Document:

Commitment Letter

 Exhibit 10.6 
 PRIVATE AND CONFIDENTIAL 
 PBL Entertainment (Macau) Limited 
 For the attention of: 
 Geoff Kleemann,
Director 
 Melco International Development Limited 
 For the attention of: 
 Clarence Chung,
Chief Financial Officer and Samuel Tsang, Group Legal Counsel and Company Secretary 
 Publishing and Broadcasting Limited

 For the attention of: 
 Geoff Kleemann, Chief Financial Officer 
 4 September 2006 
 Dear Sirs 
 City of Dreams - US$1,600
Million Senior Secured Term Loan Facilities 
 Commitment Letter 
 We, ANZ Investment Bank, Bank of America, Barclays Capital and Deutsche Bank (the “Coordinating Lead Arrangers”), have pleasure in setting out the terms and conditions upon which we will arrange and
underwrite credit facilities of up to US$1,600 million (the “Facilities”) to be provided to PBL Entertainment (Macau) Limited (the “Company”) and Melco Hotels and Resorts (Macau) Limited (the “Project
Company”) (together, the “Borrowers”) in relation to the financing of the acquisition by the Company of a subconcession from Wynn Resorts (Macau), S.A. and the Macau SAR for the operation of games of fortune or chance and
other games in casinos in Macau (the “Subconcession” and such facility the “Subconcession Facility”) and the refinancing of the Subconcession Facility and the financing of the City of Dreams Project and the
Hotel/Apartment Project (together the “Project” and such facilities respectively, the City of Dreams Project Facility and the Hotel/Apartment Facility described in the attached summary terms and conditions (the “Term
Sheet”), and together the “Project Facilities”) sponsored by Publishing and Broadcasting Limited (“PBL”) and Melco International Development Limited (“Melco”) (together, the
“Sponsors”). 
 Words and expressions defined in the Term Sheet and the final draft Term Facility Agreement (the “Subconcession
Facility Agreement”) attached to this letter shall (unless otherwise defined in this letter) have the same meaning when used in this letter. References to (i) ANZ Investment Bank means the investment banking division of Australia and
New Zealand Banking Group Limited (together with ANZ Investment Bank, “ANZ Bank”); (ii) Bank of America means Banc of America Securities Asia Limited and any of the other members of the group of companies controlled by Bank of
America of America N.A. (together, “Bank of America”); (iii) Barclays Capital means the investment banking division of Barclays Bank PLC (together with Barclays Capital, “Barclays”); and (iv) Deutsche Bank
means Deutsche Bank AG, Hong Kong Branch and the other members of the group of companies controlled by Deutsche Bank AG (together, “Deutsche Bank”). 

 1. Appointment and Status 
 The Borrowers appoint the Coordinating Lead Arrangers to act exclusively as the arrangers and underwriters of the Facilities on the basis of the terms and conditions set out in this letter, the Term Sheet, the Subconcession Facility
Agreement, the Sponsor Guarantees and the attached fee letters (each, a “Fee Letter”) (this letter, the Term Sheet as amended by agreement between the parties to this letter from time to time, the Subconcession Facility Agreement,
the Sponsor Guarantees and the Fee Letters, together the “Mandate Documents”). The Coordinating Lead Arrangers agree to underwrite the Facilities on a several (but not joint) basis, in equal 25% shares. 
 The Borrowers and the Sponsors agree not to appoint any other institution in connection with the arranging or underwriting of the Facilities or the financing of the
subconcession or the Project or to award any institution any fees, title or role in connection with the Facilities without the prior written consent of the Coordinating Lead Arrangers. 
 2. Conditions 
 The arranging and underwriting commitment contained in this letter is subject to: 
  

	 	(a)	compliance by the Borrowers and the Sponsors with the terms of each Mandate Document to which it is a party; 

  

	 	(b)	in the case of the Project Facilities, completion, prior to entry into the loan agreements and intercreditor, guarantee, security and associated documentation for the Project
Facilities (the “Project Facility Documents”) (but subject always to the terms thereof), of reasonable legal, market (including the gaming and hotel market in Macau), technical, environmental, insurance, tax, accounting, valuation
and regulatory due diligence and receipt of final due diligence reports addressed to (or with reliance letters addressed to) the Coordinating Lead Arrangers from the following independent consultants: 

  

	 	(i)	market due diligence report from The Innovation Group; 

  

	 	(ii)	technical and environmental due diligence report from Franklin & Andrews (Hong Kong) Ltd.; 

  

	 	(iii)	insurance due diligence report from [Jardine Lloyd Thompson]; 

  

	 	(iv)	hotel market due diligence report from HVS International; 

  

	 	(v)	financial model audit report from [Deloitte Touche Tohmatsu]; and 

  

	 	(vi)	Project appraisal report from [HVS International], 

 the results being in all respects satisfactory to each of the Coordinating Lead Arrangers. 
  

	 	(c)	in the case of the Project Facilities, but subject always to the terms of the Project Facility Documents, the implementation of the Corporate Restructuring and the execution and
delivery of, and compliance with, the Project Documents referred to in the Term Sheet; 

  

	 	(d)	in the case of the Project Facilities, the Coordinating Lead Arrangers are, acting reasonably, satisfied with the financial model, including agreement on the assumptions and the
compatibility of the assumptions with the Project Documents and the Project Facility Documents; 

  

	 	(e)	in the case of the Project Facilities, the Coordinating Lead Arrangers are, acting reasonably, satisfied with the Project budget and the level of contingencies therein;

  

	 	(f)	in the case of the Project Facilities, negotiation, execution and delivery of, and, to the extent entered into, compliance with the Subconcession Facility Agreement, the Sponsor
Guarantees, the Project Facility Documents and associated documentation referred to therein, including legal opinions (together the “Facility Documents”), satisfactory to the Coordinating Lead Arrangers and the Borrowers;

  

 - 2 - 

	 	(g)	in the case of the Project Facilities, receipt, prior to entry into of, or on or before the relevant utilisations under, the Project Facility Documents (but subject always to the
terms thereof), of required government and other approvals in respect of the Project Documents and the Project Facility Documents and the Corporate Restructuring and the transactions contemplated therein; 

  

	 	(h)	in the case of the Project Facilities, none of the written factual information relating to the Project, the Crown Macau Project, the Mocha Slot Business, proposed Excluded Projects,
the Corporate Restructuring, the Borrowers, their direct and indirect subsidiaries, shareholders and other affiliates, the High Yield Bond, the Permitted Public Offering or either of the Sponsors provided by or on behalf of the Borrowers or the
Sponsors (or any of their respective advisors) or any written factual representation made by the Borrowers or the Sponsors (or any of their respective advisors) in each case prior to the date of this letter having been inaccurate or misleading as at
the date stated in any material respect save to the extent that any such information has been updated by further information provided prior to the date of this letter; 

  

	 	(i)	receipt of final credit approvals of the Coordinating Lead Arrangers in respect of the Mandate Documents and the Project Facilities; 

  

	 	(j)	receipt, prior to completion of Syndication (as defined below), of credit ratings in respect of the Borrower group (other than any Excluded Subsidiaries) from S&P and
Moody’s; 

  

	 	(k)	receipt by the Coordinating Lead Arrangers of each Fee Letter signed by the Borrowers and the Sponsors; and 

  

	 	(l)	the Coordinating Lead Arrangers being granted the right to provide all interest rate and foreign exchange currency hedging (if any) required under the hedging programme agreed with
the Borrowers for the Facilities and Melco PBL International Limited for the High Yield Bond (including that contemplated by the Term Sheet). 

 Should a Coordinating Lead Arranger determine that any of these conditions has not been met, it will inform the Borrower, the Sponsors and each of the other Coordinating Lead Arrangers. 
 3. Fees and Expenses 
 In consideration of the Coordinating Lead
Arrangers arranging and underwriting the Facilities (subject to the terms of this letter), the Borrowers, failing which the Sponsors, agrees to pay the fees set out in each of the Fee Letters. 
 The Borrowers, failing which the Sponsors, agree to reimburse the Coordinating Lead Arrangers in the manner set out below in this paragraph 3 for all reasonable costs
and expenses (including, but not limited to, legal fees, advisers’ fees, syndication, due diligence and travelling expenses) incurred by the Coordinating Lead Arrangers in connection with the Facilities provided that no out-of-pocket expense or
disbursement (save for the fees and expenses of the consultants mentioned below) in excess of US$20,000 shall be incurred without the prior consent of a Borrower or the Sponsors (such consent not to be unreasonably withheld or delayed). 

The advisers are expected to include: 
  

	 	(a)	international and local legal counsel – Clifford Chance and Henrique Saldanha Advogados & Notarios; 

  

	 	(b)	gaming market consultant – The Innovation Group; 

  

 - 3 - 

	 	(c)	technical and environmental consultant – Franklin & Andrews (Hong Kong) Ltd.; 

  

	 	(d)	insurance consultant – [Jardine Lloyd Thompson]; 

  

	 	(e)	property market consultant – Savills (services completed); 

  

	 	(f)	hotel market consultant – HVS International; 

  

	 	(g)	financial model auditor – [Deloitte Touche Tohmatsu]; and 

  

	 	(h)	Project appraisor - [HVS International]. 

 The Borrowers, failing which
the Sponsors, agree to reimburse all such costs and expenses within 10 Business Days of presentation by the Coordinating Lead Arrangers of a detailed statement of account. They shall reimburse such costs and expenses irrespective of whether or not
any of the Facility Documents are signed unless (in respect of any such costs and expenses incurred after such termination) this letter is terminated by the Sponsors or the Borrowers pursuant to paragraph 15. Without prejudice to any outstanding
claim, the obligations hereunder shall be replaced and superseded by the reimbursement or other payment of costs obligations under the Facility Documents with effect from the date of signing thereof. The Coordinating Lead Arrangers shall also
provide to the Sponsors a monthly summary of the costs and expenses incurred by them in connection with the Facilities. 
 All payments to be made by the
Borrowers or the Sponsors under this letter or either Fee Letter shall be made without set-off or counterclaim and free and clear of, and (save as required by law) without any deduction for, taxes, duties or withholdings of whatever nature (other
than taxes on overall net income or profits). Should any such deduction be required by law, the amount of the relevant payment shall be increased to the extent necessary to ensure that the recipient receives a sum net of any deduction or withholding
equal to the sum which it would have received had no such deduction been required to be made. 
 4. Syndication 
 The Borrowers and the Sponsors undertake to take all such action as the Coordinating Lead Arrangers shall reasonably request to assist the Coordinating Lead Arrangers in
effecting the satisfactory syndication of the Project Facilities (“Syndication”) for a period commencing on the date hereof and ending on the earlier of (i) the completion of Syndication to the satisfaction of the Coordinating
Lead Arrangers (such date to be determined by the Coordinating Lead Arrangers and agreed to by the Borrowers and the Sponsors) and (ii) 30 June 2007 (or such later date as the parties to this letter may agree) (such date, the
“Syndication Date”). This assistance shall include: 
  

	 	(a)	providing such information by the Borrowers and the Sponsors as may be reasonably required or deemed necessary by the Coordinating Lead Arrangers in connection with Syndication,
including any information reasonably required for the preparation of the Information Memorandum referred to at paragraph 5 below including financial projections and the assumptions on which these are based; 

  

	 	(b)	making available the senior management of the Borrowers and the Sponsors for the purposes of making presentations and site visits to, and/or holding meetings with, proposed new
lenders at such times as may be mutually agreed within the agreed timetable for Syndication; and 

  

	 	(c)	making introductions to banks with whom the Sponsors and their respective subsidiaries have a relationship, and using reasonable efforts to ensure that Syndication of the Facilities
benefits from the Sponsors’ existing relationship banks. 

  

 - 4 - 

 The Coordinating Lead Arrangers shall use reasonable efforts to complete Syndication by 30th April 2007. 

5. Information Memorandum 
 The Coordinating Lead Arrangers agree
to assist in the preparation and distribution of an Information Memorandum to be provided to prospective lenders (subject to those lenders giving confidentiality undertakings substantially in the form recommended by the Asia Pacific Loan Market
Association or, in the case of any prospective US institutional lender, as customary in that market). The Information Memorandum shall, to the extent permitted by relevant applicable laws and regulations (including any applicable restrictions on
disclosing information issued by any relevant stock exchange or securities regulatory body) contain all relevant information about the Project, the Crown Macau Project, the Mocha Slot Business, proposed Excluded Projects, the Corporate
Restructuring, the Borrowers, their direct and indirect subsidiaries, shareholders and other affiliates, the High Yield Bond, the Permitted Public Offering and the Sponsors and their respective subsidiaries and the use to which the proceeds of the
Facilities, the High Yield Bond and the Permitted Public Offering will be applied, including (subject always to the foregoing) all such information that the Coordinating Lead Arrangers may reasonably request. The final version of the Information
Memorandum (together with a variation excluding financial projections and other material non-public information) and any additional or supporting information to be distributed to prospective lenders, will be approved by the Borrowers prior to
distribution. 
 The Borrowers and the Sponsors will be responsible for the accuracy of the contents of the Information Memorandum (including any variation)
and agree to make a representation to that effect in the Facility Documents and provide a separate letter of acknowledgement to the Coordinating Lead Arrangers and to the lenders in the Facilities that, to the best of their knowledge having made all
reasonable enquiries and save as specified therein, the factual information in the Information Memorandum (including any variation) at its stated date of issue or, as the case may be, the date stated therein in respect of such information, was true
and accurate in all material respects and not misleading in any material respect, and that all projections and/or statements of belief contained therein were prepared in good faith based upon historical information and reasonable assumptions at the
stated date of issue of the Information Memorandum or such variation (or such other date expressly specified in the Information Memorandum or such variation in relation thereto as the date of preparation thereof). 
 The Information Memorandum (including any variation) will not be independently verified by the Coordinating Lead Arrangers. 
 6. Clear Market 
 To ensure an orderly and successful syndication,
from the date hereof until 30 April 2007, the Borrowers and the Sponsors shall ensure that: 
  

	 	(a)	none of the Borrowers, the Guarantors nor any of their subsidiaries (together, but excluding any Excluded Subsidiaries, the “Group”) shall raise or attempt to raise
any debt finance in the international or any domestic debt markets, whether of a syndicated or bilateral nature (other than the High Yield Bond by Melco PBL International Limited (“Melco PBL International”) and working capital or
trade facilities in an aggregate amount of not more than US$5 million for use by the Company in connection with the Mocha Slots business acquired by it pursuant to the Corporate Restructuring); and 

  

	 	(b)	no other Sponsor Group Shareholder or any affiliate thereof, raises or attempts to raise any such debt finance other than utilisation of existing credit lines (or any renewal
thereof) to fund Equity, the repayment or security for which, or the making of any other payment in connection with which, is related to the performance of or otherwise involves the Company, the Project Company, the Project or the Group (other than
the HK$1,370 million project financing of the Crown Macau Project and, subject to the Coordinating Lead Arrangers being informed of the proposed arrangers and lenders thereof, the proposed US$100 million debt finance for the purposes of the Third
Casino Company project), 

  

 - 5 - 

 which, in either case, in the reasonable opinion of the Coordinating Lead Arrangers, might reasonably be expected to have
the effect of prejudicing successful Syndication, without the prior agreement of the Coordinating Lead Arrangers. 
 7. Material Adverse Change

 The underwriting commitment under this letter is also subject to there being, in the Coordinating Lead Arrangers’ reasonable opinion since the
date hereof: 
  

	 	(a)	no material adverse change or disruption (or continuation of the same) in or affecting the Macau, Hong Kong, Australian or United States domestic or international capital markets or
in the political, financial or economic climate generally in respect of Macau, Hong Kong, Australia or the United States; 

  

	 	(b)	no material adverse change in the economic or technical viability of the Project or any substantial part thereof; or 

  

	 	(c)	no material adverse change in the business or financial condition of the Borrowers or the Guarantors (taken as a whole) or the Sponsors (since, in the case of the latter, that
represented in their respective then latest published financial statements), 

 which, in the Coordinating Lead Arrangers’ reasonable
opinion, might reasonably be expected to have a material adverse effect on successful Syndication. 
 8. Market Flex 
 At any time after 31 December 2006, the Coordinating Lead Arrangers shall be entitled to change the amount, pricing, terms or structure of the Facilities if they
reasonably determine that such changes are advisable in order to ensure a successful Syndication. The provisions in this paragraph 8 shall not be superseded by the terms of any of the Facility Documents and shall remain in full force and effect
until the Syndication Date. 
 9. Confidentiality 
 Each
of the Borrowers, the Sponsors and the Coordinating Lead Arrangers agrees that this letter, the terms and conditions of the Mandate Documents, the Facility Documents and information provided already or hereafter provided by any of the other parties
hereto (collectively “Information”) are confidential and are not to be disclosed to or relied upon by anyone else, except with the prior written consent of the other parties and except that any of the Borrowers or the Sponsors and
the Coordinating Lead Arrangers may disclose any Information or any copy thereof: 
  

	(a)	to its professional advisers and other persons providing services to it for the purposes of the Facilities; 

  

	(b)	save for any Fee Letter, to prospective lenders (subject to their having given confidentiality undertakings substantially in the form recommended by the Asia Pacific Loan Market
Association or, in the case of any US institutional lender, as is customary in that market so as to provide materially similar confidentiality protection), as contemplated by paragraph 5 above; 

  

	(c)	to anyone else to the extent required by law or regulation; 

  

	(d)	(in the case of the Borrowers or the Sponsors) to the extent necessary, to the Macau authorities; 

  

 - 6 - 

	(e)	to any of their affiliates, head office or branches on the basis that such affiliate, head office or branch will keep such information confidential; 

  

	(f)	to the extent that such terms and conditions are in or subsequently enter the public domain other than as a consequence of breach of any undertaking under this letter or any
Facility Documents by any party thereto; 

  

	(g)	in any legal proceedings arising out of or in connection with this letter or any of the Facility Documents; or 

  

	(h)	to the extent expressly permitted under the terms of the Facility Documents, 

 provided that (in the case of (b) and (c) (i) the disclosing party shall give the other parties reasonable prior notice of any intended disclosure pursuant to the foregoing to the extent practicable to give prior notice (or,
if not practicable, promptly after such disclosure), in each case to the extent that the giving of such prior notice (or, as the case may be, subsequent notice) is not contrary to the requirements of any applicable law, stock exchange or government
or other regulatory authority and (ii) the disclosing party shall, if requested by any of the other parties, take into account the comments of such party. All reasonable steps shall be taken by the parties to (1) ensure that their
respective directors, officers, employees, agents shall keep and (2) request their accountants, attorneys and other advisers to keep such terms and conditions confidential on the foregoing basis. 
 None of the Coordinating Lead Arrangers or its affiliates will use Information obtained from the Borrowers, the Sponsors or any of their respective affiliates by virtue
of the transactions contemplated by this letter or each Coordinating Lead Arranger’s other relationships with the Borrowers, the Sponsors or any of their respective affiliates in connection with the performance by the Coordinating Lead
Arrangers or each of its affiliates of services for other companies, or furnish any such information to any such other companies in connection with the performance of such services. 
 Without prejudice to any outstanding claims, the obligations under this paragraph 9 shall be superseded and replaced by the confidentiality undertakings under the relevant Project Facility Documents with effect from
the respective date of signing thereof. 
 10. Publicity 
 The Coordinating Lead Arrangers, the Borrowers and the Sponsors agree that they will not make, or permit or procure any other person to make, any announcement or disclosure of any details of the transactions contemplated by the Mandate
Documents without first obtaining the prior written consent of the other parties hereto (such consent not to be unreasonably withheld or delayed). 
 11.
Indemnity 
 The Borrowers, failing which the Sponsors, agree to indemnify and hold harmless the Coordinating Lead Arrangers (and their respective
directors, officers, employees and agents) (each an “Indemnified Person”) against any loss, liability, cost or expense (including the reasonable fees and expenses of counsel to such Indemnified Person): 
  

	 	(a)	incurred by any Indemnified Person in connection with any breach by the Borrowers or either Sponsor of the terms of the Mandate Documents to which it is a party excluding and
without prejudice to the provisions of the Subconcession Facility Agreement; or 

  

	 	(b)	incurred by or awarded against any Indemnified Person and arising out of or in connection with any claims, investigation, litigation or proceeding (or the preparation of any defence
with respect thereto) commenced or threatened in relation to the Mandate Documents to which it is a party excluding and without prejudice to the provisions of the Subconcession Facility Agreement (or the transactions contemplated hereby or thereby)
or use of the proceeds of any of the Facilities, 

  

 - 7 - 

 except to the extent resulting directly from the gross negligence or wilful misconduct of such Indemnified Person.

