii) above, (a) an Officers’ Certificate of the
Borrower stating that the signers, on behalf of the Borrower, have reviewed the terms of
this Agreement and have made, or caused to be made under their supervision, a review in
reasonable detail of the transactions and condition of the Borrower and its Subsidiaries (or
Restricted Subsidiaries, as the case may be) during the accounting period covered by such
financial statements and that such review has not disclosed the existence during or at the
end of such accounting period, and that the signers do not have knowledge of the existence
as at the date of such Officers’ Certificate, of any condition or event that constitutes an
Event of Default or Potential Event of Default, or, if any such condition or event existed
or exists, specifying the nature and period of existence thereof and what action the
Borrower or any other Loan Party has taken, are taking and propose to take with respect
thereto; and (b) a Compliance Certificate demonstrating in reasonable detail compliance
during and at the end of the applicable accounting periods with the restrictions contained
in Section 7;

(iv) Reconciliation Statements: if, as a result of any change in accounting
principles and policies from those used in the preparation of the audited financial
statements of the Borrower referred to in subsection 5.3, the consolidated financial
statements delivered pursuant to clauses (i), (ii) or (xii) of this subsection 6.1 will
differ in any material respect from the consolidated financial statements that would have
been delivered pursuant to such clauses had no such change in accounting principles and
policies been made, then (a) together with the first delivery of financial statements
pursuant to clauses (i), (ii) or (xii) of this subsection 6.1 following such change,
consolidated financial statements of the Borrower and its

 

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Subsidiaries (or Restricted Subsidiaries, as the case may be) for (y) the current Fiscal Year to the effective date
of such change and (z) the two full Fiscal Years immediately preceding the Fiscal Year in
which such change is made, in each case prepared on a pro forma basis as if such change had
been in effect during such periods, and (b) together with each delivery of financial
statements for the Borrower and its Subsidiaries (or Restricted Subsidiaries, as the case
may be) pursuant to clauses (i), (ii) or (xii) of this subsection 6.1 following such change,
a written statement of the chief accounting officer or chief financial officer of the
Borrower setting forth the differences (including any differences that would affect any
calculations relating to the financial covenants set forth in subsection 7.6) which would
have resulted if such financial statements had been prepared without giving effect to such
change;

(v) Accountants’ Certification: together with each delivery of consolidated
financial statements pursuant to clause (ii)(a) above, a written statement by the
independent certified public accountants giving the report thereon (a) stating, in
connection with their audit examination, nothing has come to their attention that would lead
them to believe that any condition or event that constitutes an Event of Default or
Potential Event of Default in-so-far as they are related to accounting matters exists, if
such a condition or event has come to their attention, specifying the nature and period of
existence thereof; provided that such accountants shall not be liable directly or
indirectly by reason of any failure to obtain knowledge of any such Event of Default or
Potential Event of Default that would not be disclosed in the course of their audit
examination, and (b) stating that based on their audit examination nothing has come to their
attention that causes them to believe either or both that the information contained in the
certificates delivered therewith pursuant to clause (iii) above is not correct or that the
matters set forth in the Compliance Certificates delivered therewith pursuant to
clause (iii)(b) above for the applicable Fiscal Year are not stated in accordance with the
terms of this Agreement insofar as they relate to accounting matters, provided that
such accountants shall not be liable directly or indirectly by reason of any failure to
obtain knowledge of any such Event of Default or Potential Event of Default that would not
be disclosed in the course of their audit examination;

(vi) Accountants’ Reports: promptly upon receipt thereof (unless restricted by
applicable professional standards), copies of all final reports submitted to the Borrower by
independent certified public accountants in connection with each annual, interim or special
audit of the consolidated financial statements of the Borrower and its Subsidiaries made by
such accountants, including any comment letter submitted by such accountants to management
in connection with their annual audit;

(vii) Filings, Press Releases and Other Financial Reports: promptly upon their
becoming available (unless otherwise publicly available on the Sponsor’s, Hong Kong Stock
Exchange’s or the SEC’s website), copies of (a) all financial statements, reports, notices
and proxy statements sent or made available generally by the Borrower or any of its
Subsidiaries to their respective security holders, (b) all regular and periodic reports and
all registration statements (other than on Form S-8 or a similar form in Hong Kong) and
prospectuses, if any, filed by the Borrower or any of its Subsidiaries with any securities
exchange or with the United States Securities and Exchange Commission, or
any similar Governmental Instrumentality and (c) all press releases and other
statements made available generally by the Loan Parties to the public concerning material
developments in the business of the Borrower and its Subsidiaries;

 

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(viii) Events of Default, etc.: promptly upon any officer of any Loan Party
obtaining knowledge (a) of any condition or event that constitutes an Event of Default or
Potential Event of Default, (b) that any Person has given any notice to any Loan Party or
taken any other action with respect to a claimed default or event or condition of the type
referred to in subsection 8.2, (c) of any condition or event that would be required to be
disclosed by the Borrower with the Hong Kong Stock Exchange if the Borrower were required to
make such disclosures in a current report under applicable Hong Kong securities laws, or
(d) of the occurrence of any event or change that has caused or evidences, either in any
case or in the aggregate, a Material Adverse Effect, an Officers’ Certificate specifying the
nature and period of existence of such condition, event or change, or specifying the notice
given or action taken by any such Person and the nature of such claimed Event of Default,
Potential Event of Default, default, event or condition, and what action the Borrower or any
other Loan Party has taken, is taking and proposes to take with respect thereto;

(ix) Litigation or Other Proceedings: (a) promptly upon any officer of any
Loan Party obtaining knowledge of (X) the non-frivolous institution of, or threat of, any
action, suit, proceeding (whether administrative, judicial or otherwise), governmental
investigation or arbitration against or affecting any Loan Party, or any property of any
Loan Party (collectively, “Proceedings”) not previously disclosed in writing by the Borrower
to Lenders or (Y) any material development in any Proceeding that, in any case:

(1) has a reasonable possibility of giving rise to a Material Adverse Effect;
or

(2) seeks to enjoin or otherwise prevent the consummation of, or to recover any
damages or obtain relief as a result of, the transactions contemplated hereby;

written notice thereof together with such other information as may be reasonably available to the
Loan Parties to enable the Lenders and their counsel to evaluate such matters; and (b) within
twenty days after the end of each Fiscal Quarter, a schedule of all Proceedings involving an
alleged liability of, or claims against or affecting, the Borrower or any of its Subsidiaries equal
to or greater than $20,000,000, and promptly after request by the Administrative Agent such other
information as may be reasonably requested by the Administrative Agent to enable the Administrative
Agent and its counsel to evaluate any of such Proceedings;

(x) ERISA Events: promptly upon becoming aware of the occurrence of or
forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof,
what action the Borrower or any of its ERISA Affiliates has taken, is taking or proposes to
take with respect thereto and, when known, any action taken or threatened by the Internal
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(xi) ERISA Notices: with reasonable promptness, copies of (a) each Schedule SB
(Actuarial Information) to the annual report (Form 5500 Series) filed by the Borrower, any
of its Subsidiaries or any of their respective ERISA Affiliates with respect to each Pension
Plan; (b) all notices received by the Borrower or any of its ERISA Affiliates from a
Multiemployer Plan sponsor concerning an ERISA Event; and (c) copies of such other documents
or governmental reports or filings relating to any Employee Benefit Plan as Administrative
Agent shall reasonably request;

(xii) Financial Plans: as soon as practicable and in any event no later than
45 days after the beginning of each Fiscal Year beginning with the 2011 Fiscal Year, a
consolidated plan and financial forecast for the Project for such Fiscal Year and each
subsequent Fiscal Year through the Maturity Date (the “Financial Plan” for such Fiscal
Years), including (a) forecasted consolidated balance sheets and forecasted consolidated
statements of income and cash flows of the Borrower and its Restricted Subsidiaries for such
Fiscal Years, together with a pro forma Compliance Certificate for the next
ensuing Fiscal Year and an explanation of the assumptions on which such forecasts are based,
and (b) commencing with the Fiscal Year in which the Opening Date for Phase 1 is scheduled
to occur, an operating plan and an operating budget for the relevant Fiscal Year setting
out, on a monthly basis and in reasonable detail, (x) all operating costs and operating
revenues, and (y) the excluded items in the definitions of operating costs and operating
revenues, in each case which the Borrower estimates will fall due in that period together
with all related technical and operational assumptions;

(xiii) Insurance: as soon as practicable and in any event by the last day of
each Fiscal Year, a report in form and substance reasonably satisfactory to the
Administrative Agent outlining all material insurance coverage maintained as of the date of
such report by the Loan Parties and all material insurance coverage planned to be maintained
by the Loan Parties in the immediately succeeding Fiscal Year;

(xiv) Board of Directors: with reasonable promptness, written notice of any
change in the members of the Board of Directors of the Sponsor or the Borrower;

(xv) New Subsidiaries: promptly upon any Person becoming a Subsidiary of the
Borrower (other than a Subsidiary of an Excluded Subsidiary), in which case (a) within
45 days of the close of the calendar quarter during which such event occurs if such event
occurs during any of the first three calendar quarters of the given year or (b) within
90 days of the close of the fourth calendar quarter of the given year if such event occurs
during the fourth calendar quarter of such year), a written notice setting forth with
respect to such Person (a) the date on which such Person became a Subsidiary of the Borrower
and (b) all of the data required to be set forth in Schedule 5.1D with respect to
all Subsidiaries of the Borrower (it being understood that such written notice shall be
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(xvi) Material Contracts: promptly, and in any event within ten Business Days
after the Gaming Concession Contract or any Material Contract of any Loan Party is
terminated or amended in a manner that is materially adverse to the Company (in the case of
the Gaming Concession Contract) or any Loan Party or any new Material Contract is
entered into, or upon becoming aware of any termination or material default by any
party under a Material Contract, a written statement describing such event with copies of
such material amendments or new contracts, and an explanation of any actions being taken
with respect thereto;

(xvii) Search Reports: as promptly as practicable after the date of delivery
to the Administrative Agent of any UCC financing statement or similar instrument delivered
by any Loan Party pursuant to subsection 6.11, copies of completed UCC searches, Real Estate
Registry Collateral searches, and/or Commercial and Moveable Property Registry Collateral
searches, as applicable, evidencing the proper filing, recording and indexing of all such
UCC financing statements and other instruments and listing all other effective financing
statements and similar instruments that name any Loan Party as debtor, together with copies
of all such filings not previously delivered to the Administrative Agent by or on behalf of
such Loan Party;

(xviii) Notices under Operative Documents: (1) promptly upon receipt, copies
of all notices provided to the Company (in the case of clause (b)(x) only and subject to
applicable confidentiality agreements) or the Borrower or its Subsidiaries (a) pursuant to
any Project Documents (other than Construction Contracts that are not Material Contracts)
relating to material defaults or material delays, and (b)(x) pursuant to the Gaming
Concession Contract or (y) the Land Concession Contract other than, in case of clause (x) or
(y), in the ordinary course, and (2) promptly upon execution and delivery thereof, copies of
all amendments to any of the Operative Documents (other than Construction Contracts that are
not Material Contracts);

(xix) Concession Proceedings and Notices: to the extent not required by
another clause of this subsection 6.1 and subject to applicable confidentiality agreements,
promptly upon receipt, copies of all of the following received by the Company, the Borrower
or any of the Borrower’s Restricted Subsidiaries: (a) notice of any default or
consultations with Macau SAR as contemplated by paragraph A2 of the Gaming Concession
Consent in relation to any termination, rescission, potential termination or potential
rescission of the Gaming Sub-Concession Contract, (b) notice of any replacement or
reinstatement of the Company or any unilateral discharge of the Gaming Sub-Concession
Contract under article 79 of the Gaming Sub-Concession Contract, (c) notice of any
negotiations with Macau SAR pursuant to article 83 of the Gaming Sub-Concession Contract,
(d) any notice from Macau SAR pursuant to clause 3 of article 80 of the Gaming
Sub-Concession Contract, (e) any notice from Macau SAR pursuant to clause 4 of article 80 of
the Gaming Sub-Concession Contract, or (f) notice of any seizure, dissolution, redemption or
rescission pursuant to Chapter V of Law No 16/2001; and provide further information to the
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(xx) Construction Related Notices: promptly, upon acquiring notice or giving
notice, or obtaining knowledge thereof, as the case may be, provide to the Construction
Consultant and the Administrative Agent written notice of: (a) any event, occurrence or
circumstance which reasonably could be expected to cause the Borrower to not be In Balance
or render the Borrower incapable of, or prevent the Borrower from (1) achieving
the Completion Date for any Active Phase on or before the Anticipated Completion Date
for such a Project or (2) meeting any material obligation of the Borrower under the Material
Contracts as and when required thereunder; (b) any proposed material change in the nature or
scope of the Active Phases; or (c) any notice of any schedule delay or acceleration
delivered under any Construction Contract that is a Material Contract and all remedial plans
and updates thereof;

(xxi) Material Adverse Effect: promptly, upon acquiring notice or giving
notice, or obtaining knowledge thereof, as the case may be, provide to the Administrative
Agent written notice of any other event or development which could reasonably be expected to
have a Material Adverse Effect;

(xxii) Material Contracts and Permits: deliver to the Administrative Agent and
the Construction Consultant promptly, but in no event later than ten (10) days after the
receipt thereof by the Borrower, copies of (a) all Material Contracts and material Permits
relating to each Active Phase obtained or entered into by the Borrower after the Closing
Date, (b) any amendment, supplement or other modification to any Permit relating to each
Active Phase received by the Borrower after the Closing Date and (c) all material notices
relating to the Active Phases received by or delivered to the Borrower from any Governmental
Instrumentality;

(xxiii) Event of Loss: if any Event of Loss shall occur with respect to the
Project or any part thereof, promptly upon discovery or receipt of notice thereof provide
written notice thereof to the Collateral Agent and the Administrative Agent; and

(xxiv) Other Information: with reasonable promptness, such other information
and data with respect to the Company (solely to the extent such information or data relates
to the Casino Facilities) or the Borrower or any of its Subsidiaries as from time to time
may be reasonably requested by any Lender or Agent.

6.2 Corporate Existence, etc.

The Borrower will, and the Borrower will cause each other Loan Party to, at all times preserve
and keep in full force and effect their corporate, limited liability company or other existence and
all rights and franchises material to its business; provided, however, that the
Borrower and any other Loan Party may merge, consolidate, liquidate or dissolve as permitted
pursuant to subsection 7.7 of this Agreement and provided, further, that neither
the Borrower nor any other Loan Party shall be required to preserve any such right or franchise if
the Board of Directors of such Loan Party (or the managing member thereof, if applicable) shall
determine (and shall so notify the Administrative Agent), that the preservation thereof is no
longer desirable in the conduct of the business of such Loan Party and that the loss thereof is not
disadvantageous in any material respect to the Borrower, any other Loan Party or the Lenders.

 

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6.3 Payment of Taxes and Claims; Tax Consolidation.

A. The Borrower will, and will cause each other Loan Party to, pay all material Taxes,
assessments and other governmental charges imposed upon it or any of its properties or assets or in
respect of any of its income, businesses or franchises before any penalty accrues
thereon, and all material claims (including claims for labor, services, materials and
supplies) for sums that have become due and payable and that by law have or may become a Lien upon
any of its properties or assets, prior to the time when any penalty or fine shall be incurred with
respect thereto; provided that no such charge or claim need be paid if it is being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so
long as (1) such reserves or other appropriate provisions, if any, as shall be required in
conformity with Applicable Accounting Standards shall have been made therefor and (2) in the case
of a charge or claim which has or may become a Lien against any of the Collateral, such contest
proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such
charge or claim.

B. The Borrower will not, nor will it permit any other Loan Party to, file or consent to the
filing of any combined, unitary or consolidated income Tax return with any Person (other than a
Loan Party) unless the Borrower and/or each Loan Party, as applicable, shall have entered into, a
tax sharing agreement with such Person, in form and substance reasonably satisfactory to the
Administrative Agent.

C. If and to the extent that the Borrower or any other Loan Party makes a payment or
distribution to any direct or indirect shareholder or member other than the Borrower or another
Loan Party with respect to Taxes that are attributable to an Excluded Subsidiary or any Subsidiary
thereof, then the Borrower will promptly cause such Excluded Subsidiary to reimburse the Borrower
or such other Loan Party for such Taxes; provided, however, that such reimbursement
shall not be required to the extent that the amount of such reimbursement is treated as an
Investment permitted under subsection 7.3.

6.4 Maintenance of Properties; Insurance; Application of Net Loss Proceeds.

A. Maintenance of Properties. The Borrower will, and the Borrower will cause each
other Loan Party to, maintain or cause to be maintained in good repair, working order and
condition, ordinary wear and tear excepted, all material properties used or useful in the business
of each Loan Party and from time to time will make or cause to be made all appropriate repairs,
renewals and replacements thereof except to the extent that the Borrower determines in good faith
not to maintain, repair, renew or replace such property if such property is no longer desirable in
the conduct of their business and the failure to do so is not disadvantageous in any material
respect to the Loan Parties or the Lenders. The Borrower will operate each Phase upon and after
the Opening Date thereof (or, with respect to the Casino Facilities only, the Borrower will cause
the Company to operate), at standards of operation at least equivalent to the standards of
operation consistent with the Sponsor’s existing operating properties in Macao as of the Closing
Date (or, if higher, in accordance with prudent industry practices in Macau SAR and in a manner not
inconsistent with any Gaming License), in compliance with the terms of the Gaming Concession
Contract (to the extent applicable) and in compliance with the terms of the Land Concession
Contract.

 

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B. Insurance. The Borrower will maintain or cause to be maintained, with financially
sound and reputable insurers, such public liability insurance, third party property damage
insurance, business interruption insurance and casualty insurance with respect to liabilities,
losses or damage in respect of the assets, properties and businesses of the Borrower
and each other Loan Party, and the Casino Facilities, as may from time to time customarily be
carried or maintained under similar circumstances by corporations of established reputation engaged
in similar businesses, in each case in such amounts (giving effect to self-insurance), with such
deductibles, covering such risks and otherwise on such terms and conditions as shall be customary
for corporations similarly situated in the industry. Without limiting the generality of the
foregoing, the Borrower will maintain or cause to be maintained at all times after the Closing Date
with regard to the Project the insurance coverages set forth on Exhibit O.

C. Application of Net Loss Proceeds. If Net Loss Proceeds are received by any Loan
Party or, with respect to the Casino Facilities only, by the Company, (i) (x) prior to the Opening
Date for Phase 2, the Borrower shall deposit (or, if such proceeds were received by the Company,
shall deposit after receiving such Net Loss Proceeds from the Company in accordance with the Gaming
Facilities Agreement) such Net Loss Proceeds in the Net Loss Proceeds Sub-Account and apply such
Net Loss Proceeds as provided in the Depository Agreement or (y) after the Opening Date for Phase
2, the Borrower shall deposit (or, if such proceeds were received by the Company, shall deposit
after receiving such Net Loss Proceeds from the Company in accordance with the Gaming Facilities
Agreement) such Net Loss Proceeds in the Operating Accounts, and (ii) the Borrower shall apply (or,
if such proceeds were received by the Company, shall apply after receiving such Net Loss Proceeds
from the Company in accordance with the Gaming Facilities Agreement) such Net Loss Proceeds in
accordance with subsection 2.4B(iii)(b) hereof. The Administrative Agent shall, and the Borrower
hereby authorizes the Administrative Agent to, apply such Net Loss Proceeds to prepay the Loans to
the extent provided in subsection 2.4B(iii)(b).

6.5 Inspection; Lender Meeting.

A. Inspection Rights. The Borrower shall, and the Borrower shall cause each other
Loan Party and, solely with respect to the Casino Facilities, the Company to, permit any authorized
representatives designated by any Lender to visit and inspect any of the properties of the Loan
Parties and the Casino Facilities, to inspect, copy and take extracts from its and their financial
and accounting records, and to discuss its and their affairs, finances and accounts with its and
their officers and independent public accountants, if requested by the Administrative Agent
(provided that any designated representatives of the Company and the Borrower may, if they
so choose, be present at or participate in any such discussion), all upon reasonable notice and at
such reasonable times during normal business hours and as often as may reasonably be requested.

B. Lender Meeting. The Borrower will, upon the request of the Co-Syndication Agents,
the Administrative Agent or Requisite Lenders, participate in a meeting of the Co-Syndication
Agents, the Administrative Agent and the Lenders once during each Fiscal Year to be held at the
Sponsor’s corporate offices, or the Borrower’s corporate offices if requested by the Requisite
Lenders (or at such other location as may be agreed to by the Company and the Administrative Agent)
at such time as may be agreed to by the Co-Syndication Agents, the Company and the Administrative
Agent.

 

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6.6 Compliance with Laws, etc.; Permits.

A. The Borrower shall, and the Borrower shall cause each other Loan Party and all other
Persons on or occupying any Properties (including the Company with respect to the Casino Facilities
only) to, comply with the requirements of all applicable laws, rules, regulations and orders of any
Governmental Instrumentality (including all Environmental Laws, and any money laundering laws or
regulations), noncompliance with which could reasonably be expected to cause, individually or in
the aggregate, a Material Adverse Effect. The Borrower shall, and the Borrower shall cause each
other Loan Party to, only engage in activities permitted by their respective Organizational
Documents.

B. The Borrower shall, and the Borrower shall cause each other Loan Party and the Company
(with respect to the Casino Facilities only) to, from time to time obtain, maintain, retain,
observe, keep in full force and effect and comply in all material respects with the terms,
conditions and provisions of all Permits as shall now or hereafter be necessary under applicable
laws except any thereof the noncompliance with which could not reasonably be expected to have a
Material Adverse Effect.

6.7 Environmental Covenant.

A. Compliance with Environmental Law.

(i) Except as provided in subsection 6.7A(ii), the Project shall at all times (after
the commencement of and during construction, and during operation) comply in all material
respects with (x) Environmental Laws and (y) the Environmental Management Plan.

(ii) In the event and to the extent that the Equator Principles applicable to the
Projects materially change after the date of this Agreement, upon the Co-Syndication Agents’
or Administrative Agent’s written notice to the Borrower of such changes, the Borrower will
and, with respect to the Casino Facilities only, the Borrower shall cause the Company to,
use commercially reasonable efforts under the circumstances to cause the Project to comply
in a commercially reasonable time frame with any such material changes to the Equator
Principles; provided however, that in the event the Borrower and the Company
cannot comply with the changes to the Equator Principles without expending greater than
commercially reasonable efforts under the circumstances, then the Borrower and the Company
need not attempt to comply with such changes to the Equator Principles, except that in such
event the Borrower and the Company shall in their reasonable discretion mitigate any such
noncompliance with such changes.

 

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B. Additional Information. The Borrower agrees that the Co-Syndication Agents or the
Administrative Agent may, from time to time and in their reasonable discretion, (i) retain, at the
Borrower’s expense, an independent professional consultant to review or conduct any environmental
audits, investigations, analyses and reports relating to environmental matters (including, without
limitation, the Equator Principles) in respect of the Project or proposed action of the Company
(solely to the extent such proposed action would affect the Casino Facilities only) or the Borrower
or any of its Restricted Subsidiaries prepared by or for the Company or the
Borrower or any of its Restricted Subsidiaries, (ii) request the Borrower to provide
additional environmental information regarding the Project, in form and substance reasonably
acceptable to the Co-Syndication Agents or Administrative Agent, as the case may be, and
(iii) conduct its own investigation of any Property; provided that, in the case of any
Property no longer owned, leased, operated or used by the Company or the Borrower or any of its
Restricted Subsidiaries, the Borrower shall only be obligated to use its diligent efforts to obtain
permission for the Co-Syndication Agents’ or the Administrative Agent’s professional consultant to
conduct an investigation of such Property. The Borrower acknowledges that the Co-Syndication
Agents have retained ERM for purposes of this subsection 6.7B as of the date hereof. For purposes
of conducting such a review and/or investigation, the Borrower hereby grants to the Co-Syndication
Agents and the Administrative Agent and their respective agents, employees, consultants and
contractors the right to enter into or onto any Properties currently owned, leased, operated or
used by the Borrower or any of its Restricted Subsidiaries and to perform such tests on such
property (including taking samples of soil, groundwater and suspected asbestos-containing
materials) as are reasonably necessary in connection therewith. Any such investigation of any
Property shall be conducted, unless otherwise agreed to by the Borrower and the Co-Syndication
Agents or the Administrative Agent, during normal business hours and, to the extent reasonably
practicable, shall be conducted so as not to interfere with the ongoing operations at such Property
or to cause any damage or loss to any property at such Property. The Borrower, the Co-Syndication
Agents and the Administrative Agent hereby acknowledge and agree that any report of any
investigation conducted at the request of the Co-Syndication Agents or the Administrative Agent
pursuant to this subsection 6.7B will be obtained and shall be used by the Co-Syndication Agents,
the Administrative Agent and Lenders for the purposes of Lenders’ internal credit decisions, to
monitor and police the Loans and to protect Lenders’ security interests created by the Loan
Documents. Each of the Co-Syndication Agents and the Administrative Agent each agree to deliver a
copy of any such report to the Borrower with the understanding that the Borrower acknowledges and
agrees that (x) it will indemnify and hold harmless the Administrative Agent, the Co-Syndication
Agents and each Lender from any costs, losses or liabilities relating to the Company’s or the
Borrower’s use of or reliance on such report, (y) none of the Co-Syndication Agents, the
Administrative Agent nor any Lender makes any representation or warranty with respect to such
report, and (z) by delivering such report to the Borrower, none of the Co-Syndication Agents, the
Administrative Agent nor any Lender is requiring or recommending the implementation of any
suggestions or recommendations contained in such report.

C. Environmental Disclosure. The Borrower will deliver to the Administrative Agent
and Lenders:

(i) Environmental Audits and Reports. As soon as practicable following receipt
thereof (or receipt by any Loan Party), copies of all material environmental audits,
investigations, analyses and reports of any kind or character, whether prepared by personnel
of the Company (solely to the such analyses and reports relate to the Casino Facilities
only) or the Borrower or any of its Restricted Subsidiaries or by independent consultants,
governmental authorities or any other Persons, with respect to significant environmental
matters at any Property or with respect to any Environmental Claims.

 

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(ii) Notice of Certain Releases, Remedial Actions, Etc. Promptly upon the
occurrence thereof, written notice describing in reasonable detail (a) any material Release
or material noncompliance with Environmental Law required to be reported to any Government
Instrumentality under any applicable Environmental Laws, (b) any remedial action taken by
the Company (solely to the extent such remedial action affects the Casino Facilities only),
any Loan Party or any other Person in response to (1) any Hazardous Environmental Activities
the existence of which has a reasonable possibility of resulting in one or more
Environmental Claims having, individually or in the aggregate, a Material Adverse Effect, or
(2) any Environmental Claims that, individually or in the aggregate, have a reasonable
possibility of resulting in a Material Adverse Effect, or (c) any noncompliance with the
Environmental Management Plan; provided, however, that as to immaterial
noncompliance, the Borrower may provide such written notice in the auditing procedures
identified in the Environmental Management Plan.

(iii) Written Communications Regarding Environmental Claims, Releases, Etc. As
soon as practicable following the sending or receipt thereof by the Company (solely with
respect to the Casino Facilities only) or the Borrower or any of its Restricted
Subsidiaries, a copy of any and all written communications with respect to (a) any
Environmental Claims that, individually or in the aggregate, have a reasonable possibility
of giving rise to a Material Adverse Effect, (b) any material Release required to be
reported to any Government Instrumentality, and (c) any request for information from any
Governmental Instrumentality that suggests such agency is investigating whether Company or
the Borrower or any of its Restricted Subsidiaries may be potentially responsible for costs
arising out of any Hazardous Materials Activity.

(iv) Notice of Certain Proposed Actions Having Environmental Impact. Prompt
written notice describing in reasonable detail (a) any proposed acquisition of stock,
assets, or property by the Borrower or any of its Restricted Subsidiaries that could
reasonably be expected to (1) expose the Borrower or any of its Restricted Subsidiaries to,
or result in, Environmental Claims that could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect or (2) affect the ability of the Borrower or
any of its Restricted Subsidiaries to maintain full force and effect all material Permits
required under any Environmental Laws for their respective operations and (b) any proposed
action to be taken by the Borrower or any of its Restricted Subsidiaries to modify current
operations in a manner that could reasonably be expected to subject the Borrower or any of
its Restricted Subsidiaries to any material additional obligations or requirements under any
Environmental Laws that could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

(v) Annual Reports. Within ninety (90) days after the end of each Fiscal Year
of the Borrower, an annual monitoring report assessing compliance with the Environmental
Management Plan, the applicable Environmental Laws, and subsection 6.7A or, as the case may
be, detailing any non-compliance, and setting out the action being taken to correct such
non-compliance.

 

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(vi) Other Information. With reasonable promptness, such other documents and
information as from time to time may be reasonably requested by the Administrative Agent in
relation to any matters disclosed pursuant to this subsection 6.7.

D. Borrower’s Remedial Actions Regarding Environmental Laws and Hazardous Environmental
Activities. The Borrower shall promptly undertake, and shall cause each of its Restricted
Subsidiaries promptly to undertake, any and all investigations, studies, sampling, testing,
abatement, cleanup, removal, remediation or other response actions reasonably necessary to remove,
remediate, clean up or abate any Hazardous Environmental Activity on, under or about any Property
to the extent required by Environmental Laws, including without limitation (i) any material
violation of any Environmental Laws or that presents a material risk of giving rise to an
Environmental Claim or (ii) any violation of the Environmental Management Plan. In the event the
Borrower or any of its Restricted Subsidiaries undertake any such action, the Borrower or such
Restricted Subsidiary shall conduct and complete such action in compliance with all applicable
Environmental Laws and in accordance with the policies, orders and directives of all Governmental
Instrumentality except when, and only to the extent that, the Borrower’s or such Restricted
Subsidiary’s liability with respect to such Hazardous Environmental Activity is being contested in
good faith by the Borrower or such Restricted Subsidiary.

E. Actions with Respect to Environmental Claims and Violations of Environmental Laws.
The Borrower shall promptly take, and the Sponsor shall cause the Company (solely with respect to
the Casino Facilities) and each of its Restricted Subsidiaries promptly to take, any and all
actions necessary to (a) cure any violation of applicable Environmental Laws by the Company (solely
with respect to the Casino Facilities) or the Borrower or its Restricted Subsidiaries and (b) make
an appropriate response to any Environmental Claim against the Company (solely with respect to the
Casino Facilities only) or the Borrower or any of its Restricted Subsidiaries and discharge any
obligations it may have to any Person thereunder.

F. Actions with Respect to Categorization of the Projects. Except where accompanied
by material compliance with all applicable Environmental Laws, neither the Borrower, the Company
(solely with respect to the Casino Facilities) nor any Restricted Subsidiary shall take any action,
enter into any transaction, agreement or proposal or otherwise cause or permit any third person to
take any action, that could reasonably be expected to result in (i) a change in the categorization
(as determined by ERM or other qualified independent consultant reasonably acceptable to the
Borrower and Arranger or Administrative Agent) of the Project (or combination thereof) from a
Category “B” project under the Equator Principles to a “Category A” project thereunder.

6.8 Material Contracts.

A. Compliance with Obligations. The Borrower shall, and the Borrower shall cause each
other Loan Party to, comply, duly and promptly, in all material respects with its respective
obligations and enforce all of its respective rights, as applicable, under all Project Documents
and Material Contracts (other than the Land Concession Contract) except where the failure to comply
could not reasonably be expected to have a Material Adverse Effect.

 

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B. Contract Consents. The Borrower (i) shall cause each Person party to a
Construction Contract that is a Material Contract, and (ii) shall use commercially reasonable
efforts to cause each Person party to any other Material Contract (other than the Hotel Management
Agreements), to deliver a Contract Consent to the Administrative Agent regarding the collateral
assignment of such Material Contract, upon execution of such Material Contract or within a
reasonable period of time thereafter (or, if executed prior to Closing at Closing);
provided that the Borrower may decline to cause or to use commercially reasonable efforts
to cause to be delivered Contract Consents for Material Contracts (other than any Construction
Contracts) comprising no more than 20% of the value of all Contracts deemed “Material Contracts”
solely due to clauses (d) and (e) of the definition thereof.

6.9 Discharge of Liens.

A. Removal by the Borrower. In the event that, notwithstanding the covenants
contained in subsection 7.2, a Lien which is not a Permitted Lien may encumber any Collateral or
any portion thereof, the Borrower shall promptly (and shall cause its Subsidiaries to promptly)
discharge or cause to be discharged by payment to the lienor or Lien claimant or promptly secure
removal by bonding, guaranty, deposit or otherwise within 60 days after the date of notice thereof;
provided that compliance with the provisions of this subsection 6.9 shall not be deemed to
constitute a waiver of the provisions of subsection 7.2. The Borrower shall exhibit to the
Administrative Agent upon request all receipts or other satisfactory evidence of payment, bonding,
deposit of taxes, assessments, Liens or any other item which may cause any such Lien to be filed
against any Collateral. Each Loan Party shall fully preserve the Lien and the priority of each
Collateral Document without cost or expense to the Administrative Agent, the Collateral Agent or
the Lenders.

B. Removal by the Agent. If any Loan Party fails to promptly discharge, remove or
bond off any such Lien or mechanics’ or materialmen’s claim of Lien as described above, which is
not being contested by a Loan Party in good faith by appropriate proceedings promptly instituted
and diligently conducted, within 60 days after the receipt of notice thereof, then the
Administrative Agent may, but shall not be required to, procure the release and discharge of such
Lien, mechanics’ or materialmen’s claim of Lien and any judgment or decree thereon, and in
furtherance thereof may, in its sole discretion, effect any settlement or compromise with the
lienor or Lien claimant or post any bond or furnish any security or indemnity as the Administrative
Agent, in its sole discretion, may elect. In settling, compromising or arranging for the discharge
of any Liens under this subsection, the Administrative Agent shall not be required to establish or
confirm the validity or amount of the Lien. The Borrower agrees that all costs and expenses
expended or otherwise incurred pursuant to this subsection 6.9 (including reasonable attorneys’
fees and disbursements) by the Administrative Agent shall be paid by the Borrower in accordance
with the terms hereof.

 

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6.10 Further Assurances.

A. Assurances. Without expense or cost to the Administrative Agent, the Collateral
Agent, or the Lenders, the Borrower shall, and shall cause each other Loan Party to, from time to
time hereafter, execute, acknowledge, file, record, do and deliver all and any further acts, deeds,
conveyances, mortgages, deeds to secure debt, security agreements, hypothecations, pledges,
charges, assignments, financing statements and continuations thereof, notices of assignment,
transfers, certificates, assurances and other instruments as the Administrative Agent or the
Collateral Agent may from time to time reasonably require in order to carry out more effectively
the purposes of this Agreement or the other Loan Documents, including to subject any items of
Collateral, intended to now or hereafter be covered, to the Liens created by the Collateral
Documents, to perfect and maintain such Liens (including the priority thereof), and to assure,
convey, assign, transfer and confirm unto the Collateral Agent the property and rights hereby
conveyed and assigned or intended to now or hereafter be conveyed or assigned or which any Loan
Party may be or may hereafter become bound to convey or to assign to the Administrative Agent or
the Collateral Agent or for carrying out the intention of or facilitating the performance of the
terms of this Agreement, or any other Loan Documents or for filing, registering or recording this
Agreement or any other Loan Documents or to clarify or confirm any documents delivered or required
to be delivered hereunder or thereunder. Promptly upon a reasonable request Borrower shall, and
shall cause each other Loan Party to, execute and deliver, and hereby authorizes the Collateral
Agent to execute and file in the name of such Loan Party, to the extent the Collateral Agent may
lawfully do so, one or more financing statements, chattel mortgages or comparable security
instruments to evidence more effectively the Liens of the Collateral Documents upon the Collateral.
In addition, promptly upon the creation of any new corporate enterprise of any Loan Party, the
applicable Floating Charge shall be registered with the Macau Companies Registry with regard to
such new corporate enterprise.

B. Filing and Recording Obligations. The Borrower shall pay or cause to be paid all
filing, registration and recording fees and all expenses incident to the execution and
acknowledgment of or enforcement under any Loan Document, including any instrument of further
assurance described in subsection 6.10A, and shall pay or cause to be paid all mortgage recording
taxes, transfer taxes, general intangibles taxes and governmental stamp and other taxes, duties,
imposts, assessments and charges arising out of or in connection with the execution, delivery,
filing, recording or registration of or enforcement under any Collateral Document or any other Loan
Document or the Assignment of Reinsurances, or any leases or subleases entered into in connection
with the Project (except to the extent already recorded) or memoranda thereof, including any
instrument of further assurance described in subsection 6.10A, or by reason of its interest in, or
measured by amounts payable under, the Notes, any Collateral Document or any other Loan Document or
the Assignment of Reinsurances, including any instrument of further assurance described in
subsection 6.10A, and shall pay all stamp taxes and other taxes required to be paid on the Notes or
any other Loan Document or the Assignment of Reinsurances, but excluding in the case of each Lender
and the Administrative Agent, Taxes imposed on its income by a jurisdiction under the laws of which
it is organized or in which its principal executive office is located or in which its applicable
lender office for funding or booking its Loans hereunder is located. If Borrower fails to make or
cause to be made any of the payments described in the preceding sentence within 15 days after
notice thereof from the Administrative Agent (or such shorter period as is necessary to protect the
loss of or diminution in value of any Collateral by reason of tax foreclosure or otherwise, as
determined by the Administrative Agent, in its sole discretion) accompanied by documentation
verifying the nature and amount of such payments, the Administrative Agent may (but shall not be
obligated to) pay the amount due and the Borrower shall reimburse all amounts in accordance with
the terms hereof.

 

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C. Costs of Defending and Upholding the Lien. The Administrative Agent or the
Collateral Agent may, upon at least five days’ prior notice to the Borrower, (i) appear in and
defend any action or proceeding, in the name and on behalf of the Administrative Agent, the
Collateral Agent or the Lenders in which the Administrative Agent, the Collateral Agent or any
Lender is named or which the Administrative Agent in its sole discretion determines is reasonably
likely to materially adversely affect any Collateral, any Collateral Document, the Lien thereof or
any other Loan Document and (ii) institute any action or proceeding which the Administrative Agent
or the Collateral Agent reasonably determines should be instituted to protect the interest or
rights of the Collateral Agent and the Lenders in any Collateral or under any Loan Document. The
Borrower agrees that all reasonable costs and expenses expended or otherwise incurred pursuant to
this subsection (including reasonable attorneys’ fees and disbursements) by the Administrative
Agent or the Collateral Agent shall be paid by the Borrower or reimbursed to the Administrative
Agent or the Collateral Agent, as the case may be, promptly after demand.