 Each Indemnified Person shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce its rights against the Borrowers and the
Sponsors under this paragraph 11 except that the consent of any such Indemnified Person is not required for any variation (including any release or compromise of any liability hereunder) or to the termination of this letter. 
 Without prejudice to any outstanding claims, the obligations under this paragraph 11 shall be superseded and replaced by the indemnity obligations under the relevant
Project Facility Documents with effect from the respective date of signing thereof. 
 12. Conflicts 
 The Borrowers and the Sponsors acknowledge that the Coordinating Lead Arrangers or their affiliates may provide debt financing, equity capital, advisory or other services
to other persons with whom the Borrowers or the Sponsors may have conflicting interests in respect of the Facilities in this or other transactions. 
 The
Borrowers and the Sponsors acknowledge that the Coordinating Lead Arrangers or their affiliates may act in more than one capacity in relation to this transaction and may have conflicting interests in respect of such different capacities. 

However, the Coordinating Lead Arrangers represent that they have and will continue to maintain in place such procedures that ensure that Information (including all
Information provided by or on behalf of the Borrowers, the Sponsors or any of their affiliates at the request of the Coordinating Lead Arrangers in connection with the Facilities and the Project pursuant only to this letter) obtained from the
Borrowers, the Sponsors or any of their affiliates will not be made available directly or indirectly by any person to the customers of the Coordinating Lead Arrangers or any of their respective affiliates or any other person. 
 The Coordinating Lead Arrangers shall not (and shall procure that none of their respective affiliates or any of their respective directors, officers, employees and
agents shall not) use confidential information obtained from or on behalf of the Borrowers or the Sponsors or any of their affiliates for the purpose of the Facilities in connection with providing services to other persons or furnish such
information to such other persons. 
 The Borrowers and the Sponsors acknowledge that the Coordinating Lead Arrangers have no obligation to use any
information obtained from another source for the purposes of the Facilities or to furnish such information to the Borrowers or Sponsors. 
 13. Delegation

 The Coordinating Lead Arrangers reserve the right to employ the services of their affiliates in providing services contemplated by the Mandate
Documents (subject to first providing details of such arrangements to the Sponsors) and to allocate, in whole or in part, to such affiliates the fees payable under the Mandate Documents in such manner as such Coordinating Lead Arranger or its
affiliate(s) may agree in their sole discretion (but that the Coordinating Lead Arrangers shall nevertheless remain liable to the Borrowers and the Sponsors for the provision of the services contemplated by the Mandate Documents). The Borrowers and
the Sponsors acknowledge that the Coordinating Lead Arrangers and their respective affiliates may, subject to the obligations in paragraph 9, share with each other any information related to them, the Group, the Project or the Facilities or any of
the other matters contemplated by or referred to in the Mandate Documents, subject to the terms of paragraph 9. Any such affiliate shall have the right under the Contracts (Rights 

  

 - 8 - 

 
of Third Parties) Act 1999 to rely on this paragraph 13 except that the consent of any such affiliate is not required for any variation (including any
release or compromise of any liability hereunder) or to the termination of this letter. 
 14. Assignments 
 Save as provided therein, none of the Borrowers, the Sponsors nor any of the Coordinating Lead Arrangers shall assign any of their respective rights or transfer any of
their respective rights or obligations under the Mandate Documents to which it is a party without the prior written consent of each of the other parties. 
 15. Termination 
 The appointment hereunder (and the Coordinating Lead Arrangers’ arranging and underwriting commitment) shall terminate
if: 
  

	 	(a)	Project Facility Documents acceptable to the Coordinating Lead Arrangers and the Borrowers are not signed on or before 30 June 2007 and notice in writing is given by the party
hereto who wishes to terminate to the other parties (unless otherwise extended by agreement between all parties hereto); or 

  

	 	(b)	Any of the Borrowers or the Sponsors, on the one hand, or the Coordinating Lead Arrangers on the other hand breach any term of the Mandate Documents to which it is party and notice
in writing to terminate is given by the Coordinating Lead Arrangers (in the case of a breach by the Borrowers or Sponsors) or by the Sponsors (in the case of a breach by any of the Coordinating Lead Arrangers) as the case may be to the other parties
(unless otherwise extended by agreement between all parties hereto); or 

  

	 	(c)	upon notice from any Coordinating Lead Arrangers if any written factual information provided by the Borrowers, the Sponsors or their advisers to the Coordinating Lead Arrangers or
their respective advisers proves to have been inaccurate or misleading in any material respect at the time provided or, as the case may be, the date stated, or any written projection and/or statement of belief provided by the Borrowers, the Sponsors
or their advisers to the Coordinating Lead Arrangers or their respective advisers proves not to have been prepared in good faith or not to have been based on reasonable assumptions at the time of its preparation; or 

  

	 	(d)	upon notice from any Coordinating Lead Arranger if the Borrowers or the Sponsors fails to disclose facts or information to the Coordinating Lead Arrangers which, at the time of such
failure, might reasonably have been expected to have had a material adverse effect on their decision to arrange or underwrite the Facilities. 

 To the extent not superseded by obligations in respect of such matters under the Facility Documents, the obligations of the parties under paragraphs 3, 9, 10 and 11 headed respectively “Fees and Expenses”,
“Confidentiality”, “Publicity” and “Indemnity” will (subject to the terms of those paragraphs) survive the termination (for whatever reason) of the Coordinating Lead Arrangers’ obligations set out in this letter.

 16. Miscellaneous 
 This letter may be signed in a
number of counterparts, which shall have the same effect as if the signatories on the counterparts were on a single copy of the letter. Save as expressly provided in paragraphs 11 and 13 above, a person who is not a party to this letter may not
enforce any of its terms. 
 Save in respect of any claim which may be outstanding thereunder, the parties acknowledge generally that the provisions of the
Mandate Letter dated 26 May 2006 (including the confidentiality undertakings referred to in the second sub-paragraph of paragraph 4 thereof, which the Sponsors shall procure to release) shall be replaced and superseded by the provisions hereof.

  

 - 9 - 

 17. Governing Law 
 This letter shall be construed in accordance with, and this letter and all claims arising in connection with it shall be governed by, English law. 
 18. Submission to Jurisdiction 
 The Borrowers and the Sponsors and the Coordinating Lead Arrangers irrevocably submit to the jurisdiction of
the English courts for the purpose of hearing and determining any dispute arising out of this letter. 
 19. Severability 
 Any obligation or liability (“Liability”) of the Sponsors contained in this letter or the Fee Letters shall be borne, and each Sponsor shall only be
liable to the Coordinating Lead Arrangers, severally in a maximum amount equal to 100% in the case of PBL or, following the Partial Release Date (as defined in the Sponsor Guarantee (as defined in the Subconcession Facility Agreement) granted by
PBL), 50% in the case of PBL and 50% in the case of Melco of such Liability. 
 **************** 
 Please sign and return the enclosed copy of this letter on or before 5 September 2006, failing which this arranging and underwriting offer will lapse unless it has
been extended in writing by the Coordinating Lead Arrangers. We look forward to working with you on this transaction. 
 Yours faithfully, 
 For and on behalf of ANZ INVESTMENT BANK 
 the investment banking division of AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
  

			
	By:	 	 /s/ 

	Name	 	Vikas Batra
	Position	 	Executive Director & Head of Project & Structure Finance, Asia
		
	Date	 	4 September 2006

 For and on behalf of BANK OF AMERICA  
  

			
	By:	 	 /s/ 

	Name	 	Russell McCormack
	Position	 	Principal, Syndicated Capital Markets
		
	Date	 	4 September 2006

  

 - 10 - 

 For and on behalf of BARCLAYS CAPITAL, 
 the investment banking division of BARCLAYS BANK PLC 
  

			
	By:	 	 /s/ 

	Name	 	Robin Gibbons
	Position	 	Director, Global Loans
		
	Date	 	4 September 2006

 For and on behalf of DEUTSCHE BANK AG, HONG KONG BRANCH 
  

									
	By:	 	 /s/
	 		 	By:	 	 /s/

	Name	 	Kyoko Murai	 		 	Name	 	Chris Gammons
	Position	 	Director	 		 	Position	 	 Managing Director,
 Head of Debt
Products

					
	Date	 	4 September 2006	 		 	Date	 	4 September 2006

 We agree to the terms set out above. 
 PBL Entertainment (Macau) Limited 
  

			
	By:	 	 /s/

	Name	 	Geoff Kleemann
	Position	 	Director
		
	Date	 	4 September 2006
	
	We agree to the terms set out above.
	
	Melco International Development Limited
		
	By:	 	 /s/ 

	Name	 	Clarence Chung
	Position	 	Chief Financial Officer
		
	Date	 	4 September 2006
	
	We agree to the terms set out above.
	
	Publishing and Broadcasting Limited
		
	By:	 	 /s/ 

			
	Name	 	Geoff Kleemann
	Position	 	Chief Financial Officer
	Date	 	4 September 2006

  

 - 11 - 

 Illustrative Summary Terms & Conditions1 
 The following Illustrative Summary Terms &
Conditions (“Term Sheet”) is for discussion purposes only and nothing expressed or implied herein shall be construed as an offer to arrange or provide financing. Any such commitment shall be advised separately and is
subject to the terms of the Commitment Letter to which this Term Sheet is attached. 
  

			
	Sponsors	  	Publishing & Broadcasting Limited (“PBL”) and Melco International Development Limited (“Melco”).
		
	Lessee	  	PBL Entertainment (Macau) Limited (“PBL Macau”), the subconcessionaire and operator of Licensee gaming businesses (in premises leased from the Lessors) under the terms of a
gaming subconcession agreement (the “Subconcession”) to be granted by Wynn Resorts and approved and adopted by the Macau SAR government (the “Macau SAR”).
		
	Lessors and Lease Arrangements	  	 The Macau based gaming businesses jointly conducted by the Sponsors, and to initially comprise:
  
 (a)     Mocha Slots electronic
gaming machine lounges currently managed by Mocha Slot Group Limited and its subsidiaries (which business, under the brand name “Mocha Slot Club”, the premises leases2, the gaming equipment and other assets thereof will, after the completion of the acquisition of the Subconcession and approval of the Macau SAR, be transferred
to PBL Macau pursuant to the Corporate Restructuring);
  
 (b)     Crown Macau owned by Great Wonders, Investments, Limited (“Great Wonders”); and
  
 (c)     City of Dreams owned by Melco Hotels and Resorts (Macau) Limited (“Melco
Hotels”, which, together with Great Wonders, will also be transferred to and become a subsidiary of PBL Macau as part of the Corporate Restructuring).
  
 The existing ownership of PBL Macau and other companies referred to above and the proposed steps in the Corporate Restructuring are set out in the attached corporate
restructuring memorandum.
  
 The Sponsors have also announced their intention to build
and operate a third casino project in Macau to be held by a third casino company which will be a direct or indirect, wholly owned subsidiary of Melco PBL Entertainment (Macau) Limited (“Melco PBL Entertainment”) but not a subsidiary
of Melco PBL International Limited (“Melco PBL International”) and so outside the Primary Obligor group (the “Third Casino Company”).

  

	1	In addition to definitions defined in the text of this term sheet, additional definitions are set out in the Schedule hereto. 

	2	Details to be confirmed in Finance Documents. 

  

 - 12 - 

			
		 	 The CLAs understand that:3

		
		 	 (a)     gaming business of existing and future Macanese projects will be operated by PBL Macau in premises leased by
it under lease agreements (each a “Lease Agreement”) from sister companies which are (save in the case of Crown Macau and City of Dreams) direct or indirect, wholly owned subsidiaries of Melco PBL Entertainment outside the Primary
Obligor group or, potentially, third parties outside the Melco PBL Entertainment group (each, together with Great Wonders and Melco Hotels, a “Lessor” and each such project, other than City of Dreams, an “Excluded
Project” but, in relation to Crown Macau, see footnote 10);4

		
		 	 (b)     the Lease Agreements will be on terms which have been notified to the
Lenders in advance and which:
  
 [(i)    provide that the Lessor will be responsible for (and indemnify PBL Macau in relation to) all costs and liabilities in respect of the ownership, development, fit out and operation of each project;
  
 (ii)     ensure compliance by PBL
Macau with all relevant Subconcession requirements insofar as such Subconcession requirements are relevant to the Lease Agreement or Excluded Project of such Lessor;
  
 (iii)   limit any recourse against PBL Macau or its assets to otherwise unappropriated gaming revenues derived
from the project to which the Lease Agreement relates;
  
 (iv)    provide for a rental payment, after deduction of gaming tax, other monthly contributions and similar amounts such as premia payable under the Subconcession5 and any undischarged Lessor costs, liability or indemnity obligation, of a percentage of gaming revenues from the project (the “Revenue Split
Percentage”) which is, in the case of the Crown Macau project, equal to the balance of gaming revenues remaining (after further deduction of a licence fee payable to PBL Macau) equivalent to a percentage of gross gaming revenues to be
agreed (but, in any event, to be not less than (x) 13% of gross gaming revenue generated from gaming tables plus (y) 29% of all other gross gaming revenues following termination of the SJM Agreements and, in the case of each other project,
such amount as may be agreed between the Lessor and PBL Macau and which is, from PBL Macau’s perspective, commercially reasonable; and

  

	3	Excluded Project non-recourse, indemnity and security sharing arrangements to be agreed. 

	4	The CLAs understand the Sponsors are also considering the need for PBL Macau to incorporate subsidiaries, in addition to Great Wonders, to hold such Excluded
Projects as Lessors (if so permitted, each such subsidiary, an "Excluded Subsidiary"). 

	5	These amounts should comprise only subconcession premia (for amounts, calculation and frequency of payment, see art 47 of the draft Subconcession), public foundation
contribution (art 48), public projects contribution (art 49) and gaming tax (art 50). 

  

 - 13 - 

			
		 	 (v)     are otherwise on an arm’s length, commercially reasonable
basis,
  
 or have been approved by the Lenders;

		
		 	 (c)     as Project Documents, waiver, amendment and termination of executed Lease Agreements will be subject to
certain terms to be agreed during documentation, including Lender notification and approval rights;

		
		 	 (d)     all revenues from these operations will be paid into PBL Macau’s Gaming Receipts Account and held,
pending application, in separate sub-accounts thereof for each project;

		
		 	 (e)     gaming tax, other monthly contributions and similar amounts such as premia payable under the Subconcession
will be transferred monthly from the Gaming Receipts Account to PBL Macau’s Taxation Account;

		
		 	 (f)      thereafter, remaining revenues from each project will, subject to the discharge of project cost,
liability and indemnity obligations assumed by the relevant Lessor in favour of PBL Macau, be shared between PBL Macau and that project in accordance with PBL Macau’s contractual obligation to pay the Revenue Split Percentages under the project
Lease Agreement;

		
		 	 (g)     the Gaming Receipts Account and the Taxation Account will be secured in favour of the Lenders (and, subject
to terms to be agreed during documentation, such security over Gaming Receipts Account sub-accounts can be shared with other Excluded Project lenders) but, prior to an Event of Default and subject to compliance with the Finance Documents, will allow
PBL Macau to make withdrawals for the release of funds for each project;

		
		 	 (h)     save for PBL Macau’s obligations under the Lease Agreements (recourse in respect of which shall be
limited as set out above), each Excluded Project will be developed and financed on terms which do not involve any recourse to PBL Macau or any other member of the Primary Obligor group; and

		
		 	 (i)      any holdco guarantees which may be required in connection with such a
project will be provided by entities outside the Primary Obligor group.]
  
 or otherwise
are entered into on terms which adequately protect the interests of Lenders whilst allowing PBL Macau to enter into arrangements on arms length commercially reasonable market terms, as approved by the CLAs (acting reasonably).

  

 - 14 - 

			
	Borrowers	  	PBL Macau, Melco Hotels and, as a borrower for US institutional tranches, a US domiciled subsidiary of PBL Macau (the “Borrowers”).
		
	Guarantors	  	Each Borrower, the Managing Director (provided that recourse against the Managing Director is limited to the value of her shares), Melco PBL International, MPBL Investments Limited
(“Intermediate Holdco”) and each of PBL Macau’s other direct and indirect subsidiaries on a joint and several basis with the exception of any Excluded Subsidiaries.
		
	Coordinating Lead Arrangers, Underwriters and Bookrunners	  	Australia and New Zealand Banking Group Limited, Banc of America Securities Asia Limited, Barclays Capital and Deutsche Bank AG (“CLAs”).
		
	Facility Agent	  	 Subconcession Facility: Australia and New Zealand Banking Group Limited
 Project Facilities: TBD

		
	Security Agent	  	 Subconcession Facility: ANZ Fiduciary Services Pty Limited
 Project Facilities: TBD

		
	Intercreditor Agent	  	TBD
		
	Account Bank	  	TBD
		
	Independent Technical Consultant	  	Franklin + Andrews (Hong Kong) Ltd.
		
	Other advisers including Environmental, market, insurance, financial model auditor, etc	  	 Gaming market consultant - The Innovation Group
 Environmental consultant (and Independent Technical Consultant) -
 Franklin + Andrews (Hong Kong) Ltd.
 Insurance consultant - [Jardine Lloyd Thompson]
 Hotel market consultant - HVS
International
 Project appraisor - [HVS International]
 Financial
Model auditor - [Deloitte Touche Tohmatsu]
 Local legal counsel - Henrique Saldanha, Avogados & Notarios
 International legal counsel - Clifford Chance

		
	Lenders	  	A group of financial institutions to be assembled by the CLAs pursuant to a syndication strategy to be developed in consultation with the Sponsors and to include affiliated entities of each of
the CLAs.
		
	Crown Project Lenders	  	Lenders under the financing of Crown Macau
		
	Project	  	City of Dreams project in Macau comprising:
		
		  	 (a)     Hotel - four hotel developments (two of at least five star international standard), comprising approximately
1,600 rooms

  

 - 15 - 

			
		 	 (b)     Gaming - approximately 39,300m2 of gaming area over three levels including not less than 50 VIP tables,
400 non-VIP tables and 2,500 slot machines

		
		 	 (c)     Retail and Food and Beverage - retail space of approximately 4,700m2 and food and beverage space of
approximately 17,000m2

		
		 	 (d)     Leisure and Entertainment - leisure and entertainment facilities including a 2,500 seat theatre, health club,
spa and signature facilities

		
		 	 (e)     Other Facilities - such other facilities as are necessary and incidental to
facilitate customer access and service
  
 to be completed in two stages, with stage 1
including at least two of the hotels (being Crown and Hard Rock), all of the gaming area and at least 50% of the retail and food and beverage space and stage 2 the remainder of the Project not comprised in stage 1.

  

 - 16 - 

 Facilities 
  

			
	Nature of Facilities	  	US$ and/or HK$ senior secured term loan facilities.
		
	Facility Amounts	  	US$1,600 million, comprising:
		
		  	 (A)    a US$500 million Subconcession Facility; and

		
		  	 (B)    a Non-Gaming Facility and General Project Facility6 in an aggregate amount of not less than US$1,100 million, plus an additional US$500 million, subject to the utilization of these Facilities for the repayment in full of the Subconcession Facility (together, the “Project
Facilities”)
  
 subject to the audited financial model having a debt to equity
ratio of no more than 70:30 (equity for these purposes not including High Yield Bond proceeds) and showing an average debt service coverage ratio (determined on the basis set out in Financial Covenants below) of not less than 1.65x. If the
outstanding amount of the Subconcession Facility is less than US$500 million upon utilisation of the Project Facilities in repayment of the Project Facilities, the remaining amount of the Non-Gaming Facility and General Project Facility shall be
increased by the shortfall.

		
		  	The amounts of the Non-Gaming Facility and the General Project Facility and final allotments in respect of each Facility will be determined by the CLAs in consultation with the Borrowers. The
final allocation of the Facility Amount between US$ and HK$ in respect of the Non-Gaming Facility and the General Project Facility will be determined subject to market conditions by the CLAs in consultation with the Borrowers.
		
	Purpose	  	Subconcession Facility
		
		  	To finance the portion of the payment to Wynn Resorts for the Subconcession not funded by equity and/or subordinated loans from the Sponsors and/or their respective group
companies.
		
		  	Non-Gaming Facility
		
		  	To finance the construction of the non-gaming portion of the Project and refinance the Subconcession Facility.
		
		  	General Project Facility
		
		  	To finance the construction of the Project including, if necessary, the non-gaming portion thereof and other pre-opening costs in relation to the Project identified in the financial model and
(in respect of any US institutional tranche) refinance the Subconcession Facility.

  

	6	For ease of administration, these facilities may be combined and, if required, tranched to address any non-gaming lender requirements for amounts equal to their
participations to be applied towards non-casino Project costs. 

  

 - 17 - 

 Drawdown and Repayment 
  

			
	Agreement Date	  	In respect of any Facility, the date of signing of the Facility Agreement therefor.
		
	Final Maturity Date	  	84 months after the Agreement Date or, if the Subconcession Facility is drawn, 60 months after the Subconcession Facility Agreement Date if the initial utilization under the Non-Gaming Facility
and the General Project Facility is not made by Subconcession Facility Trigger Date.
		
	Availability Period	  	Subconcession Facility
		
		  	Subject to satisfaction of conditions precedent applicable to this Facility and by prior written notice on the day of utilisation to the Facility Agent, the Facility will be available for
drawing on any business day within 30 days after the Agreement Date (and may, following drawing but pending application to complete the Subconcession purchase, be held in an interest-bearing disbursement account blocked in favour of the account bank
in order to facilitate prompt payment to Wynn Resorts for the purchase).
		
		  	Project Facilities 
		
		  	Subject to satisfaction of conditions precedent applicable to these Facilities and not less than 5 business days prior written notice to the Intercreditor Agent, each Project Facility will be
available for drawdown in minimum amounts of US$5 million (or its equivalent in HK$) during the period between the Agreement Date and the earlier of (a) the date falling 90 days after the Construction Completion Date is achieved for stage 1 of the
Project and (b) the Long Stop Date (to be agreed). If, at the end of this availability period, stage 2 has not been completed, then, to the extent that it is required to fund stage 2 (and is so certified by the Technical Adviser), the balance of the
Facilities may be drawn and, pending application, deposited in a separate interest bearing account secured in favour of the Lenders. Proceeds of the drawings will be available for disbursement from the account upon satisfaction of the same
conditions precedent and notice requirements as the Facility of which they formed part.
		
		  	The proceeds of the Non-Gaming Facility will not be used towards the gaming facilities.
		
		  	Except for the first utilisation of the Project Facilities whilst the Subconcession Facility is outstanding which will be in the amount required to refinance (and shall be applied to refinance)
amounts drawn under the Subconcession Facility, all drawings under the Non-Gaming Facility and General Project Facility and contributions of Base Equity, Deferred Equity and Contingent Equity will be paid into a “Disbursement
Account” which will be subject to “Security”. A Disbursement Account will be established for each Borrower.

  

 - 18 - 

			
		  	US Institutional Tranches7
		
		  	Notwithstanding the foregoing, to the extent that all or any part of a Facility comprises a US institutional tranche:
		
		  	 (a)     subject to satisfaction of conditions precedent applicable to the Facility of which it forms part
(including a drawdown minimum amount of US$10 million and the receipt of credit ratings from Standard & Poor’s Rating Group and Moody’s Investor Services), each such tranche will be available for drawdown during the 12 month period
immediately after the Agreement Date in respect of that Facility;

		
		  	 (b)     each such tranche will be drawn ahead of any non-institutional portion of the Facility of which it forms
part;

		
		  	 (c)     the Subconcession Facility will initially be made available by non-institutional Lenders and, thereafter,
shall be refinanced by drawings on any other available US institutional tranche of any other Facility (and the available commitment under that Facility will increase by the amount repaid from such drawings);

		
		  	 (d)     if, at the end of the availability period referred to in paragraph (a) above, any US institutional tranche
has not been fully drawn, it shall thereupon be drawn in full and, pending application under the Facility of which it forms part, deposited in a separate interest bearing disbursement account secured in favour of the Lenders;
and

		
		  	 (e)     proceeds of the drawing will be available for disbursement from the account upon satisfaction of the same
conditions precedent and notice requirements as the Facility of which they form part.

		
		  	Any commitments undrawn on the expiry of the Availability Period or, if the conditions precedent to initial utilization under the Non-Gaming Facility and the General Project Facility are not
met by such date, the Subconcession Facility Trigger Date, will be cancelled (and any amount drawn but not disbursed from its disbursement account under a US institutional tranche of a Facility shall be repaid as if it were a mandatory
prepayment).
		
	Repayment	  	Save as provided below, the Facilities will be repaid in quarterly installments commencing the earlier of 6 months after the Construction Completion Date for stage 1 of the Project and 36
months from the Agreement Date (in the case of the non-institutional and institutional tranches of the Non-Gaming Facility and the General Project Facility) and commencing 31 December 2007 (in the case of the Subconcession Facility) according to the
following schedule:

  

	7	These may be provided under a separate Facility. 

  

 - 19 - 

										
	  	  	Amortization	 
	 Quarter
	  	Non-Institutional	 	 	Institutional	 	 	Subconcession
Facility	 
	 1
	  	3.00	%	 	1.00	%	 	3.00	%
	 2
	  	3.00	%	 	1.00	%	 	3.00	%
	 3
	  	5.00	%	 	1.00	%	 	5.50	%
	 4
	  	5.00	%	 	1.00	%	 	5.50	%
	 5
	  	5.00	%	 	1.00	%	 	5.50	%
	 6
	  	5.00	%	 	1.00	%	 	5.50	%
	 7
	  	5.50	%	 	1.00	%	 	6.00	%
	 8
	  	5.50	%	 	1.00	%	 	6.00	%
	 9
	  	6.50	%	 	1.00	%	 	6.00	%
	 10
	  	6.50	%	 	1.00	%	 	6.00	%
	 11
	  	6.50	%	 	1.00	%	 	8.00	%
	 12
	  	6.50	%	 	1.00	%	 	8.00	%
	 13
	  	6.50	%	 	1.00	%	 	8.00	%
	 14
	  	7.50	%	 	21.75	%	 	8.00	%
	 15
	  	7.50	%	 	21.75	%	 	16.00	%
	 16
	  	7.50	%	 	21.75	%	 		
	 17
	  	8.00	%	 	21.75	%	 		

  

			
	Mandatory Repayment/Change of Repayment Schedule of Subconcession Facility	  	In the event that the conditions to the release of the corporate guarantees for amounts payable under the Subconcession Facility (see paragraph (3) of “Sponsors’
Support” below) are not satisfied by the Subconcession Facility Trigger Date and the Majority Lenders have thereafter determined that repayment of the Subconcession Facility should be reviewed, the Lenders and the Borrowers shall enter into
good faith discussions concerning such review. If, within three months of such determination, a payment restructuring has not been agreed by all Lenders, any Lender may demand repayment of all amounts outstanding to it under the Subconcession
Facility in full.
		
		  	If, prior to the utilization of the Non Gaming Facility and the General Project Facility, any debt is raised or attempted to be raised in substitution therefore, the Subconcession Facility
shall become immediately due and payable in full.
		
	Voluntary Prepayment	  	In the case of the Subconcession Facility, the provisions are set out in the Subconcession Facility Agreement. Subject to the satisfaction of certain conditions as specified in this Voluntary
Prepayment section and not less than 30 days’ prior written notice to the Intercreditor Agent, a Borrower may make voluntary prepayments under the Project Facilities on any interest payment date without premium or penalty. Voluntary prepayments
will be applied to the principal outstanding of the Facilities and to maturities on a pro-rata basis and amounts prepaid will not be available for redrawing. If prepaid prior to the Construction Completion Date (other than from shareholder loans or
Permitted Public Offering proceeds not otherwise forming part of any amount of equity required to be subscribed under the Finance Documents), the full amount of principal outstanding must be prepaid. Otherwise, not less than US$5 million (or its
equivalent in HK$) or multiples thereof (or the balance of the principal amount outstanding).

  

 - 20 - 

			
	Mandatory Prepayment	  	Subject to the rights of any Lender(s) to waive such requirement8, the Borrowers undertake to prepay the Project Facilities [NB: Sponsors to confirm] with:
		
		  	 (a)     100% (or, in the case of any public offering subsequent to and other than the Permitted Public Offering,
75%) of net proceeds of any permitted (to be agreed in the facility documentation) equity or debt issuance to any person by any Primary Obligor (other than the Permitted Public Offering (to the extent it is completed prior to any drawing under the
Non-Gaming Facility or the General Project Facility), any equity injection or shareholder/Sponsor group loans required for the construction or operation of the Project, equity of US$128 million committed and cost overrun (if any) for the
construction or operation of the Crown Macau project equity for the acquisition of the Subconcession or other permitted indebtedness);

		
		  	 (b)     100% of net proceeds of any asset sale, subject to reinvestment rights and other exceptions to be agreed
upon;

		
		  	 (c)     100% of net termination proceeds paid under the Subconcession, any Lease Agreement, the Hotel Management
Agreements or any other material contracts or agreements subject to exceptions to be agreed upon;

		
		  	 (d)     100% of net proceeds or liquidated damages paid pursuant to obligation, default or breach under the
Project Documents subject to reinvestment rights and other exceptions to be agreed upon;

		
		  	 (e)     100% of insurance proceeds net of expenses incurred to obtain such proceeds subject to reinstatement
rights and other exceptions to be agreed upon; and

		
		  	 (f)      Excess Cashflow:

		
		  	 (i)      100% of excess cashflow (to be defined) (after providing for items (a) – (d) in the Licensee
Proceeds Account waterfall) for each financial year commencing with the financial year in which the Construction Completion Date is achieved;

		
		  	 (ii)     such amount to be reduced to 50% of excess cashflow for each financial year in which the ratio of Total
Debt to EBITDA is less than 3:1 but equal to or more than 2:1; and

  

	8	Subject to customary US institutional rights to refuse early repayment (and pro rata reallocation of prepaid amounts to non-institutional Lenders).

  

 - 21 - 

			
		 	 (iii)   such amount to be reduced to 25% of excess cashflow for each financial year in which the ratio of Total Debt to EBITDA
is less than 2:1.

		
		 	Any prepayments will be applied to the principal outstanding of the Project Facilities pro rata and, as to each Project Facility, in inverse chronological order of maturity.
		
		 	If all or substantially all of the Project is lost, damaged or destroyed, the Borrowers are obliged to immediately prepay all amounts outstanding on the earlier of the receipt of the insurance
proceeds as referred to in paragraph (e) above and [•] days after such loss, damage or destruction of all or substantially all of the Project.9

  

	9	Grace period to be agreed in Finance Documents. 

  

 - 22 - 

 Accounts1011 
 This structure contemplates that the revenues of
all the gaming business conducted at the premises of existing and future Lessors are paid into a PBL Macau account, secured in favour of the Security Agent for the benefit of the Lenders (including secured hedging counterparties) and that, subject
to such security, such revenues would be paid out in accordance with the priority set out in the waterfall below. The account would be divided into sub-accounts for each Lease Agreement and, subject to terms to be agreed during documentation
security over the sub-accounts to be shared with Lessor project lenders. 
  

			
	PBL Macau Accounts	  	 PBL Macau will establish the following accounts:
  
 1.       a receipts account in Macau, which will be secured in favour of the Security Agent
(the “Gaming Receipts Account”);
  
 2.       a Taxation Account in Macau, which will be secured in favour of the Security Agent (the “Taxation Account”); and
  
 3.       a Payment
Account in [Hong Kong/Macau], which will be secured in favour of the Security Agent (the “PBL Macau Payment Account”).

		
	Receipts	  	All gaming revenues generated from the gaming business conducted at the premises of the Lessors and all revenues of PBL Macau will be paid into separate sub-accounts of the Gaming Receipts
Account.
		
		  	Each month, the amounts received in the Gaming Receipts Account during the preceding period will be transferred in the following order:
		
		  	 1.       payments into the Taxation Account, the amount of gaming tax and all contributions and similar
amounts such as premia payable by PBL Macau, in each case under the Subconcession on gross gaming revenue for that month;

		
		  	 2.       subject to the transfer to the Disbursement Account prior to the Construction Completion Date for
stage 1 of the Project as mentioned in the last paragraph of this “Receipt” section below, payment into the PBL Macau Payment Account, in an amount equal to the balance of the relevant gaming revenue (less, after deduction of Revenue Split
Percentages and such other amounts as may be required, the amount payable to the Lessors under their respective Lease Agreements); and

		
		  	 3.       the balance to be paid to the Lessors in accordance with their respective entitlements under the
Lease Agreements (and, in the case of Melco Hotels, to a “Lessor Proceeds Account” established by it (and secured in favour of the Security Agent)).

	10	Arrangements for Crown Macau subject to negotiation with Crown Macau Lenders, changes in
security structure subject to approval of CLAs (acting reasonably). 

	11	In relation to Excluded Projects (other than Crown Macau), subject to finalisation of Lease
Arrangements. 

  

 - 23 - 

			
		  	All revenues of Melco Hotels, after gaming revenues (dealt with as set out above) or funds required to be credited to the Mandatory Prepayment Account but excluding for the purpose set out in
paragraph (f) of “Payments” below shall be paid into its Lessor Proceeds Account.
		