D. Costs of Enforcement. The Borrower agrees to bear and shall pay or reimburse the
Administrative Agent, the Collateral Agent and the Lenders in accordance with the terms of
subsection 10.2 for all sums, costs and expenses incurred by the Administrative Agent or the
Collateral Agent and the Lenders (including reasonable attorneys’ fees and the expenses and fees of
any receiver or similar official) of or incidental to the collection of any of the Obligations, any
foreclosure (or transfer in lieu of foreclosure) of this Agreement, any Collateral Document or any
other Loan Document or the Assignment of Reinsurances or any sale of all or any portion of the
Collateral.

E. Acknowledgements of Security. To the extent any acknowledgements referred to in
subsection 4.1B(vi)(g) are not obtained on or before the Initial Borrowing Date the Borrower shall
use commercially reasonable efforts to procure such acknowledgements and deliver same to the
Collateral Agent as promptly as reasonably practicable following the Initial Borrowing Date.

6.11 Future Subsidiaries or Restricted Subsidiaries.

A. Execution of Guaranty and Collateral Documents. In the event that on or after the
Closing Date any Person becomes a Subsidiary of the Borrower, the Borrower will promptly notify
Administrative Agent of that fact (provided that if such Person is a Subsidiary of an
Excluded Subsidiary, then the Borrower is required to notify the Administrative Agent of such fact
as follows: (a) if such fact occurs during any of the first three calendar quarters of any given
year, within 45 days of the close of the calendar quarter during which such fact occurs; or (b) if
such fact occurs during the last calendar quarter of any given year, within 90 days of the close of
such calendar quarter), and (i) in such event (provided such Subsidiary is not an Excluded
Subsidiary) or (ii) in the event that any Excluded Subsidiary becomes a Restricted Subsidiary
pursuant to subsection 6.11C, the Borrower will cause such Restricted Subsidiary, promptly upon
such designation (a) to execute and deliver to the Collateral Agent a supplement to the Guaranty,
the Security Agreement, the Livranças, and the Livrança Side Letter, (b) to execute and deliver to
the Collateral Agent an Assignment of Rights, a Macau Collateral Account Agreement, an Assignment
of Insurances, a Pledge Over Intellectual Property Rights (if such Person is organized under the
laws of Macau SAR) and a Power of Attorney, and if such new Restricted Subsidiary has any interests
in real property, a Mortgage, in each case, filed with the
Macau Gaming Authority, notarized, stamped and in appropriate form for filing with the
government of Macau SAR if applicable, (c) to deliver an Assignment of Reinsurances from each
insurer of such Person, (d) execute and deliver to the Administrative Agent a joinder to the
Depository Agreement, and (e) to take all such further actions and execute all such further
documents and instruments as may be necessary or, in the reasonable opinion of the Administrative
Agent, desirable to create in favor of the Collateral Agent, for the benefit of the Secured
Parties, a valid and perfected First Priority Lien on all of the assets of such Restricted
Subsidiary which constitute Collateral.

 

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B. Subsidiary Charter Documents, Legal Opinions, Etc. In the case of any new
Restricted Subsidiary being acquired, formed, or designated pursuant to subsection 6.11A, the
Borrower shall deliver to the Administrative Agent, together with such Loan Documents,
(i) certified copies of such new Restricted Subsidiary’s Organizational Documents, together with a
good standing certificate or foreign law equivalent, if any, from the jurisdiction of its
incorporation or formation (as applicable) and, to the extent generally available, a certificate or
other evidence of good standing as to payment of any applicable franchise or similar taxes from the
appropriate taxing authority of such jurisdiction, or, in the case of each Macau corporation, a
commercial certificate issued by the Companies Register Bureau of Macau SAR (such commercial
certificates (together with an English translation) confirming that such Person exists and is
operating and that no bankruptcy or other proceedings customarily covered by such certificate have
been filed against such Person, each to be dated a recent date prior to their delivery to the
Administrative Agent); (ii) a copy of such new Restricted Subsidiary’s Bylaws or limited liability
company agreement, as applicable, (or, in the case of a Macau entity, any usufruct agreements, if
applicable) certified by its corporate secretary or an assistant secretary (or their equivalent) as
of a recent date prior to their delivery to the Administrative Agent; (iii) a certificate executed
by the secretary or an assistant secretary of such new Restricted Subsidiary as to (a) the fact
that the attached resolutions of the Board of Directors or managing member of such new Restricted
Subsidiary approving and authorizing the execution, delivery and performance of such Loan Documents
are in full force and effect and have not been modified or amended and (b) the incumbency and
signatures of the officers of such new Restricted Subsidiary executing such Loan Documents; and
(iv) an opinion of counsel to such new Restricted Subsidiary, in form and substance reasonably
satisfactory to the Administrative Agent and its counsel, as to (a) the due organization and, to
the extent available, good standing of such new Restricted Subsidiary, (b) the due authorization,
execution and delivery by such new Restricted Subsidiary of such Loan Documents, (c) the
enforceability of such Loan Documents against such new Restricted Subsidiary, (d) such other
matters (including matters relating to the creation and perfection of Liens in any Collateral
pursuant to such Loan Documents) as the Administrative Agent may reasonably request, all of the
foregoing to be reasonably satisfactory in form and substance to the Administrative Agent and its
counsel.

C. Designation of Excluded Subsidiaries as Restricted Subsidiaries. The Borrower may
designate (by providing written notice of such designation to the Administrative Agent) any
Excluded Subsidiary to be a Restricted Subsidiary under this Agreement; provided that
(i) no Potential Event of Default or Event of Default has occurred or would occur as a result of
such designation, (ii) all requirements of subsections 6.11A and 6.11B are met, (iii) the
requirement of subsection 5.19 would be satisfied after giving effect to such designation,
(iv) such designation could not reasonably be expected to cause a Material Adverse Effect to occur,
(v) prior to such
designation, the Administrative Agent has been afforded a reasonable opportunity to review
(a) any shareholder agreements or similar instruments relating to such Excluded Subsidiary (in the
event such Excluded Subsidiary is not wholly-owned) and is reasonably satisfied with the rights
held by any minority shareholder therein, and (b) any management agreements or similar arrangements
relating to such Excluded Subsidiary and related non-disturbance agreements with the hotel
management company party thereto, and is reasonably satisfied with the terms of such arrangements
(the Administrative Agent hereby agreeing that it will execute and deliver such satisfactory
non-disturbance agreements), including that such agreements shall be in full force and effect with
no material defaults thereunder, (vi) there shall be no Liens on any assets of such Excluded
Subsidiary that would not constitute Permitted Liens upon its designation as a Restricted
Subsidiary, and (vii) such Excluded Subsidiary shall have no Indebtedness as of the date of such
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6.12 FF&E.

A. Deposit Reimbursements. No later than the tenth Business Day following the date of
receipt by the Borrower of any proceeds from loans under the relevant FF&E Facility in respect of
Specified FF&E for which the Lenders have made an FF&E Deposit Loan, the Borrower will cause an
amount of such proceeds equivalent to the principal amount of such FF&E Deposit Loan to be
deposited into the Project Loans Disbursement Account.

B. Timely FF&E Drawings. The Borrower covenants and agrees to use commercially
reasonable efforts to make draws from time to time on the relevant FF&E Facility as soon as
reasonably practicable thereunder to purchase, finance or refinance any Specified FF&E for which
the Borrower has made FF&E Deposit Loans. The Borrower further agrees that prior to repaying an
FF&E Deposit Loan, it will use commercially reasonable efforts to maintain the eligibility of the
Specified FF&E for which the Borrower has made FF&E Deposit Loans as collateral under the relevant
FF&E Facility, if any.

6.13 Interest Rate Protection.

No later than 120 days following the Closing Date the Borrower shall enter into one or more
Rate/FX Protection Agreements, each for a term ending on or after the third anniversary of the
Initial Borrowing Date and otherwise in form and substance reasonably satisfactory to the
Co-Syndication Agents and the Administrative Agent with respect to an aggregate notional amount of
not less than 50% of the aggregate outstanding principal amount of TLF I Loans and TLF II Loans.

6.14 Deposits of Revenues and Other Amounts.

The Borrower shall promptly deposit into an Operating Account upon receipt thereof (including
upon receipt by the Borrower pursuant to the Gaming Contract with respect to operating revenues,
Net Loss Proceeds, Net Termination Proceeds and Net Sale Proceeds relating to the Casino
Facilities): (a) all operating revenues received unless required by subsection 6.26B to deposit
such revenue in the Borrower Equity Account, (b) all Net Loss Proceeds received until such time as
such Net Loss Proceeds are applied as required by
subsection 2.4B(iii)(b), unless required by subsection 6.4C to be deposited in the Net Loss
Proceeds Sub-Account, (c) all Net Termination Proceeds received until such time as such Net
Termination Proceeds are applied as required by subsection 2.4B(iii)(c), (d) all Net Asset Sale
Proceeds received until such time as such Net Asset Sale Proceeds are applied as required by
subsection 2.4B(iii)(a), unless required by Section 2.2.1 of the Depository Agreement to be
deposited in the Asset Sales Proceeds Sub-Account or by Section 2.3.8 of the Depository Agreement
to be deposited in the Sales Deposit Account, and (e) all Completion Proceeds received pursuant to
subsection 2.4B(iii)(f).

 

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6.15 Diligent Construction.

A. The Borrower shall take or cause to be taken all action, make or cause to be made all
contracts, pay all Project Costs and do or cause to be done all things necessary to construct the
Project diligently in accordance with the Plans and Specifications for the Project, the Loan
Documents and the Land Concession Contract.

B. The Borrower shall use all commercially reasonable efforts to cause the Completion Date of
each Active Phase to occur no later than the Anticipated Completion Date for such Phase.

6.16 Plans and Specifications. The Borrower shall provide to the Administrative Agent
and the Construction Consultant copies of, and maintain at the Site, a complete set of, Plans and
Specifications, as in effect from time to time.

6.17 Construction Consultant. The Borrower shall:

A. Cooperate with the Construction Consultant in the performance of the Construction
Consultant’s duties hereunder and under the Construction Consultant Engagement Agreement. Without
limiting the generality of the foregoing, the Borrower shall take reasonable steps (i) to cause
each Contractor to communicate with and promptly provide all invoices, documents, plans and other
information reasonably requested by the Construction Consultant, (ii) authorize the Contractors and
the Subcontractors to communicate directly with the Construction Consultant regarding the progress
of the work, (iii) provide the Construction Consultant with access to the Site and, subject to
required safety precautions, the construction areas, (iv) provide the Construction Consultant with
reasonable working space and access to telephone, copying and telecopying equipment at the Site,
and (v) otherwise facilitate the Construction Consultant’s review of the construction of the
Projects, the deliverables required hereunder, and the preparation of the certificates required
hereby.

B. Pay or cause to be paid to the Construction Consultant out of the Advances made hereunder
all amounts required hereunder and under the Construction Consultant Engagement Agreement.

C. In addition to any other consultation required hereunder, following the end of each
quarter, upon the reasonable request of the Administrative Agent, consult with any such Person
regarding any adverse event or condition identified in any report prepared by the Construction
Consultant.

D. Deliver to the Construction Consultant, no less than every calendar month, an Anticipated
Cost Report (including any updates to the FF&E Component), as in effect from time to time.

 

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6.18 Construction within Lot Lines. Other than with respect to any immaterial portion
of the Project that is inadvertently constructed outside the Site, the Borrower shall construct or
cause to be constructed the Project within the Site.

6.19 Compliance with Material Contracts. The Borrower shall comply duly and promptly,
in all material respects, with its obligations, and enforce all of its respective rights, under all
Material Contracts, except where the failure to comply or enforce such rights, as the case may be,
could not reasonably be expected to have a Material Adverse Effect.

6.20 Utility Easement Modifications. The Borrower shall immediately commence and
diligently proceed to cause all utility or other easements that would materially interfere with the
construction or maintenance of the Improvements within any Active Phase to be removed as
expeditiously as possible. In any event, the Borrower shall remove such easements before they
interfere in any material respect with the prosecution of the work involved with any Active Phase.

6.21 Project Sources and Uses Schedule.

A. Commencing with the last day of the month in which the three-month anniversary of the
Closing Date occurs and every three months thereafter, the Borrower shall compare (a) to the extent
applicable, the projected Free Cash Flow shown on the Project Sources and Uses Schedule for such
three-month period to the actual Free Cash Flow generated by the Project included in the Project
Sources and Uses Schedule during such three-month period, (b) the projected Anticipated Monthly
Project Costs for each Active Phase shown on the Project Sources and Uses Schedule to the actual
aggregate amount of Project Costs paid for each Active Phase during such three-month period,
(c) the then projected amount of Project Costs to be expended in any future month to the amount of
Project Costs anticipated to be expended during such month as shown on the Project Sources and Uses
Schedule; and (d) to the extent applicable, the projected aggregate amount of the Consolidated
Excess Cash Flow shown on the Project Sources and Uses Schedule as to be applied to the mandatory
prepayment of the Loans pursuant to subsection 2.4B(iii)(h) to the actual aggregate amount of the
Consolidated Excess Cash Flow applied to the mandatory prepayment of the Loans pursuant to
subsection 2.4B(iii)(h) during such three-month period; and (e) the then projected aggregate amount
of the Consolidated Excess Cash Flow anticipated to be applied in any future month to the mandatory
prepayment of the Loans pursuant to subsection 2.4B(iii)(h) through and including the anticipated
Project Final Completion Date to the aggregate amount of the Consolidated Excess Cash Flow
anticipated to be applied in each such month to the mandatory prepayment of the Loans pursuant to
subsection 2.4B(iii)(h) as shown on the Project Sources and Uses Schedule to the extent applicable.
In the event that (i) the actual aggregate amount of Free Cash Flow generated by the Projects
included on the Project Sources and Uses Schedule during such three-month period is less than the
projected Free Cash Flow shown on the Project Sources and Uses Schedule during such three-month
period or (ii) the actual aggregate amount of Project Costs incurred by the Loan Parties through
such

 

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date are more than the aggregate projected Anticipated Monthly Project Costs set forth in the Project Sources and Uses Schedule or (iii) Project Costs
anticipated to be paid in any future month are more than the projected Anticipated Monthly Project
Costs for such month as reasonably confirmed by the Construction Consultant or (iv) the actual
aggregate amount of the Consolidated Excess Cash Flow applied to the mandatory prepayment of the
Loans pursuant to subsection 2.4B(iii)(h) is greater than the projected aggregate amount of the
Consolidated Excess Cash Flow shown on the Project Sources and Uses Schedule as to be applied to
the mandatory prepayment of the Loans pursuant to Section 2.4B(iii)(h) during such three-month
period or (v) the then projected aggregate amount of the Consolidated Excess Cash Flow anticipated
to be applied in any future month to the mandatory prepayment of the Loans pursuant to
subsection 2.4B(iii)(h) through and including the anticipated Project Final Completion Date is
greater than the aggregate amount of the Consolidated Excess Cash Flow anticipated to be applied in
each such month to the mandatory prepayment of the Loans pursuant to subsection 2.4B(iii)(h) as
shown on the Project Sources and Uses Schedule (in each case for clause (i), (ii), (iii), (iv) or
(v), except for de minimis amounts), then the Borrower shall revise the Project Sources and Uses
Schedule within 45 days after the Borrower’s determination of such shortfall or excess (x) to
reflect such actual Free Cash Flow or Project Costs or mandatory prepayments and (y) to reflect the
projected Free Cash Flow or Anticipated Monthly Project Costs or mandatory prepayments that are, at
such time, prepared in good faith and based upon reasonable assumptions and that are reasonably
satisfactory to the Administrative Agent in consultation with the Construction Consultant. After
such 45-day period but only until such time as the Project Sources and Uses Schedule has been
revised to the reasonable satisfaction of the Administrative Agent, the Projected Free Cash Flow
Credit Amount shall not be included in the definition of the “Available Funds” or for the purposes
of determining whether the Borrower is In Balance. The Borrower shall be required to amend the
Project Sources and Uses Schedule from time to time in accordance with clauses (x) and (y) above,
and the Borrower shall, with the reasonable consent of the Administrative Agent, be permitted to
amend such schedule, upon obtaining knowledge of any material misstatement or omission therein
(including with respect to the timing of Advances thereunder) or in the event (i) the projected
aggregate amount of Project Costs reasonably anticipated to be paid for each Active Phase during
any month are less than the Anticipated Monthly Project Costs set forth on the Project Sources and
Uses Schedule for such month; (ii) the Free Cash Flow reasonably anticipated to be generated by the
Project included on the Project Sources and Uses Schedule during any month is greater than the
projected Free Cash Flow shown on the Project Sources and Uses Schedule for such month; or (iii)
the projected aggregate amount of the Consolidated Excess Cash Flow anticipated to be paid during
any month to the mandatory prepayment of the Loans pursuant to subsection 2.4B(iii)(h) is less than
the projected aggregate amount of the Consolidated Excess Cash Flow shown on the Project Sources
and Uses Schedule for such month.

B. Within thirty (30) calendar days after any Event of Loss relating to any Phase, the
Borrower shall revise the Project Sources and Uses Schedule to reflect (a) if the Free Cash Flow
generated by such Phase is then included on the Project Sources and Uses Schedule, the anticipated
Free Cash Flow to be generated by such Phase after taking into consideration such Event of Loss,
and (b) all Project Costs anticipated to be paid in any future month for such Phase, as reasonably
confirmed by the Construction Consultant, which updated Project Sources and Uses Schedule shall be
reasonably satisfactory to the Administrative Agent. After such thirty (30) Day period and until
such time as the Project Sources and Uses Schedule has been revised to the reasonable satisfaction
of the Administrative Agent, the Projected Free Cash Flow
Credit Amount shall be calculated without giving effect to any revenues related to such Phase,
which revenues shall not be counted for the purposes of determining whether the Borrower is In
Balance.

 

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6.22 Payment and Performance Bonds; Retainage. The Borrower shall:

A. Cause each Contractor to provide a Payment and Performance Bond in an amount equal to ten
percent (10%) of the contract price (or expected aggregate amount to be paid in the case of
“cost-plus” contracts) to secure its obligations under each Construction Contract relating to an
Active Phase (but excluding all adjustments to the contract price or expected aggregate amount on
account of change orders) (in each case, excluding (A) any Contractor providing and/or installing
Eligible FF&E; (B) any Contractor party to a Construction Contract with a contract price (or
expected aggregate amount to be paid in the case of “cost-plus” contracts) of less than $5,000,000
(but excluding all adjustments to the contract price or expected aggregate amount on account of
change orders); (C) any Contractor providing engineering, design, advisory or consulting services;
(D) any Contractor who has withheld from its payments at least twenty percent (20%) of each payment
until such time as the amount retained shall equal ten percent (10%) of the contract value
(provided that, for the purposes of determining such contract value, no adjustments shall be made
on account of change orders); and (E) any Contractor providing a parent guaranty or alternative
credit support reasonably approved by the Administrative Agent, and any other Contractor reasonably
approved by Administrative Agent (in consultant with the Construction Consultant)), within the
later of: (i) fifteen (15) days after execution of such Construction Contract (or sixty (60) days,
if such agreement is initially evidenced by a letter of acceptance and such Payment and Performance
Bond is to be issued by a Macau bank) and (ii) the date construction activity by such Contractor
with respect to such Active Phase commences. Each such Payment and Performance Bond shall name the
Collateral Agent as additional obligee (or shall give the Collateral Agent rights and protections
substantially equivalent to being an additional obligee) and shall be in form and substance
reasonably acceptable to the Administrative Agent (acting in consultation with the Construction
Consultant); provided that any Payment and Performance Bond in an aggregate amount of less
than $30,000,000 shall not be required to name the Collateral Agent as additional obligee (or give
the Collateral Agent such rights and protections). Promptly after receipt thereof, deliver the
originals of each such Payment and Performance Bond to the Collateral Agent, with a copy to the
Administrative Agent and the Construction Consultant;

B. Withhold from each Contractor (in each case, excluding any Contractor providing and/or
installing Eligible FF&E; any Contractor party to a Construction Contract with a contract price (or
expected aggregate amount to be paid in the case of “cost-plus” contracts) of less than $1,000,000;
any Contractor providing engineering, design, advisory or consulting services; and any other
Contractor reasonably approved by Administrative Agent (in consultant with the Construction
Consultant)), a retainage equal to at least ten (10%) percent of each payment made to such
Contractor pursuant to its respective Construction Contract until such time as the amount retained
shall equal five (5.0%) percent of the contract value (without making any adjustments to the
contract value on account of change orders); provided, however, that at such time as the applicable
Contractor shall have substantially completed the work under its respective Construction Contract
then the retainage withheld may be further reduced from five (5%) percent to two and one half
(2.5%) percent of the contract value (provided that, for the purposes of
determining such contract value, no adjustments shall be made on account of change orders);
provided, still, further that at such time as the warranty period applicable to the work under the
respective Construction Contract shall have expired, then the retainage withheld may be reduced
from two and one half (2.5%) percent to zero (0%) percent of the contract value, (without taking
into account change orders, if any). For the avoidance of doubt, the parties acknowledge that
retainage amounts withheld under subsection 6.22A in lieu of a Payment and Performance Bond shall
count for purposes of determining whether the retainage requirements of this subsection have been
met.

 

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6.23 Updates to Schedules.

A. Permit Schedule. Schedule 4.1B(xii)(g) shall be updated from time to time
by the Borrower in response to changes in Legal Requirements and as otherwise reasonably requested
by the Administrative Agent or Construction Consultant. Each update shall be effective upon the
delivery of the revised, updated Schedule 4.1B(xii)(g) to the Administrative Agent and the
Construction Consultant.

B. Material Construction Contracts Schedule. Schedule 5.8 shall be updated by
the Borrower as a condition precedent to the commencement of Phase 2, and such update shall be
effective concurrently with the commencement of Phase 2.

6.24 Definitive Registration of Land Concession Contract. Within 180 days after the
Final Project Completion Date, the Borrower shall cause the definitive registration with the Macau
Land and Building Registration Department for the Land Concession Contract; provided that,
if any destruction or damage to any material portion of the Project shall occur after the Final
Project Completion Date, then the 180 day time period may be extended by the number of days
reasonably necessary for the Borrower to repair or replace the relevant Project, as certified by
the Borrower and confirmed by the Construction Consultant.

6.25 Final Gaming Authorization and Categorization. With respect to any Active Phase
containing a gaming area or casino, the Borrower shall (or shall cause the Company to) obtain final
authorization and categorization from Macau SAR of such gaming area or casino as an area in which
operation of casino games of chance or other forms of gaming may be carried out in accordance with
Article 9 of the Gaming Sub-Concession Contract as soon as reasonably practicable (but in no event
later than 30 days after the Occupancy Certificate is issued with respect to such Active Phase
containing a gaming area or casino).

6.26 In Balance Deposits.

A. At such times, if ever, as the Borrower shall not be In Balance, either: deposit or cause
to be deposited in the Borrower Equity Account or, at the Borrower’s election but subject to the
maximum amount permitted to be deposited therein pursuant to the Depository Agreement, the
Supplemental Equity Contribution Account, in cash, funds in an amount that would cause the Borrower
to be In Balance.

B. Within thirty (30) days after the end of each calendar month until the later of (i) the
Substantial Operations Date and (ii) the Free Cash Flow Contribution Termination Date, the Borrower
shall deposit or cause to be deposited in the Borrower Equity Account, in cash, the
Free Cash Flow Monthly Contribution Amount for such month. For the avoidance of doubt, the
Borrower agrees that, from time to time, if the conditions to the Free Cash Flow Termination Date
are not then satisfied, then the provisions of this subsection 6.26(B) shall require the Borrower
to continue to deposit or cause to be deposited in the Borrower Equity Account, in cash, the Free
Cash Flow Monthly Contribution Amount until such time as the Borrower has again satisfied the
conditions in clause (i) and clause (ii) above (including the Remaining Costs and the Required
Minimum Contingency in the calculations).

 

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Section 7. Borrower’s Negative Covenants.

The Borrower covenants and agrees with each Lender and each Agent that until the Termination
Date, the Borrower shall (and the Borrower shall cause the other Loan Parties to) perform all of
the covenants set forth in this Section 7.

7.1 Indebtedness.

The Borrower shall not, and shall not permit any other Loan Party to create, incur, assume or
guaranty, or otherwise become or remain directly or indirectly liable with respect to, any
Indebtedness, except:

(i) Indebtedness in respect of the Obligations;

(ii) Indebtedness existing on the Closing Date and set forth on Schedule 7.1;

(iii) Permitted Unsecured Indebtedness up to an aggregate principal amount outstanding
of $50,000,000;

(iv) Contingent Obligations permitted by subsection 7.4 and upon any matured
obligations actually arising pursuant thereto, the Indebtedness corresponding to the
Contingent Obligations so extinguished;

(v) Indebtedness owed to any Loan Party; provided that all such intercompany
Indebtedness shall be subordinated in right of payment to the payment in full of the
Obligations pursuant to the terms of a promissory note in form and substance reasonably
satisfactory to the Administrative Agent and an intercompany subordination agreement in form
and substance reasonably satisfactory to the Collateral Agent;

(vi) Indebtedness owed by any Loan Party to another Loan Party constituting an
Investment permitted under subsection 7.3; provided such Indebtedness is evidenced by a
promissory note in form and substance reasonably satisfactory to the Administrative Agent
and an intercompany subordination agreement in form and substance reasonably satisfactory to
the Collateral Agent;

(vii) Shareholder Subordinated Indebtedness (including any such Indebtedness incurred
for purposes of contributing to Consolidated Adjusted EBITDA as contemplated by the
definition of Consolidated Adjusted EBITDA);

 

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(viii) to the extent that such incurrence does not result in the incurrence by any Loan
Party of any obligation for the payment of borrowed money of others, Indebtedness of a Loan
Party incurred solely in respect of (x) performance bonds, completion guarantees, standby
letters of credit or bankers’ acceptances, letters of credit in order to provide security
for workers’ compensation claims, payment obligations in connection with self insurance or
similar requirements, surety and similar bonds and statutory claims of lessors, licensees,
contractors, franchisees or customers, and (y) bonds securing the performance of judgments
or a stay of process in proceedings to enforce a contested liability or in connection with
any order or decree in any legal proceeding; provided that such Indebtedness
described in clause (x) was incurred in the ordinary course of business of the Loan Parties
and all such Indebtedness pursuant to this subsection 7.1(viii) does not exceed in an
aggregate principal amount outstanding under this clause at any one time $125,000,000;
provided that such amount shall be reduced to $75,000,000 after the Project Final
Completion Date;

(ix) the incurrence by any Loan Party of Indebtedness (which may include Capital Lease
obligations, mortgage financings or purchase money obligations), in each case incurred for
the purpose of financing or refinancing all or any part of the purchase price or cost of
construction, installation and/or improvement of property, plant or equipment used in the
business of the Loan Parties or the construction, installation, purchase or lease of real or
personal property or equipment (including Specified FF&E) (including any refinancings
thereof), in an aggregate principal amount not to exceed, at any time outstanding,
$50,000,000 plus any Refinancing Fees;

(x) Indebtedness arising from any agreement entered into by any Loan Party providing
for indemnification, purchase price adjustment or similar obligations, in each case,
incurred or assumed in connection with an Asset Sale permitted pursuant to subsection 7.7;

(xi) to the extent constituting Indebtedness, the contractual payments required to be
made from time to time to Macau SAR under the Land Concession Contract and Indebtedness
associated with any guarantees of such payments;

(xii) to the extent it constitutes Indebtedness, obligations under Hedging Agreements
that are incurred (a) with respect to any Indebtedness that is permitted by the terms of
this Agreement to be outstanding, (b) for the purpose of fixing or hedging currency exchange
rate risk with respect to any currency exchanges and not for speculative purposes, or
(c) for the purpose of fixing or hedging commodities risk in connection with commodities to
which a Loan Party has actual exposure in connection with Project Costs and not for
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(xiii) the incurrence by any Loan Party, at any time after the Substantial Operations
Date, of Permitted Subordinated Indebtedness; provided that to the extent that such
Permitted Subordinated Indebtedness is incurred prior to March 31, 2013, 10% of the proceeds
therefrom shall be used to prepay the Loans in accordance with subsection 2.4B(i) on or
before the Interest Payment Date next succeeding the date that such Loan Party receives such
proceeds; provided further that the Borrower or such Loan Party uses
the proceeds of such Indebtedness to (a) finance Investments permitted hereunder (other
than Investments in Excluded Subsidiaries), (b) purchase assets constituting Collateral
under the Loan Documents or (c) to repay the Loans; provided further that
interest in respect of such Permitted Subordinated Indebtedness shall be at market rates for
similar Indebtedness prevailing at the time of the incurrence of such Permitted Subordinated
Indebtedness as determined by the Borrower in good faith;

(xiv) Indebtedness represented by FF&E Facilities entered into pursuant to the terms
hereof, which may include HVAC-related Indebtedness (and Contingent Obligations in respect
thereof) in an aggregate principal amount not to exceed $200,000,000 at any time outstanding
(plus any Refinancing Fees), reduced by any permanent repayments of principal made thereon
(except in connection with a refinancing thereof);

(xv) the Borrower may from time to time issue senior unsecured notes or senior notes
secured by any Lien on the Collateral, and the Guarantors may issue unsecured guarantees
thereof or guarantees thereof secured by a secured Lien on the Collateral; provided
that (i) the aggregate principal amount of notes issued pursuant to this subsection 7.1(xv),
together with secured Indebtedness incurred pursuant to subsection 7.1(xvi), the New
Revolving Loan Commitments and the New Term Loan Commitments, does not exceed $500,000,000
in the aggregate at any time outstanding, (ii) the maturity date of and the date any
scheduled installment of principal is due on such notes issued pursuant to this
subsection 7.1(xv), shall not be prior to the latest Maturity Date of any Loan at the time
of issuance of such notes, (iii) after giving pro forma effect to any such issuance, the
Consolidated Leverage Ratio is not greater than 3.0:1.0 and (iv) the proceeds of notes
issued pursuant to this subsection 7.1(xv) shall be used solely to pay for costs incurred in
connection with Phase 3 and reasonable and customary transaction fees and expenses related
to the issuance of such notes. Any holder of Indebtedness incurred pursuant to this
subsection 7.1(xv) may accede to the Collateral Agency Agreement; provided that, the
parties to the Collateral Agency Agreement may agree to minor and immaterial amendments to
the Collateral Agency Agreement to accommodate any such holder of Indebtedness;
provided further that in the event that any such holder of Indebtedness does
not agree to acceding to the Collateral Agency Agreement, the Collateral Agent may enter
into a material amendment to the Collateral Agency Agreement or enter into another
intercreditor agreement in customary form under then current market conditions, in each case
in form and substance reasonably satisfactory to the Requisite Lenders. In addition, the
Collateral Agent is hereby authorized and directed to enter into any intercreditor agreement
in customary form under then current market conditions and reasonably satisfactory to the
Requisite Lenders and any amendments to the Collateral Documents as may be reasonably
requested by the Borrower in order to facilitate such an issuance of second priority secured
notes, which execution and delivery shall be conditioned upon receipt of the Collateral
Agent of such certifications, opinions of counsel and other confirmations as the Collateral
Agent may reasonably request;

 

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(xvi) the Borrower may issue from time to time, and the Guarantors may guarantee,
senior secured or unsecured notes (“Permitted Bonds”) that rank pari passu
with the Loans (“Permitted Bond Issuance”); provided that: (i) the maturity
date of and the date any scheduled installment of principal is due on such Permitted Bonds
shall not be prior to the latest Maturity Date of any Loan at the time of issuance of such
Permitted Bonds, (ii) after giving pro forma effect to any such issuance, the Consolidated
Leverage Ratio is not greater than 3.0:1.0, (iii) the aggregate principal amount of secured
Permitted Bonds issued pursuant to all such Permitted Bond Issuances, together with secured
Indebtedness incurred pursuant to subsection 7.1(xv), the New Revolving Loan Commitments and
the New Term Loan Commitments, does not exceed $500,000,000 in the aggregate at any time
outstanding and (iv) the proceeds of Permitted Bonds issued pursuant to this subsection
7.1(xvi) shall be used solely to pay for costs incurred in connection with Phase 3 and
reasonable and customary transaction fees and expenses related to such Permitted Bond
Issuance. Any holder of Indebtedness incurred pursuant to this subsection 7.1(xvi) shall
accede to the Collateral Agency Agreement; provided that, the parties to the
Collateral Agency Agreement may agree to minor and immaterial amendments to the Collateral
Agency Agreement to accommodate any such holder of Indebtedness; provided
further that in the event that any such holder of Indebtedness does not agree to
acceding to the Collateral Agency Agreement, the Collateral Agent may enter into a material
amendment to the Collateral Agency Agreement or enter into another intercreditor agreement
in customary form under then current market conditions, in each case in form and substance
reasonably satisfactory to the Requisite Lenders. In addition, the Collateral Agent is
hereby authorized and directed to enter into any amendments to the Collateral Documents as
may be reasonably requested by the Borrower in order to facilitate such an issuance of
Permitted Bonds, which execution and delivery shall be conditioned upon receipt of the
Collateral Agent of such certifications, opinions of counsel and other confirmations as the
Collateral Agent may reasonably request; and

(xvii) the Borrower may from time to time incur Indebtedness for obligations of the
Borrower at any time outstanding under the Gaming Facilities Agreement (including account
payables to the Company pursuant to and in accordance with the Gaming Facilities Agreement)
to the extent such obligations constitute Indebtedness.

7.2 Liens and Related Matters.

A. Prohibition on Liens. The Borrower shall not, and the Borrower shall not permit
any other Loan Party to create, incur, assume or permit to exist any Lien on or with respect to any
property or asset of any kind (including any document or instrument in respect of goods or accounts
receivable) of the Borrower or any Loan Party, whether now owned or hereafter acquired, or any
income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any
financing statement or other similar notice of any Lien with respect to any such property, asset,
income or profits under the Uniform Commercial Code of any state or under any similar recording or
notice statute under any local or foreign law, except Permitted Liens.

B. Equitable Lien in Favor of Lenders. If a Loan Party shall create or assume any
Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than
Permitted Liens, such Loan Party shall make or cause to be made effective provision whereby the
Obligations will be secured by such Lien equally and ratably with any and all other
Indebtedness secured thereby as long as any such Indebtedness shall be so secured;
provided that, notwithstanding the foregoing, this covenant shall not be construed as a
consent by Requisite Lenders to the creation or assumption of any such Lien which is not a
Permitted Lien.

 

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C. No Further Negative Pledges. Except with respect to specific property encumbered
to secure payment of particular permitted Indebtedness or leases or to be sold pursuant to an
executed agreement with respect to an Asset Sale, no Loan Party shall enter into any agreement
prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether
now owned or hereafter acquired other than (i) as provided herein or in the other Loan Documents,
(ii) as provided in an FF&E Facility and the guarantees and collateral documents relating thereto,
(iii) as contained in the Gaming Concession Contract, any Gaming Contract or as otherwise required
by applicable law or any applicable rule or order of Macau SAR or the Macau Gaming Authority,
(iv) as set forth in any agreement relating to Indebtedness permitted to be secured by a Permitted
Lien pursuant to clause (xx) of the definition thereof or (v) as set forth in any agreement
relating to Indebtedness permitted pursuant to subsections 7.1(xv) and 7.1(xvi) hereof.

D. No Restrictions on Subsidiary Distributions and Investments. The Borrower will
not, and will not permit any other Loan Party to, create or otherwise cause or suffer to exist or
become effective any consensual encumbrance or restriction of any kind on the ability of any
Restricted Subsidiary to (i) pay dividends or make any other distributions on any of their
Restricted Subsidiaries’ capital stock owned by a Loan Party, (ii) repay or prepay any Indebtedness
owed by such Restricted Subsidiary to any other Loan Party, (iii) make loans or advances to, or
investments in, any Loan Party, or (iv) transfer any of its property or assets to the Borrower,
other than in each case (a) as provided herein or in the other Loan Documents, (b) as provided in
any FF&E Facility and any related collateral documents and guarantees, or in any agreement relating
to Permitted Subordinated Indebtedness or in any intercompany subordination agreement or
Indebtedness permitted to be incurred pursuant to subsection 7.1(iii) or (ix), (c) by reason of
customary non-assignment provisions in leases entered into the ordinary course of business and
consistent with past practices and any leases permitted hereunder, (d) purchase money obligations
for property or Capital Lease obligations for property or equipment, including Specified FF&E,
acquired or leased in the ordinary course of business that impose restrictions of the nature set
forth in clause (iv) above on the property so acquired, (e) provisions with respect to the
disposition or distribution of assets or property in joint venture agreements and other similar
agreements relating to the assets or property of such Joint Ventures or covered by such joint
venture agreements, (f) restrictions on cash or other deposits or net worth imposed by customers
under contracts entered into in the ordinary course of business, (g) customary restrictions imposed
by asset sale or stock purchase agreements relating to a permitted Asset Sale or other sale of
assets by any Loan Party, (h) with respect to restrictions of the type set forth in clause (iv)
above, as set forth in any agreement relating to Indebtedness permitted to be secured by Permitted
Liens other than Indebtedness permitted to be incurred pursuant to subsections 7.1(v) or (vi) so
long as such restrictions only extend to the assets secured by such Permitted Liens, (i) as set
forth in any agreement relating to Indebtedness permitted pursuant to subsections 7.1(xv) and
7.1(xvi) hereof, (j) any encumbrances or restrictions imposed by any amendments, modifications,
restatements, renewals, increases, supplements, extensions, refundings, replacements or
refinancings in whole or in part of the contracts, instruments or obligations referred to in
clauses (a) through (i) above (provided, that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are,
in the good faith judgment of the Borrower’s management, no more restrictive with respect to such
dividend and other payments restrictions than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement,
extension, refunding, replacement or refinancing), or (k) as contained in the Gaming Concession
Contract, Gaming Facilities Agreement or as otherwise required by any Legal Requirement of Macau
SAR or any other gaming authority.