		  	Net revenues received by PBL Macau from the operation of Crown Macau and Mocha Slots gaming businesses and the dividends or other income distribution (if any) paid to it from Great Wonders,
in each case, prior to the Construction Completion Date for stage 1 of the Project will be paid into the relevant Disbursement Account as mentioned in the fourth paragraph under the sub-section “Availability Period” of the section
headed “Drawdown and Repayment” above. Thereafter, the latter shall be paid into the PBL Macau Payment Account as set out above.
		
	Payments	  	Save as set out above, no withdrawals may be made from the PBL Macau Payment Account or the Melco Hotels Lessor Proceeds Account other than to pay agreed construction costs (against
confirmation from the relevant Contractor supported by a certificate issued by the Independent Technical Consultant similar to that referred to in paragraph (b)12 of “Conditions precedent to all drawings under the Non-Gaming Facility and the General Project Facility”), operating costs, debt service, funding the Debt Service Accrual Account (the
“DSAA”), the High Yield Bond Debt Service Accrual Account (the “High Yield Bond DSAA”), the Debt Service Reserve Account (the “DSRA”) and the High Yield Bond Debt Service Reserve Account (the
“High Yield Bond DSRA”) or any other direct expenses relating to the Project (or, where relevant, PBL Macau) as agreed. Payments from the Disbursement Account, PBL Macau Payment Account and Lessor Proceeds Account will be made in
the following sequence:
		
		  	 (a)     payment of construction costs, budgeted operating expenditure, capital costs and income
taxes;

		
		  	 (b)     payment of any fees and expenses owing to Lenders, including the Facility Agent’s and Security
Agent’s fees and costs;

		
		  	 (c)     payments to the DSAA of interest due under the Facility Agreements and scheduled interest swap
payments;13

		
		  	 (d)     payments to the High Yield Bond DSAA of scheduled interest14 due under the High Yield
Bond;

		
		  	 (e)     payments to the DSAA of principal due under the Facility Agreements and non-scheduled interest or other swap
payments and any amount outstanding under any Pari Passu Revolving Credit Facility (to the extent not rolled-over in relevant period);

	12	Lenders will require technical consultant confirmation in relation to the items set out in
this paragraph. 

	13	ranking of commissions payable to Subconcession bank guarantee provider pre-default on a pari
passu basis with interest costs to be considered. 

	14	i.e., interest accruing on the face value of the High Yield Bond in respect of the then
current semi-annual period. 

  

 - 24 - 

			
		 	 (f)      payment to DSRA up to the required balance (to cover all interest and principal due under the
Facility Agreement over the next six month period);

		
		 	 (g)     payment to the High Yield Bond DSRA (to cover scheduled interest under the
High Yield Bond over the next six month period);
  
 (h)     payment to a reserve account (the “Mandatory Prepayment Account”) to meet payments required under paragraphs (f) and (g) of the Mandatory Prepayment provisions;
  
 (i)      payment to a reserve
account (the “Mandatory Prepayment Account”) to meet payments required under paragraphs (f) and (g) of the Mandatory Prepayment provisions;
  
 (j)      payment to a reserve account (the “Mandatory Prepayment Account”) to meet
payments required under paragraphs (f) and (g) of the Mandatory Prepayment provisions;
  

		 	 (k)     payment to a reserve account (the “Mandatory Prepayment
Account”) to meet payments required under paragraphs (f) and (g) of the Mandatory Prepayment provisions;
  

		 	 (l)      in the case of PBL Macau, payment to Distribution Account;
and
  

		 	 (m)    in the case of City of Dreams, payment to the PBL Macau Payment
Account.
  

		 	Moneys held in the Distribution Account may be used to make distributions for any purpose as PBL Macau considers fit subject to restrictions (see Covenants on the Borrower and
Distribution Tests below). To the extent that moneys held in the Distribution Account may not be used to make distributions by reason of the operation of those restrictions, it may be used to meet any shortfall in moneys held in the PBL Macau
Payment Account or the Melco Hotels Lessor Proceeds Account on amounts falling under paragraphs (a) to (f) above in that order or (if there is no shortfall on amounts falling under paragraphs (a) to (f) above and the Distribution
Tests have been satisfied at that time) to make distributions (in the case of City of Dreams, to the PBL Macau Payment Account) in a subsequent semi-annual period.
		
		 	Funds received and which are required to be applied in prepayment under paragraphs (a) - (e) of the Mandatory Prepayment provisions shall, to the extent not so applied immediately, be credited
to the Mandatory Prepayment Account for application on the next interest payment date.

  

 - 25 - 

			
	Withdrawals	  	The Security Agent will, subject to any intercreditor and security sharing arrangements in respect of individual Gaming Receipts Account sub-accounts as may be agreed with other Lessor
project lenders, have full control over withdrawals from and transfers between the Accounts following an Event of Default which is continuing.

  

 - 26 - 

 Interest and fees 
  

					
	Interest	  	US$ Facilities	  	
			
		  	LIBOR + 3.00% per annum, actual/360 days.	  	
			
		  	HK$ Facilities	  	
			
		  	HIBOR + 3.00% per annum, actual/365 days.	  	
			
		  	The interest rate margin will be determined and adjusted in accordance with the Total Debt/EBITDA ratio post Construction Completion Date based on the following grid:	  	

  

			
		
	Total Debt/EBITDA	  	Margin
	< 2.00x	  	2.00% per annum
	· 2.00x < 3.00x	  	2.50% per annum
	· 3.00x	  	3.00% per annum

  

					
			
	Interest Period	  	1, 2, or 3 months. [n.b. DSAA/DSRA requirements for interest to be considered if interest period is less than 3 months.]	  	
			
	Commitment Fee	  	1.50% per annum on the daily undrawn amount of the Facilities, reducing to 1.00% where more than 50% of the total commitments have been utilized, calculated on the actual number of days elapsed
in a year of 360 days for the US$ Facilities and 365 days for the HK$ Facilities. The Commitment Fee will be payable quarterly in arrear from the applicable Agreement Date and through the Availability Period and on the earlier of the date of full
drawdown and end of the Availability Period for the respective Facility.	  	

  

 - 27 - 

 Equity and Sponsors’ Support 
  

			
	Base Equity	  	A minimum amount totaling US$835 million (or its equivalent) contributed by the Sponsors or other sources plus the amount of the High Yield Bond (so that the sum thereof is not less than
US$1,435 million) and subordinated, where relevant, in accordance with the Subordination Deed/Intercreditor Agreement. Base Equity will be in addition to and will not include the equity contributed to Great Wonders for the Crown Macau
project.
		
	Deferred Equity	  	An amount totaling US$100 million to be contributed by the Sponsors available to meet Project costs.
		
	Contingent Equity	  	An amount totaling US$[282] million15 to meet cost overruns
and contingencies.
		
	Sponsors’ Support	  	 (1)     Melco and PBL to undertake no “Change of Control Event” occurs
(see Events of Default below); and
  
 (2)     Melco and PBL will provide, on a 50:50 several basis, corporate or bank guarantees with a rating of A- or above by S&P (or equivalent rating by Moody’s) to cover Contingent Equity of US$[282]
million and Deferred Equity of US$100 million to be contributed by the Sponsors.

		
		  	 The corporate and/or bank guarantees in respect of Contingent Equity and Deferred Equity shall be reduced to the extent such additional equity is
injected into Melco Hotels (for the City of Dreams project) and shall be released upon satisfaction of the following conditions (such release date, the “Sponsor Support Release Date”):
  
 (a)     the Construction Completion
Date has occurred;
  
 (b)     all Accounts are funded to the required balance; and
  
 (c)     no Event of Default or potential Event of Default has occurred which is continuing,

 
 or, in the case of Deferred Equity, if earlier, the demonstrated availability of not less than
US$[200] million accumulated by PBL Macau from net receipts from Crown Macau dividends or licence fees or Mocha Slots cashflow which has not been spent and is available to meet Project costs (the “Net Operating Cashflow
Amount”).

		
		  	Any of the above corporate and bank guarantees may be used to discharge obligations due but unpaid by the Borrowers under the Facilities and the Hedge Agreements but Melco and PBL are not
obliged to reinstate the amount of corporate and bank guarantees in this paragraph (2) which is reduced as a result of such discharge of unpaid obligations on a several basis.

  

	15	Funding requirement for cost overruns/contingencies subject to further consideration, based
on finalisation of Construction Contracts, final Technical Adviser review and report and review of reasonable downside cases. 

  

 - 28 - 

			
		 	 (3)     Melco and PBL will provide, on a 50:50 several basis, corporate and/or
bank guarantees with a rating of (and maintained at) A- or above by S&P (or equivalent rating by Moody’s) for amounts payable under the Subconcession Facility, such guarantee to be released on the earlier of:
  

		 	 (i)      satisfaction of conditions precedent to the initial utilisation under
the Non-Gaming Facility and General Project Facility prior to the end of the Availability Period for such Facilities; and
  
 (ii)     the date on which the following conditions are satisfied:
  
 (A)    the ratio of Total Debt to EBITDA
(determined on the basis set out in Financial Covenants below) at the end of two consecutive quarterly dates is less than 4.00:1;
  
 (B)    the guarantees referred to in “Guarantors” above and the Security (except any
such guarantees and Security that relate to assets of the Project which did not come into existence in circumstances where the conditions precedent to the initial Utilisation under the Non-Gaming Facility and General Project Facility have not been
satisfied) (or equivalent satisfactory to the Lenders) have been put in place and perfected (and customary legal opinions obtained); and
  
 (C)    the parties have agreed and implemented such amendments, supplements and further acts and other things
as the Lenders reasonably consider consequential upon the failure to satisfy the conditions precedent referred to in sub-paragraph (i) above (including without limitation to ensure satisfaction of the Investment Plans under the Subconcession)
and the implementation (except any such guarantees and Security that relate to assets of the Project which did not come into existence in circumstances where the conditions precedent to the initial Utilisation under the Non-Gaming Facility and
General Project Facility have not been satisfied) of the acts, matters and other things contemplated by this Term Sheet (including the entry into Finance Documents on terms (including financial and other covenants reasonably satisfactory to the
Lenders) contemplated therein and the adjustment of certain provisions of the Subconcession Facility Agreement as PBL Macau may reasonably require and the Agent under the Subconcession Facility, acting reasonably may agree, taking into account, in
addition to the matters specified above, the consequence and effect of the failure to satisfy the conditions precedent referred to in sub-paragraph (i) above) on the operations of PBL Macau and its subsidiaries thereafter;
and

  

 - 29 - 

			
		 	 (D)    any conditions subsequent to Drawdown under the Subconcession Facility have been met (including the Macanese
legal opinions in relation to the Subconcession being updated at such time),

		
		 	provided that, until such time as the Corporate Restructuring has been completed, the full amount of such corporate and/or bank guarantees shall be provided by PBL.

  

 - 30 - 

 Other principal terms 
  

			
	PBL Asia Limited shareholding	  	CLAs understand it is proposed PBL Asia Limited (“PBL Asia”) would grant Intermediate Holdco a call option (“PBL Asia Call Option”) over its shareholding in
PBL Macau, exercisable at a price of $1.00 following the continuation of an Event of Default under the Finance Documents. The option could be exercisable by the Lenders on enforcement against Intermediate Holdco and PBL Asia would give direct
undertakings to the Lenders in respect of the voting rights attached to its shareholding (“PBL Asia Undertaking”).
		
	Security	  	The Project Facilities and the Hedge Agreements will be secured by:
		
		  	 (a)     first priority mortgage on each Primary Obligors’ land and all present and future buildings on and
fixtures to such land, and assignment of land use rights under each Land Concession Agreement or equivalent (the “Land Agreements”);

		
		  	 (b)     assignment of the Primary Obligors’ rights under the Project Documents;

		
		  	 (c)     the corporate and bank guarantees referred to in “Sponsors’ Support”
above;

		
		  	 (d)     charge over all of the Accounts, except for (i) the capital contribution account/disbursement account for the
holding or payment of equity for the Crown Macau project; (ii) any cash deposit of up to MOP$2.29M of Melco Hotels set aside as guarantee money in favour of the Macanese Government guaranteeing the performance of Melco Hotel’s obligations under
the City of Dreams’ land grant and (iii) the security to be created in favour of the trustee for the High Yield bonds over the High Yield Bond DSAA;

		
		  	 (e)     assignment of the Primary Obligors’ rights under all insurance policies (including those in relation to
the Project);

		
		  	 (f)      assignment of insurer’s rights under and/or to the reinsurance proceeds;16

		
		  	 (g)     first priority security over the Primary Obligors’ chattels, receivables and other assets (other than
shares in Great Wonders) which are not subject to any security under any other security documentation;

		
		  	 (h)     assignment of the Primary Obligors’ rights under the Hedge Agreements;

	16	To be discussed at the Finance Documents stage in the context of the Insurance Adviser's
recommendations on what credit rating the insurers will be required to have and maintain. 

  

 - 31 - 

			
		 	 (i)      pledge over equipment and tools used in the gaming business by PBL Macau;

		
		 	 (j)      charge over intellectual property rights (if any);17

		
		 	 (k)     first priority charges over issued shares capital of the Borrowers and each Guarantor (other than shares held
in PBL Macau by PBL Asia) and assignment of Intermediate Holdco’s rights and interests arising under the PBL Asia Call Option;

		
		 	 (l)      Subordination Deed and/or Intercreditor Agreement providing for subordination and an assignment of all
shareholder and other Sponsor, Sponsor group or other third party loans (except for such loans to Excluded Subsidiaries) to the Security Agent;

		
		 	 (m)    Intercreditor Agreement or other instrument for the appointment of the Security Agent and providing for the
priority and ranking of and the sharing of security as between the Lenders and hedging counterparties (as providers of first ranking indebtedness), trustee for the High Yield Bond (in respect of guarantees to be provided by Melco PBL International,
MPBL Investments, PBL Macau and Melco Hotels and pledges over the shares in MPBL Investments, PBL Macau and Melco Hotels)18, the Subconcession performance bond provider (which provides a reducing performance bond/bank
guarantee up to an initial amount of MOP 500 million to the Macau SAR to guarantee PBL Macau’s obligations under the Subconcession)19 and the Lessor project lenders for the sharing of security over Gaming Receipts Account
sub-accounts;

		
		 	 (n)     Macanese power(s) of attorney, in customary form;

		
		 	 (o)     notices and acknowledgments of assignment, tripartite agreements and/or similar collateral security
agreements with counterparties to Project Documents (including the Macau SAR in respect of the Subconcession and Land Agreements) including step-in-rights (if, in the case of the Subconcession, permitted by the Macau SAR) acceptable to the CLAs;
and

		
		 	 (p)     in addition to PBL Asia Call Option and PBL Asia Undertaking, Sponsor undertakings concerning, amongst
others, compliance with Subconcession by PBL Macau direct and indirect shareholders (and, where relevant in the case of future projects, compliance with Subconcession and Lease Agreements by other affiliates), change of control, and, in the case of
PBL, preserving ownership and non-trading nature of PBL Asia and negative pledge on assets of PBL Asia.

	17	Sponsors/RB to confirm the scope of this security based on the assumption of no such IP at
the Crown Macau level. Registered “City of Dreams” mark to be covered. 

	18	See draft Intercreditor Term Sheet, at the time of issue of the High Yield Bond, first
ranking security will be granted in favour of Lenders under the Subconcession Facility/Project Facilities and hedging counterparties. 

	19	Sponsors have advised the Subconcession bank guarantee provider does not currently require
any security. CLAs require reimbursement obligations to Subconcession performance bond provider to be subordinated. Second ranking security may be discussed subject to arrangements being agreed with trustee for High Yield Bond. See footnote 13 above
for commissions payable pre-default. 

  

 - 32 - 

			
	Conditions Precedent to First Drawdown under the Project Facilities	  	 Save as mentioned below for the Subconcession Facility, as customary for a facility of this nature, including inter alia:
  
 (a)     delivery of the Project
feasibility study (including market study report), plans, budgets, timetable and projected results and audited financial model;

		
		  	 (b)     satisfaction with third party construction, completion and completion support arrangements as the Lenders may
reasonably consider appropriate for international limited recourse project financing of projects of this nature in Macau;

		
		  	 (c)     execution of Project Documents (including the execution of the Subconcession and Macau SAR approval and
adoption thereof), Land Agreements and termination of SJM Lease Agreement with respect to Mocha Slots and any other SJM or SJM affiliate agreements (including any claims or any other liabilities in respect thereof) (the “SJM
Agreements”);

		
		  	 (d)     independent consultant reports (including technical, insurance, environmental, market consultants and others
to be appointed to act on behalf of the Lenders) typical for this type of facility in form and substance satisfactory to the CLAs;

		
		  	 (e)     legal, tax and accounting due diligence satisfactorily concluded;

		
		  	 (f)      satisfaction with the proposed management structure and operating standards to be applied by PBL Macau
and Great Wonders in connection with Crown Macau (and proposed to be applied in respect of City of Dreams and other projects);

		
		  	 (g)     relevant Macau Government and other authority approvals having been obtained for all Project Documents and
Finance Documents, including material permits and approvals in respect of the Corporate Restructuring and the Project;

		
		  	 (h)     the full Base Equity amount (including the amount of the High Yield Bond, but not including the Crown Macau
equity) has been injected into the Borrowers and, if utilised, fully utilised on the purchase of the Subconcession, the refinancing of the Subconcession Facility and/or meeting Project costs;

		
		  	 (i)      execution of all Finance Documents and evidence of all required registrations, filings, etc, required
to carry out the transactions contemplated by Finance Documents and perfection of the security package;

  

 - 33 - 

			
		  	 (j)      each of the corporate and bank guarantees referred to in Sponsor Support;

		
		  	 (k)     the scheduled Construction Completion Date is no later than [·] for stage 1 of the Project and [·] for the Project as a whole, as verified by
the Independent Technical Consultant;

		
		  	 (l)      except as otherwise included in paragraph (g) above, evidence of receipt of permits, etc, land
registrations (including approval, classification and registration of gaming zones)20 and compliance with procedural
and other regulatory requirements to be determined;

		
		  	 (m)    receipt of most recent (and not earlier than the last financial year to which audited reports have been prepared)
audited and, if more recent, most recent unaudited management or other financial statements for Melco Hotels, PBL Macau and Melco PBL International Limited, and compliance and other certificates;

		
		  	 (n)     evidence that the required insurances are in place;

		
		  	 (o)     the Accounts have been established;

		
		  	 (p)     no forecast funding shortfall, as verified by the Independent Technical Consultant;

		
		  	 (q)     certification by the Independent Technical Consultant as to the reasonableness of the construction budget and
the construction timetable;

		
		  	 (r)      execution of Hedging Letter and Hedging Agreements;

		
		  	 (s)     completion of Corporate Restructuring; and

		
		  	 (t)      satisfactory legal opinions.

		
	Conditions precedent and conditions subsequent to Drawdown under the Subconcession Facility	  	As set out in the Subconcession Facility Agreement.
		
	Conditions precedent to all drawings under the Project Facilities	  	As customary for a facility of this nature, including inter alia:

  

	20	We understand this to be a requirement under the Subconcession. Given that it fixes the scope
of potential reversion, Lenders will be concerned to secure at least in principle classification up front. Issue to be dealt with when drafting Finance Documents. 

  

 - 34 - 

			
		
	the Project Facilities	  	 (a)     drawdown certificate setting out details of sources and uses of proposed
drawdown, funds expended or payable since last drawdown, updated Project costs, variances and funds available since the then latest periodic report relating to the Project including certification of no forecast funding shortfall;
  
 (b)     in relation to drawdowns
the proceeds of which are to be used to meet costs for the gaming or non-gaming portions of the Project, as applicable, incurred or to be incurred under the relevant Construction Contract, a certificate from the Independent Technical Consultant
confirming such costs have been paid and should be reimbursed or are due and payable under that Construction Contract;

		
		  	 (c)     the Independent Technical Consultant has certified that it has no reason to believe that the then current
construction budget and the then current construction schedule are not accurate, in each case, in all material respects [(and each demonstrates the Construction Completion Date for stage 1 of the Project will be achieved on or before [•] and on
or before [•] for the Project as a whole)]; a

		
		  	 (d)     the ratio of Total Debt (including the High Yield Bond and the amount of the proposed drawing but
excluding any liabilities in respect of the agreements to be entered into with the Subconcession performance bond provider or City of Dreams land concession bond provider) to equity (excluding the High Yield Bond but not including the Net Operating
Cashflow Amount, if any) injected into the Borrowers and utilized on the purchase of the Subconcession or meeting Project costs, does not exceed 70:30; and

		
	Hedging	  	The Borrowers (in respect of the Facilities) and Melco PBL International (in the case of the High Yield Bond) will undertake a programme to hedge exposures to interest rate fluctuations under
the Facilities and the High Yield Bond.
		
		  	During the construction phase, the Borrowers (in respect of the Facilities) and Melco PBL International (in the case of the High Yield Bond) will hedge 85-90% of the interest rate exposure
based on an agreed notional drawdown profile.
		
		  	Following the Construction Completion Date for stage 1 of the Project, the Borrowers (in respect of the Facilities) and Melco PBL International (in the case of the High Yield Bond) will be
obliged to hedge 50-75% of interest rate exposure for the life of the Facilities and the expected life of the High Yield Bond.
		
		  	In addition, should the current peg for the HKD to the USD be abandoned, PBL Macau will also undertake a programme, reasonably satisfactory to the Lenders, to hedge exposures to currency
fluctuations under the Facilities.

  

 - 35 - 

			
		  	Further aspects of the scope of the hedging programme, pricing and instruments used will be developed, agreed and documented in a hedging letter between PBL Macau and the CLAs (the
“Hedging Letter”). The CLAs will, in accordance with the Hedging Letter, be the providers of the interest rate and foreign currency hedging required under the hedging programme on a joint and equal basis by way of Hedging
Agreements. The allocation of swaps between the Borrowers and the CLAs shall take into account applicable regulatory restrictions of individual CLAs with the overriding principle that swap exposures will be allocated equitably amongst the CLAs. The
CLAs, at their discretion, may allocate part of this hedging to banks committing to the Facilities during syndication.
		
		  	All hedging payment dates in respect of interest will coincide with interest payment dates. The Hedging Agreements will be secured on a pari passu basis (in a manner customary for projects of
this nature) with the Lenders.
		
	Covenants of the Primary Obligors	  	Customary for a financing of this nature (subject to materiality, thresholds, exceptions and adjustments to be agreed and, in the case of the Subconcession Facility, as set out in the
Facility Agreement therefor) including but not limited to:
		
		  	 (a)     comply with obligations under, and not to waive any rights or amend, the Subconcession acquisition
documents, the Project Documents or (without Majority Lender approval) enter into further material Project Documents other than the entering into of any new Lease Agreement in accordance with the criteria mentioned above under “Lessors and
Lease Arrangements”;

		
		  	 (b)     maintain insurance cover in accordance with the Insurance Programme;

		
		  	 (c)     provision of construction progress reports at monthly intervals prior to the Construction Completion Date
and notification to the Lenders of any event that may adversely affect the completion of the Project as scheduled;

		
		  	 (d)     not agree to material21 Project change orders or, unless funded by additional equity, other change orders, without Majority Lenders approval;

		
		  	 (e)     provision of quarterly management accounts, and annual audited financial statements, in each case, for
Melco Hotels, PBL Macau and Melco PBL International Limited, and annual budgets to establish agreed operating expenditures for the waterfall;

	21	Monetary thresholds to be discussed in drafting the Finance Documents.

  

 - 36 - 

					
		 	 (f)      compliance with proposed management structure and operating standards;

		
		 	 (g)     compliance with the Hedging Letter;

		
		 	 (h)     make payments in accordance with the waterfall;

		
	                                 
	 	 (i)      implement Corporate Restructuring (including the termination of all SJM Agreements) as soon
as practicable and, in any event, within four months of acquisition of the Subconcession;

		
		 	 (j)      From the end of the quarter falling immediately after the date falling 6 months after the
Construction Completion Date for stage 1 of the Project and tested quarterly thereafter on a 12 month rolling basis, comply with financial covenants including but not limited to the following (“Financial
Covenants”):

		
		 	Maximum Total Debt to Earnings Before Interest, Taxes, Depreciation & Amortization (“EBITDA”) Ratio:
			
		 	 Quarterly Date
 First to Fourth Quarterly Dates
 Fifth to Eighth Quarterly Dates
 Ninth to Eleventh Quarterly Dates
 Thereafter
	 	 Total Debt to EBITDA
 [5.25:1]
 [4.75:1]
 [3.75:1]
 [3.50:1]

		
		 	 Minimum Debt Service Coverage ratio (“DSCR”):

			
		 	 Quarterly Date
 First to Second Quarterly Dates
 Third to Fourth Quarterly Dates
 Thereafter
	 	 DSCR
 [1.10:1]
 [1.15:1]
 [1.25:1]

			
		 	  
 Minimum interest coverage
ratio:
	 	
			
		 	 Quarterly Date
 First eight Quarterly Dates
 Thereafter
	 	 Interest Coverage Ratio
 [2.00:1]
 [3.00:1]

		
		 	Maximum capital expenditures of US$[50] million p.a. for the first two years after the Construction Completion Date.
		
		 	Total Debt and EBITDA will be calculated on a consolidated basis and will include the High Yield Bond (notwithstanding it may be issued by Melco PBL International and the proceeds
thereof not advanced in full to the Borrowers) but will exclude any debt and earnings of Excluded Subsidiaries and any subordinated shareholders’ loan borrowed by the Borrowers or Guarantors, save for any dividend income received by PBL
Macau.

  

 - 37 - 

			
		 	 (k)     not, without the prior written consent of the Majority Lenders:

		
		 	 (a)     create or permit to subsist any mortgage, charge, pledge, lien or other form of encumbrance or security
interest upon the whole or any part of the undertaking, assets, property or revenues of the Primary Obligors, present or future, to secure any debt or any guarantee of or indemnity in respect of any debt other than the second ranking security over
shares in Intermediate Holdco and PBL Macau and each of its subsidiaries (other than any Excluded Subsidiaries) securing the High Yield Bond and other agreed permitted encumbrances including the cash deposit of MOP 2.29M securing performance of
Melco Hotels under the City of Dreams land concession, any pledge over shares in Great Wonders in favour of the Crown Macau Lenders and any shared security agreed in respect of the Gaming Receipts Account sub-account;

		
		 	 (b)     sell, lease, transfer or otherwise dispose of any of its assets except where such sale is conducted on an
arm’s length basis at a fair market value and provided that proceeds from such sale will be credited to the PBL Macau Payment Account or the Lessor Proceeds Account (as required) or otherwise used to prepay the Facilities pro rata and, as to
each Facility, in inverse order of maturity subject to reinvestment rights and other agreed exceptions;

		
		 	 (c)     make any payment of fees under any agreement with the Sponsors (or their affiliates) other than fees approved
by the Majority Lenders or (after the last day of the first full financial quarter beginning on or after the Construction Completion Date) in accordance with the waterfall or enter into agreements with the Sponsors or their affiliates except in
certain limited circumstances;

		
		 	 (d)     make investments other than within agreed upon limitations;22

		
		 	 (e)     make any loan or advance or guarantee indebtedness other than the issue of the High Yield Bond, the second
ranking subordinated guarantees in respect of the High Yield Bond from Intermediate Holdco and PBL Macau and each of its subsidiaries (other than any Excluded Subsidiaries) and the guarantee reimbursement obligations to Subconcession performance
bond provider, the arrangements for the cash deposit of MOP 2.29M securing the City of Dreams land concession and the Subconcession or within certain other agreed limitations;

  

	22	We would expect these to comprise customary permitted investments. 

  

 - 38 - 

			
		  	 (f)      incur additional indebtedness other than under the Pari Passu Revolving Credit Facility, trade
credits or within certain other agreed limitations and exceptions;

		
		  	 (g)     pay, make or declare any dividend or other distribution in respect of any financial year except where the
Distribution Tests are met;

		
		  	 (h)     create any subsidiaries other than (x) any Excluded Subsidiaries and (y) any other subsidiary incorporated
for the carrying out of all or any part of the Project as notified to the Lenders from time to time with appropriate security, undertaking and accession arrangements (to be agreed) or required for the implementation of the Corporate Restructuring
with (in each of the latter cases) the approval of the Majority Lenders;

		
		  	 (i)      procure that Crown Macau maintains its assets, including insurances over its
assets;

		
		  	 (j)      procure that Crown Macau does not incur additional financial indebtedness in addition to its existing
HK$1.28 billion facility, save within agreed limitations;23 and

		
		  	 (k)     preserve non-trading nature of Intermediate Holdco.

		
	Distribution Tests	  	Monies may be withdrawn and applied by the relevant group members entitled thereto from the Distribution Account once in each semi-annual period if:
		
		  	 (a)     the Financial Covenants are being complied with;

		
		  	 (b)     all Accounts are funded to the required level;

		
		  	 (c)     the DSCR as at the most recent test date is greater than 1.25x;

		
		  	 (d)     the Sponsor Support Release Date has occurred;

		
		  	 (e)     the first Repayment has been made; and

		
		  	 (f)      no Event of Default or potential Event of Default is continuing or is likely to occur as a result of
making the Distribution.

  

	23	Limitations may not just reflect what is Crown Macau facility given importance of Crown Macau
derived revenues for this credit. 

  

 - 39 - 

			
	Events of Default	 	Customary for a financing of this nature and with materiality, thresholds, cure periods and exceptions appropriate to the Primary Obligors and a transaction of this nature to be agreed (and,
in the case of the Subconcession Facility, as set out in the Facility Agreement therefor) including but not limited to:
		
		 	 (a)     Non-payment of principal, interest, fees or other amounts when due; misrepresentations; breach of
Financial Covenants; breach of other covenants; breach of Sponsor support and other obligations (including rating downgrade below BBB+ (stable) by S&P (or equivalent by Moody’s) and failure to replace within 30 days with guarantee rated A-
or above by S&P (or equivalent by Moody’s)); cross default; insolvency/bankruptcy events; judgments; actual or asserted invalidity of any Finance Document; termination, cancellation or invalidity of Project Documents; breach of Project
Documents (including but not limited to the Subconcession (including any administrative intervention), the Land Agreements, the tripartite agreements, the Lease Agreements, the Construction Contracts, the Hotel Management Agreements, any material
facilities managements contracts; termination, sequestration or suspension (or any formal steps therefor) of the Subconcession or Land Agreements; violation of or failure to hold permits/licences including until the Sponsor Support Release Date a
home country gaming licence of a Sponsor; failure to commence construction by a certain specified date; completion of construction of the Project does not occur by certain specified dates (or Independent Technical Adviser reasonably determines
unlikely to occur); abandonment of all or any material part of the Project; forecast funding shortfall not cured within a grace period to be agreed; cessation, avoidance or unavailability of insurance; expropriation; change in law which deprives any
Primary Obligor of the use of its property, prevents it from conducting its business as previously conducted or might otherwise reasonably be expected to have a material adverse effect; force majeure; material adverse change.

		
		 	 (b)    Any of the following “Change of Control Events” occurs:

		
		 	 (i)      change in the group shareholding structure prior to the Construction Completion Date except for
changes contemplated by the Corporate Restructuring or (provided always the Sponsors continue not to breach sub-paragraphs (ii)(y) or (iv) below) the Permitted Public Offering;

  

 - 40 - 

			
		  	 [(ii)   Sponsors cease collectively to beneficially own, directly or indirectly in the aggregate, (x) at any time prior to
the Sponsor Support Release Date, at least 90% or, following the Permitted Public Offering, 65% (measured by voting power) and 90% or, following the Permitted Public Offering, 65% (measured by size of equity interest) of the outstanding Capital
Stock of PBL Macau, (y) after the Sponsor Support Release Date, at least 51% (measured by voting power) and at least 51% (measured by size of equity interest) of the outstanding Capital Stock of PBL Macau, or (z) at any time PBL ceases to own at
least 50% of the Sponsors’ combined percentage of the outstanding Capital Stock of the PBL Macau;]

		
		  	 (iii)   prior to any Permitted Public Offering, the Sponsors cease collectively to have, directly or indirectly, the power
to direct the management and operations of PBL Macau, including the power to appoint or remove all, or the majority, of the board of directors of PBL Macau; or

		
		  	 (iv)    there ceases to be a majority of directors on the board of PBL Macau who were elected with the approval of a
majority of the directors of Melco PBL Entertainment whose election to the board of Melco PBL Entertainment was in turn approved by the Sponsors collectively (or by directors whose election was approved by the Sponsors
collectively),

		
		  	provided that for the purposes of this definition, PBL shall be treated as owning 100% of the Capital Stock of Mancon Nominees Pty Limited so long as PBL owns at least 99.99% of the Capital
Stock of Mancon Nominees Pty Limited and this definition and the criteria set out in this definition shall be read and construed accordingly.
		
	Yield Protection	  	All payments by the Borrowers and the Guarantors under the Finance Documents will be made free and clear of all present and future taxes, levies, imposts, charges, deductions, and
withholdings of whatsoever nature. If a Borrower and/or Guarantor are required by law to withhold or deduct any taxes, they will pay such additional amounts as are necessary to ensure that the net amount received by the recipient is equal to the
full amount which would have been received by the recipient had no such deduction or withholding been required. Yield protection for increased capital and liquidity costs and an indemnity for break funding costs will also be included. Customary
exceptions to be agreed.
		
	Governing Law	  	The Facility Agreements, any common terms and intercreditor agreements, the Deed of Appointment and Priority, the Subordination Deed, the PBL Asia Call Option and the PBL Asia Undertaking and
other Sponsor undertakings will be governed by the laws of England.
		
		  	Other security documentation will be governed by the laws of Macau, Hong Kong, New South Wales (in the case of PBL) or England, as appropriate.

  

 - 41 - 

			
	Documentation	  	The availability of the Facilities will be subject to the negotiation and execution of mutually satisfactory facility and security documentation. Terms and conditions of the facility
documentation will incorporate clauses standard for a project finance facility.
		
	Transfers	  	Each Lender will have the right to transfer or assign, without restriction, all or a portion of its rights and obligations under the relevant loan agreement, provided that any assignment or
transfer by a Lender will be in a minimum aggregate amount (for such assignment or transfer) of US$5 million (or the equivalent thereof in another currency) or, if less, such Lender’s entire commitment or its entire share of the loans under the
Facilities and, in the case of the Subconcession Facility, save where any such transfer is made to another original Lender thereunder or an Event of Default has occurred which is continuing, no such transfer will be permitted without the consent of
PBL Macau prior to 30 April 2007 and thereafter, with consultation.
		
		  	Upon such transfer or assignment, the transferee or assignee will become a Lender for all purposes of the loan documentation. However, if any such transfer or assignment results in tax
gross-up or increased cost on the relevant Borrower by reason of the circumstances subsisting as at the date of transfer/assignment, the transferee/assign would only be entitled to claim such tax gross-up or increased cost to the extent of the
entitlement of the transferring/assigning Lender.

  

 - 42 - 

 Schedule of Definitions 
  

			
	Accounts	  	The Gaming Receipts Account, the Taxation Account, the PBL Macau Payment Account, the Licensee Proceeds Account, the DSAA, the High Yield Bond DSAA, the DSRA, the High Yield Bond DSRA, the
Mandatory Prepayment Account, the Distribution Account and any Disbursement Account.
		
	Construction Completion Date:	  	To follow due diligence. To include the issue of occupancy certificates for the entire Project, the premises being fully furnished, equipped and open for business, and final approvals having
been received.
		
	Construction Contracts:	  	To be discussed, including requirements for single head contractor, minimum contract terms (including fixed and/or guaranteed maximum price components) and potential need for Sponsor equity and
performance support.
		
	Contractor[s]:	  	A party or parties to be appointed by Melco Hotels with the consent of the Intercreditor Agent (such consent not to be unreasonably withheld or delayed if the Contractor is reputable in terms of
experience, resources and credit worthiness etc).
		
	Corporate Restructuring	  	The restructuring of the direct and indirect shareholdings in, and assets and businesses of the Primary Obligor group in accordance with the memorandum attached or as may otherwise be approved
by the Macau SAR and the Lenders.
		