 

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7.3 Investments; Joint Ventures; Formation of Subsidiaries.

The Borrower shall not, and shall not permit any other Loan Party to make or own any
Investment in any Person, including any Joint Venture, or otherwise form or create any Restricted
Subsidiary, other than as set forth in this subsection 7.3:

(i) the Loan Parties may make and own Investments in Cash Equivalents; provided
that proceeds of the Loans (other than Term Loans denominated in Patacas) may not in any
case be invested in Cash Equivalents denominated in any currency other than Dollars and/or
HK Dollars and, for Term Loans denominated in Patacas, in Patacas;

(ii) Investments existing on the Closing Date and described in Schedule 7.3;

(iii) Investments (including the formation or creation of a Subsidiary) by any Loan
Party in any other Loan Party;

(iv) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with this Agreement;

(v) receivables owing to the Borrower or any other Loan Party if created or acquired in
the ordinary course of business and payable or dischargeable in accordance with customary
trade terms; provided, however, that such trade terms may include such
concessionary trade terms as the Borrower or such Loan Party deems reasonable under the
circumstances;

(vi) payroll, travel and similar advances to cover matters that are expected at the
time of such advances ultimately to be treated as expenses for accounting purposes and that
are made in the ordinary course of business;

(vii) the Loan Parties may invest in any Excluded Subsidiary, Joint Venture or Supplier
Joint Venture any cash or other property contributed to the Loan Parties either (x) in
exchange for common equity of the Borrower or the Borrower’s direct or indirect parent or
(y) in the form of Shareholder Subordinated Indebtedness by the Parent or any of its
Affiliates, in each case for such purpose;

(viii) the Loan Parties may make Consolidated Capital Expenditures permitted by
subsection 7.14 and Project Costs permitted or required by this Agreement;

 

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(ix) at any time after March 31, 2013, and so long as no Potential Event of Default or
Event of Default shall have occurred and be continuing, the Loan Parties may
make cash Investments in Excluded Subsidiaries or Joint Ventures consisting of (a) Cash
and Cash Equivalents of up to $50,000,000 in the aggregate and (b) guarantees of up to
$50,000,000 in the aggregate of Indebtedness of, or performance by, any Excluded
Subsidiaries or Joint Ventures, provided that the Consolidated Leverage Ratio is
less than 3.0 to 1.0 after giving effect to each such Investment; provided
further that notwithstanding the foregoing, the Loan Parties may not make
Investments in Joint Ventures pursuant to this clause (ix) in excess of $25,000,000 in the
aggregate;

(x) the Loan Parties may make Investments in Excluded Subsidiaries or Joint Ventures,
not to exceed (a) $25,000,000 in the aggregate prior to the Substantial Operations Date and
(b) $50,000,000 in the aggregate (including Investments made pursuant to clause (a)) at any
time on or after the Substantial Operations Date;

(xi) at any time after the Substantial Operations Date occurs, so long as no Potential
Event of Default or Event of Default shall have occurred or be continuing, and so long as
the Consolidated Leverage Ratio is less than or equal to 3.0 to 1.0 after giving effect to
each such Investment, the Loan Parties may make cash Investments in the Excluded
Subsidiaries in an aggregate amount at any time outstanding not to exceed the sum of (1) 25%
of (A) the Consolidated Net Income of the Loan Parties for the period (taken as one
accounting period) from the Opening Date to the end of the Borrower’s most recently ended
Fiscal Quarter for which internal financial statements are available (or, in the case such
Consolidated Net Income for such period is a deficit, minus 100% of such deficit)
less (B) the amount paid or to be paid in respect of such period pursuant to
subsection 7.5(ii) to shareholders or members other than the Borrower, plus
(2) without duplication, 100% of the aggregate net cash proceeds received by the Borrower
since the Initial Borrowing Date from capital contributions or the issue or sale of equity
Securities (excluding any such proceeds used for investments pursuant to clause (vii) above
or clause (xix) below) or debt Securities of the Borrower that have been converted into or
exchanged for such equity Securities of the Borrower (other than equity Securities or such
debt Securities of the Borrower sold to a Loan Party), plus (3) to the extent not
otherwise included in the Loan Parties’ Consolidated Net Income, 100% of the cash dividends
or distributions or the amount of cash principal and interest payments received since the
Initial Borrowing Date by a Loan Party from any Excluded Subsidiary or in respect of any
Joint Venture in which an Investment was made pursuant to any clause of this subsection 7.3,
until the entire amount of the Investment in such Excluded Subsidiary or Joint Venture has
been received, and 50% of such amounts thereafter; provided in each case that such
cash proceeds have not been committed or used for any other purpose; provided,
further, however, that in the event that the Loan Parties convert an
Excluded Subsidiary to a Restricted Subsidiary, the Loan Parties may add back to this clause
the aggregate amount of any Investment in such Subsidiary that was an Investment made
pursuant to this subsection 7.3 at the time of such Investment;

(xii) any payment made by the Borrower or any other Loan Party (a) pursuant to and in
accordance with the Gaming Facilities Agreement (to the extent any such payment constitutes
an Investment) or (b) otherwise in connection with the Casino Facilities as long as
permitted under this subsection 7.3 (excluding the provisions of this clause (xii));

 

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(xiii) the Loan Parties may hold investments consisting of securities or other
obligations received in settlement of debt created in the ordinary course of business and
owing to the Loan Parties or in satisfaction of judgments;

(xiv) the Loan Parties may incur any Indebtedness permitted under subsection 7.1 and
any Contingent Obligation permitted under subsection 7.4 to the extent such Indebtedness or
Contingent Obligation constitutes an Investment;

(xv) any Loan Party may make loans or advances to employees or directors or former
employees or directors of any Loan Party in an amount not to exceed $2,000,000 in the
aggregate outstanding at any time;

(xvi) the Loan Parties may make other Investments, not to exceed (a) $25,000,000 in the
aggregate prior to the Substantial Operations Date and (b) $50,000,000 in the aggregate
(including Investments made pursuant to clause (a)) at any time on or after the Substantial
Operations Date;

(xvii) the Borrower may make all payments to the Company contemplated by the Gaming
Facilities Agreement (to the extent any such payment constitutes an Investment);

(xviii) Investments in restaurant, retail or entertainment venues at the Site in an
aggregate amount not to exceed $50,000,000; and

(xix) the Loan Parties may make Investments with the proceeds of the substantially
concurrent sale or issues of equity securities of the Borrower.

Notwithstanding anything to the contrary in this subsection 7.3, any cash Investments in the form
of debt made in any Excluded Subsidiary shall be made in the form of intercompany loans from a Loan
Party to such Excluded Subsidiary evidenced by a promissory note, which shall be pledged to the
Collateral Agent as Collateral for the Obligations.

7.4 Contingent Obligations.

The Borrower shall not, and shall not permit any other Loan Party to create or become or
remain liable with respect to any Contingent Obligation, except:

(i) any Loan Party may become and remain liable with respect to Contingent Obligations
under Rate/FX Protection Agreements or other Hedging Agreements;

(ii) the Loan Parties may become and remain liable with respect to Contingent
Obligations (a) for Indebtedness permitted under subsection 7.1 to the extent a Loan Party
is permitted to incur such Indebtedness under subsection 7.1 or (b) for other obligations of
wholly-owned Restricted Subsidiaries;

(iii) the Loan Parties may become and remain liable for customary indemnities under the
Project Documents;

 

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(iv) Investments permitted under subsection 7.3 to the extent they constitute
Contingent Obligations;

(v) the Loan Parties may become liable for Contingent Obligations made on behalf of
Excluded Subsidiaries and Joint Ventures in an amount, when aggregated (without duplication)
with the amount of Investments made in Cash and Cash Equivalents pursuant to
subsection 7.3(ix)(a) and Contingent Obligations incurred pursuant to this clause, not to
exceed $50,000,000 at any time, so long as both before and after giving effect to the
incurrence of such Contingent Obligation, no Potential Event of Default or Event of Default
has occurred or is continuing; provided that, notwithstanding the foregoing, the
Loan Parties may not become liable for Contingent Obligations made on behalf of Joint
Ventures in excess of $25,000,000 in the aggregate;

(vi) the Loan Parties may become and remain liable with respect to other Contingent
Obligations, provided that the maximum aggregate liability, contingent or otherwise,
of the Loan Parties in respect of all such Contingent Obligations shall at no time exceed
$10,000,000;

(vii) Contingent Obligations for reimbursement of the Concession Guarantor or other
guarantors of payment under the Land Concession Guaranty;

(viii) the Borrower may become and remain liable with respect to Contingent Obligations
pursuant to the terms of the Gaming Facilities Agreement to the extent that the Borrower’s
obligations therein constitute Contingent Obligations.

7.5 Restricted Payments.

The Borrower shall not, and shall not permit any other Loan Party to declare, order, pay, make
or set apart any sum for any Restricted Payment, except Restricted Payments referred to below:

(i) the Loan Parties may, (x) so long as no Event of Default or Potential Event of
Default shall have occurred and be continuing, make regularly scheduled or required payments
of interest in respect of any Permitted Subordinated Indebtedness of the Loan Parties in
accordance with the terms of, and only to the extent required by the agreement pursuant to
which such Permitted Subordinated Indebtedness was issued and (y) make payments of interest
as and when due and payable (by capitalizing such interest, or, so long as no Potential
Event of Default or Event of Default shall have occurred and be continuing, in cash)
pursuant to the terms of the Shareholder Subordinated Indebtedness;

(ii) Restricted Subsidiaries may make Restricted Payments to the Borrower or other
Restricted Subsidiaries;

(iii) to the extent such payments would be restricted payments, the Borrower may make
regularly scheduled or required payments to Macau SAR pursuant to any Land Concession
Contract in accordance with the terms thereof as such are in effect on the Closing Date or
as amended pursuant to the terms hereof;

 

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(iv) so long as no Potential Event of Default or Event of Default shall have occurred
and be continuing, at any time after the earlier of (x) the date of the initial principal
payment due under subsection 2.4A and (y) the Trigger Date, the Borrower may pay dividends
in respect of its common stock (a) in an amount up to $150,000,000 in the aggregate for the
period of the four consecutive Fiscal Quarters then ended in the Fiscal Quarter in which
such dividend is made if, after giving effect to such payment, the Consolidated Leverage
Ratio is less than or equal to 3.0 to 1.0 but greater than 2.5 to 1.0, and (b) in an amount
up to $250,000,000 in the aggregate for the period of the four consecutive Fiscal Quarters
then ended in the Fiscal Quarter in which such dividend is made if, after giving effect to
such payment, the Consolidated Leverage Ratio is less than or equal to 2.5 to 1.0;

(v) the Borrower may reimburse its Affiliates for any payments of Project Costs (and
other expenses of the Restricted Subsidiaries) or deposits into Accounts made by such
Affiliates in accordance with Sections 2.2.5 and 3.2 of the Depository Agreement, subject to
the conditions of such reimbursements set forth therein;

(vi) the Borrower may make any payments to the Company it is required to make pursuant
to the terms of the Gaming Facilities Agreement to the extent that such payments constitute
Restricted Payments;

(vii) in connection with any Specified Equity Contribution, the Borrower may make a
Restricted Payment within five Business Days after delivery of financial statements for any
Fiscal Quarter or Fiscal Year pursuant to subsection 6.1 in an amount not to exceed the
amount, if any, by which (A) equity contributions made by the Parent or any of its
Affiliates (other than any Loan Party) to the Borrower (other than cash contributions
(including, without limitation, by way of subscription, “supplementary payments” or capital
contributions (whether or not resulting in additional paid-in capital)) that are Gaming Net
Proceeds) and/or proceeds of Shareholder Subordinated Indebtedness incurred by the Borrower
during (or within 15 days after the end of) such Fiscal Quarter or the last Fiscal Quarter
of such Fiscal Year, exceeds (B) such Specified Equity Contribution; and

(viii) the Loan Parties may redeem or repurchase any equity interests in the Loan
Parties held by minority shareholders or any Indebtedness of the Borrower and its
Subsidiaries to the extent such ownership by minority shareholders is no longer required by
any Legal Requirement imposed by Macau SAR or any applicable gaming authority in order to
preserve a Gaming License.

 

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7.6 Financial Covenants.

A. Minimum Consolidated Interest Coverage Ratio. The Borrower will not permit the
Consolidated Interest Coverage Ratio as of the last day of any Fiscal Quarter occurring during any
period set forth below to be less than the ratio set forth opposite such period:

	 	 	 
	 	 	Minimum
	Full Fiscal Quarter following	 	Consolidated Interest
	the Trigger Date	 	Coverage Ratio
	First, Second, Third and Fourth

	 	3.50:1.0
	Fifth, Sixth, Seventh and Eighth

	 	3.75:1.0
	Ninth and thereafter

	 	4.00:1.0

B. Maximum Consolidated Leverage Ratio. The Borrower shall not permit the
Consolidated Leverage Ratio as of the last day of any Fiscal Quarter set forth below to be greater
than the ratio set forth opposite such period:

	 	 	 
	 	 	Maximum
	 	 	Consolidated
	Full Fiscal Quarter following	 	Leverage
	the Trigger Date	 	Ratio
	First and Second

	 	4.25:1.0
	Third and Fourth

	 	4.00:1.0
	Fifth and Sixth

	 	3.75:1.0
	Seventh, Eighth, Ninth and Tenth

	 	3.50:1.0
	Eleventh and thereafter

	 	3.25:1.0

7.7 Restriction on Fundamental Changes; Asset Sales and Acquisitions.

The Borrower shall not, and the Borrower shall not permit any other Loan Party to, alter the
corporate, capital or legal structure (except with respect to changes in capital structure to the
extent a Change of Control does not occur as a result thereof) of any Loan Party, or merge or
consolidate, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution),
or convey, sell, abandon, lease or sub-lease (as lessor or sublessor), license or sublicense,
transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part
of its business, property or assets, whether now owned, leased, licensed or hereafter acquired
(other than inventory or goods in the ordinary course of business), or acquire by purchase or
otherwise all or substantially all the business, property or fixed assets of, or stock or other
evidence of beneficial ownership of, any Person or any division or line of business of any Person,
except:

(i) as permitted under the terms of this Agreement or any other Loan Document;

(ii) the Loan Parties may dispose of obsolete, worn out or surplus assets or assets no
longer used or useful in the business of the Loan Parties in each case to the extent in the
ordinary course of business, provided that either (i) such disposal does not
materially adversely affect the value of the Collateral or (ii) prior to or promptly
following such disposal any such property shall be replaced with other property of
substantially equal utility and a value at least substantially equal to that of the replaced
property when first acquired and free from any Liens other than Permitted Liens and by such
removal and replacement the Loan Parties shall be deemed to have subjected such replacement
property to the Lien of the Collateral Documents in favor of Lenders, as applicable;

 

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(iii) the Loan Parties may incur Liens permitted under subsection 7.2;

(iv) the Loan Parties may have an Event of Loss;

(v) the Restricted Subsidiaries or the Borrower may issue equity Securities to any
other Restricted Subsidiary or the Borrower and the Borrower, so long as such issuance would
not trigger a Change of Control, may issue equity Securities to any Person;

(vi) the Loan Parties may (a) enter into leases or licenses to use in the ordinary
course of business with respect to any space (including any “complementary accommodations”)
on or within a Project or (b) be a party to any lease or license to use in effect on the
Closing Date, each of which lease of, or license to use, real property is set forth on
Schedule 7.7 hereto (as such lease may be amended, modified or supplemented in
accordance with the terms of this Agreement); provided that, in the case of clause
(a), (1) no Event of Default or Potential Event of Default shall exist and be continuing at
the time of entering into such lease or license to use or would occur after or as a result
of entering into such lease or license to use (or immediately after any renewal or extension
thereof at the option of the Loan Parties), (2) such lease or license to use will not
materially interfere with, impair or detract from the operation of the business of the Loan
Parties, (3) such lease or license to use is at a fair market rent or value (in light of
other similar or comparable prevailing commercial transactions) and contains such other
terms such that the lease or license to use, taken as a whole, is commercially reasonable
and fair to the Loan Parties in light of prevailing or comparable transactions in other
casinos, hotels, hotel attractions, convention centers or shopping venues or other
applicable venues, (4) no gaming or casino operations may be conducted on any space that is
subject to such lease or license to use other than by the Company and only in accordance
with the Gaming Concession Contract and all other applicable Legal Requirements and
compliance by the Loan Parties with the other terms of this Agreement, (5) no lease may
provide that the Loan Parties may subordinate their fee, condominium or leasehold interest
to any lessee or any party financing any lessee (other than lenders financing residential
interests in complementary accommodations, to the extent of the interest being financed),
and (6) the tenant under such lease or license to use shall provide the Administrative Agent
on behalf of the Lenders with a Subordination, Non-Disturbance and Attornment Agreement
substantially in the form of Exhibit R hereto (unless the terms of such lease are
substantially identical or more favorable to the Loan Parties than such exhibit with regard
to the matters set forth therein) with such changes as the Administrative Agent may approve,
which approval shall not be unreasonably withheld or delayed;

(vii) any Restricted Subsidiary may be merged or consolidated with (or liquidated or
dissolved into) any other Restricted Subsidiary, or so long as the Borrower is the surviving
entity, the Borrower;

(viii) (a) subject to clause (4) of subsection 7.7(vi) above, the Borrower may sell,
lease, license or otherwise transfer assets to a Restricted Subsidiary and any Restricted
Subsidiary may sell, lease, license or otherwise transfer assets to any other
Restricted Subsidiary or to the Borrower, and (b) the Loan Parties may sell, lease,
license or otherwise transfer assets to Excluded Subsidiaries and Joint Ventures to the
extent permitted by Section 7.3;

 

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(ix) the Loan Parties may license or sublicense trademarks and trade names in the
ordinary course of business;

(x) licenses and sublicenses of intellectual property in the ordinary course of
business;

(xi) the Loan Parties may sell receivables for fair market value in the ordinary course
of business;

(xii) the Loan Parties may sell or otherwise dispose of assets in transactions that do
not constitute Asset Sales due to clause (iii) in the parenthetical clause of the definition
thereof;

(xiii) subject to subsection 7.11, the Loan Parties may make Asset Sales of assets
having a fair market value not in excess of $25,000,000 in the aggregate; provided
in each case that (1) the consideration received for such assets shall be in an amount
at least equal to the fair market value thereof in the judgment of the Administrative Agent;
and (2) at least 75% of the consideration received shall be cash or Cash Equivalents;

(xiv) the Borrower may sell construction equipment having a fair market value not in
excess of $4,000,000 in the aggregate prior to or during the first year following the
Project Final Completion Date;

(xv) the Borrower may transfer, on terms reasonably satisfactory to the Administrative
Agent, immaterial portions of the Site to the government of Macau SAR (so long as such
transfer does not impair in any material way the ability of the Borrower to construct,
develop, open, manage and/or operate any Active Phase in accordance with the terms of
Exhibit Z annexed hereto) upon the written request of the government of Macau SAR and its
stated intent to use such portions in connection with infrastructure, roadway, utility
easement, or other “public works” purposes;

(xvi) the Loan Parties may transfer any assets leased or acquired with proceeds of any
financing permitted under subsection 7.1 and secured by a Permitted Lien to the lender or
lessor providing such financing upon default, expiration or termination of such financing;

(xvii) the Loan Parties may sell or abandon immaterial assets not necessary for the
development, construction, operation or maintenance of any Active Phase;

(xviii) the Loan Parties may sell or transfer assets pursuant to a sale-leaseback
transaction permitted by subsection 7.8; provided that if the sale of any asset
subject to such sale-leaseback transaction is consummated at a time when the Depository
Agreement is in effect, the Net Asset Sale Proceeds (without giving effect to
clause (d)(ii) of the definition thereof) of such sale shall be promptly deposited into
the Asset Sales Proceeds Sub-Account;

 

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(xix) any Loan Party may sell its interest in a Joint Venture or a Supplier Joint
Venture;

(xx) the Loan Parties may make Permitted Asset Dispositions; provided that
(a) no Event of Default or Potential Event of Default shall exist and be continuing at the
time of the consummation of such Permitted Asset Disposition or would occur as a result
thereof, (b) the Administrative Agent shall have received reasonably satisfactory evidence
that reciprocal easement arrangements, condominium by-laws or deeds of mutual covenant,
reasonably satisfactory in form and substance to the Administrative Agent, shall have been
entered into between the Loan Parties and the purchaser of such asset or shall otherwise be
effective to govern such asset and run in favor of the Loan Parties as reasonably required
by the Administrative Agent, (c) the Administrative Agent shall have received a certificate
of the Borrower that such Permitted Asset Disposition will not (other than to a de minimis
extent) increase the risk of any loss of or reversion under the Gaming Concession Contract
or the Land Concession Contract, and (d) the proceeds of any such Permitted Asset
Disposition shall be applied in accordance with the terms of this Agreement;

(xxi) any Loan Party may sell its interest in an Excluded Subsidiary; provided any such
sale of an Excluded Subsidiary that is engaged in the ownership, maintenance or operation of
ferries that provide transportation to Macau, shall only be consummated so long as such sale
would not be materially detrimental to the business and operations of any Loan Party and
otherwise would not and could not reasonably be expected to result in a Material Adverse
Effect; and

(xxii) any conveyance of horizontal property pursuant to subsection 7.21.

7.8 Sales and Lease-Backs.

The Borrower shall not, and shall not permit any other Loan Party to become or remain liable
as lessee or as a guarantor or other surety with respect to any lease, whether an Operating Lease
or a Capital Lease, of any property (whether real, personal or mixed), whether now owned or
hereafter acquired, (i) which any Loan Party has sold or transferred or is to sell or transfer to
any other Person or (ii) which any Loan Party intends to use for substantially the same purpose as
any other property which has been or is to be sold or transferred by such Loan Party to any Person
in connection with such lease, except that any Loan Party may enter into sale-leaseback
transactions (a) with assets of a type or types otherwise permitted to be financed pursuant to
subsection 7.1(ix) or with an FF&E Facility (including with respect to HVAC equipment) permitted by
subsection 7.1(xiv) whether or not obtained by a Loan Party with the proceeds of an FF&E Facility
or otherwise, (b) in an aggregate principal amount with respect to any such lease at any one time
outstanding, taken together with all Indebtedness outstanding under subsections 7.1(ix) and
7.1(xiv) (without duplication), not to exceed $250,000,000, and (c) on terms reasonably
satisfactory to the Administrative Agent, including the provisions regarding tenor, rental amounts
and other terms, and including, unless waived by the Administrative

 

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Agent, concurrently with the execution by the lender or lessee under such sale-leaseback transaction,
the entering into of an intercreditor, standstill, or similar agreement reasonably satisfactory in
form and substance to the Administrative Agent (it being understood that the Administrative Agent
shall have had a reasonable opportunity to review all such documentation prior to its execution);
provided that, at any time when the Depository Agreement is in effect, the ability of any
Loan Party to enter into sale-leaseback transactions in an aggregate principal amount with respect
to such leases at any one time outstanding that exceeds $50,000,000, shall be subject to the
additional requirement that the assets subject to such sale-leaseback are acquired
contemporaneously with, or within 180 days prior to, such financings or the applicable fundings
thereunder.

7.9 Sale or Discount of Receivables.

The Borrower shall not, and shall not permit any other Loan Party to, directly or indirectly,
sell with recourse, or discount or otherwise sell for less than the fair market value thereof, any
of its notes or accounts receivable other than an assignment for purposes of collection in the
ordinary course of business.

7.10 Transactions with Shareholders and Affiliates.

The Borrower shall not, and shall not permit any other Loan Party to enter into or permit to
exist any transaction (including the purchase, sale, lease or exchange of any property or the
rendering of any service) with the Borrower or with any Affiliate of the Borrower, except that the
Loan Parties may enter into and permit to exist:

(i) transactions that are on terms that are not less favorable to such Loan Party than
those that might be obtained at the time from Persons who are not such an Affiliate (a) if
the Borrower has delivered to the Administrative Agent (1) with respect to any transaction
involving an amount in excess of $5,000,000, an Officers Certificate certifying that such
transaction complies with this subsection 7.10, (2) with respect to any transaction
involving an amount in excess of $10,000,000, a resolution adopted by a majority of the
directors of the applicable Loan Party approving such transaction and an Officers
Certificate certifying that such transaction complies with this subsection 7.10, at the time
such transaction is entered into or (3) with respect to any such transaction that involves
aggregate payments in excess of $25,000,000 or that is a loan transaction involving a
principal amount in excess of $25,000,000, an opinion as to the fairness of the financial
terms to the applicable Loan Party from a financial point of view issued by an Independent
Financial Advisor at the time such transaction is entered into or (b) with respect to any
transaction for the exchange of amounts denominated in Dollars, HK Dollars or Patacas for
amounts denominated in any other of such currencies between the Borrower and the Company, if
(1) no fees are payable between the Borrower and the Company and (2) the rate of exchange
for such transaction is determined as set forth on Schedule 7.10(i);

(ii) the Shared Services Agreement, as in effect on the Closing Date or as amended,
supplemented or modified pursuant to subsection 7.13 or 7.17; provided that the
terms thereof, taken as a whole, are on commercially reasonable terms;

 

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(iii) any employment, compensation, indemnification, noncompetition or confidentiality
agreement or arrangement entered into by a Loan Party with its employees or directors in the
ordinary course of business or as approved by a majority of the members of the board of
directors of such Loan Party in its reasonable determination;

(iv) loans or advances to employees of the Loan Parties permitted under
subsection 7.3(vi) or (xv);

(v) transactions (a) under or pursuant to the Project Documents and (b) between or
among Loan Parties not expressly prohibited hereunder;

(vi) Shareholder Subordinated Indebtedness to the extent otherwise permitted by this
Agreement;

(vii) issuances of Securities by the Loan Parties;

(viii) Investments in, and licenses and other agreements with, Joint Ventures and
Supplier Joint Ventures permitted hereunder;

(ix) Investments permitted by subsection 7.3, Contingent Obligations permitted by
subsection 7.4 and Restricted Payments permitted by subsection 7.5;

(x) transactions consummated on the Closing Date in connection with the Refinancing and
the Transactions;

(xi) reciprocal easement and other similar agreements (including condominium rules)
required or permitted to be entered into pursuant to the Loan Documents;

(xii) (i) license agreements with an Excluded Subsidiary (including licenses permitting
an Excluded Subsidiary to use intellectual property of the Loan Parties) and (ii) any other
agreements with an Excluded Subsidiary not specifically prohibited by subsection 7.16,
provided the terms of such other agreement under clause (ii) or any amendment to such
agreement are no less favorable to the Loan Parties than those that would have been obtained
in a comparable transaction by such Loan Party with an unrelated Person;

(xiii) any agreement not specifically prohibited hereunder by an Excluded Subsidiary to
pay management fees to a Loan Party directly or indirectly;

(xiv) transactions permitted by subsection 7.7;

(xv) the IP License and the transactions contemplated thereby;

(xvi) purchases of materials or services from a Supplier Joint Venture by a Loan Party
in the ordinary course of business on arm’s length terms;

(xvii) transactions set forth on Schedule 7.10;

 

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(xviii) the Gaming Contracts and all transactions under or pursuant to such agreements;

(xix) shared services arrangements and/or agreements among Loan Parties, the Company
and Excluded Subsidiaries and/or owners, developers and managers of other projects on the
Cotai Strip so long as the liabilities and obligations of any Loan Parties thereunder are on
commercially reasonable terms and do not represent more than such Loan Parties’ pro rata
share of the services provided as determined by the Loan Parties and certified to the
Administrative Agent;

(xx) the contemplated transfer (the “AH Transfer”) by the Borrower of all or
substantially all or a portion of the Phase 3 tower to a wholly-owned Excluded Subsidiary in
exchange for such Excluded Subsidiary granting to the Borrower (or being obligated to grant
to third parties selected by the Borrower) the “right of use” for each apart hotel unit in
such tower, provided that (a) notwithstanding any provision to the contrary in the
Collateral Documents, such tower or applicable portion thereof will remain as Collateral
until shares in such Excluded Subsidiary, and a “right of use” with respect to one or more
apartments, have been sold to a third party on arms-length terms (the first such sale, the
“First Sale”); (b) simultaneously with the AH Transfer, all of the direct equity interests
in such Excluded Subsidiary shall be pledged to the Collateral Agent, on behalf of the
Secured Parties, as security for the Obligations pursuant to pledge documents that (1)
provide for the release of such pledge on equity interests that are sold to third parties on
arms-length terms and (2) are in all other respects reasonably satisfactory to the
Administrative Agent; (c) the AH Transfer must comply with all of the requirements set forth
in subsection 7.7(xx) above, with the reference in clause (d) of such subsection to
“proceeds” being deemed to be a reference to all of the proceeds from the sale of equity
interests in such Excluded Subsidiary and “rights of use” for such apartments; (d) the
organizational documents of such Excluded Subsidiary shall be reasonably satisfactory to the
Administrative Agent; and (e) no later than the closing date of the First Sale, the
third-party manager of the such tower or applicable portion thereof (if any) shall have
entered into a “subordination and non-disturbance agreement” with the Administrative Agent
on terms reasonably satisfactory to the Collateral Agent; and

(xxi) transactions contemplated by subsection 7.21.

7.11 Disposal of Subsidiary Stock.

Except in connection with (i) a Restricted Payment permitted by subsection 7.5(iv) or (ii) a
transaction (including a liquidation, dissolution, conveyance, sale, lease, transfer, or other
disposition) permitted by subsection 7.7(vii), (viii), (xii), (xiii), (xx) or (xxi), the Borrower
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly sell,
assign, pledge or otherwise encumber or dispose of any shares of capital stock or other equity
Securities of the Borrower or any of its Subsidiaries, except (i) to qualify directors if required
by applicable law and (ii) to the extent required by any Legal Requirement imposed by Macau SAR or
the Macau Gaming Authority or any other applicable gaming authority in order to preserve a material
Gaming License.

 

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7.12 Conduct of Business.

The Borrower shall not, and shall not permit any other Loan Party to, engage in any business
activity except those business activities engaged in on the Closing Date by such Person and any
activity or business incidental, related or similar thereto, or any business or activity that is a
reasonable extension, development or expansion thereof or ancillary thereto, including any hotel,
entertainment, recreation, convention, trade show, meeting, retail sales, leasing, or other
activity or business designated to promote, market, support, develop, construct or enhance the
casino gaming, hotel, retail and entertainment mall and resort business operated by the Loan
Parties; provided that no Loan Party shall engage in the business of developing, operating
or maintaining any hotel, casino, entertainment, recreation, convention, trade show, meeting, or
retail establishment or project other than the Project, activities reasonably related or ancillary
thereto, and any activity that is a reasonable extension, development or expansion thereof, or as
otherwise specifically set forth in this Agreement.

7.13 Certain Restrictions on Entering Into and Assigning Certain Documents.

A. Assignments of Material Contracts and Permits; New Material Contracts or Permits.
The Borrower shall not, and the Borrower shall not permit any other Loan Party to, assign or
transfer all or a portion of its rights under, any Permit or Material Contract or enter into new
Material Contracts or Permits (it being understood that any Material Contracts which are covered by
clause B, C or D below shall also be subject to the restrictions set forth therein) without, in
each case, obtaining the prior written consent of Requisite Lenders if in any such case, such
assignment, transfer or new Material Contract or Permit could reasonably be expected to have a
Material Adverse Effect or otherwise adversely affect Lenders in any material respect, other than,
in the case of Material Contracts: (i) entering into new, or assigning existing Construction
Contracts as permitted by, and in accordance with the terms of, subsection 7.13E or 7.17;
(ii) entering into new usufruct agreements in form and substance reasonably satisfactory to the
Administrative Agent (including in connection with the formation of any new Subsidiary of the
Borrower); (iii) amendments to usufruct agreements entered into pursuant to the preceding clause
(ii) to provide for the repurchase of equity interests held by minority shareholders no longer
required to comply with Legal Requirements of Macau SAR; (iv) entering into transactions relating
to FF&E Facilities permitted by subsection 7.13B; (v) entering into Land Concession Guaranties and
similar items required by any Land Concession Contract, which are on terms (including the
provisions regarding recourse to the Loan Parties) and with providers reasonably satisfactory to
the Administrative Agent; (vi) entering into shared services agreements in the ordinary course of
business permitted by subsections 7.10(ii) or (xix); (vii) entering into contracts executed in
connection with Permitted Asset Dispositions and other sales permitted hereunder, including sale
contracts and any reciprocal easement agreements, shared services agreements, condominium
governance arrangements or similar agreements entered into with the purchaser thereof; (viii)
entering into the Gaming Contracts and any transactions related thereto, (ix) assignments of rights
under the Land Concession Contract to the extent required in connection with any transactions
permitted by subsection 7.21 and (x) subject to all other provisions regarding requirements to
obtain consents, provide notices, or perform similar actions, entering into other new contracts
reasonably related to carrying on operations contemplated by, and not specifically prohibited by,
the Loan Documents on terms reasonably satisfactory to the Administrative Agent.

 

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B. Documents Relating to Other Indebtedness. The Borrower shall not, and shall not
permit any other Loan Party to, (i) enter into any FF&E Documents relating to FF&E Facilities other
than as permitted by subsection 7.1(ix) or (xiv) and on terms reasonably satisfactory to the
Administrative Agent, including the provisions regarding maturity, collateral, interest rates and
other terms, and, unless waived by the Administrative Agent, the Administrative Agent shall enter
into an intercreditor, standstill, or similar agreement reasonably satisfactory in form and
substance to the Administrative Agent with the agent or other representative under the credit
agreement or other similar documents governing an FF&E Facility (it being understood that the
Administrative Agent shall have had a reasonable opportunity to review all such documentation prior
to its execution) which agreement (to the extent any FF&E Deposit Loans are made) shall set forth
procedures for releasing Liens of the Secured Parties on Specified FF&E as and when any FF&E
Deposit Loans made to acquire such Specified FF&E are repaid and upon the use of a minimum
proportion of funds under such FF&E Facility to reimburse such FF&E Deposit Loans, or (ii) amend or
otherwise change the terms of any documents governing Permitted Subordinated Indebtedness or
Permitted Unsecured Indebtedness (except in connection with a permitted refinancing thereof) or
permit the termination thereof (other than in accordance with the terms thereof), or make any
payment consistent with an amendment thereof or change thereto (except in connection with a
defeasance or permitted refinancing thereof), if the effect of such amendment or change, together
with all other amendments or changes made, is to increase materially the obligations of the obligor
thereunder or to confer any additional material rights on the holders of the Indebtedness or
obligations evidenced thereby (or a trustee or other representative on their behalf) which would be
materially adverse to any Loan Party or the Lenders.

C. Land Concession Contracts. The Borrower shall not, and shall not permit any other
Loan Party to, enter into land concession contracts not in existence on the Closing Date (unless
such Loan Party, contemporaneously with its entering into any such land concession contract or with
such Land Concession Contract being provisionally registered with the Macau Land and Building
Registration Department, grants to the Collateral Agent a valid, first priority Lien on such Loan
Party’s rights, title and interests thereunder free and clear of all liens, encumbrances and
exceptions to title whatsoever (other than Permitted Liens), pursuant to a mortgage duly executed
before, and notarized by, a Macau notary public by such Loan Party, and such Loan Party is
diligently seeking to record, stamp and register such mortgage with the Macau Land and Building
Registration Department), or assume any or all of the obligations of others in respect of a land
concession contract held by a Person that is not a Loan Party.

D. Contract Consents. Except as permitted by subsection 7.17, the Borrower shall not,
and shall not permit any other Loan Party to waive any of its material rights under, or assign or
transfer all or a portion of its rights under, any Contract Consent without obtaining the prior
written consent of the Administrative Agent (such consent not to be unreasonably withheld or
delayed).

 

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E. Notwithstanding subsection 7.13(A), the Borrower may enter into Material Construction
Contracts for an Active Phase consistent with the Plans and Specifications, the Project Schedule
and the Project Budget for such Phase, as each is in effect from time to time. Each such
Construction Contract shall be in writing, and each such Construction Contract that is a Material
Construction Contract shall become effective when and only when: (i) the Borrower
and the Contractor have executed and delivered the Construction Contract (with the
effectiveness thereof subject only to satisfaction of the conditions in clauses (ii), (iii), (iv),
(v) and (vi) below); (ii) the Borrower has submitted to the Administrative Agent an Additional
Construction Contract Certificate together with all exhibits, attachments and certificates required
thereby (including the Construction Consultant’s Certificate), each duly completed and executed;
provided, however, that such submission of an Additional Construction Contract Certificate shall
not be required for any Construction Contract with a contract price or value less than $25,000,000;
(iii) if entering into such Construction Contract will result in an amendment to the Project Budget
or extension of the Anticipated Opening Date (if any) or of the Anticipated Completion Date for
such Phase, the Borrower has complied with the requirements of subsection 7.19; (iv) if entering
into such Construction Contract will have the effect of a Scope Change, the Borrower has complied
with the provisions of subsection 7.18; (v) if entering into such Construction Contract will cause
the Borrower not to be In Balance, the Borrower has complied with the requirements of
subsection 6.26; and (vi) if an Additional Construction Contract Certificate is required under
clause (ii) above, the Administrative Agent has acknowledged receipt of the materials referenced in
clause (ii) above, as contemplated in the Additional Construction Contract Certificate (which the
Administrative Agent agrees to promptly do upon receipt of said material).

7.14 Consolidated Capital Expenditures.

A. The Borrower shall not, and shall not permit any other Loan Party to, make or incur
Consolidated Capital Expenditures, in any Fiscal Year, in an aggregate amount in excess of the Base
Capital Expenditures Amount; provided that any portion of the Base Capital Expenditures
Amount, if not expended in the period in which it is permitted, may be carried over for expenditure
in (but only in) the next succeeding such period; provided further that any
Consolidated Capital Expenditures incurred by any Loan Party in such subsequent period shall (x)
first be applied against any such amount carried forward and (y) only after such carried forward
amount is fully utilized, then be applied against the amount of the Base Capital Expenditures
Amount allowed for such succeeding period.