	Debt Service Accrual Account (“DSAA”):	  	 Payments will be made into the DSAA to the extent that the amount standing to the credit of the DSAA (split between US$ and HK$ accounts):

 
 i)        as at
the end of the first month of each quarter, is not less than one-third of the aggregate amount of interest and principal (if any) due (in the relevant currency) under the Facilities and the permitted Hedge Agreements on the next payment
date;
  
 ii)      as at the end of the second month of each quarter, is not less than two-thirds of the aggregate amount of interest and principal (if any) due (in the relevant currency) under the Facilities and Hedge
Agreements on the next payment date; and
  
 iii)     as at the end of the third month of each quarter, is not less than the aggregate amount of interest and principal (if any) due (in the relevant currency) under the Facilities and Hedge Agreements on such
payment date.
  
 Payments will be made into the High Yield Bond DSAA on a similar basis to
ensure build-up in each month over each semi-annual period of balance equal to that period’s scheduled interest payment.

		
	Debt Service Reserve Account (“DSRA”):	  	Payments will be made into the DSRA to the extent that the amount standing to the credit of the DSRA (split between US$ and HK$ accounts) is equal to the aggregate amount of interest and
principal due (in the relevant currency) (including under the Hedge Agreements) on the Facilities on the next two repayment dates and, in the case of the High Yield Bond DSRA, schedule interest due on the High Yield Bond on its next interest payment
date.

  

 - 43 - 

			
	Excluded Subsidiaries:	  	Mocha Slot Group Limited and its subsidiaries, Great Wonders, its future subsidiaries (if any) and/or any hotel management company (namely, Melco PBL Hotel (Crown Macau) Limited (which, as at
the date hereof, is a wholly owned subsidiary of Melco PBL Entertainment (Greater China) Limited) designated solely for the managing and maintenance of the business operations of the Crown Macau hotel), the Third Casino Company and any other
existing or future direct or indirect subsidiary of Melco PBL International Ltd which, in each case, is funded by non-recourse debt which is not guaranteed by any Primary Obligor and/or by equity which does not constitute Base Equity or Contingent
Equity and, if contributed by any Primary Obligor, is contributed out of any dividend or distribution which satisfies the Distribution Tests.
		
	Finance Documents:	  	 i)        Subconcession Facility Agreement
  
 ii)      Facility Agreements
and Common Terms Agreement or composite Senior Facilities Agreement
  
 iii)     Guarantees
  
 iv)     Intercreditor Agreement
  
 v)      Security Documents (including the other documents referred to in
“Security”)

		
	Financial Model:	  	The Financial Model of the Borrowers, which shall be agreed as to assumptions by the CLAs and audited as to its mathematical integrity by the Financial Model Auditor.
		
	Hedge Agreements:	  	Currency (if any) and / or interest rate hedge agreements entered into as contemplated under “Hedging” and as permitted under the Finance Documents.
		
	High Yield Bond:	  	The US$600 million (or such larger amount as may be agreed) notes, issued by Melco PBL International Limited and with a maturity of not less than 6 months more than that of the
Facilities.24
		
	Hotel Management Agreement:	  	Each agreement between Melco Hotels or other subsidiaries of Melco PBL International Ltd and Hyatt of Macau or the Hard Rock Group respectively or any other hotel operator approved by the
Facility Agent providing for the operation and marketing of one or more of the hotel facilities.
		
	Insurance Programme:	  	To be agreed for the construction and operation phases based on the recommendations of the insurance adviser.
		
	Intercreditor Agreement:	  	The intercreditor agreement between the trustee for the High Yield Bond, the Lenders and others.

  

	24	Details to be confirmed. To the extent that High Yield Bond is not available for the full
US$600 million or is not proceeded with, alternate sources to be considered subject to review and amendment (as required) of security and intercreditor arrangements. 

  

 - 44 - 

			
	Pari Passu Revolving Credit Facility:	  	A revolving credit facility or a number of revolving credit facilities in the aggregate amount no greater than US$25 million (or its equivalent in HK$ or MOP) made available by one or more
lenders (each, an “RC Lender”) on [financial] terms no more favourable to the RC Lender(s) than the terms set out in this term sheet, to be made available to the City of Dreams from the Construction Completion Date for stage 1 of the
Project. Each such revolving credit facility may be secured on a pari passu basis on the Security subject to the accession by the RC Lender to the intercreditor and security sharing arrangements among the senior lenders, and, for such purposes,
references to “Lenders” shall include RC Lender(s).
		
	Permitted Public Offering	  	The initial public offering of ordinary shares in Melco PBL Entertainment (Macau) Limited and the listing thereof on the NASDAQ Stock Market and any subsequent primary or secondary offering of
ordinary shares in Melco PBL Entertainment (which, following allotment, will comprise, in aggregate, including the initial offering, no more than 35% of the then outstanding capital stock of Melco PBL Entertainment (Macau) Limited).
		
	Primary Obligor	  	Each Borrower and Guarantor (with the exception of the Excluded Subsidiaries).
		
	Project Documents:	  	 i)        Subconcession (and any guarantees or performance bonds
thereunder) and any agreement relating thereto with Macau SAR;
  
 ii)      Land Agreements (and any guarantees or performance bonds thereunder);
  
 iii)     Lease Agreements;
  
 iv)     the Construction
Contract(s);
  
 v)       the Contractor’s completion guarantee by its [ultimate] parent company (if any);
  
 vi)     performance bond issued in respect of the Contractor’s obligations under the relevant
Construction Contract(s) or from any other contractor;
  
 vii)    the Hotel Management Agreements;
  
 viii)   [IP Agreements];
  
 ix)     the PBL Asia Call Option
  
 x)       [others to be agreed]25.

		
	Subconcession Facility Trigger Date	  	31 December 2007.

  

	25	Sponsors/RB and CC to generate an updated list of Project Documents during drafting of the
Finance Documents. 

  

 - 45 -Registration Rights Agreement

 Exhibit 4.1 
  

 REGISTRATION RIGHTS AGREEMENT 
 by and among 
 WINN-DIXIE STORES, INC. 
 and 
 THE HOLDERS NAMED HEREIN

  

 Dated as of
December 5, 2006 
  

  

 Table of Contents 
  

							
	 	 	 	 	 	  	Page
	1.    	 	Definitions	  	1
	2.	 	Securities Act Registration on Request.	  	4
	3.	 	Piggyback Registration.	  	5
	4.	 	Expenses.	  	6
	5.	 	General.	  	7
		 	(a)    	 	Registration of Other Securities.	  	7
		 	(b)	 	Registration Statement Form.	  	7
		 	(c)	 	Effective Registration Statement.	  	7
		 	(d)	 	Selection of Underwriters.	  	8
		 	(e)	 	Priority in Requested Registration.	  	8
		 	(f)	 	Registration Procedures.	  	8
	6.	 	Underwritten Offerings.	  	13
		 	(a)	 	Requested Underwritten Offerings	  	13
		 	(b)	 	Piggyback Underwritten Offerings: Priority.	  	13
		 	(c)	 	Selling Holders to be Parties to Underwriting Agreement.	  	15
		 	(d)	 	Holdback Agreements.	  	15
	7.	 	Preparation: Reasonable Investigation.	  	16
		 	(a)	 	Registration Statements.	  	16
		 	(b)	 	Confidentiality.	  	17
	8.	 	Postponements and Suspensions.	  	17
		 	(a)	 	Postponements and Suspensions.	  	17
		 	(b)	 	Withdrawal Right; Expenses	  	18
		 	(c)	 	Certain Exceptions.	  	18
		 	(d)	 	Limitation.	  	18
	9.	 	Indemnification.	  	18
		 	(a)	 	Indemnification by the Company.	  	18
		 	(b)	 	Indemnification by the Offerors and Sellers.	  	19
		 	(c)	 	Notices of Losses, etc.	  	20
		 	(d)	 	Contribution.	  	20
		 	(e)	 	Indemnification Payments.	  	21
		 	(f)	 	Other Indemnification.	  	21
		 	(g)	 	Survival.	  	21
	10.	 	Registration Rights to Others.	  	21
	11.	 	Rule 144.	  	22
	12.	 	Amendments and Waivers.	  	22
	13.	 	Nominees for Beneficial Owners.	  	22
	14.	 	Assignment.	  	22
	15.	 	Calculation of Percentage or Number of Shares of Registrable Common Stock.	  	23
	16.	 	Notice of Registrable Common Stock Holdings.	  	23
	17.	 	Termination of Registration Rights.	  	23
	18.	 	Applicability of Charter and By-laws.	  	23
	19.	 	Miscellaneous.	  	24
		 	(a)	 	Further Assurances	  	24

  

 i 

							
	 	 	 	 	 	  	Page
	      	 	(b)    	 	Headings.	  	24
		 	(c)	 	Remedies.	  	24
		 	(d)	 	Submission to Jurisdiction.	  	24
		 	(e)	 	Waiver of Jury Trial.	  	24
		 	(f)	 	Service of Process.	  	25
		 	(g)	 	Entire Agreement.	  	25
		 	(h)	 	Notices.	  	25
		 	(i)	 	Governing Law.	  	26
		 	(j)	 	Severability.	  	26
		 	(k)	 	Counterparts.	  	26

  

 ii 

 SCHEDULES: 
 SCHEDULE A
– HOLDERS OF REGISTRABLE COMMON STOCK 
 SCHEDULE B – NOTICES 
  

 iii 

 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT, dated as of December 5, 2006 (this “Agreement”), by and among Winn-Dixie Stores, Inc., a Florida
corporation (the “Company”), and the holders of Registrable Common Stock (as hereinafter defined) who are listed on Schedule A to this Agreement (the “Original Holders”) and such other Persons who may become a party
hereto pursuant to Section 14 hereof (together with the Original Holders, the “Holders”). 
 This Agreement is being
entered into in connection with the acquisition of Common Stock (as hereinafter defined) by the “Original Holders” pursuant to the Plan (as hereinafter defined). Upon the issuance of the Common Stock pursuant to the Plan, each
Original Holder will own shares of Common Stock of the Company, an estimate of which is set forth with respect to such Original Holder in Schedule A hereto. 
 As provided for in the Plan, the Company is herewith agreeing to register Registrable Common Stock (as hereinafter defined) under the Securities Act (as hereinafter defined) and to take certain other actions with
respect to the Registrable Common Stock, subject to the terms and conditions of this Agreement. 
 In consideration of the premises and the
mutual agreements set forth herein, the parties hereto hereby agree as follows: 
 1. Definitions. Unless otherwise defined herein,
capitalized terms used herein and in the recitals above shall have the following meanings: 
 “Affiliate” of a Person means
any Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such other Person. For purposes of this definition, “control” means the ability of one
Person to direct the management and policies of another Person, directly or indirectly through one or more intermediaries whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning set forth in the preamble hereto. 
 “Automatic Shelf Registration Statement” shall mean a registration statement filed by a Well-Known Seasoned Issuer which shall become
effective upon filing thereof pursuant to General Instruction I.D for Form S-3. 
 “Business Day” means any day except a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to be closed. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Common Stock” means the shares
of common stock, par value $0.001, of the Company, as adjusted to reflect any merger, consolidation, recapitalization, reclassification, split-up, stock dividend, rights offering or reverse stock split made, declared or effected with respect to the
Common Stock. 
 “Company” has the meaning set forth in the preamble hereto. 

 “Company Indemnitee” has the meaning set forth in Section 9(a) hereof. 

“Effective Date” means the effective date of the Plan pursuant to the terms thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, or any similar or
successor statute. 
 “Expenses” means all expenses incident to the Company’s performance of or compliance with its
obligations under this Agreement, including, without limitation, (i) all registration, filing, listing, stock exchange and NASD fees and expenses (including, without limitation, all fees and expenses of any “qualified independent
underwriter” required by the rules of the NASD), (ii) all fees and expenses of complying with state securities or blue sky laws (including the reasonable fees, disbursements and other charges of counsel for the underwriters in connection
with blue sky filings), (iii) all word processing, duplicating and printing expenses, messenger, telephone and delivery expenses, (iv) all rating agency fees, (v) the fees, disbursements and other charges of counsel for the Company
and of its independent public accountants, including the expenses incurred in connection with “cold comfort” letters required by or incident to such performance and compliance, (vi) the reasonable fees, disbursements and other charges
of one firm of counsel and one firm of accountants to the Holders selling shares of Registrable Common Stock under such registration statement pursuant to Section 2 or Section 3 hereof (selected by the Holders holding a majority of the
shares of Registrable Common Stock covered by such registration), (vii) premiums and other costs of policies of insurance against liabilities arising out of a Public Offering of the Registrable Common Stock being registered, and (viii) any
fees and expenses of any special experts retained by the Company in connection with such registration, and the fees and expenses of other persons retained by the Company, including any fees and disbursements of underwriters customarily paid by
issuers or sellers of securities, but excluding in all events underwriting discounts and commissions and applicable transfer taxes in respect of shares of Registrable Common Stock covered by such registration, if any, which fees, discounts,
commissions and transfer taxes shall be borne by the Selling Holder or Selling Holders of Registrable Common Stock in all cases; provided, however, that in no event shall the Company have the obligation to pay Expenses in excess of
$50,000 in the aggregate per registration statement for the matters contained in clauses (vi) and (vii) above. 
 “Holders” has the meaning set forth in the preamble hereto. 
 “Holder Indemnitee” has the meaning
set forth in Section 9(b) hereof. 
 “Initiating Request” has the meaning set forth in Section 2 hereof.

 “Loss” and “Losses” have the meanings set forth in Section 9(a) hereof. 
 “NASD” means the National Association of Securities Dealers, Inc. 
 “Offering Documents” has the meaning set forth in Section 9(a) hereof. 
 “Original Holders” has the meaning set forth in the preamble hereto. 
  

 2 

 “Permitted Securities” means Common Stock or other capital stock of the Company issued
after the Effective Date in connection with equity investments in the Company or its subsidiaries or acquisitions for which the Company’s board of directors has approved the granting of registration rights. 
 “Person” means any individual, corporation, limited liability company, partnership, firm, joint venture, association, joint stock
company, trust, unincorporated organization, governmental or regulatory body or subdivision thereof or other entity. 
 “Piggyback
Requesting Holder” has the meaning set forth in Section 3 hereof. 
 “Plan” means the Plan of Reorganization
under Chapter 11 of the United States Bankruptcy Code for the Company and certain of its domestic subsidiaries, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof. 
 “Public Offering” means a public offering and sale of Common Stock pursuant to an effective registration statement under the Securities
Act. 
 “Registrable Common Stock” means any shares of the Common Stock issued pursuant to the Plan and owned by the Holders
from time to time, including shares of Common Stock acquired by a Holder in privately negotiated transactions subsequent to the Effective Date, but excluding shares of Common Stock acquired by a Holder subsequent to the Effective Date in
transactions effected on a national securities exchange or in the over-the-counter market, provided, however, that a share of Common Stock will cease to be Registrable Common Stock if (a) a registration statement covering such
share of Common Stock has been declared effective by the Commission and such share of Common Stock has been sold or disposed of pursuant to such effective registration statement, (b) such share of Common Stock has been sold or disposed of
pursuant to Rule 144 (or any successor rule) under the Securities Act, (c) such share of Common Stock is eligible for resale pursuant to Rule 144 and the Holder thereof does not then beneficially own more than 1% of such class of securities,
(d) such share of Common Stock has been Transferred to a Person who is not (and does not become as a result of such Transfer) a Holder, (e) such share of Common Stock is held by the Company or any of its subsidiaries, or (f) such
share of Common Stock ceases to be outstanding. 
 “Requesting Holder” means one or more Holders which, together with their
Affiliates, collectively beneficially own Registrable Common Stock representing at least 5% of the shares of Common Stock issued pursuant to the Plan. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar or successor statute. 
 “Selling Holders” means the Holders of that have requested that some or all of their shares of Registrable Common Stock be registered
pursuant hereto. 
 “Transfer” means any transfer, sale, assignment, pledge, hypothecation or other disposition of any
interest. “Transferor” and “Transferee” have correlative meanings. 
  

 3 

 “Well-Known Seasoned Issuer” shall have the meaning set forth in Rule 405 under the Act.

 2. Securities Act Registration on Request. 
 At any time and from time to time, a Requesting Holder may make a written request (the “Initiating Request”) to the Company for the registration with the Commission under the Securities Act of all or
part of such Requesting Holder’s Registrable Common Stock, which Initiating Request shall specify the number of shares to be disposed of by such Requesting Holder and the proposed plan of distribution therefor. Upon the receipt of any
Initiating Request for registration pursuant to this Section 2, the Company promptly (and in any event within three Business Days after receipt of such request) shall notify in writing all other Holders of the receipt of such Initiating Request
and will, subject to the terms hereof, file a registration statement on or before the date that is 90 days after the date that the initial Initiating Request is received by the Company, and 60 days after any subsequent Initiating Request is received
by the Company and otherwise use its best efforts to effect, at the earliest practicable date, such registration under the Securities Act of (x) the Registrable Common Stock which the Company has been so requested to register by such Requesting
Holder, and (y) all other Registrable Common Stock which the Company has been requested to register by any other Holders by written request given to the Company within 30 days after the giving of written notice by the Company to such other
Holders of the Initiating Request, all to the extent necessary to permit the disposition (in accordance with Section 5(c) hereof) of the Registrable Common Stock so to be registered; provided, that: 
 (A) the Company shall not be required to effect more than a total of three registrations pursuant to this Section 2, 
 (B) if the Company shall have previously effected a registration pursuant to this Section 2 or shall have previously effected a
registration of which notice has been given to the Holders pursuant to Section 3 hereof following the effectuation of a registration pursuant to this Section 2, the Company shall not be required to effect any registration or file a
registration statement pursuant to this Section 2 until a period of 180 days shall have elapsed from the effective date of such previous registration, 
 (C) any Holder whose Registrable Common Stock was to be included in any such registration pursuant to this Section 2, by written notice to the Company, may withdraw such request and, on receipt of such notice of
the withdrawal of such request from Holders holding a percentage of Registrable Common Stock, such that the Holders that have not elected to withdraw do not hold, in the aggregate, the requisite percentage of the Registrable Common Stock to initiate
a request under this Section 2, the Company shall not effect such registration, and 
 (D) the Company shall not be
required to effect any registration pursuant to this Section 2 unless at least 5% of the shares of Common Stock issued pursuant to the Plan are to be included in such registration. 
  