B. Notwithstanding the foregoing, the Loan Parties may make or incur Consolidated Capital
Expenditures (which Consolidated Capital Expenditures will not be included in any determination of
the Base Capital Expenditures Amount expended under the foregoing clause (A)) (i) with the proceeds
of equity contributions to the Loan Parties by any Person other than a Loan Party, provided
that (x) no Event of Default or Potential Event of Default shall have occurred and be continuing
when such Consolidated Capital Expenditure is made or incurred and (y) the applicable Loan Party
notifies the Administrative Agent in writing that such proceeds (or applicable portion thereof) are
to be used for Consolidated Capital Expenditures, (ii) with insurance or other similar proceeds
received by the Borrower or any other Loan Party from any Event of Loss so long as such
Consolidated Capital Expenditures are to replace, repair or restore any properties or assets in
respect of which such proceeds were paid, or (iii) required to be made in accordance with
applicable Macau law.

7.15 Fiscal Year.

No Loan Party shall change its Fiscal Year-end from December 31.

 

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7.16 Excluded Subsidiaries.

The Borrower shall not permit, and shall not allow any other Loan Party to permit, at any time
(i) any Excluded Subsidiary to have any Indebtedness other than Indebtedness which is non-recourse
to the Loan Parties (except as permitted herein), (ii) any Excluded Subsidiary to acquire any
assets from any Loan Party other than as permitted by the provisions of this Agreement, including
the provisions described under subsection 7.3, (iii) any Excluded Subsidiary to own any equity
interests in a Loan Party, or (iv) any Excluded Subsidiary to own or operate the Project, or
possess any material license, franchise or right used in connection with the ownership or operation
of any part of the Project (other than (x) the ownership, use or possession of any trademark,
license or similar right that does not restrict the use of such trademark, license or similar right
by the Loan Parties, and (y) derivative gaming or other rights under any Gaming License (including
under the Gaming Sub-Concession Agreement), the loss of which by such Excluded Subsidiary could not
reasonably be expected to have a Material Adverse Effect).

7.17 Waiver, Modification and Amendment.

A. The Borrower shall not (i) amend, modify, terminate, supplement or waive a right or permit
or consent to the amendment, modification, termination, supplement or waiver of any of the
provisions of, or give any consent under the Land Concession Contract unless such agreement,
amendment, termination, supplement, waiver or consent is expressly permitted hereunder (including
under subsection 7.13) or to the extent required in connection with any transactions permitted by
subsection 7.21; (ii) amend, modify, terminate, supplement or waive a right or permit or consent to
the amendment, modification, termination, supplement or waiver of any of the provisions of, or give
any consent under any Permit, the effect of which could reasonably be expected to have a Material
Adverse Effect without the consent of the Administrative Agent; (iii) amend, modify, supplement or
waive, or consent to any amendment, modification, supplement or waive of any of the provisions of
any Gaming Contract without the consent of the Administrative Agent acting at the direction of the
Requisite Lenders, unless such amendment modification, termination, supplement or waiver is
immaterial and the consent of the Administrative Agent and the Collateral Agent is not otherwise
required by the terms of such Gaming Contract; and (iv) amend any Architectural Services Agreement
or amend any other Material Contract in respect of any Active Phase, except in accordance with the
procedures set forth in subsection 7.13(E), 7.17(C), 7.17(D) or 7.17(E) or as permitted by clauses
(ii)-(vii) of subsection 7.13(A) above, below, in each case, without obtaining the prior written
consent of the Administrative Agent (which consent shall not be unreasonably withheld).

B. [RESERVED].

C. Notwithstanding subsection 7.17(A), the Borrower may from time to time, amend any
Architectural Services Agreement or any other Construction Contract to change the scope of the work
and the Borrower’s payment obligations thereunder. Any such amendment shall be in writing and
shall identify with particularity all changes being made. Each such amendment shall be effective
when and only when: (i) the parties to such amendment have executed and delivered the contract
amendment (with the effectiveness thereof subject only to satisfaction of the conditions in
clauses (ii), (iii), (iv), (v) and (vi) below); (ii) the Borrower

 

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has submitted to the Administrative Agent a Construction Contract Amendment Certificate together with all exhibits,
attachments and certificates required thereby each duly completed and executed; provided, however,
that such submission of a Contract Amendment Certificate shall not be required in connection with
any individual change order to a Contract where the change order has a value of less than
$5,000,000 or for any series of related change orders with an aggregate value of less than
$5,000,000; (iii) if such amendment will result in an amendment to the Project Budget or extension
of the Anticipated Opening Date (if any) or the Anticipated Completion Date for such Active Phase,
the Borrower has complied with the requirements of subsection 7.19; (iv) if such amendment will
change the scope of work or otherwise will have the effect of a Scope Change, the Borrower has
complied with the provisions of subsection 7.18; (v) if such amendment will cause the Borrower not
to be In Balance, the Borrower has complied with the requirements of subsection 6.26; and (vi) if
an Additional Construction Contract Certificate is required under clause (ii) above, the
Administrative Agent has acknowledged its receipt of the materials referenced in clause (ii) above,
as contemplated in the Construction Contract Amendment Certificate (which the Administrative Agent
agrees to promptly do upon receipt of said materials).

D. Notwithstanding this subsection 7.17, the Borrower may from time to time enter into or
assign Material Contracts in respect of the Project as permitted by subsection 7.13.

E. Notwithstanding subsection 7.17(A), the Borrower may from time to time terminate (i) any
Material Construction Contract in respect of any portion of the Project sold as part of any
Permitted Asset Disposition; (ii) any other Material Construction Contract; or (iii) so long as a
suitable replacement manager (which may be an Affiliate) with experience in operating and managing
properties of similar size and standard as the applicable portion of the Project is engaged (unless
the Borrower notifies the Administrative Agent that it intends to self-manage such portion), any
Hotel Management Agreement, so long as, in the case of clauses (i) and (ii), such termination does
not give rise to an Event of Default under subsection 8.12(iii)(a).

7.18 Scope Changes.

A. Without obtaining the Required Scope Change Approval, the Borrower shall not direct,
consent to or enter into any Scope Change for any Active Phase if such Scope Change:

(i) will increase the amount of Project Costs, unless the Borrower complies with the
requirements of subsection 6.26 and/or amends the Project Budget as provided in
subsection 7.19 so that, after giving effect to the proposed Scope Change, the Borrower
shall be In Balance; or

(ii) in the reasonable judgment of the Construction Consultant (based on its
experience, familiarity and review of such Phase and representations provided by the
Borrower, the Contractors and Subcontractors), (i) is not a Safe Harbor Scope Change; (ii)
has a reasonable likelihood of delaying the Completion Date for such Phase beyond the
Anticipated Completion Date for such Phase; (iii) has a reasonable likelihood of delays
resulting in any material adverse modification or material impairment of the enforceability
of any material warranty under any Construction Contract relating to the Project; (iv) is
not permitted by a Material Contract or has a reasonable likelihood of

 

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materially adversely impacting such Phase; (v) has a reasonable likelihood of
presenting a significant risk of the revocation or material adverse modification of any
material Permit; or (vi) has a reasonable likelihood of causing the Project not to comply in
any material respect with Legal Requirements (provided that the Construction Consultant
shall be entitled to determine that no such violation of any Legal Requirement will occur on
the basis of a certification by the Borrower to such effect unless the Construction
Consultant is aware of any inaccuracies in such certification); or

(iii) in the reasonable judgment of the Insurance Advisor, could reasonably result in a
material adverse modification, cancellation or termination of any insurance policy required
to be maintained by the Borrower pursuant to subsection 6.4.

Prior to implementing any Scope Change, the Borrower shall submit an Additional Construction
Contract Certificate or Construction Contract Amendment Certificate and otherwise comply with the
provisions of subsection 7.13(E) or 7.17(C), as applicable.

B. The Borrower shall not accept (or be deemed to have confirmed) any “Certificate of
Practical Completion” or “Certificate of Making Good Defects” (or certificate of similar impact to
either of the foregoing) for any part of the “Works” relating to any “Section” of the Project or
any notice of “Final Completion” of the Project or “Substantial Completion” issued by any
Contractor under any similar certificate or notice issued by any Contractor under any other
Construction Contract, in each case, without the written approval of the Administrative Agent
(acting in consultation with Construction Consultant), which approval shall not be unreasonably
withheld (provided that the Administrative Agent and the Construction Consultant shall act with due
diligence and as promptly as reasonably possible in making its determination to approve or
disapprove).

C. Agree with any Contractor on the amount of any bonus or incentive payments for performing
work under budget or on or ahead of schedule, in each case, without the prior written approval of
the Administrative Agent (acting in consultation with Construction Consultant), which approval
shall not be unreasonably withheld or delayed.

7.19 Project Budget and Project Schedule Amendment. The Borrower shall not amend,
modify, allocate, re-allocate or supplement or permit or consent to the amendment, modification,
allocation, re-allocation or supplementation of, any of the Line Items, Line Item Categories or
other provisions of the Project Budget or modify or extend the Anticipated Opening Date or the
Anticipated Completion Date for any Active Phase, except as follows:

A. Permitted Budget Amendments.

(i) Concurrently with the implementation of any Scope Change for any Active Phase, the
Borrower shall submit a Project Budget/Schedule Amendment Certificate in the form of Exhibit
L-6 and amend the Project Budget for the Project in accordance with the provisions of
subsection 7.19(A)(ii) below to the extent necessary so that the amount set forth therein
for each Line Item shall reflect all Scope Changes that have been made to such Line Item.
The Borrower may from time to time amend the Project Budget in accordance with the
provisions of subsection 7.19(A)(ii) in order to
increase, decrease or otherwise reallocate amounts allocated to specific Line Items or
Line Item Categories included in the Project Budget; provided, however,
that, after giving effect to such adjustment, the Project shall be capable of being
completed in accordance with the Plans and Specifications for the Project and no such
adjustment shall modify the Borrower’s obligation to complete the Project in accordance with
the Plans and Specifications for the Project, and the Borrower shall remain In Balance.

 

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(ii) (x) The Borrower shall implement any amendment to the Project Budget by delivering
to the Administrative Agent a Project Budget/Schedule Amendment Certificate together with
all exhibits, attachments and certificates required thereby, each duly completed and
executed. The Project Budget/Schedule Amendment Certificate shall describe with
particularity the Line Item, or Line Item Category increases, decreases, contingency
allocations, and other proposed amendments to the Project Budget and shall otherwise conform
to the requirements of this Agreement.

(y) Increases to the aggregate amount budgeted for any Line Item Category included in
the Project Budget will only be permitted to the extent of (A) allocation of Realized
Savings obtained in a different Line Item Category, (B) allocation of previously
“unallocated contingency” included in the Project Budget (so long as after giving effect to
such allocation the Unallocated Contingency Balance will equal or exceed the Required
Minimum Contingency), or (C) allocation of new or previously unallocated Available Funds.

(iii) Decreases to any Line Item Category included in the Project Budget will only be
permitted upon obtaining Realized Savings in such Line Item Category.

(iv) Increases and decreases to particular Line Items included in any particular
Project Budget shall be permitted to the extent not inconsistent with the foregoing
provisions of this paragraph or with subsection 7.19(A)(i) above, provided that increases to
the “unallocated contingency” Line Item for the Project Budget shall only be permitted to
the extent of (x) allocation of Realized Savings obtained in any Line Item Category or
(y) an increase in Available Funds.

B. Permitted Schedule Amendments. The Borrower may, from time to time, amend the Project
Schedule to extend the Anticipated Substantial Operations Date (but (except as permitted in the
following sentence) not beyond the Outside Substantial Operations Deadline) or, for any particular
Active Phase, to extend the Anticipated Opening Date or the Anticipated Completion Date for such
Phase (but (except as permitted in the following sentence) not beyond the applicable Outside
Opening Deadline (if any) or Outside Completion Deadline), by delivering to the Administrative
Agent a Project Budget/Schedule Amendment Certificate (a) containing a revised Project Schedule
reflecting the new Anticipated Opening Date, the new Anticipated Substantial Operations Date or the
new Anticipated Completion Date of such Phase, as the case may be, and (b) complying with the
provisions of subsection 7.19(A)(ii) above with respect to the changes in the Project Budget that
will result from the extension of the Anticipated Opening Date, the Anticipated Substantial
Operations Date or the Anticipated Completion Date of such Phase. If an Event of Loss or an
Event of Force Majeure occurs with respect to any Phase, then the Borrower shall be permitted to
extend the Outside Substantial Operations Deadline, the Outside Opening Deadline (if any) or the
Outside Completion Deadline, as the case may be, to the extent that the Borrower certifies in
writing, and the Construction Consultant confirms, to the Administrative Agent that such extension
is reasonably necessary to overcome any delays caused by the Event of Loss or Event of Force
Majeure and the Borrower remains In Balance, provided that no such extension may extend beyond
three hundred sixty-five (365) calendar days.

 

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C. Amendment Certificates. Upon submission of the Project Budget/Schedule Amendment
Certificate to the Administrative Agent, together with all exhibits, attachments and certificates
required pursuant thereto, each duly completed and executed, such amendment shall become effective
hereunder, and the Project Budget for the Project and, if applicable, the Project Schedule (and, as
specified in the Project Schedule, the Anticipated Opening Date, the Anticipated Completion Date,
and the Outside Completion Deadline of any Phase), shall thereafter be as so amended.

7.20 Opening. The Borrower shall not cause or permit the Opening Date for any Phase
to occur unless each of the Opening Date Conditions has been satisfied for such Phase and the
Borrower and each Certifying Consultant has delivered its Opening Date Certificate to the
Administrative Agent.

7.21 Horizontal Properties.

A. Creation. Borrower shall not subdivide, or create any “horizontal properties”
within, the Site or the Project (i) except in respect of the Casino Facilities (or any portion
thereof), to the extent required for the approvals set forth in the Gaming Contracts Approval
Letter to remain effective, in which case the Borrower shall (or shall cause the Company to) ensure
that the Mortgage is not cancelled, and the validity, enforceability and priority of the Mortgage
is not affected, by reason of the creation of such horizontal property, through lack of
authorization from the Macau Gaming Authority or any other relevant entity of the Government of
Macau SAR, and such horizontal property remains subject to the Mortgage, by procuring any such
required authorizations and (ii) except to the extent required in connection with an AH Transfer or
a Permitted Asset Disposition (and then only if the applicable requirements of subsections 7.7(xx)
and 7.10(xx) are satisfied) and, in the case of an AH Transfer except as otherwise provided in
subsection 7.21B below, only if such horizontal property remains subject to the Mortgage until the
First Sale and the Administrative Agent shall have received a legal opinion from Macau counsel to
the Borrower to the effect that the Mortgage continues to be a valid, first priority Lien on such
horizontal property, such horizontal propert remaining free and clear of all liens, encumbrances
and exceptions to title whatsoever (other than Permitted Liens) and otherwise in form and substance
reasonably satisfactory to the Administrative Agent. The scope, characteristics, and description of
any horizontal property created pursuant to the preceding sentence must be consistent with the
applicable Plans and Specifications.

 

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B. Separation of Mortgages. With regard to any horizontal property created pursuant
to subsection 7.21A (other than in respect of the Casino Facilities or any portion thereof) in
connection with an AH Transfer, if at any time the Administrative Agent reasonably deems it
necessary or advisable to protect the interest of the Secured Parties in that horizontal property
or
any other Property which is required to be pledged to them as Collateral, the Borrower will
deliver, promptly upon request of the Administrative Agent, (i) a mortgage (a “New Mortgage”) on
such horizontal property substantially similar to the Mortgage and that is separate and distinct
from the Mortgage, such New Mortgage to be duly executed by the Excluded Subsidiary to whom such
horizontal property is transferred, in favor of the Collateral Agent and notarized, recorded,
stamped and registered with the Macau Land and Building Registration Department and filed with the
Macau Gaming Authority, and such New Mortgage shall be a valid, first priority Lien on such
horizontal property, free and clear of al liens, encumbrances and exceptions to title whatsoever
(other than Permitted Liens). In connection with any New Mortgage, the Borrower shall deliver or
cause to be delivered to the Administrative Agent (a) resolutions of the Board of Directors of the
applicable Excluded Subsidiary approving and authorizing the execution, delivery and performance of
such New Mortgage and (b) opinions of counsel in form and substance reasonably satisfactory to the
Administrative Agent covering the same matters with respect to such New Mortgage as were covered by
the legal opinion from Macau counsel to the Borrower delivered pursuant to subsection
4.1B(xvii)(ii) in respect of the Mortgage and such other matters as the Administrative Agent may
reasonably request.

Section 8. Events of Default.

If any of the following conditions or events set forth in this Section shall occur (any such
conditions or events collectively “Events of Default”):

8.1 Failure to Make Payments When Due.

Failure by the Borrower to pay any installment of principal on any Loan when due whether at
stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or
otherwise within three Business Days after the date due if such failure to pay is due to technical
administrative issues beyond the Borrower’s reasonable control; failure by the Borrower to pay when
due any amount payable to an Issuing Lender in reimbursement of any drawings; or failure by the
Borrower to pay any interest on any Loan or any fee or any other amount due under this Agreement
within five days after the date due; or

8.2 Default under Other Indebtedness or Contingent Obligations.

(i) Failure by any Loan Party or the Sponsor to pay when due any principal of or
interest on or any other amount payable in respect of one or more items of Indebtedness
(other than Indebtedness referred to in subsection 8.1 or any Non-Recourse Financing) or
Contingent Obligations (other than with respect to a Non-Recourse Financing) with an
aggregate principal amount of $25,000,000 or more, in each case beyond the end of any grace
period provided therefor; or (ii) breach or default by any Loan Party, the Sponsor or the
Company (to the extent that such breach or default by the Company has had or could
reasonably be expected to have a Company Material Adverse Effect) with respect to any other
material term of (a) one or more items of such Indebtedness or Contingent Obligations in the
individual or aggregate principal amounts referred to in clause (i) above or (b) any loan
agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness
or Contingent Obligation(s), if the effect of such breach or default is, in the case of
clause (a) or (b), to cause, or to permit
the holder or holders of that Indebtedness or Contingent Obligation(s) (or a trustee on
behalf of such holder or holders) to cause, that Indebtedness or Contingent Obligation(s) to
become or be declared due and payable prior to its stated maturity or the stated maturity of
any underlying obligation, as the case may be in each case at the end of any grace period
provided therefor (upon the giving or receiving of notice, lapse of time, both, or
otherwise); or

 

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8.3 Breach of Certain Covenants. Failure of the Loan Parties to perform or comply with
any term or condition contained in subsection 2.5, 6.2 or 6.4B or Section 7 (other than subsections
7.17, 7.18 and 7.19) of this Agreement or the failure of any Eligible Affiliate Purchaser to
perform or comply with any term or condition contained in subsection 10.1I(i)(w), 10.1I(i)(x),
10.1I(v), or 10.1I(i)(xi); or

8.4 Breach of Warranty.

Any representation, warranty, certification or other statement made by any Loan Party or the
Sponsor in any Loan Document or in any statement or certificate at any time given by any Loan Party
or the Sponsor in writing pursuant hereto or thereto or in connection herewith or therewith shall
be false in any material respect on the date as of which made; or

8.5 Other Defaults Under Loan Documents.

Any Loan Party or the Sponsor shall default in the performance of or compliance with any term
contained in this Agreement or any of the other Loan Documents (other than the Sponsor Support
Agreement) (provided that with respect to the Contract Consents, such term shall be for the
benefit of the Lenders or any Agent, as opposed to any other party thereto), other than any such
term referred to in any other subsection of this Section 8, and such default shall not have been
remedied or waived within 30 days after the earlier of (x) an officer of the Borrower, such Loan
Party or the Sponsor becoming aware of such default or (y) receipt by the Borrower of written
notice from Administrative Agent or any Lender of such default; or

8.6 Involuntary Bankruptcy; Appointment of Receiver, etc.

(i) A court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Sponsor, the Company or any Loan Party in an involuntary case under
the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now
or hereafter in effect in any applicable jurisdiction, domestic or foreign, which decree or
order is not stayed; or any other similar relief shall be granted under any applicable
federal or state law; or (ii) an involuntary case shall be commenced against the Sponsor,
the Company or any Loan Party under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect in any applicable
jurisdiction, domestic or foreign, or a decree or order of a court having jurisdiction in
the premises for the appointment of a receiver, liquidator, sequestrator, trustee,
custodian, conservator or other officer having similar powers over the Sponsor, the Company
or any Loan Party, 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 the Sponsor, the Company or any Loan Party, for
all or a substantial part of its property; or a warrant of attachment, distraint,
execution or similar process shall have been issued against any substantial part of the
property of the Sponsor, the Company or any Loan Party, and any such event described in this
clause (ii) shall continue for 60 days unless dismissed, bonded or discharged (and in the
case of the Company, any such event described in clause (i) or (ii) of this subsection 8.6
has had or could reasonably be expected to have a Company Material Adverse Effect); or

 

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8.7 Voluntary Bankruptcy; Appointment of Receiver, etc.

(i) The Sponsor, the Company or a Loan Party 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 in any
applicable jurisdiction, domestic or foreign, 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 the
Sponsor, the Company or a Loan Party shall make any assignment for the benefit of creditors;
or (ii) the Sponsor, the Company or a Loan Party shall be unable, or shall fail generally,
or shall admit in writing its inability, to pay its debts as such debts become due and in
each case a period of 30 days shall have elapsed; or (iii) the Board of Directors of the
Sponsor, the Company or a Loan Party (or any committee thereof) or of its managing member
shall adopt any resolution or otherwise authorize any action to approve any of the actions
referred to in clause (i) above or this clause (iii) (and in the case of the Company, any
such event described in clause (i), (ii) or (iii) of this subsection 8.7 has had or could
reasonably be expected to have a Company Material Adverse Effect); or

8.8 Judgments and Attachments.

Any money judgment, writ or warrant of attachment or similar process involving in the
aggregate at any time an amount in excess of $25,000,000 (in either case not adequately covered by
insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall
be entered or filed against the Sponsor or any Loan Party or any of their respective assets and
shall remain unpaid and undischarged, unvacated, unbonded or unstayed for a period of 60 days (or
in any event later than five days prior to the date of any proposed sale thereunder); or

8.9 Dissolution.

Any order, judgment or decree shall be entered against the Sponsor, the Company or any Loan
Party decreeing the dissolution or split up of such Persons (other than as permitted by subsection
7.7(vii)) and such order shall remain undischarged or unstayed for a period in excess of 30 days;
or

8.10 Change of Control.

A Change of Control shall occur; or

 

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8.11 Failure of Guaranty; Repudiation of Obligations.

At any time after the execution and delivery thereof, (i) any Loan Document (other than the
Collateral Documents and Rate/FX Protection Agreements) for any reason, other than the satisfaction
in full of all Obligations, shall cease to be in full force or effect (other than in accordance
with its terms with respect to the Sponsor, any Loan Party or all Loan Parties), or shall be
declared null and void or unlawful by a Governmental Instrumentality of competent jurisdiction with
respect to the Sponsor, any Loan Party or all Loan Parties, (ii) (x) any Collateral Document (other
than the Assignment of Reinsurances) shall cease to be in full force and effect or (y) the
Assignment of Reinsurances shall cease to be in full force and effect and is not replaced within 45
days thereafter (other than, in each of the foregoing clauses (x) and (y), by reason of a release
of Collateral thereunder in accordance with the terms hereof or thereof, the satisfaction in full
of the Obligations or any other termination of such Collateral Document or the Assignment of
Reinsurances in accordance with the terms hereof or thereof) with respect to any Loan Party or all
Loan Parties or shall be declared null and void by a Governmental Instrumentality of competent
jurisdiction with respect to any Loan Party or all Loan Parties, or the Collateral Agent shall not
have or shall cease to have a valid and perfected First Priority Lien in the Collateral (other than
a de minimis portion thereof) for any reason other than the failure of the Collateral Agent or any
Lender to take any action within its control except as otherwise contemplated in any Loan Document,
(iii) the Sponsor or any Loan Party shall contest the validity or enforceability of any Loan
Document in writing or deny in writing that it has any further liability prior to the Termination
Date, (iv) any relevant Governmental Instrumentality, the Sponsor or any Loan Party shall contest
the validity, perfection or priority of the Liens granted pursuant to any Loan Document in favor of
the Collateral Agent, for benefit of the Lenders (which contest, in the case of the government of
Macau SAR, shall be in writing and shall remain in effect for a period of 20 days), or (v) the
subordination provisions in the Permitted Subordinated Indebtedness or any other instrument
required under any provision of this Agreement to be subordinated to the Obligations shall cease to
be enforceable against the holder thereof; or

8.12 Default Under or Termination of Project Documents.

Except in connection with a refinancing, repayment or defeasance thereof as permitted by the
Loan Documents (and except as permitted by clause (iii) of subsection 7.17E), any of the Project
Documents (other than the Land Concession Contract) shall, on or after the date hereof, terminate
or be terminated or canceled or deemed invalid prior to its stated expiration date or fail to be in
full force and effect prior to such date, or the Company (solely with respect to the Gaming
Contracts) or the Borrower or any of the Borrower’s Restricted Subsidiaries or any counterparty
thereto shall be in default (after the giving of any applicable notice and the expiration of any
applicable grace period) under any Project Document and such counterparty shall not have been
replaced by the Borrower; provided that:

(i) [RESERVED];

(ii) a default, termination, cancellation or invalidity under any Project Document that
is not a Material Contract pursuant to clause (a) of the definition thereof shall constitute
an Event of Default hereunder only to the extent such default,
termination, cancellation or invalidity, together with all other then current defaults
under and terminations of Project Documents, could reasonably be expected to cause a
Material Adverse Effect;

 

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(iii) a default, termination, cancellation or invalidity under any Construction
Contract or the Architectural Services Agreement (the “Relevant Contracts”) shall constitute
an Event of Default hereunder only in the following circumstances:

(a) any Loan Party or any other party thereto shall breach or default under any term,
condition, provision, covenant, representation or warranty contained in any Relevant
Contract, if the effect of such breach or default could reasonably be expected to have a
Material Adverse Effect and such breach or default shall continue unremedied for 30 days
after notice received by the Borrower from the Administrative Agent or the Collateral Agent;
provided, however, that in the case of any such Relevant Contract, (1) if
the breach or default is by a Loan Party and is reasonably susceptible to cure within 90
days but cannot be cured within 30 days despite the applicable Loan Party’s good faith and
diligent efforts to do so, the cure period shall be extended as is reasonably necessary
beyond such 30 day period (but in no event longer than 90 days) if remedial action
reasonably likely to result in cure is promptly instituted within such 30 day period and is
thereafter diligently pursued until the breach or default is corrected and (2) if the breach
is by a party other than a Loan Party, then no Event of Default shall be deemed to have
occurred as a result of such breach if the Borrower provides written notice to the
Administrative Agent and the Collateral Agent during such 30 day period that such Loan Party
intends to replace such Relevant Contract (or that replacement is not necessary) and (A) the
applicable Loan Party obtains a replacement obligor or obligors reasonably acceptable to the
Administrative Agent (in consultation with the Construction Consultant) for the affected
party (if in the reasonable judgment of the Administrative Agent (in consultation with the
Construction Consultant) a replacement is necessary), (B) the applicable Loan Party enters
into a replacement Relevant Contract in accordance with subsection 7.17 on terms reasonably
satisfactory to the Company and the Loan Parties, within 60 days of such termination (if in
the reasonable judgment of the Administrative Agent (in consultation with the Construction
Consultant) a replacement is necessary), and (C) such termination, after considering any
replacement obligor and replacement Relevant Contract and the time required to implement
such replacement, has not had and would not reasonably be expected to have a Material
Adverse Effect; or

(b) any Material Construction Contract shall have terminated, become invalid or
illegal, or otherwise ceased to be in full force and effect, provided that no Event of
Default shall be deemed to have occurred as a result of such termination if the Borrower
provides written notice to the Administrative Agent and the Collateral Agent within 30 days
after any of the Loan Parties becoming aware of such Material Construction Contract ceasing
to be in full force or effect that the Borrower or the applicable Loan Party intends to
replace such Material Construction Contract (or that replacement is not necessary) and
(1) the Borrower or the applicable Loan Party obtains a replacement obligor or obligors
reasonably acceptable to the Administrative Agent (in consultation with the Construction
Consultant), for the affected party (if in the reasonable judgment of the Administrative
Agent (in consultation with Construction Consultant ) a replacement
is necessary), (2) the applicable Loan Party enters into a replacement Material
Construction Contract in accordance with subsection 7.17 on terms reasonably satisfactory to
the Borrower and the Loan Parties, within 60 days of such termination (if in the reasonable
judgment of the Administrative Agent (in consultation with the Construction Consultant) a
replacement is necessary), and (3) such termination, after considering any replacement
obligor and replacement Material Construction Contract and the time required to implement
such replacement, has not had and would not reasonably be expected to have a Material
Adverse Effect.

 

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8.13 Loss of Leasehold Title.

Except as permitted by subsection 7.21, the Borrower shall cease to have a good and valid
leasehold interest in and to any material portion of the Site for the Project, and all material
parcels and subdivisions comprising thereof or located thereon, or shall cease to own the
Improvements for the purpose of owning, constructing, maintaining and operating the Project in the
manner contemplated by the Operative Documents; or

8.14 Abandonment.

The Borrower shall Abandon any Active Phase; or

8.15 Default Under or Termination of Permits.

Any Loan Party shall fail to observe, satisfy or perform, or there shall be a violation or
breach of, any of the terms, provisions, agreements, covenants or conditions attaching to or under
the issuance to such Person of any Permit (other than any Permits granted pursuant to the Gaming
Concession Contract or the Land Concession Contract, which shall be subject to subsection 8.18
below) or any such Permit or any provision thereof shall be modified, revoked, cancelled,
terminated, sequestered, suspended or otherwise fail to be in full force and effect and shall not
have been reinstated within 15 Business Days, or any Governmental Instrumentality shall challenge
or seek to modify, revoke, cancel, terminate, sequester or suspend any such Permit and shall not
rescind such challenge or action with 15 Business Days if such failure to observe, satisfy or
perform or such violation, breach, modification, revocation, cancellation, termination,
sequestration, suspension or failure to be in full force and effect could reasonably be expected to
have a Material Adverse Effect; or

8.16 Default Under or Repudiation of Sponsor Agreement.

The Sponsor shall contest the validity or enforceability of the Sponsor Agreement in writing
or deny in writing that it has any further liability thereunder prior to the Termination Date, or
the Sponsor shall breach any of its material obligations under the Sponsor Agreement (subject to
the applicable grace periods contained therein) or any of the representations made by the Sponsor
pursuant to the Sponsor Agreement shall have been untrue in any material respect at the time made;
or

 

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8.17 Expropriation; Change in Law.

There shall have occurred (i) any imposition of expropriatory or confiscatory taxes, or any
nationalization, expropriation, modification, suspension, confiscation (except routine actions for
rights-of-way and similar actions that do not and are not reasonably expected to materially
interfere with the construction or operation of the Project) of the ownership or control of all of
any material part of the Project or any Site on which the Project is situated or any material
equity interests in the Sponsor, the Borrower or any other Loan Party that owns, operates or
manages all or any portion of a Project, including any seizure, dissolution, redemption or
rescission pursuant to Chapter V of Law No 16/2001, or (ii) the change in any tax law or imposition
of any income or other tax by the government of Macau SAR on the operations of the Loan Parties,
that could reasonably be expected, in the judgment of the Requisite Lenders, as evidenced in a
notice provided by them to the Administrative Agent and the Borrower, to have a Material Adverse
Effect, or (iii) an extinguishment of any material rights benefiting, or imposition of any
restrictions affecting, or change in any Legal Requirement of Macau SAR governing, affecting or
impacting, the Gaming Concession Contract or the Land Concession Contract, or any of the Loan
Parties or either of the Projects that would reasonably be expected to deprive the Lenders of any
of their material rights or remedies in respect of this Agreement or the other Loan Documents
(including rights under the security interests granted by or pursuant to this Agreement or the
Collateral Documents or the Assignment of Reinsurances), or (iv) any governmental act or series of
acts or change in any Legal Requirement of Macau SAR or delivery of any official governmental
notice which (a) adversely affects, is inconsistent with, or challenges, the independence of the
Gaming Sub-Concession Contract from the Primary Gaming Concession Contract (including the
termination or revision of the Supplement to Gaming Sub-Concession Contract), or (b) could
reasonably be expected, in the judgment of the Requisite Lenders, as evidenced in a notice provided
by them to the Administrative Agent and the Borrower, to have a Material Adverse Effect; or

8.18 Default Under or Loss of Concessions.

(i) Any replacement or reinstatement of the Company, or any unilateral discharge of the
Gaming Sub-Concession Contract, or any temporary administrative intervention, is made by
Macau SAR pursuant to Article 79 of the Gaming Sub-Concession Contract;

(ii) Macau SAR takes any formal measure seeking the unilateral dissolution of the
Gaming Sub-Concession Contract pursuant to Article 80 thereof or otherwise or Macau SAR
gives notice pursuant to Article 80(3) of the Gaming Sub-Concession Contract;

(iii) the Administrative Agent considers the subject matter of any negotiations
required to be notified to it pursuant to subsection 6.1(xix)(c) is such as could reasonably
be expected to cause an entitlement of Macau SAR to unilaterally dissolve the Gaming
Sub-Concession Contract pursuant to Article 80 thereof;

 

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(iv) the Land Concession Contract is forfeited, terminated or rescinded or Macau SAR
takes any formal measure seeking any forfeiture, termination or rescission of the Land
Concession Contract;

(v) any transfer of equity interests in the Company is made or deemed made without
approval of the government of Macau SAR as required by Article 16 of the Gaming
Sub-Concession Contract; or

(vi) (A) the Gaming Concession Contract or the Land Concession Contract shall, on or
after the date hereof, terminate or be forfeited, terminated, rescinded or canceled or
deemed invalid prior to its stated expiration date or fail to be in full force and effect
prior to such date, or any formal measure shall be commenced seeking to claim the same, (B)
the Company (with respect to the Gaming Concession Contract) or the Borrower (with respect
to the Land Concession Contract) shall be in default (after the giving of any applicable
notice and the expiration of any applicable grace period) with respect to any material
obligation under the Gaming Concession Contract or the Land Concession Contract or (C) the
Macau SAR shall be in default of any material obligation under the Gaming Concession
Contract or the Land Concession Contract and such default by the Macau SAR results in or
could reasonably be expected to result in a Material Adverse Effect;

provided, (A) in the case of clause (ii), to the extent Macau SAR designates any cure
or grace period in connection with any such notice, or (B) in the case of clause (v), to the extent
Macau SAR designates any cure or grace period in connection with any such event or action, or
(C) in the case of clause (iv), (vi) or (vii), to the extent a formal measure under such clause is
comprised of a notice from Macau SAR to the Company or any Loan Party that specifically provides
for a cure or grace period in connection therewith, or if the Company or the applicable Loan Party,
in the case of each of clause (A), (B) and (C), is entitled to a grace or cure period by contract
or operation of law, no Event of Default shall be deemed to have occurred under any of the
clauses of this subsection 8.18 referred to in clause (A), (B) or (C) due to such circumstances
until such cure or grace period has expired (if and for so long as (a) the circumstance, event or
action giving rise to any action or event enumerated in any such clause of this subsection 8.18 is
reasonably susceptible to cure by the Company or the applicable Loan Party within the designated
cure or grace period, (b) the Company or the applicable Loan Party provides prompt notice to the
Administrative Agent that it intends to cure such event or action and provides reasonably detailed
information regarding the specific nature of such intended cure, and (c) the Company or the
applicable Loan Party is actively pursuing such cure); or

8.19 Loss of Performance Bond or Guaranty.

Any loss, termination (other than in accordance with its terms), suspension, revocation,
cancellation or invalidation of a guaranty or equivalent agreement or instrument in favor of Macau
SAR in support of the obligations of any Loan Party, in each case without replacement thereof
within 60 days on terms, with a counterparty, and pursuant to documentation, reasonably
satisfactory in form and substance to the Administrative Agent (provided that such 60-day
period shall be deemed to terminate immediately upon the occurrence of (a) any loss or revocation
of the Gaming Sub-Concession Contract or the Land Concession Contract, or (b) a Material
Adverse Effect that remains uncured for a period of 60 days, in each case caused by or arising
out of such loss, termination, suspension, revocation, cancellation, invalidation or modification),
or any call or drawing made by the Macau SAR under any such guaranty or equivalent agreement or
instrument; or

 

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8.20 Schedule; Completion; Delay of Substantial Operations.

(i) The Construction Consultant shall reasonably determine (based on its experience,
familiarity and review of the Project and information and schedule provided by the Borrower)
that the Opening Date for any Phase is likely to occur no earlier than 75 days after the
Anticipated Opening Date (as extended pursuant to subsection 7.19) for such Phase (and such
determination is not rescinded by the Construction Consultant within 15 days after the date
the Construction Consultant notifies the Administrative Agent and the Borrower of such
determination); or

(ii) The Borrower shall fail to achieve the Opening Date for Phase 1 on or before the
Outside Opening Deadline (as extended pursuant to subsection 7.19), which failure is not
cured within 10 days after notice thereof; or

(iii) The Construction Consultant shall reasonably determine (based on its experience,
familiarity and review of the Project and information and schedule provided by the Borrower)
that the Completion Date (as extended pursuant to subsection 7.19) for any Phase is likely
to occur no earlier than 75 days after the Anticipated Completion Date for such Phase (and
such determination is not rescinded by the Construction Consultant within 15 days after the
date of the Construction Consultant notifies the Administrative Agent and the Borrower of
such determination); or

(iv) The Borrower shall fail to achieve the Completion Date for both Phases on or
before the Outside Completion Deadline (as extended pursuant to subsection 7.19), which
failure is not cured within 10 days after the notice thereof; or

(v) The Substantial Operations Date shall not have occurred by the Outside Substantial
Operations Deadline (as extended pursuant to subsection 7.19, including if an Event of Force
Majeure has occurred), which failure is not cured within 10 days after the notice thereof;
or

8.21 Failure to Demonstrate Balancing.

The failure, as of any date of determination, of the Borrower to be In Balance, if such
failure shall continue for 30 consecutive days without being cured; or

8.22 Inability to Deliver Certificates.

Prior to the Project Final Completion Date, the failure for 60 consecutive days, of the
Borrower to submit an Advance Request which is approved, unless the Borrower demonstrates to the
reasonable satisfaction of the Administrative Agent (after consultation with the Construction
Consultant) that the Borrower is In Balance; or

 

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8.23 FF&E Proceeds.

The Borrower shall fail to deposit into the Project Loans Disbursement Account in accordance
with Section 2.1.2(b) of the Depository Agreement, within 20 Business Days of the receipt thereof,
the proceeds of draws under the FF&E Facilities with respect to FF&E Component items for the
Project for which one or more Advances have been made pursuant to Section 2.1.2(b) of the
Depository Agreement;

8.24 Delisting of Sponsor.

The suspension for more than ten consecutive trading days on the Hong Kong Stock Exchange or
cessation of the listing of the Sponsor on the Hong Kong Stock Exchange shall have occurred prior
to the Borrower demonstrating compliance with the Consolidated Leverage Ratio as tested at the end
of the first full Fiscal Quarter following the Trigger Date;

8.25 Failure to Receive Gaming Net Proceeds.

The Borrower does not receive the Gaming Net Proceeds for any given month within the first
five Business Days of the next succeeding month as provided in the Gaming Contracts, and such
default shall not have been remedied before the end of such succeeding month; or

8.26 Employee Benefit Plans.

There shall occur one or more ERISA Events which individually or in the aggregate results in
or might reasonably be expected to result in liability of the Sponsor, the Borrower, or any other
Loan Party or any of their respective ERISA Affiliates, in excess of $25,000,000 during the term of
this Agreement;

THEN (i) upon the occurrence of any Event of Default, the Administrative Agent may (or may cause
the Collateral Agent to), or at the request of the Requisite Lenders shall, deliver a written
notice to the Borrower stating that an Event of Default has occurred and, as of the date of such
notice, is continuing (an “Enforcement Notice”), (ii) upon the occurrence of any Event of Default
described in subsection 8.6 or 8.7, each of (a) the unpaid principal amount of and accrued interest
on the Loans, (b) an amount equal to the maximum amount that may at any time be drawn under all
Letters of Credit then outstanding (whether or not any beneficiary under any such Letter of Credit
shall have presented, or shall be entitled at such time to present, the drafts or other documents
or certificates required to draw under such Letter of Credit) and (c) all other Obligations shall
automatically become immediately due and payable, without presentment, demand, protest or other
requirements of any kind, all of which are hereby expressly waived by the Borrower, and the
obligation of each Lender to make any Loan, the obligation of the Issuing Lenders to issue any
Letter of Credit and the right of any Lender to issue any Letter of Credit hereunder shall
thereupon terminate, and (iii) upon the occurrence and during the continuation of any Event of
Default not referenced in clause (ii), the Administrative Agent shall, upon the written request or
with the written consent of Requisite Lenders, by written notice to the Borrower, declare all or
any portion of the amounts described in clauses (a), (b) and (c) above to be, and the same shall
forthwith become, immediately due and payable, and the obligation of each Lender to make any Loan,
the obligation of the Issuing Lenders to issue any Letter of Credit and the right of any Lender to
issue any Letter of Credit hereunder shall thereupon terminate; provided that the foregoing shall not affect in any way the obligations of the Lenders
under subsection 3.3C(i).

 

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Any amounts described in clause (b) above, when received by the Administrative Agent, shall be
held by the Administrative Agent pursuant to a cash collateral arrangement reasonably satisfactory
to the Administrative Agent. Notwithstanding anything contained in the preceding paragraph, if at
any time within 60 days after an acceleration of the Loans pursuant to clause (ii) of such
paragraph the Borrower shall pay all arrears of interest and all payments on account of principal
which shall have become due otherwise than as a result of such acceleration (with interest on
principal and, to the extent permitted by law, on overdue interest, at the rates specified in this
Agreement) and all Events of Default and Potential Events of Default (other than non-payment of the
principal of and accrued interest on the Loans, in each case which is due and payable solely by
virtue of acceleration) shall be remedied or waived pursuant to subsection 10.6, then Requisite
Lenders, by written notice to the Borrower, may at their option rescind and annul such acceleration
and its consequences; but such action shall not affect any subsequent Event of Default or Potential
Event of Default or impair any right consequent thereon. The provisions of this paragraph are
intended merely to bind Lenders to a decision which may be made at the election of Requisite
Lenders and are not intended, directly or indirectly, to benefit the Borrower, and such provisions
shall not at any time be construed so as to grant the Borrower the right to require Lenders to
rescind or annul any acceleration hereunder or to preclude Administrative Agent or Lenders from
exercising any of the rights or remedies available to them under any of the Loan Documents, even if
the conditions set forth in this paragraph are met.

Section 9. Agents and Arrangers.

9.1 Appointment.

A. Appointment of the Administrative Agent. Scotia Capital is hereby appointed
Administrative Agent hereunder and under the other Loan Documents and each Lender hereby authorizes
the Administrative Agent to act as its agent in accordance with the terms of this Agreement and the
other Loan Documents. The Administrative Agent agrees to act upon the express conditions contained
in this Agreement and the other Loan Documents, as applicable. The provisions of this Section 9
(other than the second proviso to the first sentence of subsection 9.6, the second sentence of
subsection 9.5, and the proviso clause of the last sentence of subsection 9.7) are solely for the
benefit of the Administrative Agent and the Lenders; the Borrower shall have no rights as a third
party beneficiary of any of the provisions thereof. In performing its functions and duties under
this Agreement, the Administrative Agent shall act solely as an agent of the Lenders 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 Borrower or any of its Subsidiaries.

B. Appointment of Collateral Agent. Simultaneously herewith, BOC is entering into the
Collateral Agency Agreement, whereby the Collateral Agent will be appointed to act on behalf of the
Administrative Agent and the Lenders solely with respect to the Collateral. Each
Lender hereby authorizes the Administrative Agent, on behalf of and for the benefit of
Lenders, to enter into the Collateral Agency Agreement, and each Lender agrees to be bound by the
terms of the Collateral Agency Agreement.

 

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Upon execution of the Collateral Agency Agreement, each and every right, power, privilege or
duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by
or vested in or conveyed to the Administrative Agent with respect to the Collateral shall be
exercisable by and vest in the Collateral Agent to the extent, and only to the extent, necessary to
enable the Collateral Agent to exercise such rights, powers and privileges with respect to such
Collateral and to perform such duties with respect to such Collateral, and every covenant and
obligation contained in the Loan Documents and necessary to the exercise or performance thereof by
the Collateral Agent shall run to and be enforceable by either the Administrative Agent or the
Collateral Agent.

Should any instrument in writing from the Borrower or any other Loan Party be required by the
Collateral Agent for more fully and certainly vesting in and confirming to it such rights, powers,
privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge
and deliver any and all such instruments promptly upon request by such Collateral Agent or the
Administrative Agent. In case any Collateral Agent, or a successor thereto, shall resign or be
removed, all the rights, powers, privileges and duties of such Collateral Agent, to the extent
permitted by law, shall vest in and be exercised by the Administrative Agent until the appointment
of a new Collateral Agent.

9.2 Powers and Duties; General Immunity.

A. Powers; Duties Specified. Each Lender irrevocably authorizes the Administrative
Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies
hereunder and under the other Loan Documents as are specifically delegated or granted to the
Administrative Agent by the terms hereof and thereof, together with such powers, rights and
remedies as are reasonably incidental thereto. The Administrative Agent shall have only those
duties and responsibilities that are expressly specified in this Agreement and the other Loan
Documents. The Administrative Agent may exercise such powers, rights and remedies and perform such
duties by or through its agents or employees. The Administrative Agent shall not have, by reason
of this Agreement or any of the other Loan Documents, a fiduciary relationship in respect of any
Lender; and nothing in this Agreement or any of the other Loan Documents, expressed or implied, is
intended to or shall be so construed as to impose upon the Administrative Agent any obligations in
respect of this Agreement or any of the other Loan Documents except as expressly set forth herein
or therein.

B. No Responsibility for Certain Matters. The Administrative Agent shall not be
responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability,
collectibility or sufficiency of this Agreement or any other Loan Document 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 or made by the Administrative Agent to Lenders or by or on behalf of
the Borrower, any Lender or any person providing the Settlement

 

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Service to the Administrative Agent
or any Lender in connection with the Loan Documents and the transactions contemplated thereby or for the financial condition or business affairs of the
Borrower or any other Person liable for the payment of any Obligations, nor shall the
Administrative 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 any of the Loan
Documents or as to the use of the proceeds of the Loans or the use of the Letters of Credit or as
to the existence or possible existence of any Event of Default or Potential Event of Default.
Anything contained in this Agreement to the contrary notwithstanding, the Administrative Agent
shall not have any liability arising from confirmations of the amount of outstanding Loans or the
Letter of Credit Usage or the component amounts thereof.

C. Exculpatory Provisions. Neither the Administrative Agent nor any of its officers,
directors, employees or agents shall be liable to Lenders for any action taken or omitted by the
Administrative Agent under or in connection with any of the Loan Documents except to the extent
caused by the Administrative Agent’s gross negligence or willful misconduct. The Administrative
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 or any of the other Loan Documents or from the
exercise of any power, discretion or authority vested in it hereunder or thereunder unless and
until the Administrative Agent shall have received instructions in respect thereof from Requisite
Lenders (or such other Lenders as may be required to give such instructions under subsection 10.6)
and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case
may be), the Administrative 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 Administrative 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, including any Settlement Confirmation or other communication issued by any
Settlement Service, and shall be entitled to rely and shall be protected in relying on opinions and
judgments of attorneys (who may be attorneys for the Borrower and its Subsidiaries), accountants,
experts and other professional advisors selected by it; and (ii) no Lender shall have any right of
action whatsoever against the Administrative Agent as a result of the Administrative Agent acting
or (where so instructed) refraining from acting under this Agreement or any of the other Loan
Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be
required to give such instructions under subsection 10.6).

D. Administrative Agent Entitled to Act as Lender. 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 Administrative Agent in its individual capacity as a Lender hereunder. With respect to its
participation in the Loans and the Letters of Credit, the Administrative Agent shall have the same
rights and powers hereunder as any other Lender and may exercise the same as though it were not
performing the duties and functions delegated to it hereunder, and the term “Lender” or “Lenders”
or any similar term shall, unless the context clearly otherwise indicates, include the
Administrative Agent in its individual capacity. The Administrative 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 Borrower or any of its Affiliates as if it were not performing
the duties specified herein, and may accept fees and other consideration from the Borrower for
services in connection with this Agreement and otherwise without having to account for the
same to Lenders.

 

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E. Administrative Agent Determinations. To the extent the Administrative Agent is
entitled or required to make any determinations under any intercreditor agreement, the
Administrative Agent shall make such determinations upon the advice of Requisite Lenders.

F. Delegation of Duties. The Administrative Agent may perform any and all of its
duties and exercise its rights and powers under this Agreement or under any other Loan Document by
or through any one or more sub-agents (including the Collateral Agent) appointed by the
Administrative Agent, the Collateral Agent and any such other sub-agent. The Administrative Agent,
the Collateral Agent and any such other sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Affiliates. The exculpatory,
indemnification and other provisions of this subsection 9.2 and of subsection 9.4 shall apply to
any Affiliates of the Administrative Agent and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities
as the Administrative Agent. All of the rights, benefits, and privileges (including the
exculpatory and indemnification provisions) of this subsection 9.2 and of subsection 9.4 shall
apply to the Collateral Agent and any other such sub-agent and to the Affiliates of any such
sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and
Affiliates were named herein. Notwithstanding anything herein to the contrary, with respect to the
Collateral Agent and each other sub-agent appointed by the Administrative Agent, (i) such sub-agent
shall be a third party beneficiary under this Agreement with respect to all such rights, benefits
and privileges (including exculpatory rights and rights to indemnification) and shall have all of
the rights and benefits of a third party beneficiary, including an independent right of action to
enforce such rights, benefits and privileges (including exculpatory rights and rights to
indemnification) directly, without the consent or joinder of any other Person, against any or all
of the Loan Parties and the Lenders, (ii) such rights, benefits and privileges (including
exculpatory rights and rights to indemnification) shall not be modified or amended without the
consent of such sub-agent, and (iii) such sub-agent shall only have obligations to the
Administrative Agent and not to any Loan Party, Lender or any other Person and no Loan Party,
Lender or any other Person shall have any rights, directly or indirectly, as a third party
beneficiary or otherwise, against such sub-agent.

9.3 Representations and Warranties; No Responsibility for Appraisal of Credit
Worthiness.

Each Lender represents and warrants that it has made its own independent investigation of the
financial condition and affairs of the Borrower and its Subsidiaries in connection with the making
of the Loans and the issuance of the Letters of Credit hereunder and that it has made and shall
continue to make its own appraisal of the creditworthiness of the Borrower and its Subsidiaries.
No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make
any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any
credit or other information with respect thereto, whether coming into its possession before the
making of the Loans or at any time or times thereafter, and none of the Arrangers, Co-Syndication
Agents or Agent shall have any responsibility with respect to the accuracy of or the completeness
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9.4 Right to Indemnity.

Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify Administrative
Agent, to the extent that Administrative Agent shall not have been reimbursed by the Borrower, and
without limiting is obligation to do so, for and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and
disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by or asserted against the Administrative Agent in exercising its powers, rights and remedies or
performing its duties hereunder or under the other Loan Documents or otherwise in its capacity as
the Administrative Agent in any way relating to or arising out of this Agreement or the other Loan
Documents; provided that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from Administrative Agent’s gross negligence or willful misconduct. If any
indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the
Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for
additional indemnity and cease, or not commence, to do the acts indemnified against until such
additional indemnity is furnished.

9.5 Successor Administrative Agent and Swing Line Lender.

The Administrative Agent may resign at any time by giving 30 days’ prior written notice
thereof to Lenders and the Borrower, and the Administrative Agent may be removed at any time with
or without cause by an instrument or concurrent instruments in writing delivered to the Borrower
and the Administrative Agent and signed by Requisite Lenders. Upon any such notice of resignation
or any such removal, Requisite Lenders shall have the right, upon five Business Days’ notice to the
Borrower, to appoint a successor Administrative Agent (provided that such successor is or
simultaneously therewith becomes a Lender). Upon the acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and
duties of the retiring or removed Administrative Agent and the retiring or removed Administrative
Agent shall be discharged from its duties and obligations under this Agreement. After any retiring
or removed Administrative Agent’s resignation or removal hereunder as Administrative Agent, the
provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was the Administrative Agent under this Agreement.

9.6 Collateral Documents and Guaranty.

Each Lender hereby further authorizes the Collateral Agent, on behalf of and for the benefit
of Lenders, to enter into each Collateral Document, the Assignment of Reinsurances and each
Guaranty as secured party or beneficiary (as applicable), and each Lender agrees to be bound by the
terms of each Collateral Document and Guaranty; provided that the Administrative Agent and
the Collateral Agent shall not (i) enter into or consent to any material amendment, modification,
termination or waiver of any provision contained in any Collateral Document or Guaranty or the
Assignment of Reinsurances, or (ii) release any Collateral (except as otherwise expressly permitted
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Document), in each
case without the prior consent of Requisite Lenders (or, if required pursuant to subsection 10.6, all Lenders); provided further, however,
that, without further written consent or authorization from Lenders, the Administrative Agent and
the Collateral Agent may (and at the request of a Loan Party shall) execute any documents or
instruments necessary to (i) release any Subsidiary from the Guaranty to the extent the stock of
such Restricted Subsidiary is sold, transferred or otherwise disposed of in a transaction permitted
under this Agreement or otherwise consented to by the Lenders in accordance with subsection 10.6
and (ii) release any Lien encumbering any item of Collateral that is the subject of a sale or other
disposition of assets permitted by this Agreement or any other Indebtedness secured by a Permitted
Lien or pursuant to any intercreditor arrangement entered into by the Administrative Agent and an
agent or lender under a FF&E Facility pursuant to the terms hereof or to which the Lenders have
otherwise consented in accordance with subsection 10.6. In addition, in connection with the
entering into of any such intercreditor arrangement between the Administrative Agent and an agent
or lender under a FF&E Facility, the Administrative Agent and the Collateral Agent may, without the
consent of the Lenders (other than such consent, if any, as may otherwise be required to enter into
such FF&E Facility or intercreditor agreement) enter into such modifications to the Collateral
Documents as are necessary to grant Liens on Specified FF&E in favor of the lenders under the
relevant FF&E Facility to the extent such Liens are permitted hereunder, and to otherwise carry out
the intent of this Agreement in relation to such Liens. In connection with any disposition or
release of any Collateral pursuant to the terms of any Loan Document, at the Borrower’s request and
expense, the Collateral Agent shall (without recourse and without any representation or warranty)
execute and deliver to the Borrower such documents (including UCC-3 termination statements) as the
Borrower may reasonably request to evidence or effect such disposition or release. Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the
Collateral Agent and each Lender hereby agree that (X) no Lender shall have any right individually
to realize upon any of the Collateral under any Collateral Document, it being understood and agreed
that all powers, rights and remedies under the Collateral Documents, the Assignment of Reinsurances
and each Guaranty may be exercised solely by the Collateral Agent for the benefit of Lenders in
accordance with the terms thereof, and (Y) in the event of a foreclosure by the Collateral Agent on
any of the Collateral pursuant to a public or private sale, the Collateral Agent or any Lender may
be the purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as
agent for and representative of Lenders (but not any Lender or Lenders in its or their respective
individual capacities unless Requisite Lenders shall otherwise agree in writing) shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any
portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as
a credit on account of the purchase price for any collateral payable by the Collateral Agent at
such sale.

9.7 Intercreditor Agreements and Depository Agreement.

Each Lender hereby further authorizes the Administrative Agent and the Collateral Agent, on
behalf of and for the benefit of Lenders, to enter into the Depository Agreement, the Collateral
Agency Agreement, the intercreditor agreement contemplated by subsection 4.1B(xix) (including any
amendment thereto contemplated by subsection 7.21) and intercreditor agreements with any holders of
any secured Indebtedness permitted to be incurred hereunder (including under subsection 7.1(xv) and
(xvi)) or otherwise consented to by the Lenders in accordance with subsection 10.6, and each Lender
agrees to be bound by the terms of the Depository Agreement, the Collateral Agency Agreement and
each such intercreditor agreement.

 

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Notwithstanding the foregoing, the Administrative Agent shall not enter into or consent to any
amendment, modification, termination or waiver of any provision contained in the Depository
Agreement or, except as contemplated by the preceding sentence, any such intercreditor agreement
without the prior consent of Requisite Lenders (or, if such amendment, modification, termination or
waiver would result in a change that under subsection 10.6 would require the consent of all
Lenders, then the prior consent of all Lenders); provided that, the Administrative Agent
may waive the conditions herein and in the Depository Agreement sections set forth on
Schedule 9.7, in each case without obtaining the prior consent of Requisite Lenders, so
long as (a) the waiver of such condition could not reasonably be expected, in the reasonable
judgment of the Administrative Agent, to have a materially adverse effect on the Lenders, and
(b) substantially concurrently with the waiver of any such condition, the Administrative Agent
shall deliver a notice to each Lender advising of such waiver and setting forth the specific
condition being waived.

Section 10. Miscellaneous.

10.1 Assignments and Participations in Loans.

A. General. Subject to subsection 10.1B, each Lender shall have the right at any time
to (i) sell, assign or transfer to any Eligible Assignee, or (ii) sell participations to any
Eligible Assignee or any other Person (and in the case of any other Person, with the approval of
the Borrower) in, all or any part of its Commitments or any Loan or Loans made by it or its Letters
of Credit or participations therein or any other interest herein or in any other Obligations owed
to it; provided that no such sale, assignment or transfer described in clause (i) above
shall be effective unless and until an Assignment Agreement or Settlement Confirmation effecting
such sale, assignment or transfer shall have been accepted by the Administrative Agent and recorded
in the Register as provided in subsection 10.1B(ii) and provided, further that no
such sale, assignment, transfer or participation of any Letter of Credit or any participation
therein may be made separately from a sale, assignment, transfer or participation of a
corresponding interest in the Commitment and the Loans of the Lender effecting such sale,
assignment, transfer or participation. Except as otherwise provided in this subsection 10.1, no
Lender shall, as between the Borrower and such Lender, be relieved of any of its obligations
hereunder as a result of any sale, assignment or transfer of, or any granting of participations in,
all or any part of its Commitments or the Loans, the Letters of Credit or participations therein,
or the other Obligations owed to such Lender; and provided further, that any such Eligible Assignee
shall have complied with the requirements of subsection 2.7 including subsection 2.7(B)(iii), and
provided further that the Eligible Assignee shall not be entitled to claim an amount in excess of
that which would be payable to or for the account of the transferring Lender as of the effective
date of any such sale, assignment or transfer in respect of Included Taxes pursuant to subsection
2.7B (but without prejudice to the right of any Lender or Affiliate to later assert any obligation
of the Borrower under this Agreement with respect to any such Included Taxes occurring after the
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B. Assignments.

(i) Amounts and Terms of Assignments. Each Commitment, Loan, Letter of Credit
or participation therein, or other Obligation may in whole or in part (a) be
assigned, in any amount to an Eligible Assignee that is a Lender, or an Affiliate of a
Lender or another Lender or an Approved Fund, or may be pledged by a Lender in support of
its obligations to such pledgee (without releasing the pledging Lender from any of its
obligations hereunder), provided that the provisions of this clause (a) shall not apply to
any Affiliate of the Borrower to the extent that such Affiliate becomes a Lender as a result
of the provisions of subsection 10.1I, (b) be assigned in an aggregate amount of not less
than $1,000,000 (or such lesser amount if contemporaneous assignments approved by
Administrative Agent in its sole discretion aggregating not less than $1,000,000 are being
made by one or more Eligible Assignees (other than Affiliates of the Borrower) which are
Affiliates, provided that related Approved Funds shall be treated as one assignor or
assignee in determining compliance with such minimum assignment amount) to any other
Eligible Assignee that is not at such time a Lender, an Affiliate of a Lender or an Approved
Fund of a Lender with the giving of notice to the Borrower and the Administrative Agent;
provided that if any assignment permitted by this clause (b) relates to (i) TLF I
Commitments or TLF II Commitments (but not TLF I Loans or TLF II Loans) or (ii) Revolving
Loans or Revolving Loan Commitments, then the Borrower shall have provided prior consent to
such assignment, such consent not to be unreasonably conditioned, withheld or delayed and to
be deemed given unless the Borrower has notified the assigning Lender of its objection to
such proposed transfer within five (5) Business Days after its receipt of a request for such
consent or (c) with respect to assignments of Term Loans to Affiliates of the Borrower
pursuant to and in accordance with the terms and conditions of subsection 10.1I, be assigned
in an aggregate amount of not less than the amount specified in subsection 10.1I(ii) with
the giving of prompt notice to the Administrative Agent. To the extent of any such
assignment in accordance with clause (a), (b) and (c) above, the assigning Lender shall be
relieved of its obligations with respect to its Commitments, Loans, Letters of Credit or
participations therein, or other Obligations or the portion thereof so assigned. The
assignor or assignee to each such assignment shall execute and deliver to the Administrative
Agent, for its acceptance and recording in the Register, an Assignment Agreement, together
with a processing and recordation fee of $2,000 in respect of assignments, and in each case
such documentation or other information, if any, with respect to Included Taxes as the
assignee under such Assignment Agreement may be required to deliver to the Administrative
Agent pursuant to subsection 2.7B(iii)(a); provided, however, only one such
fee shall be payable in connection with simultaneous assignments to or by two or more
related Approved Funds, and in the event that the Administrative Agent, in its sole
discretion, determines that the Term Loans after the TLF II Commitment Termination Date may
be settled through a Settlement Service (defined below) pursuant to subsection 10.1C, only a
written or electronic confirmation of such assignment issued by a Settlement Service (a
“Settlement Confirmation”) shall be delivered with respect to assignments settled through
the Settlement Service. Upon such execution, delivery, acceptance and recordation, from and
after the Assignment Effective Date, (y) the assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder
(provided, that with regard to assignments occurring after the termination of
syndication (as set forth in that certain Commitment Letter, dated as of January 12, 2010,
among the Arrangers, the Sponsor and

 

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the Borrower), no assignee, including an assignee that is already a Lender hereunder at
the time of the assignment, shall be entitled to receive any greater amount pursuant to
Section 2.7B(ii)(c) hereof with respect to the assigned interest than that to which the
assignor would have been entitled to receive had no such assignment occurred) and (z) the
assigning Lender thereunder shall, to the extent that rights and obligations hereunder have
been assigned by it pursuant to such Assignment Agreement, relinquish its rights (other than
any rights which survive the termination of this Agreement under subsection 10.10B) and be
released from its obligations under this Agreement (and, in the case of an Assignment
Agreement or, if applicable, Settlement Confirmation covering all or the remaining portion
of an assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto; provided that, anything contained in any of the Loan
Documents to the contrary notwithstanding, if such Lender is the Issuing Lender with respect
to any outstanding Letters of Credit such Lender shall continue to have all rights and
obligations of an Issuing Lender with respect to such Letters of Credit until the
cancellation or expiration of such Letters of Credit and the reimbursement of any amounts
drawn thereunder). The Commitments hereunder shall be modified to reflect the Commitment of
such assignee and any remaining Commitment of such assigning Lender and, if any such
assignment occurs after the issuance of Notes hereunder, the assigning Lender shall, upon
the effectiveness of such assignment or as promptly thereafter as practicable, surrender its
applicable Notes to the Administrative Agent for cancellation, and thereupon new Notes shall
be issued to the assignee and to the assigning Lender, with appropriate insertions, to
reflect the new Commitments and/or outstanding Loans, as the case may be, of the assignee
and the assigning Lender.

(ii) Acceptance by the Administrative Agent; Recordation in Register. Upon its
receipt of (x) an Assignment Agreement executed by an assigning Lender and an assignee
representing that it is an Eligible Assignee or Eligible Affiliate Purchaser, or (y) if
applicable, a Settlement Confirmation representing that the assignee is an Eligible
Assignee, together with the processing and recordation fee referred to in
subsection 10.1B(i) if applicable, and any forms, certificates or other evidence with
respect to income tax withholding matters that such assignee may be required to deliver to
the Administrative Agent pursuant to subsection 2.7(B)(iii)(a), the Administrative Agent
shall, if the Administrative Agent has consented to the assignment evidenced thereby (to the
extent such consent is required pursuant to subsection 10.1B(i)), (a) accept such Assignment
Agreement or, if applicable, Settlement Confirmation by executing a counterpart thereof as
provided therein (which acceptance shall evidence any required consent of the Administrative
Agent to such assignment), (b) record the information contained therein in the Register (on
the same Business Day as it is received if received by 12:00 noon (Eastern time) and on the
following Business Day if received after such time) and (c) give prompt notice thereof to
the Borrower. The Administrative Agent shall maintain a copy of each Assignment Agreement
and, if applicable, Settlement Confirmation delivered to and accepted by it as provided in
this subsection 10.1B(ii). The date of such execution of a counterpart or recordation of a
transfer shall be referred to herein as the “Assignment Effective Date”.

 

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C. Settlement Service Mechanics. Except for assignments of Term Loans pursuant to and
in accordance with the terms and conditions of subsection 10.1I, the Administrative Agent
has the right, but not the obligation, to effectuate assignments of Term Loans on or after the
TLF II Commitment Termination Date via an electronic settlement system acceptable to the
Administrative Agent as designated in writing from time to time to the Lenders by the
Administrative Agent (the “Settlement Service”). At any time when the Administrative Agent elects,
in its sole discretion, to implement such Settlement Service, each such assignment shall be
effected by the assigning Lender and proposed assignee pursuant to the procedures then in effect
under the Settlement Service, which procedures shall be consistent with the other provisions of
this Section 10.1. Each assignor Lender and proposed assignee shall comply with the requirements
of the Settlement Service in connection with effecting any transfer of Loans pursuant to the
Settlement Service. The Administrative Agent’s and the Borrower’s consent shall be deemed to have
been granted to the extent required pursuant to Section 10.1B(i) with respect to any transfer
effected through the Settlement Service. Assignments and assumptions of Term Loans, as the case
may be, shall be effected by such manual execution until the Administrative Agent notifies Lenders
of the Settlement Service as set forth herein. Assignments and assumptions of Revolving Loans and
Revolving Loan Commitments shall only be effected by manual execution and delivery to the
Administrative Agent of an Assignment Agreement at all times. Assignments made pursuant to the
foregoing provision shall be effective as of the Assignment Effective Date. Notwithstanding
anything herein or in any Assignment Agreement to the contrary and so long as no Potential Event of
Default or Event of Default has occurred and is continuing, payments in respect of the settlement
of an assignment of any Term Loans, as the case may be, during periods when assignments may be
settled through a Settlement Service (but not any Revolving Loan or Revolving Loan Commitment) and
with respect to all unpaid interest and commitment fees if any, which have accrued on such
Term Loans whether such interest and commitment fees accrued before or after the applicable
Assignment Effective Date, shall be made in the manner provided for by the Settlement Service. Any
and all fees payable to the Settlement Service shall be paid by the assigning Lender and/or its
assignee which becomes a Lender hereunder and the Administrative Agent shall have no responsibility
whatsoever for payment thereof.

D. Participations. The holder of any participation, other than an Affiliate or an
Approved Fund of the Lender granting such participation, shall not be entitled to require such
Lender to take or omit to take any action hereunder except action directly affecting (i) the
extension of the scheduled final maturity date or any scheduled date for principal payments under
Section 2.4A of any Loan allocated to such participation, (ii) a reduction of the principal amount
of or the rate of interest payable on any Loan allocated to such participation or (iii) releasing
all or substantially all of the Collateral, and all amounts payable by the Borrower hereunder
(including amounts payable to such Lender pursuant to subsections 2.6D and 2.7) shall be determined
as if such Lender had not sold such participation. The Borrower and each Lender hereby acknowledge
and agree that, solely for purposes of subsections 10.4 and 10.5, (a) any participation will give
rise to a direct obligation of the Borrower to the participant and (b) the participant shall be
considered to be a “Lender”.

 

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E. Assignments to Federal Reserve Banks and Trustees. In addition to the assignments
and participations permitted under the foregoing provisions of this subsection 10.1, (i) any Lender
may assign and pledge all or any portion of its Loans, the other Obligations owed to such Lender,
and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A of the
Board of Governors of the Federal Reserve System and any operating
circular issued by such Federal Reserve Bank or (ii) any Lender may pledge all or any portion
of its Loans, Commitments, the other Obligations owed to such Lender, and its Notes, to its
creditors or to its trustee (solely in its capacity as trustee) or other representative in support
of its obligations to such creditor or trustee; provided that (i) no Lender shall, as
between the Borrower and such Lender, be relieved of any of its obligations hereunder as a result
of any such assignment and pledge and (ii) in no event shall such Federal Reserve Bank or such
creditor or trustee be considered to be a “Lender” or be entitled to require the assigning Lender
to take or omit to take any action hereunder.

F. Information. Each Lender may furnish any information concerning the Borrower and
its Subsidiaries in the possession of that Lender from time to time to assignees and participants
(including prospective assignees and participants), subject to subsection 10.20.

G. Representations of Lenders. Each Lender listed on the signature pages hereof or
succeeding to an interest in the Commitments and Loans, as the case may be, hereby represents and
warrants as of the Closing Date, or as of the applicable Assignment Effective Date, or as of the
date of the Joinder Agreement pursuant to which such Lender becomes a Lender hereunder that (i) it
is an Eligible Assignee or Eligible Affiliate Purchaser; (ii) it has experience and expertise in
the making of and/or investing in loans such as the Loans; and (iii) it will make its Loans for its
own account in the ordinary course and without a view to distribution of such Loans within the
meaning of the Securities Act or the Exchange Act or other federal or state securities laws (it
being understood that, subject to the provisions of this subsection 10.1, the disposition of such
Loans or any interests therein shall at all times remain within its exclusive control). Each
Lender that becomes a party hereto pursuant to an Assignment Agreement or, if applicable, a
Settlement Confirmation shall be deemed to agree that the representations and warranties of such
Lender contained in Section 2(c) of such Assignment Agreement or, if applicable, Settlement
Confirmation are incorporated herein by this reference; provided that the Borrower or any Affiliate
of the Borrower that is an Eligible Affiliate Purchaser shall only be required to make the
representations and warranties set forth in clause (i) of this subsection 10.1G, in addition to all
other representations and warranties of such Affiliate contained in the Auction Assignment
Agreement.

H. Subject to Gaming Authorities. Notwithstanding anything to the contrary in this
Section 10.1, the rights of the Lenders to make assignments of, and grant participations in, any or
all of its Commitments or any Loan or Letter of Credit made or issued by it, or any interest
therein, herein or in any other Obligations owed to any such Lender, shall be subject to the
approval of any applicable Gaming Authorities, to the extent required by law and to the extent
failure to obtain such approval could jeopardize the Gaming License or any other gaming licenses of
the Company or any of its parents or Affiliates.

I. Assignments to Eligible Affiliate Purchasers.

(i) Notwithstanding anything to the contrary contained in this Section 10.1 or any
other provision of any Loan Document, any Eligible Affiliate Purchaser may, pursuant to an
Auction Assignment Agreement, purchase Term Loans solely on the terms and conditions set
forth in this subsection 10.1I and the Outline of Auction Mechanics attached hereto as
Exhibit S, so long as (v) no Potential Event of Default or Event of
Default has occurred and is continuing or would result therefrom, (w) such Eligible
Affiliate Purchaser agrees to, and does in fact, on each Auction Purchase Effective Date,
without receiving any payment or other consideration from Borrower in exchange therefor
(including any accrued yet unpaid interest that may have been owing in respect of such
cancelled Term Loans) if such Eligible Affiliate Purchaser is an

 

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Affiliate of the Borrower, (1) immediately and irrevocably cancel, forever discharge and, in the case of an Eligible
Affiliate Purchaser that is an Affiliate of the Borrower, forgive, the Term Loans purchased
by and assigned to it in each Auction Loan Purchase for all purposes and (2) knowingly and
voluntarily waive and relinquish (a) all of its interests, rights and obligations as the
owner of such Term Loans and as a Lender under the Credit Agreement and the other Loan
Documents for all purposes under the Credit Agreement and the other Loan Documents and (b)
any rights it may have to invoke any such interests, rights and obligations or the
provisions of the Credit Agreement and the other Loan Documents with respect to such Term
Loans now or in the future, (x) such Eligible Affiliate Purchaser purchases the Term Loans
that are the subject of such Auction Loan Purchase by transferring the agreed purchase price
(including any accrued yet unpaid interest owing in respect of such cancelled Term Loans
through but not including the applicable Auction Purchase Effective Date) directly to each
assigning Lender, and (y) such Eligible Affiliate Purchaser has delivered to each of the
Auction Manager and Borrower a certificate substantially in the form of Exhibit T (the
“Auction Certificate”), dated as of each Auction Purchase Effective Date and signed by a
duly authorized officer of such Eligible Affiliate Purchaser, certifying to the matters set
forth in clauses (v) — (x) above.

(ii) Any Eligible Affiliate Purchaser may provide notice to the Auction Manager in the
form of an Offer Document that it wishes to make one or more offers (each, an “Offer”) to
Lenders to purchase outstanding Term Loans, with such Offer to be effected pursuant to
Auction Assignment Agreements. Such Eligible Affiliate Purchaser shall have the right to
purchase the Term Loans at a purchase price determined in accordance with the terms set
forth in such Offer Document; provided that the aggregate stated principal amount of
all Term Loans for which Offers are made in any Offer Document shall not be less than
$25,000,000; provided, further, that the aggregate stated principal amount of all
Term Loans assigned to any Eligible Affiliate Purchaser by a Lender pursuant to this
subsection 10.1I(ii) in response to the Offers contained in a single Offer Document shall
not be less than $1,000,000 in the aggregate for all tranches of Term Loans Offered by such
Lender in such Offer Document, which amount shall be reduced to the extent necessary to
reflect (1) the fact that such assignment includes all Term Loans held by the assigning
Lender and (2) the proration of such Term Loans offered by the assigning Lender in the event
a pro rata allocation is made as contemplated in the Offer Document.

(iii) In connection with any assignment pursuant to this subsection 10.1I, each of the
assigning Lenders, on the one hand, and the Eligible Affiliate Purchaser, on the other hand,
shall acknowledge and agree that, as of the Auction Purchase Effective Date, (A) each
Auction Loan Purchase to which it is a party and the assignment related thereto are being
made pursuant to and in accordance with the terms and conditions of this subsection 10.1I,
(B) the other party to the Auction

 

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Assignment Agreement currently may have, and later may come into possession of, information regarding the Loan Documents
or the Loan Parties that is not known to it and that may be material to a decision to
participate in any Auction Loan Purchase or enter into the Auction Assignment Agreement or
any of the transactions contemplated thereby (the “Excluded Information”), (C) it has
independently and without reliance on the other party to the Auction Assignment Agreement
made its own analysis and determined to enter into the Auction Assignment Agreement and to
consummate the transactions contemplated thereby notwithstanding its lack of knowledge of
the Excluded Information and (D) the other party shall have no liability to it, and it
hereby (to the extent permitted by law) waives and releases any claims it may have against
the other party (under applicable laws or otherwise) with respect to the nondisclosure of
the Excluded Information; provided that the Excluded Information shall not and does
not affect the truth or accuracy of the representations or warranties of such other party
contained in the Standard Terms and Conditions set forth in each of the Auction Assignment
Agreements. Each of the assigning Lenders, on the one hand, and the Eligible Affiliate
Purchaser, on the other hand, shall further acknowledge that the Excluded Information may
not be available to Administrative Agent, the Auction Manager, the other Agents or the
Lenders.

(iv) By submitting an Offer Document, an Eligible Affiliate Purchaser shall acknowledge
and agree that it will make payment of the purchase price for the purchased Term Loans, as
may be accepted for payment pursuant to the Offer Document, directly to the assigning Lender
in accordance with the terms of the Offer Document.