 4 

 3. Piggyback Registration. 
 If the Company proposes to file a registration statement under the Securities Act (other than a registration statement (x) on Form S-4 or S-8 or any
substitute form that may be adopted for Form S-4 or S-8 by the Commission or (y) in connection with an exchange offer or offering of securities solely to the Company’s existing securityholders) with respect to an offering by the Company of
equity securities of the Company or securities convertible or exchangeable into equity securities of the Company for its own account or for the account of a holder of any such security, it shall give prompt written notice to all of the Holders of
the Registrable Common Stock of its intention to do so and of such Holders’ rights (if any) under this Section 3, which notice, shall be given at least 15 days prior to such proposed registration. Upon the written request of any Holder of
Registrable Common Stock receiving notice of such proposed registration (a “Piggyback Requesting Holder”) made within 7 days after the receipt of any such notice which request shall specify the Registrable Common Stock intended to
be disposed of by such Piggyback Requesting Holder (which may be all or any portion of such Holder’s Registrable Common Stock) and, in the case of an underwritten offering the minimum offering price per share at which such Piggyback Requesting
Holder is willing to sell its Registrable Common Stock, the Company shall, subject to Section 6(b) hereof, effect the registration under the Securities Act of all Registrable Common Stock which the Company has been so requested to register by
the Piggyback Requesting Holders thereof; provided, that: 
 (A) prior to the effective date of the registration
statement filed in connection with such registration pursuant to this Section 3, promptly (and in any event within 2 Business Days) following receipt of notification, if any, by the Company from the managing underwriter (if an underwritten
offering) of the price or range of prices at which such securities are proposed to be sold, the Company shall so advise each Piggyback Requesting Holder of such price; 
 (B) any Piggyback Requesting Holder may withdraw all of its Registrable Common Stock requested by such Piggyback Requesting Holder to be
included in such registration statement at any time prior to the earlier of (x) the execution and delivery of any underwriting agreement with respect to the applicable offering or (y) the date of effectiveness of the registration statement
in respect of such registration, by delivery of written notice of such withdrawal to the Company as promptly as practicable, without prejudice to the rights of any Holder or Holders to include Registrable Common Stock in any future registration (or
registrations) pursuant to this Section 3 or to cause such registration to be effected as a registration under Section 2 hereof, as the case may be; 
 (C) if at any time after giving written notice of its intention to register any securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of all of such securities, the Company may, at its election, give written notice of such
determination to each Piggyback Requesting Holder and (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Common Stock in connection with such registration (but not from any
obligation of the Company to 
  

 5 

 pay the Expenses in connection therewith), without prejudice, however, to the rights of any Holder to
include Registrable Common Stock in any future registration (or registrations) pursuant to this Section 3 or to cause such registration to be effected as a registration under Section 2 hereof, as the case may be, and (ii) in the case
of a determination to delay registering, shall be permitted to delay registering any Registrable Common Stock, for the same period as the delay in registering such other securities; and 
 (D) if such registration was initiated by the Company for its own account and involves an underwritten offering, each Piggyback Requesting
Holder that does not withdraw its request as provided in Section 3(B) shall sell its Registrable Common Stock on the same terms and conditions as those that apply to the Company, and the underwriters of such underwritten offering (including the
Registrable Common Stock sold by each Piggyback Requesting Holder) shall be an underwriter (or underwriters) selected by the Company in its sole and absolute discretion. 
 No registration effected under this Section 3 shall relieve the Company of its obligation to effect any registration upon request under Section 2 hereof and no registration effected pursuant to this
Section 3 shall be deemed to have been effected pursuant to Section 2 hereof. 
 Notwithstanding anything in this Agreement to the
contrary, the Company shall have no obligation under this Section 3 to make any offering of its securities, or to complete an offering of its securities that it proposes to make, and shall incur no liability to any Holder for its failure to do
so, except for any liability to pay Expenses. 
 4. Expenses. 
 (a) Subject to Section 4(c), the Company shall pay all Expenses in connection with any registration initiated pursuant to Section 2 or 3 hereof,
whether or not such registration shall become effective and whether or not all or any portion of the Registrable Common Stock originally requested to be included in such registration is ultimately included in such registration. 
 (b) Notwithstanding anything in subsection (a) to the contrary, the Company shall not be required to pay for any Expenses of any registration
proceeding begun pursuant to Section 2 if the registration request is subsequently withdrawn at the request of Holders of a majority of the Registrable Common Stock to be registered (in which case all participating Holders shall bear such
expenses pro rata based upon the number of shares of Registrable Common Stock that were to be requested in the withdrawn registration), unless the Holders of a majority of the Registrable Common Stock agree to forfeit their right to one demand
registration pursuant to Section 2 or a registration request is withdrawn pursuant to Section 8(a) hereof. 
 (c) Notwithstanding
anything else in this Agreement to the contrary, in no event shall the Company have the obligation to pay Expenses in excess of $50,000 in the aggregate per registration statement for the matters contained in clauses (vi) and (vii) of the
definition of Expenses in Section 1 above. 
  

 6 

 5. General. 
 (a) Registration of Other Securities. Whenever the Company shall effect a registration pursuant to Section 2 hereof, no securities other than (i) Registrable Common Stock, (ii) subject to
Section 5(e), Common Stock to be sold by the Company for its own account and (iii) Permitted Securities shall be included among the securities covered by any such registration pursuant to Section 2 unless the Selling Holders holding
not less than a majority of the shares of Registrable Common Stock to be covered by such registration shall have consented in writing to the inclusion of such other securities, which consent shall not be unreasonably withheld. If any securityholders
of the Company (other than the Holders of Registrable Common Stock in such capacity) register securities of the Company in a registration statement to be filed pursuant to Section 2, such securityholders shall pay the fees and expenses of their
counsel and their pro rata share, on the basis of the respective amounts of the securities included in such registration on behalf of each such securityholder, of the Expenses for such registration if such Expenses are not paid by the Company for
any reason. 
 (b) Registration Statement Form. Registrations under Section 2 hereof shall be on such appropriate registration
form prescribed by the Commission under the Securities Act as shall be selected by the Company and as shall permit the disposition of the Registrable Common Stock pursuant to an underwritten offering. The Company agrees to use its reasonable best
efforts to include in any such registration statement filed pursuant to Section 2 or 3 hereof all information which Selling Holders holding a majority of shares of the Registrable Common Stock covered by such registration statement effected
pursuant hereto, upon advice of counsel, shall reasonably request. The Company may, if permitted by law, effect any registration requested under Section 2 by the filing of a registration statement on Form S-3 (or any successor or similar short
form registration statement), including an Automatic Shelf Registration Statement. 
 (c) Effective Registration Statement. A
registration requested pursuant to Section 2 hereof shall not be deemed to have been effected 
 (i) unless a
registration statement with respect thereto has been declared effective by the Commission (or, in the case of an Automatic Shelf Registration Statement, has become effective) and remains effective in compliance with the provisions of the Securities
Act and the laws of any state or other jurisdiction applicable to the disposition of Registrable Common Stock covered by such registration statement until such time as all of such Registrable Common Stock has been disposed of in accordance with the
method of disposition set forth in such registration statement or there shall cease to be any Registrable Common Stock, provided, that such period need not exceed 180 days, 
 (ii) if, after it has become effective, such registration is interfered with by any stop order, injunction, notice or other order or
requirement of the Commission or other governmental or regulatory agency or court for any reason other than a violation of applicable law or regulation solely by any Selling Holder and has not thereafter become effective or 
  

 7 

 (iii) if, in the case of an underwritten offering pursuant to a registration statement
requested under Section 2 hereof, the conditions to closing specified in an underwriting agreement to which the Company is a party (other than conditions to the underwriters’ obligations relating expressly to Selling Holders that are not
typical in underwritten offerings) are not satisfied or waived other than by reason of any breach or failure by any Selling Holder, or are not otherwise waived. 
 The Holders of Registrable Common Stock to be included in a registration statement may at any time terminate a request for registration made pursuant to Section 2 in accordance with Section 2(c). 

(d) Selection of Underwriters. The underwriter or underwriters of each underwritten offering, if any, of the Registrable Common Stock pursuant
to a registration statement effected under Section 2 hereof shall be an investment banking firm of national standing selected by the Company with the consent of Selling Holders holding a majority of the shares of Registrable Common Stock to be
included in such underwritten offering, which consent shall not be unreasonably withheld, delayed or conditioned. 
 (e) Priority in
Requested Registration. If a registration under Section 2 hereof involves an underwritten Public Offering and the managing underwriter of such underwritten offering shall advise the Company in writing (in which case, the Company shall
advise the Selling Holders in writing) that if all of the securities requested to be included in such registration were so included, in its opinion, the number and type of securities proposed to be included in such registration would exceed the
number and type of securities which would be sold in such offering within a price range acceptable to the Company and the Selling Holders owning at least a majority of the shares of Registrable Common Stock covered by such registration, the Company
shall include in such underwritten offering, to the extent of the number and type of securities which the Company is advised can be sold in such offering, (i) first, all Registrable Common Stock requested to be included, pro rata among the
Selling Holders requested to be included in such underwritten offering on the basis of the number of shares of Registrable Common Stock requested to be included by all such Selling Holders, (ii) second, Permitted Securities requested to be
registered by the holders of Permitted Securities pro rata among the holders of Permitted Securities on the basis of the number of Permitted Securities requested to be registered by the holders of all such Permitted Securities and (iii) third,
securities that the Company proposes to issue and sell for its own account (unless the holders of a majority of the Permitted Securities requested to be registered by holders of Permitted Securities consent to the inclusion of the Company’s
securities on a pro rata basis with the Permitted Securities requested to be registered by the holders of Permitted Securities). 
 (f)
Registration Procedures. If and whenever the Company is required to effect any registration under the Securities Act as provided in Sections 2 and 3 hereof, the Company shall, as expeditiously as possible: 
 (i) prepare and file with the Commission (promptly and, in the case of any registration pursuant to Section 2, in any event on or
before the date that is (A) 90 days after the date the initial Initiating Request is received by the Company, and 60 days after any subsequent Initiating Request is received by the Company or (B) if, as of such 
  

 8 

 ninetieth or sixtieth day, as appropriate, the Company does not have any audited financial statements
required to be included in the registration statement, 30 days after the receipt by the Company from its independent public accountants of such audited financial statements, which the Company shall use its reasonable best efforts to obtain as
promptly as practicable) the requisite registration statement to effect such registration and thereafter use its best efforts to cause such registration statement to become (in the case of registration statements other than Automatic Shelf
Registration Statements, which shall be automatically effective) and remain effective; provided, however, that the Company may discontinue any registration of its securities that are not shares of Registrable Common Stock (and, under
the circumstances specified in Sections 3 and 8(b) hereof, its securities that are shares of Registrable Common Stock) at any time prior to the effective date of the registration statement relating thereto; 
 (ii) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Common Stock covered by such
registration statement until such time as all of such Registrable Common Stock has been disposed of in accordance with the method of disposition set forth in such registration statement; provided, that such period need not extend beyond 180
days after the effective date of the registration statement; 
 (iii) furnish to each Selling Holder covered by such
registration statement and their representatives designated pursuant to Section 7(a), if any, and each underwriter, if any, such number of copies of such drafts and final conformed versions of such registration statement and of each such
amendment and supplement thereto (in each case including all exhibits and any documents incorporated by reference), such number of copies of such drafts and final versions of the prospectus contained in such registration statement (including each
preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Holder or any underwriter
may reasonably request in writing; 
 (iv) use its best efforts (a) to register or qualify all Registrable Common Stock
and other securities, if any, covered by such registration statement under such other securities or blue sky laws of such jurisdictions as each Selling Holder or other securityholder covered by such registration statement shall reasonably request in
writing, (b) to keep such registration or qualification in effect for so long as such registration statement remains in effect and (c) to take any other action that may be necessary or reasonably advisable to enable such Selling Holders to
consummate the disposition in such jurisdictions of the securities to be sold by such Selling Holders or other securityholders as applicable, except that the Company shall not for any such purpose be required to qualify generally to do business as a
foreign corporation in any jurisdiction wherein it would not but for the requirements of this Section 5(f)(iv) be obligated to be so qualified, to subject itself to taxation in such jurisdiction or to consent to general service of process in
any such jurisdiction; 
  

 9 

 (v) use its best efforts to cause all Registrable Common Stock and other securities, if
any, covered by such registration statement to be registered with or approved by such other federal or state governmental agencies or authorities as may be necessary in the opinion of counsel to the Company or counsel to the Selling Holder or
Selling Holders covered by such registration statement to enable such Holder or Holders to consummate the disposition of such Registrable Common Stock; 
 (vi) use its reasonable best efforts to obtain and, if obtained, furnish to each Selling Holder, and each underwriter a signed copy, addressed to each such underwriter, of: 
 (A) an opinion or opinions of counsel to the Company dated the effective date of such registration statement (and, if such registration
involves an underwritten offering, dated the date of the closing under the underwriting agreement) reasonably satisfactory in form and substance to such Selling Holder, and 
 (B) a comfort letter or comfort letters, dated the effective date of such registration statement (and, if such registration involves an
underwritten offering, dated the date of the closing under the underwriting agreement), signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by reference in such
registration statement, 
 in each case covering substantially the same matters with respect to such registration statement (and the
prospectus included therein) and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to the underwriters in underwritten Public Offerings of securities and, in the case of the accountants’ letter, such other financial matters, as such Selling Holder (or the underwriters, if any) may reasonably request;

 (vii) notify each Selling Holder and holder of other securities covered by such registration statement, if any, at any time
when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, at the
written request of any such Selling Holder or holder of other securities covered by such registration statement, promptly (and in any event no later than 10 days following notice of the occurrence of such event to such Selling Holders) prepare and
furnish to it a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus, as supplemented or amended, shall not
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
  

 10 

 (viii) promptly notify each Selling Holder (A) of any notification to the Company by
the Commission of any stop order issued or threatened to be issued suspending the effectiveness of such registration statement and (B) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any Registrable Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and the Company agrees to use its best efforts to (x) prevent the issuance of any such
stop order, and in the event of such issuance, obtain the withdrawal of any order suspending the effectiveness of a registration statement relating to the Registrable Common Stock at the earliest possible moment and (y) obtain the withdrawal of
any order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Common Stock included in such registration statement for sale in any jurisdiction at the earliest possible moment; 
 (ix) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission and any other governmental
agency or authority having jurisdiction over the offering, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of 12 months beginning after the effective date of such registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (x) furnish to each Selling Holder and to the managing underwriter, if any, as promptly as practicable prior to the filing thereof a copy of any amendment or supplement to such registration statement or prospectus;

 (xi) use its reasonable best efforts to cause all Registrable Common Stock covered by a registration statement to be listed
on a national securities exchange, or, if necessary or required, on an interdealer quotation system, on which similar securities issued by the Company are then listed; 
 (xii) provide a transfer agent, registrar and CUSIP number for the Registrable Common Stock covered by a registration statement no later
than the effective date thereof; 
 (xiii) promptly notify each Selling Holder covered by such registration statement and the
underwriter or underwriters, if any: 
 (A) when such registration statement or any prospectus used in connection therewith,
or any amendment or supplement thereto, has been filed and, with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; and 
 (B) of any comments (whether oral or written) from the Commission or the blue sky or securities commission or regulator of any state

  

 11 

 with respect to any filing referred to in clause (i) and of any written request by the Commission
for amendments or supplements to such registration statement or prospectus; 
 (xiv) enter into such agreements (including, in
any underwritten offering, an underwriting agreement in customary form) and take such other actions as the Holders holding a majority of the shares of Registrable Common Stock covered by such registration statement shall reasonably request in order
to expedite or facilitate the disposition of such Registrable Common Stock, including customary indemnification; 
 (xv) if
requested by the managing underwriter(s) or Selling Holders holding a majority of the shares of Registrable Common Stock being sold in connection with an underwritten offering, subject to applicable law, promptly incorporate in a prospectus
supplement or post-effective amendment such information as the managing underwriter(s) and Selling Holders holding a majority of shares of Registrable Common Stock being sold agree should be included therein relating to the plan of distribution with
respect to such Registrable Common Stock, including without limitation, information with respect to the number of shares of Registrable Common Stock being sold to such underwriters, the purchase price being paid therefor by such underwriters and
with respect to any other terms of the underwritten offering of the Registrable Common Stock to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as notified of the matters to
be incorporated in such prospectus supplement or post-effective amendment; 
 (xvi) if requested by Selling Holders holding a
majority of the shares of Registrable Common Stock being sold, reasonably cooperate with the Selling Holders and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Common
Stock to be sold and not bearing any restrictive legends (except as may be provided in the Company’s articles of incorporation, as amended); and enable such Registrable Common Stock to be in such share amounts and registered in such names as
the managing underwriter(s) or, if none, Selling Holders holding a majority of the shares of Registrable Common Stock being sold, may request at least two Business Days prior to any sale of Registrable Common Stock to the underwriters; and

 (xvii) use its best efforts to take all other actions necessary to effect the registration of the Registrable Common Stock
contemplated hereby. 
 As a condition to the obligations of the Company to complete any registration pursuant to this Agreement with respect
to the Registrable Common Stock of a Selling Holder, such Selling Holder must furnish to the Company in writing such information regarding itself, the Registrable Common Stock held by it and the intended methods of disposition of the Registrable
Common Stock held by it as is necessary to effect the registration of such Selling Holders’ Registrable Common Stock and is requested in writing by the Company. At least 20 days prior to the first anticipated filing date of a registration
statement for any registration under this Agreement, the Company will notify in writing each Selling Holder of the information referred to in the preceding sentence which the Company is requesting from that Selling Holder 
  

 12 

 whether or not such Selling Holder has elected to have any of its Registrable Common Stock included in the registration
statement. If, within 3 days prior to the filing date, the Company has not received the requested information from a Selling Holder, then the Company may file the registration statement without including Registrable Common Stock of that Selling
Holder, if, in the opinion of the Company’s counsel, such information is required to be included in such registration statement. 
 Each
Selling Holder agrees that as of the date that a final prospectus is made available to it for distribution to prospective purchasers of Registrable Common Stock it shall cease to distribute copies of any preliminary prospectus prepared in connection
with the offer and sale of such Registrable Common Stock. Each Selling Holder further agrees that, upon receipt of any written notice from the Company of the happening of any event of the kind described in Section 5(f)(vii), such Selling Holder
shall forthwith discontinue such Selling Holder’s disposition of Registrable Common Stock pursuant to the registration statement relating to such Registrable Common Stock until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 5(f)(vii) and, if so directed by the Company, shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Selling
Holder’s possession of the prospectus relating to such Registrable Common Stock current at the time of receipt of such notice. If any event of the kind described in Section 5(f)(vii) occurs and such event is the fault solely of a Selling
Holder (or Selling Holders), such Selling Holder (or Selling Holders) shall pay all Expenses attributable to the preparation, filing and delivery of any supplement or amendment of such prospectus contemplated by Section 5(f)(vii). 