(v) On each Auction Purchase Effective Date, the Eligible Affiliate Purchaser shall
without receiving any payment or other consideration from Borrower in exchange therefor
(including any accrued yet unpaid interest that may have been owing in respect of such
cancelled Term Loans), (i) immediately and irrevocably cancel, forever discharge and, in the
case of an Eligible Affiliate Purchaser that is an Affiliate of the Borrower, forgive, the
Term Loans purchased by and assigned to it in each Auction Loan Purchase for all purposes
and (ii) knowingly and voluntarily waive and relinquish (y) all of its interests, rights and
obligations as the owner of such Term Loans and as a Lender under the Credit Agreement and
the other Loan Documents for all purposes under the Credit Agreement and the other Loan
Documents and (z) any rights it may have to invoke any such interests, rights and
obligations or the provisions of the Credit Agreement and the other Loan Documents with
respect to such Term Loans now or in the future. Such Eligible Affiliate Purchaser shall
further acknowledge and agree that the cancellation of the Term Loans purchased by and
assigned to it in each Auction Loan Purchase is an essential term of, and condition to, each
Auction Loan Purchase and the assignment by the assigning Lenders of any Term Loans to such
Eligible Affiliate Purchaser.

(vi) Assignment of any Auction Loan Purchases shall be effective upon receipt by the
Auction Manager of a fully executed Auction Assignment Agreement effecting the assignment
thereof and upon receipt by Administrative Agent of a copy thereof for recording in the
Register. Each assignment shall be recorded in the Register by Administrative Agent on the
Business Day the Auction Assignment Agreement is received by the Auction Manager, if
received by 1:00 p.m. (New York City time), and on the following Business Day if received
after such time. Prompt notice thereof shall be
provided to such Eligible Affiliate Purchaser and a copy of such Auction Assignment
Agreement shall be retained by Administrative Agent. The date of such recordation of a
transfer shall be referred to herein as the “Auction Purchase Effective Date.”

 

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(vii) Each of the assigning Lenders and the Eligible Affiliate Purchaser shall
acknowledge and agree that, in addition to the purchase price of the purchased Term Loans
that has been agreed between such assigning Lender and such Eligible Affiliate Purchaser,
such Eligible Affiliate Purchaser shall pay directly to such assigning Lender all unpaid
interest, if any, accrued on the purchased Term Loans to but excluding the Auction Purchase
Effective Date applicable thereto. No interest shall accrue or be payable on such purchased
Term Loans from and after the Auction Purchase Effective Date and any Term Loans owned by
such Eligible Affiliate Purchaser shall immediately upon receipt of such Term Loans by such
Eligible Affiliate Purchaser, without further action by any Person, be deemed cancelled and
no longer outstanding for all purposes of this Agreement and all other Loan Documents
(notwithstanding any provisions herein or therein to the contrary), including, without
limitation, (w) the making of, or the application of, any payments to the Lenders under this
Agreement or any other Loan Document (including with respect to accrued interest), (x) the
making of any request, demand, authorization, direction, notice, consent or waiver under
this Agreement or any other Loan Document, (y) the providing of any rights to such Eligible
Affiliate Purchaser in its capacity as a Lender under this Agreement or any other Loan
Document or (z) the determination of Requisite Lenders, or for any similar or related
purpose, under this Agreement or any other Loan Document, and no such purchased Term Loan
may be further assigned, transferred, contributed, conveyed or resold by such Eligible
Affiliate Purchaser. Without limiting the foregoing, such Eligible Affiliate Purchaser (in
its capacity as an Eligible Affiliate Purchaser) shall not, after the consummation of the
transactions contemplated by the Auction Assignment Agreement, have or be entitled to any of
the rights set forth in subsections 10.1B and 10.1D. Each of the Borrower and the Eligible
Affiliate Purchaser shall expressly consent to the provisions of this paragraph.

(viii) For the avoidance of doubt, failure by the Eligible Affiliate Purchaser to make
any payment to a Lender required by an Auction Assignment Agreement permitted by this
subsection 10.I shall not constitute an Event of Default under subsection 8.3. For the
avoidance of doubt, any extinguishment of any part of the Term Loans shall not affect any
amendment or waiver which prior to such extinguishment had been approved by or on behalf of
the Requisite Lenders in accordance with this Agreement.

(ix) The provisions of this subsection 10.1I shall not require any Eligible Affiliate
Purchaser to undertake or consummate any Offer; provided that to the extent an
Eligible Affiliate Purchaser undertakes to consummate any Offer, it shall, subject to the
preceding conditions and the terms and conditions contained in the applicable Offer,
purchase (and take all the necessary steps required herein to purchase) the principal amount
of all validly tendered Term Loans at a price not to exceed the Applicable Threshold Price
and in an aggregate amount up to the Maximum Offer Amount; provided,
further, that to the extent no Lenders have validly tendered any Term Loans
requested in an Offer or as otherwise agreed to by the Auction Manager, in its sole
discretion, such Eligible Affiliate Purchaser may revoke, withdraw or amend the Offer
for such Term Loans at least 24 hours before the Expiration Time. In addition, such
Eligible Affiliate Purchaser may extend the Expiration Time of an Offer at least 24 hours
before the Expiration Time, provided, however, that only one extension per Offer
shall be permitted, which shall be for a period not exceeding five Business Days.
Furthermore, if such Eligible Affiliate Purchaser has amended an Offer, the Auction Manager
shall have the discretion to extend the applicable Expiration Time, upon notification to
such Eligible Affiliate Purchaser, for an additional period to afford all Lenders the
necessary time to consider such amendments.

 

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(x) All Term Loans assigned to an Eligible Affiliate Purchaser shall be, as set forth
above, immediately cancelled and, therefore, no Term Loans assigned to such Eligible
Affiliate Purchaser pursuant to and in accordance with the terms and conditions of this
subsection 10.1I may be further assigned, transferred, contributed, conveyed or resold by
such Eligible Affiliate Purchaser.

10.2 Expenses.

Whether or not the transactions contemplated hereby shall be consummated, the Borrower agrees
to pay promptly (i) all the actual and reasonable costs and expenses of preparation of the Loan
Documents and any consents, amendments, waivers or other modifications thereto; (ii) all the costs
of furnishing all opinions by counsel for the Loan Parties (including any opinions requested by
Lenders as to any legal matters arising hereunder) and of the Borrower’s and any Loan Party’s
performance of and compliance with all agreements and conditions on their part to be performed or
complied with under this Agreement and the other Loan Documents including with respect to
confirming compliance with environmental, insurance and solvency requirements; (iii) the reasonable
fees, expenses and disbursements of counsel to the Arrangers, the Administrative Agent, the
Collateral Agent and the Co-Syndication Agents in connection with the negotiation, preparation,
execution and administration of the Loan Documents (subject to the terms of the separate letter
outlining the payment of legal fees and costs and expenses) and the reasonable legal, engineering
and other fees, expenses and disbursements of counsel to the Administrative Agent and the
Collateral Agent in connection with any consents, amendments, waivers or other modifications to any
Loan Documents (whether or not effective or executed) and any other documents or matters requested
by the Borrower; (iv) all the actual costs and reasonable expenses of creating and perfecting Liens
in favor of the Collateral Agent on behalf of Lenders pursuant to any Collateral Document,
including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees,
and reasonable fees, expenses and disbursements of counsel to the Agents and of counsel providing
any opinions that the Administrative Agent, Collateral Agent or Requisite Lenders may request in
respect of the Collateral Documents or the Liens created pursuant thereto; (v) all the actual costs
and reasonable expenses (including the reasonable fees, expenses and disbursements of any auditors,
accountants or appraisers and any environmental or other consultants, advisors and agents employed
or retained by the Administrative Agent, Collateral Agent or their respective counsel) of obtaining
and reviewing any appraisals provided for under any Loan Documents, any environmental audits or
reports provided for under subsection 6.7D; (vi) all the actual and reasonable costs and expenses
incurred in the custody or preservation of any of the Collateral; (vii) all other actual and
reasonable costs and expenses incurred by the Agents and the Auction Manager in connection with the
syndication of the Commitments and the
negotiation, preparation and execution of the Loan Documents and any consents, amendments,
waivers or other modifications thereto and the transactions contemplated thereby; and (viii) after
the occurrence of an Event of Default, all costs and expenses, including reasonable attorneys’ fees
and costs of settlement, incurred by the Agents and the Lenders in enforcing any Obligations of or
in collecting any payments due from any Loan Party or the Sponsor hereunder or under the other Loan
Documents by reason of such Event of Default (including in connection with the sale of, collection
from, or other realization upon any of the Collateral or the enforcement of any Loan Document) or
in connection with any refinancing or restructuring of the credit arrangements provided under this
Agreement in the nature of a “work-out” or pursuant to any insolvency or bankruptcy proceedings.

 

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10.3 Indemnity; Waivers.

A. In addition to the payment of expenses pursuant to subsection 10.2, whether or not the
transactions contemplated hereby shall be consummated, the Borrower agrees to defend (subject to
the Indemnitee’s selection of counsel after consultation with the Borrower), indemnify, pay and
hold harmless the Administrative Agent, the Collateral Agent, the Co-Syndication Agents, the
Arrangers and the Lenders and the officers, directors, employees, agents, sub-agents, trustees,
advisors and affiliates of the Administrative Agent, the Collateral Agent, the Co-Syndication
Agents, the Arrangers and the Lenders (collectively called the “Indemnitees”), from and against any
and all Indemnified Liabilities (as hereinafter defined); provided that the Borrower shall
not have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to
the extent such Indemnified Liabilities arise solely from the gross negligence or willful
misconduct of that Indemnitee as determined by a final judgment of a court of competent
jurisdiction (but this provision shall not limit, negate or impair in any way the obligations of
any Loan Party or the Sponsor to all other Indemnitees).

As used herein, “Indemnified Liabilities” means, collectively, any and all liabilities,
obligations, losses, damages (including natural resource damages), penalties, actions, judgments,
suits, claims (including Environmental Claims), costs (including the costs of any investigation,
study, sampling, testing, abatement, cleanup, removal, remediation or other response action
necessary to remove, remediate, clean up or abate any Hazardous Materials Activity), expenses and
disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of
counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding
commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a
party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing
this indemnity), whether direct, indirect or consequential and whether based on any federal, state
or foreign laws, statutes, rules or regulations (including securities and commercial laws,
statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on
contract or otherwise, that may be imposed on, incurred by, or asserted against any such
Indemnitee, in any manner relating to or arising out of (i) the Confidential Information Memorandum
and other information supplied by the Loan Parties and the Sponsor, any Operative Documents or the
transactions contemplated hereby or thereby (including Lenders’ agreement to make the Loans
hereunder or the use or intended use of the proceeds thereof or the use or intended use of any
thereof, or any enforcement of any of the Loan Documents (including any sale of, collection from,
or other realization upon any of the Collateral or the enforcement of the Guaranty), (ii) the
statements contained in the engagement or
commitment letter delivered by any Arranger, Agent or Lender to the Borrower with respect
thereto, or (iii) any Environmental Claim or any Hazardous Materials Activity relating to or
arising from, directly or indirectly, any past or present activity, operation, land ownership, or
practice of the Borrower or any of its Subsidiaries.

 

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To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in
this subsection 10.3A may be unenforceable in whole or in part because they are violative of any
law or public policy, the Borrower shall contribute the maximum portion that it is permitted to pay
and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities
incurred by Indemnitees or any of them.

B. To the extent permitted by applicable law, no Loan Party shall assert, and the Borrower (on
its own behalf and on behalf of the other Loan Parties) hereby waives, any claim against each
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) (whether or not the claim therefor is based on contract,
tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a
result of, or in any way related to, this Agreement or any Loan Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or therein, the transactions
contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission
or event occurring in connection therewith, and the Borrower (on its own behalf and on behalf of
the other Loan Parties) hereby waives, releases and agrees not to sue upon any such claim or any
such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

10.4 Set-Off; Security Interest in Deposit Accounts.

In addition to any rights now or hereafter granted under applicable law and not by way of
limitation of any such rights, upon the occurrence and during the continuance of any Event of
Default each Lender is hereby authorized by the Borrower at any time or from time to time, without
notice to the Borrower or to any other Person, any such notice being hereby expressly waived, to
set off and to appropriate and to apply any and all deposits (general or special, including
Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including
trust accounts and any other Indebtedness at any time held or owing by that Lender to or for the
credit or the account of the Borrower against and on account of the obligations and liabilities of
the Borrower to that Lender under this Agreement, the Letters of Credit and participations therein
and the other Loan Documents, including all claims of any nature or description arising out of or
connected with this Agreement, the Letters of Credit and participations therein or any other Loan
Document, irrespective of whether or not (i) that Lender shall have made any demand hereunder or
(ii) the principal of or the interest on the Loans or any amounts in respect of the Letters of
Credit or any other amounts due hereunder shall have become due and payable pursuant to Section 8
and although said obligations and liabilities, or any of them, may be contingent or unmatured. The
Borrower hereby further grants to the Collateral Agent and each Lender a security interest in all
deposits and accounts (other than any trust accounts) maintained with the Collateral Agent or such
Lender as security for the Obligations.

 

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10.5 Ratable Sharing.

The Lenders hereby agree among themselves that if any of them shall, whether by voluntary
payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms
of this Agreement), by realization upon security, through the exercise of any right of set-off or
banker’s Lien, by counterclaim or cross action or by the enforcement of any right under the Loan
Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the
Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal,
interest, amounts payable in respect of Letters of Credit, fees and other amounts then due and
owing to that Lender hereunder or under the other Loan Documents (collectively, the “Aggregate
Amounts Due” to such Lender) which is greater than the proportion received by any other Lender in
respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such
proportionately greater payment shall (i) notify the Administrative Agent and each other Lender of
the receipt of such payment and (ii) apply a portion of such payment to purchase participations
(which it shall be deemed to have purchased from each seller of a participation simultaneously upon
the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the
other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders
in proportion to the Aggregate Amounts Due to them; provided that if all or part of such
proportionately greater payment received by such purchasing Lender is thereafter recovered from
such Lender upon the bankruptcy or reorganization of the Borrower or otherwise, those purchases
shall be rescinded and the purchase prices paid for such participations shall be returned to such
purchasing Lender ratably to the extent of such recovery, but without interest. The Borrower
expressly consents to the foregoing arrangement and agree that any holder of a participation so
purchased may exercise any and all rights of banker’s Lien, set-off or counterclaim with respect to
any and all monies owing by the Borrower to that holder with respect thereto as fully as if that
holder were owed the amount of the participation held by that holder. The provisions of this
subsection 10.5 shall not be construed to apply to (x) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the terms of this Agreement (including, without
limitation, the application of funds arising from the existence of a Defaulting Lender), (y) the
application of cash collateral provided for in the proviso in subsection 3.1A(v) or (z) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its Loans to any assignee or participant, including pursuant to subsection 10.1I.

10.6 Amendments and Waivers.

A. Subject to the proviso clause of the second sentence of subsection 9.7, no amendment,
modification, termination or waiver of any provision of this Agreement or of the Notes or other
Loan Documents (other than the Contract Consents), and no consent to any departure by the Loan
Parties or the Sponsor therefrom, shall in any event be effective without the written concurrence
of Requisite Lenders (or the Co-Syndication Agents or the Administrative Agent only if this
Agreement or such Loan Document expressly so provides); provided:

(i) that no amendment, modification, termination, waiver or consent shall, unless
approved in writing and signed by the Borrower and each Lender that would be directly
affected thereby, do any of the following: (a) reduce or forgive the principal of,
or interest on, the Loans or any fees hereunder (other than any waiver of any increase
in the interest rate applicable to any of the Loans pursuant to subsection 2.2E); (b) unless
expressly permitted by any Loan Document, permit any Loan Party or the Sponsor to assign or
delegate any of its rights or Obligations under the Loan Documents; (c) change in any manner
the definition of “Pro Rata Share” or the definition of “Requisite Lenders” (it being
understood that, with the consent of the Requisite Lenders, additional extensions of credit
pursuant to this Agreement may be included in “Pro Rata Share” and “Requisite Lenders” on
substantially the same terms as the Term Loan Commitments and the Term Loans and

 

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the Revolving Loan Commitments and the Revolving Loans); (d) change in any manner any provision
of this Agreement which, by its terms, expressly requires the approval or concurrence of all
Lenders; (e) postpone any date fixed for the payment in respect of principal of, or interest
on, the Loans or any fees hereunder; (f) release any Lien granted in favor of the Collateral
Agent, 25% or more in fair market value of the Collateral other than in accordance with the
terms of the Loan Documents (it being understood that the granting of additional Liens on
Collateral is not a release of a Lien on such Collateral); (g) release any Guarantor from
its obligations under the Guaranty, other than in accordance with the terms of the Loan
Documents; (h) change in any manner the provisions contained in subsections 9.1, 10.5, 10.6
or 2.4C(iii); or (i) change in any manner the provisions contained in subsection 4.1 or, in
the case of any Credit Extension on the Initial Borrowing Date only, subsection 4.2;
provided that, for the avoidance of doubt, all Lenders shall be deemed directly
affected thereby with respect to any amendment, modification, termination or waiver
described in clauses (c) and (i);

(ii) that subject to clause (i) above and clause (iii) below, no amendment,
modification, termination, waiver or consent shall, unless approved in writing and signed by
the Borrower and the Requisite Class Lenders of each Class, do any of the following: alter
the required application of any repayments or prepayments as between Facilities pursuant to
Section 2.4 without the consent of the Requisite Class Lenders of each Facility which is
being allocated a lesser repayment or prepayment as a result thereof (provided, the
Requisite Lenders may waive, in whole or in part, any prepayment so long as the application,
as between Facilities, of any portion of such prepayment which is still required to be made
is not altered); or amend the definition of “Requisite Class Lenders” (provided,
with the consent of the Requisite Lenders, additional extensions of credit pursuant hereto
may be included in the determination of such “Requisite Class Lenders” on substantially the
same basis as the Term Loan Commitments, the Term Loans, the Revolving Commitments and the
Revolving Loans are included on the Closing Date);

(iii) that any such amendment, modification, termination, waiver or consent which
increases the amount of the Commitment for any Lender shall be effective only if evidenced
by a writing signed by or on behalf of such Lender; and

(iv) that any release of Liens on Collateral granted to the Collateral Agent with
respect to less than 25% in fair market value of the Collateral shall only require the
consent of the Requisite Lenders and the Collateral Agent.

 

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B. In addition, (i) except as set forth in subsection 10.6A(i), any amendment, modification,
termination or waiver of any of the provisions contained in Section 4 shall be
effective only if evidenced by a writing signed by or on behalf of the Administrative Agent
and the Requisite Lenders, (ii) no amendment, modification, termination or waiver of any provision
of any Note shall be effective without the written concurrence of the Lender which is the holder of
that Note except that to the extent such amendment, modification, termination or waiver would not
otherwise require the consent of all Lenders, only the holder of such Note or Notes up to the
amount constituting Requisite Lenders shall be required hereunder, (iii) no amendment,
modification, termination or waiver of any provision of Section 9 or of any other provision of this
Agreement which, by its terms, expressly requires the approval or concurrence of the Administrative
Agent shall be effective without the written concurrence of the Administrative Agent, (iv) no
amendment, modification, termination or waiver of any provision hereof relating to the Swing Line
Loans shall be effective without the written concurrence of the Swing Line Lender, (v) no
amendment, modification, termination or waiver of any provision hereof relating to the Multi-Use
Sublimit shall be effective without the written concurrence of the Swing Line Lender and the
Issuing Lenders, and (vi) no amendment, modification, termination or waiver of subsections 10.2 and
10.3 and this subsection 10.6 directly affecting any Arranger or Co-Syndication Agent shall be
effective without the written concurrence of such Arranger or Co-Syndication Agent.

C. The Administrative Agent may, but shall have no obligation to, with the concurrence of any
Lender, execute amendments, modifications, waivers or consents on behalf of that Lender. Any
waiver or consent shall be effective only in the specific instance and for the specific purpose for
which it was given. No notice to or demand on the Borrower in any case shall entitle the Borrower
to any other or further notice or demand in similar or other circumstances. Any amendment,
modification, termination, waiver or consent effected in accordance with this subsection 10.6 shall
be binding upon each Lender at the time outstanding, each future Lender and, if signed by the
Borrower, on the Borrower.

D. Notwithstanding the foregoing, if any Lender does not agree to any amendment hereunder
requiring the consent of all Lenders and consented to by Lenders having or holding at least a
majority of the sum of the aggregate Loans and unused Commitment of all Lenders, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in subsection 10.1, including as a condition precedent to such assignment,
(i) Administrative Agent’s consent to the assignee unless not otherwise required by subsection 10.1
and (ii) payment by the Borrower of the registration fee set forth in subsection 10.1B(i), if
applicable), all such Lender’s interests, rights and obligations under this Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (i) such Lender shall have received irrevocable
payment in full in cash of an amount equal to the outstanding principal of its Loans (or such
lesser amount as agreed to by such Lender), accrued interest thereon, and accrued fees and all
other Obligations and other amounts payable to it hereunder (including amounts payable pursuant to
subsection 2.6D) from the assignee or the Borrower and (ii) such assignment (together with any
other assignments pursuant to this subsection 10.6D or otherwise) will result in such amendment
being approved.

 

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10.7 Certain Matters Affecting Lenders.

(a) If (i) the Nevada Gaming Authority shall determine that any Lender does not meet
suitability standards prescribed under the Nevada Gaming Regulations or (ii) any other
gaming authority with jurisdiction over the gaming business of the Company shall determine
that any Lender does not meet its suitability standards (in any such case, a “Former
Lender”), the Administrative Agent or the Borrower shall have the right (but not the duty)
to designate bank(s) or other financial institution(s) (in each case, a “Substitute Lender”)
which may be any Lender or Lenders or any other Eligible Assignee (including an Affiliate of
the Company that qualifies as an Eligible Assignee, and subject to the prohibition on voting
rights established in the definition thereof) that agree to become a Substitute Lender and
to assume the rights and obligations of the Former Lender, subject to receipt by the
Administrative Agent of evidence that such Substitute Lender is an Eligible Assignee. The
Substitute Lender shall assume the rights and obligations of the Former Lender under this
Agreement. The Borrower shall bear the costs and expenses of any Lender required by any
Nevada Gaming Authority to file an application for a finding of suitability in connection
with the investigation of an application by the Company for a license to operate a gaming
establishment, in connection with such application for a finding of suitability.

(b) Notwithstanding the provisions of subsection 10.7(a) or any other provision hereof,
if any Lender becomes a Former Lender, and if the Administrative Agent or the Borrower fail
to find a Substitute Lender pursuant to subsection 10.7(a) within any time period specified
by the appropriate gaming authority for the withdrawal of a Former Lender (the “Withdrawal
Period”), the Borrower shall immediately prepay in full the outstanding principal amount of
Loans made by such Former Lender, together with accrued interest thereon to the earlier of
(x) the date of payment or (y) the last day of any Withdrawal Period.

10.8 Independence of Covenants.

All covenants hereunder shall be given independent effect so that if a particular action or
condition is not permitted by any of such covenants, the fact that it would be permitted by an
exception to, or would otherwise be within the limitations of, another covenant shall not avoid the
occurrence of an Event of Default or Potential Event of Default if such action is taken or
condition exists.

10.9 Notices.

A. Notices Generally. Any notice or other communication herein required or permitted
to be given to the Sponsor or a Loan Party, Collateral Agent, Administrative Agent or Lender, shall
be sent to such Person’s address as set forth on Schedule 10.9 or in any other relevant Loan
Document, and in the case of any Lender, the address as indicated on Schedule 10.9 or
otherwise indicated to Administrative Agent in writing. Each notice hereunder shall be in writing
and may be personally served or sent by telefacsimile (except for any notices sent to a Loan Party
or the Administrative Agent) or United States mail or courier service and shall be deemed to have
been given when delivered in person or by courier service and signed for against
receipt thereof, upon receipt of telefacsimile, or three Business Days after depositing it in
the United States mail with postage prepaid and properly addressed; provided, any such
notice or other communication shall at the request of Administrative Agent be provided to any
sub-agent appointed pursuant to subsection 9.2F hereto as designated by Administrative Agent from
time to time.

 

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B. Electronic Communications.

(i) Subject to subsection 10.20, notices and other communications to the Agents and
Lenders hereunder may be delivered or furnished by electronic communication (including
e-mail and secure Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent, provided that the foregoing shall not apply to notices to any
Lender or Issuing Lender pursuant to Section 2 if such Lender or the Issuing Lender, as
applicable, has notified the Administrative Agent that it is incapable of receiving notices
under such Section by electronic communication. The Administrative Agent or Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications. Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to
an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on
the next Business Day for the recipient, and (ii) notices or communications posted to an
Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website
address therefor.

(ii) Each Loan Party understands that the distribution of material through an
electronic medium is not necessarily secure and that there are confidentiality and other
risks associated with such distribution and agrees and assumes the risks associated with
such electronic distribution, except to the extent caused by the willful misconduct or gross
negligence of the Administrative Agent, as determined by a final, non-appealable judgment of
a court of competent jurisdiction.

(iii) Any Approved Electronic Communications are provided “as is” and “as available”.
None of the Agents nor any of their respective officers, directors, employees, agents,
advisors or representatives (the “Agent Affiliates”) warrant the accuracy, adequacy, or
completeness of the Approved Electronic Communications and each expressly disclaims
liability for errors or omissions in the Approved Electronic Communications. No warranty of
any kind, express, implied or statutory, including any warranty of merchantability, fitness
for a particular purpose, non-infringement of third party rights or freedom from viruses or
other code defects is made by the Agent Affiliates in connection with the Approved
Electronic Communications.

 

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(iv) Each Loan Party, each Lender, the Issuing Lender and each Agent agrees that
Administrative Agent may, but shall not be obligated to, store any Approved Electronic
Communications in accordance with Administrative Agent’s customary document retention
procedures and policies.

Any notice given under or in connection with any Loan Document must be in English or
accompanied by an English translation. All other documents provided under or in connection with
any Loan Document must be in English or, if not in English, and if so required by the relevant
Agent, accompanied by a certified English translation and, in this case, except with respect to the
Foreign Security Agreements, the English translation shall prevail unless the document is a
constitutional, statutory or other official document.

10.10 Survival of Representations, Warranties and Agreements.

A. All representations, warranties and agreements made herein shall survive the execution and
delivery of this Agreement and the making of the Loans and the issuance of the Letters of Credit
hereunder.

B. Notwithstanding anything in this Agreement or implied by law to the contrary, the
agreements of the Borrower set forth in subsections 2.6D, 2.7, 3.6, 10.2, 10.3, 10.4, 10.18, 10.19
and 10.25 and the agreements of Lenders set forth in subsections 9.2C, 9.4, 10.5, 10.19 and 10.20
shall survive the payment of the Loans and the reimbursement of any amounts drawn thereunder, and
the termination of this Agreement.

10.11 Failure or Indulgence Not Waiver; Remedies Cumulative.

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

10.12 Marshalling; Payments Set Aside.

Neither the Administrative Agent nor any Lender shall be under any obligation to marshal any
assets in favor of the Borrower or any other party or against or in payment of any or all of the
Obligations. To the extent that the Borrower makes a payment or payments to the Administrative
Agent or Lenders (or to the Administrative Agent for the benefit of Lenders), or Administrative
Agent, Collateral Agent or Lenders enforce any security interests or exercise their rights of
setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other
state or federal law, common law or any equitable cause, then, to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies
therefore or related thereto, shall be revived and continued in full
force and effect as if such payment or payments had not been made or such enforcement or
setoff had not occurred.

 

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10.13 Severability.

In case any provision in or obligation under this Agreement or the Notes shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

10.14 Obligations Several; Independent Nature of Lenders’ Rights.

The obligations of Lenders hereunder are several and no Lender shall be responsible for the
obligations or Commitments or representations of any other Lender hereunder. Nothing contained
herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto,
shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any
other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate
and independent debt, and each Lender shall be entitled to protect and enforce its rights arising
out of this Agreement, subject to the fourth sentence of subsection 9.6 and it shall not be
necessary for any Lender to be joined as an additional party in any proceeding for such purpose.

10.15 Headings.

Section and subsection headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose or be given
any substantive effect.

10.16 Applicable Law.

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES.

10.17 Successors and Assigns.

This Agreement shall be binding upon the parties hereto and their respective successors and
assigns and shall inure to the benefit of the parties hereto and the successors and assigns of
Lenders (it being understood that Lenders’ rights of assignment are subject to subsection 10.1).
Neither the Borrower’s rights or obligations hereunder nor any interest therein may be assigned or
delegated by the Borrower without the prior written consent of all Lenders.

10.18 Consent to Jurisdiction and Service of Process.

A. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE BORROWER ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY
OTHER LOAN DOCUMENT (OTHER THAN THE CONTRACT CONSENTS), OR ANY OBLIGATIONS THEREUNDER, MAY BE
BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, THE BORROWER, FOR ITSELF AND IN CONNECTION
WITH ITS PROPERTIES, IRREVOCABLY

 

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(I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH
COURTS;

(II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

(III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE BORROWER AT ITS
ADDRESS PROVIDED IN ACCORDANCE WITH SUBSECTION 10.9 OR TO ITS AGENT FOR SERVICE OF PROCESS
SET FORTH IN SUBSECTION 4.1A(x);

(IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE BORROWER IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE
CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT;

(V) AGREES THAT LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION;
AND

(VI) AGREES THAT THE PROVISIONS OF THIS SUBSECTION 10.18 RELATING TO JURISDICTION AND VENUE
SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE UNDER NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1402 OR OTHERWISE.

B. Each Loan Party hereby irrevocably appoints Corporate Services Company (the “Process
Agent”), with an office on the date hereof at 80 State Street, Albany, NY 12207-2543, as its agent
to receive on its behalf and on behalf of its Properties, service of copies of the summons and
complaint and any other process that may be served in any such action or proceeding. No less than
five (5) Business Days prior to the expiration of any such appointment in respect of any Loan
Party, the Borrower shall provide evidence reasonably satisfactory to the Administrative Agent that
such appointment has been renewed or extended. Service upon the Process Agent shall be deemed to be
personal service on the Loan Parties and shall be legal and binding upon the Loan Parties for all
purposes notwithstanding any failure to mail copies of such legal process to the Loan Parties, or
any failure on the part of the Loan Parties to receive the same. Nothing herein shall affect the
right to serve process in any other

 

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manner permitted by applicable law or any right to bring legal
action or proceedings in any other competent jurisdiction, including judicial or non judicial foreclosure of real property interests which
are part of the Collateral. The Loan Parties further agree that the aforesaid courts of the State
of New York and of the United States of America for the Southern District of New York shall have
exclusive jurisdiction with respect to any claim or counterclaim of the Loan Parties based upon the
assertion that the rate of interest charged by or under this Agreement or under the other Loan
Documents is usurious. To the extent permitted by applicable law, the Loan Parties further
irrevocably agree to the service of process of any of the aforementioned courts in any suit, action
or proceeding by the mailing of copies thereof by certified mail, postage prepaid, return receipt
requested, to the Loan Parties at the addresses referenced in subsection 10.9, such service to be
effective upon the date indicated on the postal receipt returned from the Loan Parties.

10.19 Waiver of Jury Trial.

EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN
TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. The scope of this
waiver is intended to be all-encompassing of any and all disputes that may be filed in any court
and that relate to the subject matter of this transaction, including contract claims, tort claims,
breach of duty claims and all other common law and statutory claims. Each party hereto
acknowledges that this waiver is a material inducement to enter into a business relationship, that
each has already relied on this waiver in entering into this Agreement, and that each will continue
to rely on this waiver in their related future dealings. Each party hereto further warrants and
represents that it has reviewed this waiver with its legal counsel and that it knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A
MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SUBSECTION 10.19 AND EXECUTED BY EACH OF THE
PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. In the event of litigation, this Agreement may be
filed as a written consent to a trial by the court.

10.20 Confidentiality.

Each Agent (which term shall for the purposes of this subsection 10.20 include the Arrangers),
and each Lender (which term shall for the purposes of this subsection 10.20 include the Issuing
Lender) shall hold all non-public information regarding Borrower and its Affiliates and their
businesses and obtained by such Agent or such Lender pursuant to the requirements hereof in
accordance with such Agent’s and such Lender’s customary procedures for handling confidential
information of such nature and in accordance with safe and sound banking or investment practices,
it being understood and agreed by Borrower that, in any event, the Administrative Agent may
disclose such information to the Lenders and each Agent and each Lender may make

 

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(i) disclosures of
such information to other Lenders, each Agent, the other Loan Parties and the Sponsor, (ii) disclosures of such information to Affiliates of such
Lender to its head office and other branches of such Lender or Agent and to their respective agents
and advisors (and to other Persons authorized by a Lender or Agent to organize, present or
disseminate such information in connection with disclosures otherwise made in accordance with this
subsection 10.20), (iii) disclosures of such information reasonably required by any bona fide or
potential assignee, transferee or participant in connection with the contemplated assignment,
transfer or participation of any Loans or any participations therein or by any direct or indirect
contractual counterparties (or the professional advisors thereto) to any swap or derivative
transaction relating to Borrower and its obligations (provided, such assignees, transferees,
participants, counterparties and advisors are advised of and agree to be bound by either the
provisions of this subsection 10.20 or other confidentiality provisions at least as restrictive as
this subsection 10.20), (iv) disclosure to any rating agency when required by it, provided
that, prior to any disclosure, such rating agency shall undertake in writing to preserve the
confidentiality of any confidential information relating to Loan Parties or the Sponsor and their
respective Affiliates received by such rating agency from any Agent or any Lender, (v) disclosures
in connection with the exercise of any remedies hereunder or under any other Loan Document and (vi)
disclosures required or requested by any governmental agency or representative thereof or by the
NAIC or pursuant to legal or judicial process; provided, to the extent permitted by
applicable law or court order, each Lender and each Agent shall notify Borrower of any request by
any governmental agency or representative thereof (other than any such request in connection with
any examination of the financial condition or other routine examination of such Lender by such
governmental agency) for disclosure of any such non-public information prior to disclosure of such
information. In addition, each Agent and each Lender may disclose the existence of this Agreement
and the information about this Agreement to market data collectors, similar services providers to
the lending industry, and service providers to the Agents and the Lenders in connection with the
administration and management of this Agreement and the other Loan Documents. This subsection 10.20
shall supersede all previous agreements between the parties hereto relating to the confidentiality
of information.

10.21 Usury Savings Clause.

Notwithstanding any other provision herein, the aggregate interest rate charged with respect
to any of the Obligations, including all charges or fees in connection therewith deemed in the
nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of
interest (determined without regard to the preceding sentence) under this Agreement at any time
exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear
interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the
amount of interest which would have been due hereunder if the stated rates of interest set forth in
this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are
repaid in full the total interest due hereunder (taking into account the increase provided for
above) is less than the total amount of interest which would have been due hereunder if the stated
rates of interest set forth in this Agreement had at all times been in effect, then to the extent
permitted by law, Borrower shall pay to Administrative Agent an amount equal to the difference
between the amount of interest paid and the amount of interest which would have been paid if the
Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the
intention of Lenders and Borrower to conform strictly to any applicable usury laws. Accordingly,
if any Lender contracts for, charges, or receives any consideration which
constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be
cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the
outstanding amount of the Loans made hereunder or be refunded to Borrower.

 

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10.22 Counterparts; Effectiveness.

This Agreement and any amendments, waivers, consents or supplements hereto or in connection
herewith may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument; signature pages may be
detached from multiple separate counterparts and attached to a single counterpart so that all
signature pages are physically attached to the same document. This Agreement shall become
effective as of the date hereof.

10.23 USA Patriot Act.

Each Lender hereby notifies the Borrower that pursuant to the requirements of the Patriot Act
it is required to obtain, verify and record information that identifies the Borrower, which
information includes the name and address of the Borrower and other information that will allow
such Lender to identify the Borrower in accordance with the Patriot Act.

10.24 Electronic Execution of Assignments.

The words “execution,” “signed,” “signature,” and words of like import in any Assignment
Agreement shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act.

10.25 Judgment Currency.

The obligations of the Borrower hereunder and under the other Loan Documents to make payments
in Dollars, in Patacas or in HK Dollars, as the case may be (the “Obligation Currency”), shall not
be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any currency other than the Obligation Currency, except to the extent that such
tender or recovery results in the effective receipt by the Administrative Agent or a Lender of the
full amount of the Obligation Currency expressed to be payable to the Administrative Agent or
Lender under this Agreement or the other Loan Documents. If, for the purpose of obtaining or
enforcing judgment against the Borrower, any other Loan Party or the Sponsor in any court or in any
jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation
Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount
due in the Obligation Currency, the conversion shall be made, at the equivalent in such Obligation
Currency of such amount (determined by the Administrative Agent pursuant to Section 1.4 using the
applicable Exchange Rate with respect to such Obligation Currency), in each case, as of the date
immediately preceding the day on which
the judgment is given (such Business Day being hereinafter referred to as the “Judgment
Currency Conversion Date”).

 

230

 

If there is a change in the rate of exchange prevailing between the Judgment Currency
Conversion Date and the date of actual payment of the amount due, the Borrower covenants and agrees
to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser
amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will produce the amount of the
Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated
in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency
Conversion Date.

For purposes of determining the Dollar Equivalent, such amounts shall include any premium and
costs payable in connection with the purchase of the Obligation Currency.

10.26 English.

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

10.27 Gaming Authorities.

The Arrangers, the Administrative Agent and each Lender agree to cooperate with the Macau
Gaming Authority and any other applicable gaming authorities in connection with the administration
of their regulatory jurisdiction over the Borrower and its Subsidiaries, including to the extent
not inconsistent with the internal policies of such Lender or Issuing Lender and any applicable
legal or regulatory restrictions the provision of such documents or other information as may be
requested by the Macau Gaming Authority or any other gaming authority relating to the Arrangers,
the Administrative Agent or any of the Lenders, or the Borrower or any of its Subsidiaries, or to
the Loan Documents. Notwithstanding any other provision of the Agreement, the Borrower expressly
authorizes each Agent and Lender to cooperate with the Macau Gaming Authority and such other gaming
authorities as described above.

 

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10.28 No Fiduciary Duty.

Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of the Loan Parties
or the Sponsor, their stockholders and/or their affiliates. The Borrower (on its own behalf and on
behalf of the other Loan Parties) agrees that nothing in the Loan Documents or otherwise will be
deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty
between any Lender, on the one hand, and any Loan Party, its stockholders or its affiliates, on the
other. The Borrower (on its own behalf and on behalf of the other Loan Parties) acknowledges and
agrees that (i) the transactions contemplated by the Loan Documents (including the exercise of
rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the
Lenders, on the one hand, and the Loan Parties, on the other, and (ii) in connection therewith and
with the process leading thereto, (x) no Lender has
assumed an advisory or fiduciary responsibility in favor of any Loan Party, its stockholders
or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights
or remedies with respect thereto) or the process leading thereto (irrespective of whether any
Lender has advised, is currently advising or will advise any Loan Party, its stockholders or its
Affiliates on other matters) or any other obligation to any Loan Party except the obligations
expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not
as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any other
Person. The Borrower (on its own behalf and on behalf of the other Loan Parties) acknowledges and
agrees that it has consulted its own legal and financial advisors to the extent it deemed
appropriate and that it is responsible for making its own independent judgment with respect to such
transactions and the process leading thereto. The Borrower (on its own behalf and on behalf of the
other Loan Parties) agrees that it will not claim that any Lender has rendered advisory services of
any nature or respect, or owes a fiduciary or similar duty to any Loan Party, in connection with
such transaction or the process leading thereto.

[Signature pages follow]

 

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

	 	 	 	 	 
	 	BORROWER:

VENETIAN ORIENT LIMITED

 	 
	 	By:  	/s/ Steven Craig Jacobs
 	 
	 	 	Name:  	Steven Craig Jacobs 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	The Venetian Macao Resort Hotel

Executive Offices — L2

Estrada da Baía de N. Senhora da Esperança,

s/n Taipa, Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Luis Mesquita de Melo	 	 
	 

	 	 	 	Executive VP, General Counsel	 	 
	 

	 	 	 	Sands China Ltd.	 	 
	 

	 	Telephone:
	 	(853) 8118-2588	 	 
	 

	 	Facsimile:
	 	(853) 2888-3381	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, NV 89109

Attn: General Counsel and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Gayle Hyman	 	 
	 

	 	Telephone:
	 	(702) 733-5322	 	 
	 

	 	Facsimile:
	 	(702) 733-5088	 	 

 

 

 

	 	 	 	 	 
	 	LENDERS:

THE BANK OF NOVA SCOTIA,

as Administrative Agent

 	 
	 	By:  	/s/ Annabella Guo
 	 
	 	 	Name:  	Annabella Guo 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia, San Francisco Representative Office

580 California Street, 21st Floor

San Francisco, CA 94104	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Alan Pendergast	 	 
	 

	 	Telephone:
	 	(415) 986-1100	 	 
	 

	 	Facsimile:
	 	(415) 397-0791	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia

c/o GWS Loan Operations

720 King Street West, 2nd Floor

Toronto, Ontario 

Canada M5V 2T3	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	U.S. Agency Loan Operations	 	 
	 

	 	Facsimile:
	 	(416) 350-5159	 	 

 

2

 

	 	 	 	 	 
	 	GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender, an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Eric Greenberg
 	 
	 	 	Name:  	Eric Greenberg 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Goldman Sachs Lending Partners LLC

c/o Goldman, Sachs & Co.

200 West Street

New York, New York 10004	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Elizabeth Fischer	 	 
	 

	 	Telephone:
	 	(212) 902-1021	 	 
	 

	 	Facsimile:
	 	(212) 902-3000	 	 

 

3

 

	 	 	 	 	 
	 	BNP PARIBAS, HONG KONG BRANCH,

as a Lender, an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Mary Hse
 	 
	 	 	Name:  	Mary Hse 	 
	 	 	Title:  	Managing Director, Senior Banker, Coverage 	 
	 	 	 
	 	By:  	                       /s/ Didier Leblanc
 	 
	 	 	Name:  	Didier Leblanc 	 
	 	 	Title:  	Head of Loan Syndication, Asia Pacific & Japan,
Structured Finance 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	BNP Paribas, Hong Kong Branch 

63/F, Two International Finance Centre 

8 Finance Street 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Mary Hse / Joshua Lau	 	 
	 

	 	Telephone:
	 	(852) 2909 8717 / (852) 2909 8722	 	 
	 

	 	Facsimile:
	 	(852) 2970 0296	 	 

 

4

 

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS ASIA LIMITED,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Benjamin Ng
 	 
	 	 	Name:  	Benjamin Ng 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Citigroup Global Markets Asia Limited 

50th Floor, Citibank Tower

Citibank Plaza, 3 Garden Road 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., HONG KONG BRANCH,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Stephen K.K. Li
 	 
	 	 	Name:  	Stephen K.K. Li 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Citibank, N.A. Hong Kong Branch

50th Floor, Citibank Tower 

Citibank Plaza, 3 Garden Road

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

 

 

 

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS ASIA LIMITED,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Benjamin Ng
 	 
	 	 	Name:  	Benjamin Ng 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Citigroup Global Markets Asia Limited

50th Floor, Citibank Tower

Citibank Plaza, 3 Garden Road 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., HONG KONG BRANCH,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Stephen K.K. Li
 	 
	 	 	Name:  	Stephen K.K. Li 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Citibank, N.A. Hong Kong Branch 

50th Floor, Citibank Tower

Citibank Plaza, 3 Garden Road 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

 

2

 

	 	 	 	 	 
	 	 CITICORP FINANCIAL SERVICES LIMITED,

 as a Lender, an Arranger and a Co-Syndication gent

 	 
	 	 By:  	/s/ Benjamin Ng
 	 
	 	 	Name:  	Benjamin Ng 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Citigroup Global Markets Asia Limited

50th Floor, Citibank Tower

Citibank Plaza, 3 Garden Road 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

	 	 	 	 	 
	 	 CITIBANK, N.A.,

 as a Lender

 	 
	 	 By:  	/s/ Benjamin Ng
 	 
	 	 	Name:  	Benjamin Ng 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	c/o Citibank, N.A. Hong Kong Branch 

50th Floor, Citibank Tower

Citibank Plaza, 3 Garden Road

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	William Chu / Ken Tsui	 	 
	 

	 	Telephone:
	 	(852) 2868 8005 / (852) 2868 6339	 	 
	 

	 	Facsimile:
	 	(852) 2868 6355 / (852) 2868 6355	 	 

 

3

 

	 	 	 	 	 
	 	UBS AG HONG KONG BRANCH,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Bryan Liew
 	 
	 	 	Name:  	Bryan Liew 	 
	 	 	Title:  	Executive Director 	 
	 	 	 
	 	By:  	            /s/ Frances Wong
 	 
	 	 	Name:  	Frances Wong 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	UBS AG Hong Kong Branch

c/o UBS AG, Singapore Branch

5 Temasek Boulevard

#18-00 Suntec Tower 5 

Singapore 038985	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Banking Products Services	 	 
	 

	 	 	 	Joanna Cheong / Seah Poh Kwang	 	 
	 

	 	Telephone:
	 	+65 6495-5617 / +65 6495-5616	 	 
	 

	 	Facsimile:
	 	+65 6495-8609	 	 

	 	 	 	 	 
	 	 UBS AG, SINGAPORE BRANCH,

 as a Lender

 	 
	 	 By:  	/s/ Bryan Liew
 	 
	 	 	Name:  	Bryan Liew 	 
	 	 	Title:  	Executive Director 	 
	 	 	 
	 	 By:  	                /s/ Frances Wong
 	 
	 	 	Name:  	Frances Wong 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	UBS AG, Singapore Branch 

5 Temasek Boulevard 

#18-00 Suntec Tower 5

Singapore 038985	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Banking Products Services	 	 
	 

	 	 	 	Joanna Cheong / Seah Poh Kwang	 	 
	 

	 	Telephone:
	 	+65 6495-5617 / +65 6495-5616	 	 
	 

	 	Facsimile:
	 	+65 6495-8609	 	 

 

 

 

	 	 	 	 	 
	 	BARCLAYS CAPITAL,

as an Arranger and a Co-Syndication Agent

 	 
	 	By:  	/s/ Robin J Gibbons
 	 
	 	 	Name:  	Robin J Gibbons 	 
	 	 	Title:  	Authorised Signatory 	 

	 	 	 	 	 	 	 
	 	 	 Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	 Barclays Capital

 42nd Floor, Citibank Tower 3

 Garden Road

 Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	 Attention:
	 	Robin J Gibbons / Dora Lee / Amy Wong	 	 
	 

	 	 Telephone:
	 	+852 2903 2345/ +852 2903 2347/ +852 2903 2766	 	 
	 

	 	 Facsimile:
	 	+852 2903 2799	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as a Lender

 	 
	 	By:  	/s/ Robin J Gibbons
 	 
	 	 	Name:  	Robin J Gibbons 	 
	 	 	Title:  	Authorised Signatory 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Barclays Bank PLC 

1 Royal Mint Court

London EC3N 4HH, United

Kingdom	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Aloysius Lai/ Tracy Stratford	 	 
	 

	 	Telephone:
	 	+44 203 134 7486/ +44 203 134 6866	 	 
	 

	 	Facsimile:
	 	+44 207 516 3868/ +44 207 516 3869	 	 
	 
	 	 	 	 	 	 
	 	 	cc Barclays Bank PLC, Hong Kong

42nd Floor, Citibank Tower 

3 Garden Road 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Robin J Gibbons/ Dora Lee/ Amy Wong	 	 
	 

	 	Telephone:
	 	+852 2903 2345/ +852 2903 2347/ +852 2903 2766	 	 
	 

	 	Facsimile:
	 	+852 2903 2799	 	 

 

2

 

	 	 	 	 	 
	 	 BANK OF CHINA LIMITED, MACAU BRANCH,

 as a Lender and an Arranger

 	 
	 	 By:  	/s/ Wu Jian Feng
 	 
	 	 	Name:  	Wu Jian Feng 	 
	 	 	Title:  	Deputy General Manager 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Bank of China Limited, Macau Branch

13/F Bank of China Building 

Avenida Doutor Mario Soares 

Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Mr. Sio Hong Leong/ Ms. Sio Keng Kuan	 	 
	 

	 	Telephone:
	 	+853 879 21695/ +853 879 21646	 	 
	 

	 	Facsimile:
	 	+853 879 21659	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	Bank of China Limited, Macau Branch

17/F Bank of China Building

Avenida Doutor Mario Soares Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Mr. James Wong/ Ms. Wendy Sun	 	 
	 

	 	Telephone:
	 	+853 879 21639/ +853 879 21623	 	 
	 

	 	Facsimile:
	 	+853 879 21677	 	 

 

3

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED,

as a Lender and an Arranger	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patrick Cheng
 

Name: Patrick Cheng
	 	 	 	/s/ David Chan
 

David Chan
	 	 
	 

	 	 	 	Title: Deputy CEO
	 	 	 	DGM	 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Industrial and Commercial Bank of China (Macau) Limited

Credit Management Department 

18/F, Macau Landmark 

555 Avenida de Amizade 

Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Carol Lei (for Credit Matters)	 	 
	 

	 	Telephone:
	 	+853 83982421	 	 
	 

	 	Facsimile:
	 	+853 83982160	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	David Chan/ Linda Chan (for Loan Admin. Matters)	 	 
	 

	 	Telephone:
	 	+853 83982222/ +853 83982452	 	 
	 

	 	Facsimile:
	 	+853 83982220	 	 

 

4

 

	 	 	 	 	 
	 	BANCO NACIONAL ULTRAMARINO, S.A.,

as a Lender and an Arranger

 	 
	 	By:  	/s/ Sam Tou        /s/ Artur Santos
 	 
	 	 	Name:  	Sam Tou/Artur Santos 	 
	 	 	Title:  	General Manager/Deputy Chief Executive Officer 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Banco Nacional Ultramarino, S.A.

Avenida Almeida Ribeiro, 22

Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Mr. Sam Tou/Mr. Vitor Rosário/Ms. Violet Choi	 	 
	 

	 	Telephone:
	 	+853.83989188/+853.83989106/+853.83989134	 	 
	 

	 	Facsimile:
	 	+853 28356867	 	 

 

 

 

	 	 	 	 	 
	 	DBS BANK LTD.,

as a Lender and an Arranger

 	 
	 	By:  	/s/ Edward Chan
 	 
	 	 	Name:  	Edward Chan 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	            /s/ Mildred Seow Siok Eng
 	 
	 	 	Name:  	Mildred Seow Siok Eng 	 
	 	 	Title:  	Senior Vice President 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	DBS Bank Ltd.

6 Shenton Way, #42-00 

DBS Building Tower One 
Singapore 068809	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Max Lim / Wee Kim Mei	 	 
	 

	 	Telephone:
	 	+65 6878 6490 / +65 6878 8773	 	 
	 

	 	Facsimile:
	 	+65 6324 4127	 	 

 

 

 

	 	 	 	 	 
	 	OVERSEA-CHINESE BANKING CORPORATION LIMITED,

as a Lender and an Arranger

 	 
	 	By:  	/s/ Tan Lay Hoon
 	 
	 	 	Name:  	Tan Lay Hoon 	 
	 	 	Title:  	Head Capital Markets
OCBC Bank 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Oversea-Chinese Banking Corporation Limited 

65 Chulia Street 

#10-00 OCBC Centre

Singapore 049513	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Yeo Hwee Choo / Richard Lim	 	 
	 

	 	Telephone:
	 	+65 6530 7644 / +65 6530 7666	 	 
	 

	 	Facsimile:
	 	+65 6532 2623	 	 

 

2

 

	 	 	 	 	 
	 	TAI FUNG BANK LIMITED,

as a Lender,

 	 
	 	By:  	/s/ Chui Kai Cheong;  /s/ Lou Kit I
 	 
	 	 	Name:  	Chui Kai Cheong; Lou Kit I 	 
	 	 	Title:  	Director & Vice President; Deputy General
Manager 	 

	 	 	 	 	 	 	 
	 	 	 Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	 Tai Fung Bank Limited

 418 Alameda Dr. Carlos d’ Assumpcao 

 Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	 Attention:
	 	Mr. Ivan Lam / Ms. Rosanna Lou	 	 
	 

	 	 Telephone:
	 	+853 8797 0383 / +853 8797 0382	 	 
	 

	 	 Facsimile:
	 	+853 2875 2716	 	 

 

 

 

	 	 	 	 	 
	 	BANK OF COMMUNICATIONS CO., LTD., MACAU BRANCH

as a Lender,

 	 
	 	By:  	/s/ Cheng Man Wang
 	 
	 	 	Name:  	Cheng Man Wang 	 
	 	 	Title:  	Deputy General Manager 	 

	 	 	 	 	 	 	 
	 	 	 Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	 Bank of Communications Co., Ltd. 

 Macau Branch 

 Room 1603-1608 

 16/F, AIA Tower, 251A-301
Avenida Commercial de Macau 

 Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	 Attention:
	 	Credit Management Department	 	 
	 

	 	 Telephone:
	 	(853) 8898 8210, 8898 8211	 	 
	 

	 	 Facsimile:
	 	(853) 2828 6686, 2828 6636	 	 

 

2

 

	 	 	 	 	 
	 	BANCO COMERCIAL PORTUGUÊS, S.A., MACAU BRANCH

as a Lender,

 	 
	 	By:  	/s/ José João Barreiros Pãosinho
 	 
	 	 	Name:  	José João Barreiros Pãosinho 	 
	 	 	Title:  	General Manager 	 

	 	 	 	 	 	 	 
	 	 	 Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	Banco Comercial Português, S.A. Macau Branch

Avenida de Praia Grande 

No. 594, Edf. BCM, 12° Andar 

Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	A. Lau/ Helena Silva	 	 
	 

	 	Telephone:
	 	+853 2878 6769	 	 
	 

	 	Facsimile:
	 	+853 2878 6772	 	 

 

3

 

	 	 	 	 	 
	 	 STATE BANK OF INDIA, HONG KONG BRANCH,

 as a Lender,

 	 
	 	 By:  	/s/ K. Sridhar
 	 
	 	 	Name:  	K. Sridhar 	 
	 	 	Title:  	Vice President (Syndication & Investments) 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	State Bank of India, Hong Kong Branch 

15th Floor, Central Tower

28 Queen’s Road 

Central, 

Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	K. Sridhar / Arunava Basak	 	 
	 

	 	Telephone:
	 	(852) 2521 6107 / (852) 2524 3004	 	 
	 

	 	Facsimile:
	 	(852) 2868 1966	 	 

 

4

 

	 	 	 	 	 
	 	CHINA CONSTRUCTION BANK (MACAU) COPORATION LIMITED,

as a Lender,

 	 
	 	By:  	/s/ Kenneth Cheong        /s/ Rosita Lei
 	 
	 	 	Name:  	Kenneth Cheong / Rosita Lei 	 
	 	 	Title:  	Managing Director / Vice President 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	China Construction Bank (Macau) Corporation Limited
 No. 61,
Avenida de Almeida Ribeiro 

Central Palaza, 20/F 

Macau	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	1) Michael Choi 2) Berta Rodrigues	 	 
	 

	 	 	 	3) Joanne Tam 4) Rosita Lei	 	 
	 

	 	Telephone:
	 	(853) 8895 5218 (853) 8895 5217	 	 
	 

	 	 	 	(853) 8895 5226 (853) 8895 5525	 	 
	 

	 	Facsimile:
	 	(853) 8895 5234	 	 

 

5

 

	 	 	 	 	 
	 	WING LUNG BANK LTD.,

as a Lender,

 	 
	 	By:  	/s/ Ivan Chan
 	 
	 	 	Name:  	Mr. Ivan Chan 	 
	 	 	Title:  	Head of Corporate Banking Department 	 
	 	 	 
	 	By:  	         /s/ Virginia Eng
 	 
	 	 	Name:  	Ms Virginia Eng 	 
	 	 	Title:  	Head of Hong Kong Corporates 	 

	 	 	 	 	 	 	 
	 	 	Notice Address:	 	 
	 
	 	 	 	 	 	 
	 	 	if related to credit matter: 

Wing Lung Bank Limited 

16/F, Corporation Banking Dept. 

Wing Lung Bank Building

45 Des Voeux Rd 

Central, Hong Kong	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Ms. Virginia Eng / Mr. Frankie Poon	 	 
	 

	 	Telephone:
	 	+852 2826 8304 / +852 2952 8867	 	 
	 

	 	Facsimile:
	 	+852 2868 4786	 	 
	 
	 	 	 	 	 	 
	 	 	if related to drawdown and facility administration matter:	 	 
	 
	 	 	 	 	 	 
	 	 	Wing Lung Bank Limited

Loans Operation Centre

Room 1603, Bank Centre

636 Nathan Rd, Kowloon	 	 
	 
	 	 	 	 	 	 
	 

	 	Attention:
	 	Mr. H.K. Chui / Ms. W.W. Yeung	 	 
	 

	 	Telephone:
	 	+852 3518 5700 / +852 3518 5706	 	 
	 

	 	Facsimile:
	 	+852 2868 2726	 	 

 

6Exhibit 10.2

Exhibit 10.2

EXECUTION VERSION

 

SPONSOR AGREEMENT

Dated as of May 17, 2010

Among

SANDS CHINA LTD.,

As Sponsor

and

THE BANK OF NOVA SCOTIA,

As Administrative Agent

and

BANK OF CHINA LIMITED, MACAU BRANCH,

As Collateral Agent

 

 

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	 
	 	 	 	 
	Table of Contents
	 	 	 	 
	 
	 	 	 	 
	 
	 	Page
	 
	 	 	 	 
	ARTICLE I — DEFINITIONS AND INTERPRETATION
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II — SUPPORT
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III — REPRESENTATIONS AND WARRANTIES
	 	 	19	 
	 
	 	 	 	 
	ARTICLE IV — REMEDIES AND WAIVERS
	 	 	20	 
	 
	 	 	 	 
	ARTICLE V — LANGUAGE
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VI — JURISDICTION; GOVERNING LAW
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VII — MISCELLANEOUS
	 	 	22	 
	 
	 	 	 	 
	Schedule 2.03(a) — Existing Indebtedness
	 	 	 	 
	Schedule 2.03(c) — Existing Investments
	 	 	 	 
	Schedule 2.03(g) — Existing Transactions with Shareholders and Affiliates
	 	 	 	 
	 
	 	 	 	 
	Exhibit A — Form of Subordination Agreement
	 	 	 	 

 

 

 

This SPONSOR AGREEMENT (as amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, this
“Agreement”), dated as of May 17, 2010 is entered into by and between Sands China Ltd. (“SCL ” or
the “Sponsor”), The Bank of Nova Scotia (“Scotia Bank”), as administrative agent under the Credit
Agreement referred to below (in such capacity, the “Administrative Agent”) and Bank of China
Limited, Macau Branch, as the collateral agent under the Collateral Agency Agreement referred to
below (in such capacity, the “Collateral Agent”).

W I T N E S S E T H:

WHEREAS, concurrently herewith, Venetian Orient Limited (the “Borrower”), each other Loan
Party, the Administrative Agent, each of Goldman Sachs Lending Partners LLC, BNP Paribas, Hong Kong
Branch, Citibank, N.A., Citigroup Global Markets Asia Limited, Citicorp Financial Services Limited,
Citibank, N.A., Hong Kong Branch, UBS AG Hong Kong Branch, Barclays Capital, the investment banking
division of Barclays Bank PLC, Bank of China Limited, Macau Branch and Industrial and Commercial
Bank of China (Macau) Limited, as global coordinators and bookrunners and, with the exception of
Bank of China Limited, Macau Branch and Industrial and Commercial Bank of China (Macau) Limited, as
co-syndication agents, each of Banco Nacional Ultramarino, S.A., DBS Bank Ltd. and Oversea-Chinese
Banking Corporation Limited, as mandated lead arrangers and bookrunners, and each of the other
agents and arrangers from time to time party thereto and the financial institutions from time to
time party thereto (the “Lenders”) have entered into that certain Credit Agreement, dated as of the
date hereof (as amended, amended and restated, supplemented, or otherwise modified from time to
time, the “Credit Agreement”);

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make available the
Credit Extensions and to enter into various agreements and arrangements associated therewith on and
subject to the terms of the Credit Agreement, the Depository Agreement, the Collateral Agency
Agreement and the other Loan Documents to which they are a party; and

WHEREAS, it is a condition to the Lenders making the Credit Extensions available and entering
into such agreements and arrangements that SCL enter into this Agreement.

NOW, THEREFORE, in consideration of the premises and agreements contained herein, it is hereby
agreed as follows:

ARTICLE I — DEFINITIONS AND INTERPRETATION

Section 1.01 General Definitions.

In this Agreement, the following terms shall have the following meanings:

“Capital Lease” as applied to any Person, means any lease of any property (whether real,
personal or mixed) by that Person as lessee that, in conformity with IFRS, is accounted for as a
capital lease on the balance sheet of that Person. For purposes of this Agreement, the amount of a
Person’s obligation under a Capital Lease shall be the capitalized amount thereof, determined in
accordance with IFRS, and the stated maturity thereof shall be the date of the last payment of rent
or any other amount due under such lease prior to the first date upon which such lease may be
terminated by the lessee without payment of a premium or a penalty.

 

- 1 -

 

“Consolidated” refers to the consolidation of accounts in accordance with IFRS.

“Consolidated Adjusted EBITDA” means, for any period, the sum of the amounts (without
duplication) for such period of (a) Consolidated Net Income of the Sponsor and its subsidiaries,
(b) Consolidated Interest Expense of the Sponsor and its subsidiaries, (c) capitalized interest
and non-cash interest to the extent deducted in calculating Consolidated Net Income, (d) provision
for federal, state, local and foreign income or complementary tax, franchise tax and state and
similar taxes imposed in lieu of income taxes, in each case, to the extent deducted in calculating
Consolidated Net Income, (e) total depreciation expense of the Sponsor and its subsidiaries, to
the extent deducted in calculating Consolidated Net Income, (f) total amortization expense of the
Sponsor and its subsidiaries (including amortization of the land premium paid pursuant to the Land
Concession Contract or any other land concession contract), to the extent deducted in calculating
Consolidated Net Income, (g) total pre-opening and developmental expense of the Sponsor and its
subsidiaries, to the extent deducted in calculating Consolidated Net Income consistent with the
reported line item on the Company’s financial statements, (h) non-recurring charges and expenses
taken in such period of the Sponsor and its subsidiaries, of up to $45,000,000 in any Fiscal Year,
with up to $20,000,000 of unused amounts within such cap being usable in succeeding periods;
provided that amounts added back pursuant to this clause (h) shall not exceed $65,000,000
in any Fiscal Year, (i) uncapitalized non-recurring expenses of the Sponsor and its subsidiaries
of up to $15,000,000 in the aggregate in connection with any financing transactions, (j) total
amortization of deferred gain and deferred rent incurred as a result of the sale of any retail mall
space or apart hotels or condominiums, and (k) other non-cash items reducing Consolidated Net
Income of the Sponsor and its subsidiaries, less other non-cash items increasing
Consolidated Net Income of the Sponsor and its subsidiaries, all of the foregoing as determined on
a consolidated basis for the Sponsor and its subsidiaries in conformity with IFRS; provided
that, for purposes of determining Consolidated Adjusted EBITDA attributable to the operation of any
“Project” or any similar term (as defined in any financing agreement for the Sponsor or any of its
subsidiaries) prior to the first anniversary of the first Quarterly Date following the opening date
of such Project, Consolidated Adjusted EBITDA shall be calculated on the basis of the three full
Fiscal Quarters following such opening date, multiplied by 4/3.

“Consolidated Interest Expense” means, for any period, total interest expense (including that
portion attributable to Capital Leases in accordance with IFRS but excluding (x) capitalized
interest paid at any time if not paid in cash and (y) payment-in-kind interest) of the Sponsor on a
consolidated basis with respect to all outstanding Indebtedness of the Sponsor (other than non-cash
interest on Permitted Subordinated Indebtedness and “Permitted Subordinated Indebtedness” (as
defined in each of the VOL Credit Agreement and the VML Credit Agreement)), including all
commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs under Hedging Agreements, but excluding, however,
amortization of debt issuance costs and deferred financing fees.

 

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“Consolidated Leverage Ratio” means, as of any date, the ratio of (a) Consolidated Total Debt
outstanding on such date to (b) Consolidated Adjusted EBITDA computed for the period consisting of,
if such date is a Quarterly Date, the Fiscal Quarter ending on such date and each of the three
immediately preceding Fiscal Quarters, or if such date is not a Quarterly Date, the four full
Fiscal Quarters most recently ended.

“Consolidated Net Income” means, for any period, the net income (or loss) of the Sponsor and
its subsidiaries on a consolidated basis for such period taken as a single accounting period
determined in conformity with IFRS and before any reduction in respect of preferred stock
dividends; provided that there shall be excluded, without duplication, (a) the income (or
loss) of any Person that is not a subsidiary of the Sponsor, except to the extent of the amount of
dividends or other distributions actually paid to the Sponsor by such Person during such period
(but net of any applicable taxes payable in connection therewith), (b) the income (or loss) of any
Person accrued prior to the date it is merged into or consolidated with the Sponsor or any of its
subsidiaries or that Person’s assets are acquired by the Sponsor or any of its subsidiaries,
(c) any after-tax gains or losses attributable to (i) asset sales, (ii) returned surplus assets of
any Pension Plan or (iii) the disposition of any Securities or the extinguishment of any
Indebtedness, (d) the effect of non-cash accounting adjustments resulting from a change in the tax
status of a flow-through tax entity to a “C-corporation” or other entity taxed similarly, (e) any
net extraordinary gains or net extraordinary losses and (f) any costs, amortization or charges
associated with any amendments, modifications or supplements to any agreement relating to
Indebtedness (including any of the Loan Documents); provided, further, that no
effect shall be given to any non-cash minority interest in any Loan Party for purposes of computing
Consolidated Net Income.

“Consolidated Total Debt” means, as at any date of determination, the aggregate stated balance
sheet amount of all Indebtedness of the Sponsor and its subsidiaries (but excluding any Permitted
Subordinated Indebtedness held by the Parent or any of its subsidiaries, “Permitted Subordinated
Indebtedness” as defined in the Credit Agreement and, to the extent constituting Indebtedness, the
contractual payments required to be made from time to time to Macau SAR under the Land Concession
Contract or any other land concession contract and Indebtedness associated with any guarantees of
such payments), determined on a consolidated basis in accordance with IFRS.

“Credit Agreement” is defined in the preamble.

“Downstream JV” means any joint venture, partnership or other similar arrangement entered into
by the Sponsor and one or more unrelated third parties or with any Affiliate that is a subsidiary
of the Sponsor.

“Equity Interests” of any Person means shares of capital stock, ordinary shares or similar
equity interests of (or other ownership or profit interests in) such Person, warrants, options or
other rights for the purchase or other acquisition from such Person of shares of capital stock of
(or other ownership or profit interests in) such Person, securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or other acquisition from such Person of such
shares (or such other interests), and other ownership or profit interests in such Person
(including, without limitation, partnership, member or trust interests therein), whether voting or
nonvoting, and whether or not such shares, warrants, options, rights or other interests are
authorized or otherwise existing on any date of determination.

 

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“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.

“Fiscal Year” means the fiscal year of the Sponsor ending on December 31 of each calendar
year.

“Hedging Agreements” means (a) currency exchange or interest rate swap agreements, currency
exchange or interest rate cap agreements and currency exchange or interest rate collar agreements
and (b) other agreements or arrangements designed to protect against fluctuations in currency
exchange or interest rates.

“IFRS” means the International Financial Reporting Standards promulgated by the International
Accounting Standards Board (“IASB”) (which includes standards and interpretations approved by the
IASB and International Accounting Standards issued under previous constitutions), together with its
pronouncements thereon from time to time.

“Indemnitees” means the Administrative Agent, the Collateral Agent, the Co-Syndication Agents,
the Arrangers and the Lenders and the officers, directors, employees, agents, sub-agents, trustees,
advisors and affiliates of the Administrative Agent, the Collateral Agent, the Co-Syndication
Agents, the Arrangers and the Lenders.

“Indebtedness”, as applied to any Person, means, without duplication, (a) all indebtedness for
borrowed money, (b) that portion of obligations with respect to Capital Leases that is properly
classified as a liability on a balance sheet in conformity with IFRS, (c) notes payable and drafts
accepted representing extensions of credit whether or not representing obligations for borrowed
money, (d) any obligation owed for all or any part of the deferred purchase price of property or
services (excluding any such obligations incurred under ERISA and trade payables and accruals
incurred in the ordinary course of business), (e) all indebtedness secured by any Lien on any
property or asset owned or held and under contracts by that Person regardless of whether the
indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit
of that Person, (f) the face amount of any letter of credit issued (1) for the account of that
Person or as to which that Person is otherwise liable for reimbursement of drawings and (2) in
favor of a beneficiary to provide assurance to such beneficiary that obligations of another Person
constituting Indebtedness under any of clauses (a) to (e) above or clause (g) below will be paid or
discharged, and (g) any obligation or arrangement of that Person to guarantee or intended to
guarantee any Indebtedness of any other Person in any manner under any of clauses (a) to (f) above.
Obligations under Hedging Agreements do not constitute Indebtedness. Additionally, Indebtedness
shall not include (i) 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 IFRS, or (ii) 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, or (iii) any indebtedness that has been either satisfied
or discharged or defeased through covenant defeasance or legal defeasance, or (iv) Indebtedness
which would otherwise arise from the capitalization of “payment-in-kind” interest that is
capitalized (excluding any portion paid in cash (including by way of contemporaneous borrowings or
set-off or netting against any such contemporaneous borrowings)) in accordance with the terms of
the applicable debt instrument (and for the avoidance of doubt, the principal amount of any
Indebtedness incurred (including by way of contemporaneous borrowings or set-off or netting against
any such contemporaneous borrowings) to pay any such interest shall not be excluded
from Indebtedness pursuant to this clause (iv)), or (v) any completion guaranties, keepwell
agreements or any similar arrangements that are customary or “market standard” in project or
construction financing, including fraud and environmental indemnities.

 

- 4 -

 

“Investment” means, relative to any Person, (a) any direct or indirect purchase or other
acquisition by such Person of, or of a beneficial interest in, any Securities of any other Person
(including any subsidiary), (b) any direct or indirect purchase or other acquisition for value, by
such Person from any Person, of any equity Securities of any Person, or (c) any direct or indirect
loan, advance (other than advances to employees for moving, entertainment and travel expenses,
drawing accounts and similar expenditures in the ordinary course of business) or capital
contribution by such Person to any other Person, including all Indebtedness and accounts receivable
from that other Person that are not current assets or did not arise from sales to that other Person
in the ordinary course of business other than Hedging Agreements. The amount of any Investment
shall be the original cost of such Investment plus the cost of all additions thereto,
without any adjustments for increases or decreases in value, or write-ups, write-downs or
write-offs with respect to such Investment, less all returns of principal or equity thereon.

“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 any conditional sale or other title retention agreement
or any lease in the nature thereof).

“Other Obligations” is defined in Section 2.03(a).

“Permitted Subordinated Indebtedness” means any unsecured Indebtedness of any Person (a) for
which no installment of principal matures earlier than six months after the Maturity Date,
(b) which shall bear interest at market rates for similar Indebtedness prevailing at the time of
the incurrence of such Permitted Subordinated Indebtedness as determined by the Sponsor in good
faith and (c) that has been subordinated to Indebtedness under the Credit Agreement (including,
without limitation, with respect to payments of principal and interest) by the lender thereof
pursuant to a Subordination Agreement, as such Subordination Agreement may be modified or replaced
at the request of such lender and the Sponsor; provided that, if either the Administrative
Agent or Collateral Agent determines, acting reasonably, that the proposed terms of any
modification or replacement of the Subordination Agreement are different in any material respect to
the terms set forth in the Subordination Agreement, then the Requisite Lenders shall have approved
such materially different terms of such modifications or replacement.

“Quarterly Date” means March 31, June 30, September 30 and December 31.

 

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“Relevant Amount” is defined in Section 2.03(d)(2).

“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on
account of any shares of any class of equity Securities of the Sponsor now or hereafter
outstanding, except a dividend or distribution payable solely in shares of that class of equity
Securities to the holders of that class (or the accretion of such dividends or distribution),
(b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares of any class of equity Securities of the Sponsor now or
hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire shares of any class of equity Securities
of the Sponsor now or hereafter outstanding, and (d) any payment or prepayment of principal of,
premium, if any, or redemption, purchase, retirement, defeasance (including in-substance or legal
defeasance), sinking fund or similar payment with respect to Permitted Subordinated Indebtedness.

“Securities” means any stock, shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing agreement or arrangement, options,
warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities” or any certificates of interest, shares or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire,
any of the foregoing.

“Sponsor Material Adverse Effect” means (a) a material adverse effect upon the business,
operations, properties, assets or condition (financial or otherwise) of the Sponsor and its
subsidiaries, taken as a whole, or (b) the material impairment of the ability of the Sponsor to
observe or perform, or of the Administrative Agent or the Lenders to enforce, the obligations under
this Agreement or any other Loan Document to which the Sponsor is a party.

“Subordination Agreement” means a subordination agreement substantially in the form of
Exhibit A hereto, as such exhibit shall be agreed between the Arrangers, the Collateral
Agent and the Sponsor no less than five (5) Business Days prior to the Initial Borrowing Date, as
evidenced by an instrument executed by the Administrative Agent and the Sponsor and attaching the
agreed form of such exhibit.

“Upstream Affiliate” means (a) the Parent or (b) any direct or indirect subsidiary of the
Parent that is not also a subsidiary of the Sponsor.

“Upstream JV” means any joint venture, partnership or other similar arrangement established by
the Sponsor or any of its subsidiaries, on the one hand, and any one or more Upstream Affiliates
and/or joint ventures established by any Upstream Affiliate, on the other hand.

“VCL” means Venetian Cotai Limited, a Macau corporation.

“VML” means Venetian Macau Limited, a Macau corporation.

“VML Finance” means VML US Finance LLC, a Delaware limited liability company.

 

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“VML Credit Agreement” means that certain Credit Agreement dated as of May 25, 2006 among VML
US Finance LLC, as Borrower, Venetian Macau Limited, as the Company, each other Loan Party, the
Administrative Agent, Banco Nacional Ultramarino, S.A. and Sumitomo Mitsui Banking Corporation as
co-documentation agents, Goldman Sachs Credit Partners L.P., Lehman Brothers Inc. and Citigroup
Global Markets, Inc. or their respective affiliates, collectively, as co-syndication agents, joint
lead arrangers and joint bookrunners, and each of the other agents and arrangers from time to time
party thereto and the financial institutions from time to time party thereto, as amended, amended
and restated, supplemented, or otherwise modified from time to time.

“VML Group” means VML, VML Finance and each subsidiary of VML.

“VOL Group” means the Borrower and each subsidiary of the Borrower.

Section 1.02 Definitions

As used in this Agreement (including in the recitals hereto), unless otherwise defined herein,
all terms defined in the Credit Agreement shall be used herein as therein defined.

Section 1.03 Terms Generally; Successors

(a) The definitions referred to in Section 1.01 shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” All references
herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and
Sections of, and Exhibits and Schedules to, this Agreement, unless the context shall otherwise
require. Except as otherwise expressly provided herein, any reference in this Agreement to any
Loan Document shall mean such document as amended, restated, supplemented or otherwise modified
from time to time.

(b) In this Agreement, any reference to “the Sponsor,” “SCL,”, “the Company,” “the Borrower,”
“the Administrative Agent,” “the Collateral Agent,” “any Secured Party” or “any Lender” shall be
construed to include its permitted assigns or successors in title or interest or any person who,
under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and
obligations of such party or to whom under such laws the same have been transferred as permitted
under the Credit Agreement.

Section 1.04 Accounting Terms; Utilization of IFRS for Purposes of Calculations Under Agreement.

Except as otherwise expressly provided in this Agreement (including the last sentence of this
Section 1.04), all accounting terms not otherwise defined herein shall have the meanings assigned
to them in conformity with IFRS. Financial statements and other information required to be
delivered by the Sponsor to the Administrative Agent pursuant to clause (a) of Section 2.02 shall
be prepared in accordance with IFRS as in effect at the time of such preparation (and delivered
together with the reconciliation statements provided for in Section 2.02(a)(3). Calculations in
connection with the definitions, covenants and other provisions of this Agreement shall utilize
accounting principles and policies in conformity with those used to prepare the financial
statements referred to in Section 2.02, except that where material changes to the application of
IFRS have occurred after the Closing Date, IFRS as in effect as of the Closing Date will be
applied.

 

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Section 1.05 Exchange Rates.

When calculating capacity for the incurrence of additional Indebtedness, Investments and other
basket amounts by the Sponsor or any of its subsidiaries under Section 2.03 the Dollar Equivalent,
as of the date of calculation, of any amount not denominated in Dollars shall be used for purposes
of such calculation.

ARTICLE II  — SUPPORT

Section 2.01 Obligations of the Sponsor

Subject to the terms and conditions hereof, the Sponsor agrees with the Secured Parties as
follows:

(a) the Sponsor will cause the Company to comply with all of the Company’s material
obligations or requirements under the Gaming Sub-Concession Contract and the Gaming Contract that
the Company is required to meet;

(b) the Sponsor will not take any action (and will cause the Company not to take any action)
inconsistent with any material terms of the Gaming Sub-Concession Contract or the Gaming Contract;

(c) the Sponsor will promptly notify the Arrangers, the Administrative Agent and the
Collateral Agent of any circumstance which could reasonably be expected to cause the failure by the
Company to maintain proper qualifications, or cause a default under, the Gaming Sub-Concession
Contract or the Gaming Contract;

(d) the Sponsor will not (and will cause the Company not to) unless required by laws of Macau
SAR amend, modify, restate or otherwise alter any Usufruct Agreement in respect of the minority
shareholders in the Company in effect on the date hereof; provided that a Usufruct
Agreement may be amended without violation of this clause (d) (i) to reflect an increase or
decrease in the amount of equity owned by a minority shareholder, or a change in minority
shareholder, or to reflect any similar change in the ownership of the Company’s shares or (ii) if
such amendment, modification or restatement would not adversely affect the Lenders;
provided further that a Usufruct Agreement may be terminated without violation of this
clause (d) in the event that the amount of equity owned by all minority shareholders in the Company
has been decreased to zero; and

 

- 8 -

 

(e) the Sponsor will not (and will cause each of its subsidiaries other than the Loan Parties
not to) transfer, sell, hypothecate, pledge, grant security in, or otherwise dispose of any Equity
Interest (including, without limitation, any voting or other shareholder rights) owned by any of
them in violation of the Gaming Sub-Concession Contract, the Gaming Contract or any Land Concession
Contract; provided that if the government of Macau SAR deems a transfer has been made in such
violation and delivers a notice to that effect that provides for a cure period in which to correct
such violative transfer, no default shall be deemed to have occurred pursuant to this clause (e)
unless and until such cure period expires without the cure of such violative transfer by the
Sponsor or the relevant subsidiary;

it being understood that the failure of the Sponsor to perform such obligations set forth in
clauses (a), (b), (c) or (e) of this Section 2.01 shall not constitute a default hereunder unless
such failure is not cured within 30 days.

Section 2.02 Affirmative Covenants of the Sponsor

The Sponsor covenants and agrees that, at all times prior to the Termination Date, it shall
perform all covenants set forth in this Section 2.02.

(a) Financial Statements and Other Reports. The Sponsor will deliver to the
Administrative Agent (which will promptly deliver to the Lenders):

(1) Year-End Financials. In the event that the Sponsor (i) is not listed on the
Hong Kong Stock Exchange or (ii) fails to make the filings required by the Hong Kong Listing
Rules in respect of the following financial information in accordance with the time period
specified for such filings, as soon as available and in any event within 120 days after the
end of each Fiscal Year:

(I) the consolidated balance sheets of the Sponsor and its subsidiaries as
at the end of such Fiscal Year and the related consolidated statements of
income, changes in equity and cash flows of the Sponsor and its subsidiaries
for such Fiscal Year, setting forth in each case in comparative form the
corresponding figures for the previous Fiscal Year, certified by the Chief
Financial Officer or Senior Vice President-Finance of the Sponsor, on behalf
of the Sponsor, that they fairly present, in all material respects, the
financial condition of the Sponsor and its subsidiaries as at the dates
indicated and the results of their operations and their cash flows for the
periods indicated and which include supplemental consolidating information
relating to the Sponsor and its subsidiaries on which the Sponsor’s
independent certified public accountants will make the report described in
clause (III) below;

(II) a narrative report describing the operations of the Sponsor and its
subsidiaries in a form reasonably satisfactory to the Administrative Agent;
and

 

- 9 -

 

(III) in the case of such consolidated financial statements specified in
clause (I) above, a report thereon of PriceWaterhouseCoopers or other
independent certified public accountants of recognized international
standing selected by the Sponsor and reasonably satisfactory to the
Administrative Agent, which report shall be unqualified as to scope of
audit, shall express no doubts about the ability of the Persons covered
thereby to continue as a going concern, and shall state that such
consolidated financial statements fairly present, in all material respects,
the consolidated financial position of the Sponsor and its subsidiaries, as
at the dates indicated and the results of their operations and their cash
flows for the periods indicated in conformity with IFRS (except as otherwise
disclosed in such financial statements) and that the examination by such
accountants in connection with such consolidated financial statements has
been made in accordance with International Standards on Auditing. In
addition, with regard to the supplemental consolidating information, such
report will state that such information has been subjected to the auditing
procedures applied in the audit of the consolidated financial statements and
is fairly stated in all material respects in relation to the consolidated
financial statements taken as a whole;

(2) Compliance Certificate: to the extent required to demonstrate compliance
with the covenants under Sections 2.03(a) and (d), within 45 days after the end of each
Fiscal Quarter, a certificate executed by an officer of the Sponsor indicating that the
Sponsor has complied with such covenants, including details which support the calculations
set forth in such certificate;

(3) Reconciliation Statements: if, as a result of any change in accounting
principles and policies from those used in the preparation of the audited financial
statements referred to in clause (1) or the certificate referred to in clause (2), the
consolidated financial statements or the certificate delivered pursuant to clause (a)(1) or
(2) of this Section 2.02 will differ in any material respect from the consolidated financial
statements that would have been delivered pursuant to clause (a)(1) had no such change in
accounting principles and policies been made, then (i) together with the first delivery of
financial statements or the certificate pursuant to clause (2) of this Section 2.02(a)
following such change, consolidated financial statements of the Sponsor and its subsidiaries
for (y) the current Fiscal Year to the effective date of such change and (z) the two full
Fiscal Years immediately preceding the Fiscal Year in which such change is made, in each
case prepared on a pro forma basis as if such change had been in effect during such periods,
and (b) together with each delivery of financial statements for the Sponsor and its
subsidiaries pursuant to clauses (1) or (2) of this Section 2.02(a) following such change, a
written statement of the chief accounting officer or chief financial officer of the Sponsor
setting forth the differences which would have resulted if such financial statements or
certificate had been prepared without giving effect to such change;

(4) Notices to Other Creditors: promptly upon their becoming available, copies
of all notices issued generally by the Sponsor to creditors of the Sponsor; and

 

- 10 -

 

(5) Litigation or Other Proceedings: promptly upon any officer of the Sponsor
or any of it subsidiaries obtaining knowledge of (X) the non-frivolous institution of, or
threat of, any action, suit, proceeding (whether administrative, judicial or otherwise),
governmental investigation or arbitration against or affecting the Sponsor or any
subsidiary, or any property of the Sponsor or any subsidiary (collectively, “Proceedings”)
not previously disclosed in writing by the Sponsor to the Administrative Agent or (Y) any
material development in any Proceeding that, in any case:

(I) has a reasonable possibility of giving rise to a Sponsor Material
Adverse Effect; provided that the Sponsor shall only be required to
provide any such information in the event that the Sponsor (i) is not listed
on the Hong Kong Stock Exchange or (ii) fails to make the filings required
by the Hong Kong Listing Rules in accordance with the time periods specified
for such filings; or

(II) seeks to enjoin or otherwise prevent the consummation of, or to recover
any damages or obtain relief as a result of, the transactions contemplated
hereby or under any other Loan Document to which the Sponsor is a party;

written notice thereof together with such other information as may be reasonably available
to the Sponsor and its subsidiaries to enable the Lenders and their counsel to evaluate such
matters; and

(6) Other Information: subject to any applicable confidentiality obligations,
with reasonable promptness, such other information and data with respect to the Sponsor as
from time to time may be reasonably requested by any Lender.

(b) Corporate Existence, etc. The Sponsor will at all times preserve and keep in full
force and effect its corporate existence and all rights and franchises material to its business,
except where failure to do so would not reasonably be expected to have, individually or in the
aggregate, a Sponsor Material Adverse Effect.

(c) Payment of Taxes and Claims.

(1) Except to the extent failure to do so would not have a Sponsor Material Adverse
Effect, the Sponsor will pay all material Taxes, assessments and other governmental charges
imposed upon it or any of its properties or assets or in respect of any of its income,
businesses or franchises before any penalty accrues thereon, and all material claims
(including claims for labor, services, materials and supplies) for sums that have become due
and payable and that by law have or may become a Lien upon any of its properties or assets,
prior to the time when any penalty or fine shall be incurred with respect thereto;
provided that no such charge or claim need be paid if it is being contested in good
faith by appropriate proceedings promptly instituted and diligently conducted, so long as
such reserves or other appropriate provisions, if any, as shall be required in conformity
with IFRS shall have been made therefore.

 

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(d) Compliance with Laws, etc.; Permits.

(1) The Sponsor shall comply with the requirements of all applicable laws, rules,
regulations and orders of any Governmental Instrumentality (including all Environmental
Laws, and any money laundering laws or regulations), noncompliance with which could
reasonably be expected to cause, individually or in the aggregate, a Sponsor Material
Adverse Effect.

(2) The Sponsor shall from time to time obtain, maintain, retain, observe, keep in full
force and effect and comply in all material respects with the terms, conditions and
provisions of all Permits as shall now or hereafter be necessary under applicable laws
except any thereof the noncompliance with which could not reasonably be expected to have a
Sponsor Material Adverse Effect.

(e) Equity Injection. The Sponsor shall ensure, at all times until the Project Final
Completion Date, that the Costs to Equity Ratio shall be less than or equal to 2.0:1.0.

(f) Completion Undertaking. The Sponsor shall ensure compliance by the Borrower with
its obligations pursuant to subsection 6.15 of the Credit Agreement to cause the Substantial
Operations Date to occur on or before December 31, 2012, as such date may be extended as a result
of the occurrence of an Event of Force Majeure pursuant to subsection 7.19(B) of the Credit
Agreement, and, to the extent necessary to ensure such compliance by the Borrower, the Sponsor
shall (1) contribute (or cause to be contributed) Equity and/or provide (or cause to be provided)
Shareholder Subordinated Indebtedness to cover Project Costs, regardless of whether such Project
Costs fall due for payment before or after the Completion Date for either Phase and (2) fund all
cost overruns, funding and interest shortfalls in relation to the Project, by way of contributing
(or cause to be contributed) Equity and/or providing (or cause to be provided) Shareholder
Subordinated Indebtedness to the Borrower, regardless of whether such cost overruns, funding and
interest shortfalls fall due for payment before or after the Completion Date for either Phase.

Section 2.03 Negative Covenants of the Sponsor

Subject to Section 2.05, the Sponsor covenants and agrees that, at all times prior to the
Termination Date, it shall perform all covenants set forth in this Section 2.03.

(a) Indebtedness. The Sponsor shall not create, incur or assume, or otherwise become
or remain directly or indirectly liable with respect to, any Indebtedness or incur any
reimbursement obligation in respect of (x) performance bonds, standby letters of credit or bankers’
acceptances, or letters of credit in order to provide security for workers’ compensation claims,
payment obligations in connection with self insurance or similar requirements, or surety and
similar bonds (all such obligations in this clause (x), “Other Obligations”), or (y) bonds securing
the performance of judgments or a stay of process in proceedings to enforce a contested liability
or in connection with any order or decree in any legal, except:

(1) any Indebtedness if, after giving pro forma effect to such Indebtedness, the
Consolidated Leverage Ratio of the Sponsor shall be less than or equal to 4.50:1.0;

(2) to the extent incurrence does not result in the incurrence by the Sponsor of any
obligation for the payment of borrowed money of others, Indebtedness incurred in respect of
(a) Other Obligations, and (b) bonds securing the performance of judgments or a stay of
process in proceedings to enforce a contested liability or in connection with any order or
decree in any legal proceeding; provided that such Indebtedness described in
clause (a) was incurred in the ordinary course of business of the Sponsor and its
subsidiaries and all such Indebtedness pursuant to this clause (2) does not exceed in an
aggregate principal amount outstanding under this clause at any one time $300,000,000;

 

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(3) Permitted Subordinated Indebtedness;

(4) Indebtedness owed to any subsidiary of the Sponsor;

(5) Indebtedness under this Agreement and the other Loan Documents to which the Sponsor
is a party; and

(6) Indebtedness existing on the Closing Date and set forth on Schedule
2.03(a).

(b) Liens. The Sponsor shall not create, incur, assume or permit to exist any Lien on
or with respect to Equity Interests owned directly by the Sponsor, except that the Sponsor may
enter into usufruct agreements and any other similar agreements necessary to comply with any Legal
Requirements;

(c) Investments; Joint Ventures. The Sponsor shall not make or own any Investment in
any Person, except:

(1) Investments in its direct or indirect subsidiaries and Downstream JVs;

(2) Investments in Upstream JVs in an aggregate amount not to exceed $250,000,000 so
long as the proceeds thereof are applied by such Upstream JV to fund its operating expenses
or capital expenditures or to make Investments (other than any loan to, or repayment of any
loan from, an Upstream Affiliate, or to purchase Securities in an Upstream Affiliate from
another Upstream Affiliate);

(3) Investments in cash and cash equivalents;

(4) Investments existing on the Closing Date and set forth on Schedule 2.03(c);

(5) any Investments made as a result of the receipt of non-cash consideration from an
asset sale not prohibited by this Agreement;

(6) Investments consisting of Securities received in settlement of debt created in the
ordinary course of business or in satisfaction of judgments;

(7) payroll, travel and similar advances to cover matters that are expected at the time
of such advances ultimately to be treated as expenses for accounting purposes and that are
made in the ordinary course of business;

(8) loans or advances to employees or directors or former employees or directors of the
Sponsor or any of its subsidiaries in an amount not to exceed $5,000,000 in the aggregate
outstanding at any time;

 

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(9) any Investments made in lieu of a Restricted Payment permitted by Section 2.03(d)
below at the time such Investment is made; and

(10) the Sponsor may make or own any Investment in any Person (other than an Investment
in an Upstream Affiliate (but which Person, for the avoidance of doubt, may be an Upstream
JV so long as the proceeds of such Investment are applied by such Upstream JV to fund its
operating expenses or capital expenditures or to make Investments other than (i) any loan
to, or repayment of any loan from, an Upstream Affiliate, or (ii) to purchase Securities in
an Upstream Affiliate or Upstream JV from another Upstream Affiliate or Upstream JV)), in an
aggregate principal amount not to exceed $250,000,000 (provided that, (i) if the
Consolidated Leverage Ratio of the Sponsor (after giving effect to such Investment) would be
greater than 2.50:1.00 but less than or equal to 3.00:1.00, such limit shall be $750,000,000
and (ii) if both the Consolidated Leverage Ratio of the Sponsor (after giving effect to such
Investment) and the Consolidated Leverage Ratio of the Borrower (as calculated pursuant to
the Credit Agreement) are less than or equal to 2.50:1.00, then there shall be no limitation
on the amount of such Investments made or owned by the Sponsor pursuant to this clause
(10)).

(d) Restricted Payments. The Sponsor shall not declare, order, pay, make or set apart
any sum for any Restricted Payment, except that, other than as provided in clause (4) below, so
long as no Event of Default or Potential Event of Default has occurred and is continuing (or, in
the case of a distribution or dividend to its shareholders, so long as no Event of Default or
Potential Event of Default has occurred and is continuing at the time such dividend or distribution
is publicly declared or announced by the Sponsor), the Sponsor may make the Restricted Payments
referred to below (less, on a Dollar-for-Dollar basis, any Investments made pursuant to Section
2.03(c)(9) in lieu of such Restricted Payment):

(1) the Sponsor may make Restricted Payments (a) in an amount of up to $300,000,000
(less, on a Dollar-for-Dollar basis, any amount applied by the Sponsor as of the date of
such Restricted Payment to redeem or repurchase any ordinary shares in the Sponsor pursuant
to clause (4)(ii) below and not previously applied to reduce amounts otherwise available for
Restricted Payments under this clause (1)) in the aggregate in any Fiscal Year if, after
giving effect to such payment, the Consolidated Leverage Ratio is less than 4.25:1.0 but
greater than 3.75:1.0, (b) in an amount up to $500,000,000 (less, on a Dollar-for-Dollar
basis, any amount applied by the Sponsor as of the date of such Restricted Payment to redeem
or repurchase any ordinary shares in the Sponsor pursuant to clause (4)(ii) below and not
previously applied to reduce amounts otherwise available for Restricted Payments under this
clause (1)) if, after giving effect to such payment, the Consolidated Leverage Ratio is less
than or equal to 3.75:1.0 but greater than 3.25:1.0 and (c) in an unlimited amount if, after
giving effect to such payment, the Consolidated Leverage Ratio is less than or equal to
3.25:1.0;

 

- 14 -

 

(2) in the event that (a) (i) VML or VCL or any of their respective subsidiaries sells,
conveys, transfers or otherwise disposes of, in one transaction or a series of related
transactions, all or any portion of, or any Securities in any subsidiary of the Sponsor that
directly or indirectly owns all or any portion of, the Four Seasons Macao Overall Project or
the Venetian Macao Mall (in each case, as such terms are defined in the VML Credit
Agreement) or (ii) the Borrower or any of its subsidiaries sells, conveys, transfers or
otherwise disposes of, in one transaction or a series of related transactions, any
complimentary accommodation apartment or condominium unit in Phase 3, or any Securities in
any subsidiary that directly or indirectly owns, any complementary accommodation, apartment
or condominium units in Phase 3 and (b) the Net Asset Sale Proceeds (as defined in the VML
Credit Agreement or Credit Agreement, as applicable) arising from such transaction or any
portion thereof (the “Relevant Amount”) are paid to the Sponsor as a Restricted
Payment or otherwise, the Sponsor may make Restricted Payments in an aggregate amount not to
exceed 50% of the Relevant Amount, provided that on or prior to the Sponsor making
any such Restricted Payment, the Sponsor shall cause the Borrower to prepay, in accordance
with subsection 2.4B(i) of the Credit Agreement, outstanding Loans in an aggregate principal
amount, together with accrued interest on the principal amount of such Loans to be so
prepaid, at least equal to 15% of the Relevant Amount; provided, further,
that if the amount of such Restricted Payment made by the Sponsor is less than 50% of the
Relevant Amount, the corresponding prepayment required under this clause (2) shall be
reduced on a pro rata basis;

(3) the Sponsor may make Restricted Payments in an aggregate amount not to exceed 50%
of the proceeds (net of all direct costs relating to such transaction, including legal,
accounting and investment banking fees, expenses and costs and all taxes, in each case paid
or payable by the Sponsor as result of such transaction) arising from any sale, issuance,
transfer or other disposition of any Securities in the Sponsor;

(4) the Sponsor may redeem or repurchase any ordinary shares in the Sponsor (i) to the
extent such redemption or repurchase is required by any Legal Requirement imposed by Macau
SAR or any applicable gaming authority in order to preserve a Gaming License or (ii) for any
other reason; provided that, the exception contained in the foregoing clause (i)
shall apply regardless of whether an Event of Default or Potential Event of Default has
occurred and is continuing;

(5) the Sponsor may make scheduled payments of interest on Permitted Subordinated
Indebtedness; and

(6) the Sponsor may make Restricted Payments with the proceeds of any equity sales or
equity contributions received, directly or indirectly, from the Parent or any subsidiary of
the Parent that is not also a subsidiary of the Sponsor.

(e) Restriction on Fundamental Changes.

(1) The Sponsor shall not alter the corporate, capital or legal structure (except with
respect to changes in corporate, capital or legal structure to the extent a Change of
Control does not occur as a result thereof) of the Sponsor, or liquidate, wind-up or
dissolve itself (or suffer any liquidation or dissolution), unless the Sponsor would be the
surviving entity.

 

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(2) The Sponsor will not merge or consolidate with any Person unless the Sponsor is the
surviving entity.

(f) Restriction on Equity Interest Transfers. The Sponsor shall not sell, convey,
transfer or otherwise dispose of, in one transaction or a series of transactions, all or any
material part of its Equity Interests in its subsidiaries, unless the same would not result in a
Change of Control and could not reasonably be expected to have a Sponsor Material Adverse Effect;
provided that, after giving effect to such sale or other disposition, the Sponsor shall,
subject to applicable usufruct agreements and minority shareholder requirements in accordance with
any Legal Requirements, (i) continue to directly own a majority of the Equity Interests of VML and
VCL and (ii) cause VML and VCL to continue to directly own a majority of the Equity Interests of
the Borrower.

(g) Transactions with Shareholders and Affiliates. The Sponsor shall not, and shall
not permit any of its subsidiaries to, directly or indirectly, enter into or permit to exist any
transaction (including the purchase, sale, lease or exchange of any property or the rendering of
any service) with any Affiliate of the Sponsor that is not the Sponsor or a subsidiary of the
Sponsor, except that the Sponsor and its subsidiaries may enter into and permit to exist:

(1) any transaction as and to the extent permitted under the Hong Kong Listing Rules;

(2) transactions that are on terms that are not less favorable to the Sponsor or any
subsidiary of the Sponsor than those that might be obtained at the time from Persons who are
not such an Affiliate;

(3) any employment, compensation, indemnification, noncompetition or confidentiality
agreement or arrangement entered into by the Sponsor or any of its subsidiaries with its
employees or directors in the ordinary course of business or as approved by a majority of
the members of the board of directors of the Sponsor or such subsidiary in its reasonable
determination;

(4) licenses and other agreements with Downstream JVs and Upstream JVs;

(5) Investments permitted by Section 2.03(c), guaranties, Other Obligations permitted
by Section 2.03(a) and Restricted Payments permitted by Section 2.03(d);

(6) license agreements with any Affiliate of the Sponsor;

(7) transactions permitted by subsection 2.03(e);

(8) any trademark license between SCL IP Holdings, LLC, the Parent and/or any of its
subsidiaries and the transactions contemplated thereby;

(9) purchase of materials or services from a joint venture by the Sponsor in the
ordinary course of business on arm’s length terms;

 

- 16 -

 

(10) shared services arrangements and/or agreements among the Sponsor and any of its
Affiliates, so long as the liabilities and obligations of the Sponsor thereunder are on
commercially reasonable terms;

(11) the Shared Services Agreement, as in effect on the Closing Date or as amended,
supplemented or modified pursuant to subsection 7.13 or 7.17 of the Credit Agreement;

(12) transactions under or pursuant to the Project Documents and the Loan Documents;

(13) Shareholder Subordinated Indebtedness;

(14) issuances of Securities;

(15) transactions set forth on Schedule 2.03(g);

(16) the Deed of Non-Compete Undertaking between Sponsor and Las Vegas Sands Corp.,
dated November 8, 2009;

(17) usufruct agreements entered into as necessary to comply with any Legal
Requirements and any other transactions contemplated thereby; and

(18) this Agreement and the Guaranty and the transactions contemplated thereby.

Notwithstanding the foregoing provisions of this Section 2.03(g), (a) the VOL Group may
engage in transactions with shareholders and Affiliates in accordance with the terms of the
Credit Agreement and (b) the VML Group may engage in transactions with shareholders and
Affiliates in accordance with the terms of the VML Credit Agreement.

Section 2.04 Nature of Obligations

(a) The obligations of the Sponsor hereunder shall not be affected or impaired by:

(1) any invalidity or irregularity in whole or in part of any Loan Document or any
Project Document;

(2) any waiver by the Secured Parties of the performance or observance by any Loan
Party of any of the agreements, covenants, terms or conditions contained in any Loan
Document or any Project Document;

(3) any indulgence in or the extension of the time for payment by any Loan Party of any
amounts payable under or in connection with any Loan Document or any Project Document or of
the time for performance by any Loan Party of any other obligations under or arising out of
any Loan Document or any Project Document or the extension or renewal thereof;

 

- 17 -

 

(4) the modification or amendment (whether material or otherwise) of any duty,
agreement or obligation of any Loan Party set forth in any Loan Document or any Project
Document or the involuntary liquidation (or Macanese law equivalent), sale or other
disposition of all or substantially all the assets of any Loan Party;

(5) receivership, insolvency, bankruptcy, reorganization, or other similar proceedings
(whether in Macau SAR or otherwise) affecting any Loan Party, the Sponsor, any subsidiary of
the Sponsor that is not a Loan Party, or any of their respective assets;

(6) the release or discharge of any Person from the performance or observance of
agreement, covenant, term or condition contained in any Loan Document or any Project
Document without the consent of the Secured Parties, or by operation of law; or

(7) the consolidation or merger of any Loan Party, the Sponsor, any subsidiary of the
Sponsor that is not a Loan Party, or any other party to any Loan Document or Project
Document into another Person.

Section 2.05 Partial Release of Certain Covenants.

(a) Subject to clause (b) below, at any time in which the following conditions are satisfied
(collectively, the “Suspension Conditions”): (i) the aggregate amount of all unused Commitments and
the principal amount of all outstanding Loans is less than $750,000,000 and (ii) the Consolidated
Leverage Ratio of the Sponsor is less than 2.5:1.0 as of the last day of the then most recently
ended Fiscal Quarter, then the covenants in Sections 2.03(c), (e)(1) and (g) shall be suspended;
provided that, notwithstanding the foregoing, the Sponsor shall not, except as permitted by
Section 2.03(c)(9), make any Investment in any Person that is an Upstream Affiliate (but which
Person, for the avoidance of doubt, may be an Upstream JV so long as the proceeds of such
Investment are applied by such Upstream JV to fund its operating expenses or capital expenditures
or to make Investments other than (i) any loan to, or repayment of any loan from, an Upstream
Affiliate, or (ii) to purchase Securities in an Upstream Affiliate or Upstream JV from another
Upstream Affiliate or Upstream JV).

(b) If at any time both Suspension Conditions are no longer satisfied, then Sections 2.03(c),
(e)(1) and (g) will be immediately reinstated until such time thereafter, if any, when the
Suspension Conditions are again satisfied.

 

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ARTICLE III  — REPRESENTATIONS AND WARRANTIES

Section 3.01 Representations and Warranties

The Sponsor represents and warrants to each of the Secured Parties that as of the Closing Date
and the date of each Credit Extension:

(a) Organization; Requisite Power and Authority; Qualification. It (a) is a company duly
incorporated, validly existing and in good standing under the laws of the Cayman Islands, (b) has
all requisite corporate power and authority to execute, deliver and perform all of its obligations
under this Agreement and (c) is qualified to do business and in good standing in every jurisdiction
where its assets are located and wherever necessary to carry out its business and operations,
except in jurisdictions where the failure to be so qualified or in good standing has not had, and
could not be reasonably expected to have, a Sponsor Material Adverse Effect;

(b) Due Authorization. It has taken all necessary corporate action to authorize the execution,
delivery and performance by it of this Agreement;

(c) Binding Obligation. This Agreement has been duly executed and delivered by it and
constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its
terms except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or limiting creditors’ rights generally or by equitable principles relating to
enforceability, whether brought in a proceeding in equity or at law;

(d) Governmental Consents. No registration or governmental authorization or action of any kind
is or will be necessary for the valid execution, delivery or performance by it of this Agreement,
except those as have been obtained and remain in full force and effect;

(e) No Conflict. The execution, delivery and performance by it of this Agreement do not and
will not (a) violate (i) any provision of law or any governmental rule or regulation applicable to
it, (ii) any of its organizational documents, or (iii) any order, judgment or decree of any court
or other agency of government binding on it; (b) conflict with, result in a breach of or constitute
(with due notice or lapse of time or both) a default under any Contractual Obligation of it; (c)
result in or require the creation or imposition of any Lien upon any of the properties or assets of
it; or (d) require any approval of stockholders, members or partners or any approval or consent of
any Person under any Contractual Obligation of it, except for such approvals or consents which will
be obtained on or before the Closing Date and disclosed in writing to Lenders and except for any
such violations, conflicts, breaches, defaults, approvals or consents the failure of which to
obtain will not have a Sponsor Material Adverse Effect;

(f) No Material Adverse Change. Since December 31, 2009, no event or change has occurred that
has caused or evidences, either in any case or in the aggregate, a Sponsor Material Adverse Effect;

(g) No Defaults. No Event of Default will occur as a result of the execution and delivery of
this Agreement and no event has occurred and is continuing that constitutes, or with the lapse of
time or the giving of notice or both would constitute, a default hereunder;

(h) Adverse Proceedings, etc. There are no actions, proceedings or claims pending or, to its
knowledge threatened, against the Sponsor that could reasonably be expected to have a material
adverse effect on the Sponsor’s ability to perform its material obligations hereunder, or on the
validity or enforceability hereof. Neither the Sponsor nor any of its subsidiaries is (a) in
violation of any applicable laws (including Environmental Laws) that, individually or in the
aggregate, could reasonably be expected to have a Sponsor Material Adverse Effect, or (b) subject
to or in default with respect to any final judgments, writs, injunctions, decrees, rules or
regulations of any court or any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in
the aggregate, could reasonably be expected to have a Sponsor Material Adverse Effect;

 

- 19 -

 

(i) Payment of Taxes. Except to the extent that failure to do so could not reasonably be
expected to result in a Sponsor Material Adverse Effect, (a) all material tax returns and reports
of the Sponsor required to be filed by it have been timely filed, and (b) all material Taxes due
and payable have been paid when due and payable other than any Taxes the amount or validity of
which is currently being contested in good faith by appropriate proceedings and with respect to
which adequate reserves in conformity with IFRS have been provided on the books of the Sponsor.

(j) Solvency. It is Solvent.

ARTICLE IV — REMEDIES AND WAIVERS

The failure of the Sponsor to comply with its obligations hereunder (including Article II
hereof) shall constitute a default hereunder, which shall give rise to the remedies available
pursuant to the Credit Agreement and the other Loan Documents. No failure to exercise, nor any
delay in exercising, on the part of any party hereto or any Lender, any right or remedy under this
Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in this Agreement and the other Loan Documents are cumulative and not
exclusive of any rights or remedies provided by law.

ARTICLE V — LANGUAGE

All documents to be furnished or communications to be given or made under this Agreement shall
be in the English language, or if in another language, shall be accompanied by a translation into
English, certified by the Sponsor, which translation shall be the governing version between the
Lenders and the Sponsor.

ARTICLE VI  — JURISDICTION; GOVERNING LAW

Section 6.01 Consent to Jurisdiction and Service of Process

ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE SPONSOR ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR ANY OBLIGATIONS HEREUNDER MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT
JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS
AGREEMENT, THE SPONSOR, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

(I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH
COURTS;

 

- 20 -

 

(II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

(III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SPONSOR AT ITS ADDRESS
PROVIDED IN ACCORDANCE WITH SUBSECTION 10.18 OF THE CREDIT AGREEMENT OR ITS AGENT FOR
SERVICE OF PROCESS SET FORTH IN SUBSECTION 4.1A(x) OF THE CREDIT AGREEMENT;

(IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE SPONSOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE
CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT;

(V) AGREES THAT THE ADMINISTRATIVE AGENT OR COLLATERAL AGENT RETAINS THE RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST THE SPONSOR IN
THE COURTS OF ANY OTHER JURISDICTION; AND

(VI) AGREES THAT THE PROVISIONS OF THIS ARTICLE RELATING TO JURISDICTION AND VENUE SHALL BE
BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE UNDER NEW YORK GENERAL OBLIGATIONS
LAW SECTION 5-1402 OR OTHERWISE.

Section 6.02 Governing Law

This Agreement and the rights and obligations of the parties hereunder shall be governed by
the internal laws of the state of New York, (including Section 5-1401 without regard to conflicts
of laws principles of the New York General Obligations Law).

Section 6.03 Waiver of Jury Rights

THE SPONSOR, THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT EACH HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE
RELATIONSHIP AMONG THEM THAT IS BEING ESTABLISHED. EACH OF THE SPONSOR, THE ADMINISTRATIVE AGENT
AND THE COLLATERAL AGENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT,
AND THAT IT WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH SUCH PERSON
FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

 

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ARTICLE VII  — MISCELLANEOUS

Section 7.01 Severability

The provisions of this Agreement are severable, and if any clause or provision shall be held
invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction
and shall not in any manner affect such clause or provision in any other jurisdiction, or any other
clause or provision of this Agreement in any jurisdiction.

Section 7.02 Successors and Assigns

(a) This Agreement shall be binding on and inure to the benefit of the successors and assigns
of the Sponsor and shall bind and inure to the benefit of the Secured Parties and their successors
and assigns.

(b) The Sponsor may not assign any of its obligations hereunder without the prior written
consent of each of the Administrative Agent and Collateral Agent or in each case their respective
successors or assigns.

Section 7.03 Amendments; Waivers.

No amendment, modification, termination or waiver of any provision of this Agreement shall in
any event be effective without the written concurrence of each party hereto.

Section 7.04 Survival of Provisions, Etc.

All agreements, representations and warranties made herein shall survive the execution and
delivery of this Agreement and the other Loan Documents and any extensions of credit thereunder.
Notwithstanding anything in this Agreement or implied by law to the contrary, the agreements,
representations and warranties of the Sponsor set forth herein shall terminate upon the Termination
Date.

Section 7.05 Headings Descriptive

The headings in this Agreement are for convenience of reference only and shall not constitute
a part of this Agreement for any other purpose or be given any substantive effect.

Section 7.06 Entire Agreement

This Agreement, together with any other agreement executed in connection herewith, is intended
by the parties as a final expression of their agreement and is intended as a complete and exclusive
statement of the terms and conditions thereof.

 

- 22 -

 

Section 7.07 Process Agent

The Sponsor hereby irrevocably appoints Corporation Service Company (the “Process
Agent”), with an office on the date hereof at 80 State Street, Albany, NY 12207-2543, as its
agent to receive on its behalf and on behalf of its Properties, service of copies of the summons
and complaint and any other process that may be served in any such action or proceeding. Service
upon the Process Agent shall be deemed to be personal service on the Sponsor and shall be legal and
binding upon the Sponsor for all purposes notwithstanding any failure to mail copies of such legal
process to the Sponsor, or any failure on the part of the Sponsor to receive the same. Nothing
herein shall affect the right to serve process in any other manner permitted by applicable law or
any right to bring legal action or proceedings in any other competent jurisdiction, including
judicial or non judicial foreclosure of real property interests which are part of the Collateral.
The Sponsor further agrees that the aforesaid courts of the State of New York and of the United
States of America for the Southern District of New York shall have exclusive jurisdiction with
respect to any claim or counterclaim of the Sponsor based upon the assertion that the rate of
interest charged by or under this Agreement or under the other Loan Documents is usurious. To the
extent permitted by applicable law, the Sponsor further irrevocably agree to the service of process
of any of the aforementioned courts in any suit, action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, return receipt requested, to the Sponsor at the
addresses referenced in Section 10.9 of the Credit Agreement, such service to be effective upon the
date indicated on the postal receipt returned from the Sponsor.

Section 7.08 Waiver of Consequential Damages

To the extent permitted by applicable law, the Sponsor shall not assert, and the Sponsor
hereby waives, any claim against each Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or
not the claim therefor is based on contract, tort or duty imposed by any applicable legal
requirement) arising out of, in connection with, as a result of, or in any way related to, this
Agreement or any Loan Document or any agreement or instrument contemplated hereby or thereby or
referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use
of the proceeds thereof or any act or omission or event occurring in connection therewith, and the
Sponsor hereby waives, releases and agrees not to sue upon any such claim or any such damages,
whether or not accrued and whether or not known or suspected to exist in its favor.

 

- 23 -

 

Section 7.09 No Fiduciary Duty

Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of the Loan Parties
or the Sponsor, their stockholders and/or their affiliates. The Sponsor agrees that nothing in the
Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between any Lender, on the one hand, and the Sponsor, any Loan
Party, its stockholders or its affiliates, on the other. The Sponsor acknowledges and agrees that
(i) the transactions contemplated by the Loan Documents (including the exercise of rights and
remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on
the one hand, and the Sponsor and the Loan Parties, on the other, and (ii) in connection therewith
and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary
responsibility in favor of the Sponsor, any Loan Party, its stockholders or its affiliates with
respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Lender has advised, is
currently advising or will advise the Sponsor, any Loan Party, its stockholders or its Affiliates
on other matters) or any other obligation to the Sponsor, any Loan Party except the obligations
expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not
as the agent or fiduciary of the Sponsor, any Loan Party, its management, stockholders, creditors
or any other Person. The Sponsor acknowledges and agrees that it has consulted its own legal and
financial advisors to the extent it deemed appropriate and that it is responsible for making its
own independent judgment with respect to such transactions and the process leading thereto. The
Sponsor agrees that it will not claim that any Lender has rendered advisory services of any nature
or respect, or owes a fiduciary or similar duty to the Sponsor or any Loan Party, in connection
with such transaction or the process leading thereto.

Section 7.10 Counterparts

This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original but all of which shall together constitute one and the same agreement.

[Signature Pages Follow]

 

- 24 -

 

IN WITNESS WHEREOF, each of the undersigned has caused this Sponsor Agreement to be
duly executed and delivered as of the day and year first written above.

	 	 	 	 	 
	 	SANDS CHINA LTD.

 	 
	 	By:  	/s/ Steven Craig Jacobs
 	 
	 	 	Name:  	Steven Craig Jacobs 	 
	 	 	Title:  	President & Chief Executive Officer
Executive Director 	 
	 

 

 

 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA,

as Administrative Agent

 	 
	 	By:  	/s/ Annabella Guo
 	 
	 	 	Name:  	Annabella Guo 	 
	 	 	Title:  	Director 	 
	 
	 	BANK OF CHINA LIMITED, MACAU BRANCH,

as Collateral Agent

 	 
	 	By:  	/s/ Wu Jian Feng
 	 
	 	 	Name:  	Wu Jian Feng 	 
	 	 	Title:  	Deputy General Manager 	 
	 

 

 

 

Schedule 2.03(a)

Existing Indebtedness

None.

 

 

 

Schedule 2.03(c)

Existing Investments

None.

 

 

 

Schedule 2.03(g)

Existing Transactions with Shareholders and Affiliates

See Note 12 to the Sands China Ltd. Condensed Consolidated Financial Information for the three
months ended March 31, 2010.

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