6. Underwritten Offerings. 
 (a)
Requested Underwritten Offerings If requested by the underwriters in connection with an underwritten Public Offering pursuant to a registration under Section 2 hereof, the Company shall enter into a underwriting agreement with such
underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company and a majority of the Selling Holders whose Registered Common Stock is included in such offering and the underwriters and to contain
such representations and warranties by the Company and the Selling Holders and such other terms as are customary in agreements of that type, including, without limitation, indemnification and contribution to the effect and to the extent provided in
Section 9 hereof. 
 (b) Piggyback Underwritten Offerings: Priority. 
 (i) If the Company proposes to register any of its securities under the Securities Act for its own account as contemplated by
Section 3 hereof and such securities are to be distributed by or through one or more underwriters, and if the managing underwriter of such underwritten offering shall advise the Company (in which case, the Company shall advise the Piggyback
Requesting Holders) that if all of the securities requested to be included in such registration were so included, in its opinion, the number and type of securities proposed to be included in such registration would exceed the number and type of
securities which could be sold in such offering within a price range acceptable to the Company, then the Company shall include in such 
  

 13 

 registration pursuant to Section 3, to the extent of the number and type of securities which the
Company is so advised can be sold in such offering, (i) first, all of the securities that the Company proposes to issue and sell for its own account, (ii) second, Permitted Securities requested to be registered by holders of Permitted
Securities and Registrable Common Stock requested to be registered by Piggyback Requesting Holders pursuant to Section 3 hereof, pro rata among the holders of Permitted Securities and Piggyback Requesting Holders on the basis of
the number of Permitted Securities and shares of Registrable Common Stock requested to be registered by all such holders of Permitted Securities and Piggyback Requesting Holders and (iii) third, other securities (other than Permitted Securities
or Registrable Common Stock), if any. 
 (ii) If the Company proposes to register any Permitted Securities pursuant to a
demand registration of the holders of Permitted Securities as contemplated by Section 3 hereof involving an underwritten offering, if the managing underwriter of such underwritten offering shall advise the Company (in which case, the Company
shall use reasonable efforts to advise the Piggyback Requesting Holders) that if all of the securities requested to be included in such registration were so included, in its opinion, the number and type of securities proposed to be included in such
registration would exceed the number and type of securities which would be sold in such offering within a price range acceptable to the Company, then the Company shall include in such registration pursuant to Section 3, to the extent of the
number and type of securities which the Company is so advised can be sold in such offering, (i) first, Permitted Securities requested to be registered by the holders of Permitted Securities, pro rata among the holders of Permitted Securities on
the basis of the number of Permitted Securities requested to be registered by all such holders of Permitted Securities, (ii) second, Registrable Common Stock requested to be registered by Piggyback Requesting Holders pursuant to Section 3
hereof, pro rata among the Piggyback Requesting Holders on the basis of the number of shares of Registrable Common Stock requested to be registered by all such Piggyback Requesting Holders, and (iii) third, securities that the Company proposes
to issue and sell for its own account (unless the Holders of a majority of the shares of Registrable Common Stock requested to be registered by Piggyback Requesting Holders pursuant to Section 3 hereof consent to the inclusion of the
Company’s securities on a pro rata basis with the Registrable Common Stock requested to be registered by Piggyback Requesting Holders pursuant to Section 3 hereof), and (iv) fourth, other securities (other than Permitted Securities or
Registrable Common Stock), if any. 
 (iii) In the case of any other registration contemplated by Section 3 involving an
underwritten offering, if the managing underwriter of such underwritten offering shall advise the Company (in which case, the Company shall use reasonable efforts to advise the Piggyback Requesting Holders) that if all of the securities requested to
be included in such registration were so included, in its opinion, the number and type of securities proposed to be included in such registration would exceed the number and type of securities which would be sold in such offering within a price
range acceptable to the Company, then the Company shall include in such registration pursuant to Section 3, to the extent of the number and type of securities which the Company is so advised can be sold in such offering, (i) first,
Permitted Securities requested to be registered by 
  

 14 

 holders of Permitted Securities and Registrable Common Stock requested to be registered by Piggyback
Requesting Holders pursuant to Section 3 hereof, pro rata among the holders of Permitted Securities and Piggyback Requesting Holders on the basis of the number of Permitted Securities and shares of Registrable Common Stock
requested to be registered by all such holders of Permitted Securities and Piggyback Requesting Holders (ii) second, securities that the Company proposes to issue and sell for its own account (unless the holders of a majority of the Permitted
Securities requested to be registered by holders of Permitted Securities and the Holders of a majority of the shares of Registrable Common Stock requested to be registered by Piggyback Requesting Holders pursuant to Section 3 hereof consent to
the inclusion of the Company’s securities on a pro rata basis with the Permitted Securities requested to be registered by the holders of Permitted Securities and Registrable Common Stock requested to be registered by Piggyback Requesting
Holders pursuant to Section 3 hereof), and (iii) third, other securities (other than Permitted Securities or Registrable Common Stock), if any. 
 In addition to the withdrawal rights specified in Section 3(B) hereof, any Piggyback Requesting Holder may withdraw its request to have all or any portion of its Registrable Common Stock included in any such
offering by notice to the Company within 5 Business Days after receipt of a copy of a notice from the managing underwriter pursuant to this Section 6(b). 
 (c) Selling Holders to be Parties to Underwriting Agreement. The Selling Holders holding shares of Registrable Common Stock to be distributed by underwriters in an underwritten offering contemplated by
Section 6(a) or (b) shall be parties to the underwriting agreement between the Company and such underwriters and any such Selling Holder, at its option, may reasonably require that any or all of the representations and warranties by, and
the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Selling Holders and that any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement be conditions precedent to the obligations of such Selling Holders. No Selling Holder may participate in any underwritten registration hereunder unless such Selling Holder (i) agrees to sell such Selling
Holder’s Registrable Common Stock on the basis provided in any such underwriting arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents, each in the
form approved by Selling Holders holding a majority of the shares of Registrable Common Stock to which such registration relates. No such Selling Holder shall be required to make any representations or warranties to or agreements with the Company or
the underwriters other than representations, warranties or agreements regarding such Selling Holder, such Selling Holder’s Registrable Common Stock and such Selling Holder’s intended method of distribution. 
 (d) Holdback Agreements. Each Selling Holder agrees, unless otherwise agreed to by the managing underwriter for any underwritten offering pursuant
to this Agreement, to the extent permitted by law not to effect any sale or distribution of any equity securities of the Company or securities convertible into or exchangeable or exercisable for equity securities of the Company, including any sale
under Rule 144 under the Securities Act and any other market sale, during the 10 days prior to the date on which an underwritten registration of Registrable 
  

 15 

 Common Stock pursuant to Section 2 or 3 hereof has become effective and until 90 days after the effective date of
such underwritten registration, except (i) as part of such underwritten registration, (ii) for transfers to Affiliates of such Selling Holders who agree to be bound by this Agreement, (iii) for distributions by limited partnerships or
limited liability companies to their limited partners or members who agree to be bound by this Agreement, or (iv) to the extent that such Selling Holder is prohibited by applicable law from agreeing to withhold securities from sale or is acting
in its capacity as a fiduciary or an investment adviser. Without limiting the scope of the term “fiduciary,” a Selling Holder shall be deemed to be acting as a fiduciary or an investment adviser if its actions or the securities proposed to
be sold are subject to the Employee Retirement Income Security Act of 1974, as amended, the Investment Company Act of 1940, as amended, or the Investment Advisers Act of 1940, as amended, or if such securities are held in a separate account under
applicable insurance law or regulation. 
 The Company agrees (i) unless otherwise agreed to by the managing underwriter for any
underwritten offering pursuant to this Agreement, not to effect any Public Offering or distribution of any equity securities of the Company, or securities convertible into or exchangeable or exercisable for equity securities of the Company, during
the 10 days prior to the date on which any underwritten registration pursuant to Section 2 or 3 hereof has become effective and until 90 days after the effective date of such underwritten registration, except as part of such underwritten
registration and except for distributions pursuant to any employment, option or benefit plan or agreement of the Company, and (ii) to cause each holder of any equity securities, or securities convertible into or exchangeable or exercisable for
equity securities, in each case, acquired from the Company at any time after the date of this Agreement (other than in a Public Offering or a transaction effected pursuant to Rule 144A under the Securities Act), to agree not to effect any Public
Offering or distribution of such securities, during such period. 
 7. Preparation: Reasonable Investigation. 
 (a) Registration Statements. In connection with the preparation and filing of each registration statement under the Securities Act pursuant to this
Agreement, the Company shall (i) give each Selling Holder and its representatives (designated to the Company in writing and who execute a confidentiality agreement as described below) (each, an “Inspector”) of each Selling
Holder or group of Selling Holders holding at least 25% of the shares of Registrable Common Stock registered under such registration statement, the underwriters, if any, and one firm of counsel, one firm of accountants and one firm of other agents
retained on behalf of all underwriters and one firm of counsel, one firm of accountants and one firm of other agents retained on behalf of Selling Holders holding a majority of the shares of Registrable Common Stock covered by such registration
statement, the reasonable opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto, including, without limitation,
the opportunity to review, comment or object to any information pertaining solely to such Selling Holder that is contained in drafts of all documents proposed to be filed, including exhibits (and the Company will make the corrections reasonably
requested by such Selling Holder with respect to such information prior to filing any such registration statement or amendment) (ii) upon reasonable advance notice to the Company, give each Inspector such reasonable access to all financial and
other records, corporate documents and properties of the Company and its subsidiaries, as shall be necessary, in the reasonable opinion of such Selling Holders’ and such 
  

 16 

 underwriters’ counsel, to conduct a reasonable due diligence investigation for purposes of the Securities Act, and
(iii) upon reasonable advance notice to the Company, provide each Inspector reasonable opportunities to discuss the business of the Company with its officers, directors, employees and the independent public accountants who have certified its
financial statements as shall be necessary, in the reasonable opinion of such Selling Holders’ and such underwriters’ counsel, to conduct a reasonable due diligence investigation for purposes of the Securities Act, provided,
however, that with respect to (i), (ii) and (iii) above, all persons conducting due diligence on behalf of Selling Holders shall cooperate to the extent reasonably practicable to minimize any disruption to the Company’s
operation of its business. 
 (b) Confidentiality. Each Selling Holder (i) shall maintain, and shall cause its agents referred to
in Section 7(a) to maintain, the confidentiality of any confidential information received from or otherwise made available by the Company to such Selling Holder, including drafts of registration statements, and (ii) shall use, and shall
cause its agents referred to in Section 7(a) to use, all confidential information only to exercise the Selling Holders’ due diligence responsibility. Information that (i) is or becomes available to a Holder of Registrable Common Stock
from a public source other than as a result of a disclosure by such Holder or any of its Affiliates, (ii) is disclosed to a Holder of Registrable Common Stock by a third-party source who the Holder of Registrable Common Stock reasonably
believes is not bound by an obligation of confidentiality to the Company or (iii) is or becomes required to be disclosed by a Holder of Registrable Common Stock by law, including by court order, shall not be deemed to be confidential
information for purposes of this Agreement. The Holders of Registrable Common Stock shall only grant access, and the Company shall only be required to grant access, to information under this Section 7 to legal counsel and to such other
Person(s) who agree in writing in form and substance reasonably satisfactory to the Company whereby the Person executing such writing shall maintain the confidentiality of any confidential information received from or otherwise made available to it
by the Company or the holders of Registrable Common Stock under this Agreement. Each Holder shall be bound by this Section 7(b) and shall remain bound until the confidential information received by such Holder ceases to be confidential
information. 
 8. Postponements and Suspensions. 
 (a) Postponements and Suspensions. 
 The Company may (x) delay making a filing of any
registration statement or any amendment or supplement to a registration statement requested pursuant to Section 2 or (y) suspend any Selling Holder’s rights to make sales pursuant to any effective registration statement, if in each
case prior to such delay or suspension the Company delivers a written certificate signed by the Chief Executive Officer and the Chief Financial Officer of the Company to the Selling Holders stating that its board of directors has determined in good
faith that the filing thereof at the time requested, or the offering of securities pursuant thereto, would materially and adversely affect a pending or proposed Public Offering of the Company’s securities, including, without limitation, a
material financing, or a material acquisition, merger, recapitalization, consolidation, reorganization or similar transaction, or negotiations, discussions or pending proposals with respect thereto or would require the disclosure of material
non-public information that, in the good faith judgment of the board of directors, individually or in the 
  

 17 

 aggregate, would have a material adverse effect on (i) the Company and its subsidiaries taken as a whole or
(ii) any material business line of the Company (a “Postponement Certificate”). If the Company suspends the Selling Holders’ rights to make sales pursuant hereto, the applicable registration period shall be extended by the
same number of days of such suspension. 
 (b) Withdrawal Right; Expenses 
 If the Company shall fail to file or delay filing any registration statement to be filed pursuant to a request for registration under Section 2
hereof (whether or not pursuant to Section 8(a)) the Selling Holders requesting such registration shall have the right to withdraw the request for registration. The Company shall pay all Expenses incurred in connection with a request for
registration withdrawn pursuant to this paragraph and shall not be relieved of any liability it might otherwise have under Section 19(c) hereof. 
 (c) Certain Exceptions. 
 Notwithstanding anything to the contrary contained in this Section 8,
during any period in which the Company is not eligible to use Form S-3 (or comparable successor form), the Company may suspend any Selling Holder’s rights to make sales pursuant to any effective registration statement, in order to file a
post-effective amendment to a registration statement (i) to include and update the Company’s financial statements for each quarter and annual period, which post-effective amendment will be filed with the Commission not later than 3
Business Days following the date the Company files its Quarterly Reports on Form 10-Q or Form 10-K for each such quarter or annual period, as applicable, with the Commission or (ii) as necessary in the judgment of the Company’s counsel to
otherwise comply with Commission rules and interpretations requiring the Company to file post-effective amendments to report any event which constitutes a material change. In connection with such filing, the Company will use its best efforts to
obtain effectiveness of such post-effective amendment at the earliest practicable time. 
 (d) Limitation. 
 The filing of a registration statement or any amendment or supplement thereto by the Company cannot be deferred, and the Selling Holders’ rights to
make sales pursuant to an effective registration statement cannot be suspended, pursuant to the provisions of this Section for more than ninety (90) days in the aggregate per 365-day period 
 9. Indemnification. 
 (a)
Indemnification by the Company. In connection with any registration statement filed by the Company pursuant to Section 2 or 3 hereof, to the fullest extent permitted by law the Company shall, and hereby agrees to, indemnify and hold
harmless, each Selling Holder of any Registrable Common Stock covered by such registration statement and each other Person, if any, who controls (within the meaning of the Exchange Act) such Selling Holder, and their respective stockholders,
directors, officers, employees, partners, agents and Affiliates (each, a “Company Indemnitee” for purposes of this Section 9(a)), against any losses, claims, damages, liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof and whether or not such Company Indemnitee is a party thereto), joint or several, and expenses, 
  

 18 

 including, without limitation, the reasonable fees, disbursements and other charges of legal counsel and reasonable costs
of investigation, to which such Company Indemnitee may become subject under the Securities Act or otherwise (collectively, a “Loss” or “Losses”), insofar as such Losses arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered or otherwise offered or sold under the Securities Act or otherwise, any preliminary prospectus, final
prospectus or summary prospectus related thereto, or any amendment or supplement thereto or any document incorporated by reference, if used during the period in which the Company is required to keep the registration statement to which such
prospectus relates current (collectively, “Offering Documents”), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein in the light of the
circumstances in which they were made not misleading (with respect to the final prospectus or summary prospectus related thereto, or any amendment or supplement thereto, if used during the period in which the Company is required to keep the
registration statement to which such prospectus relates current), or any violation by the Company or any of its Affiliates of any federal or state law, rule or regulation applicable to the Company or any of its Affiliates and relating to action
required of or inaction by the Company or any of its Affiliates in connection with any such registration; provided, that the Company shall not be liable in any such case to the extent that any such Loss arises out of or is based upon an
untrue statement or omission made in such Offering Documents in reliance upon and in conformity with information furnished to the Company in writing by any Company Indemnitee, or on its behalf, specifically stating that it is for inclusion therein;
and provided, further, that the Company shall not be liable to any Person who participates as an underwriter in the offering or sale of Registrable Common Stock or any other person, if any, who controls (within the meaning of the
Exchange Act) such underwriter, in any such case to the extent that any such Loss arises out of such Person’s failure to send or give a copy of the final prospectus (including any documents incorporated by reference therein), as the same may be
then supplemented or amended, to the Person asserting an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Common Stock to such Person if such statement or
omission was corrected in such final prospectus. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Company Indemnitee and shall survive the transfer of such securities by such Company
Indemnitee. 
 (b) Indemnification by the Offerors and Sellers. In connection with any registration statement filed by the Company
pursuant to Section 2 or 3 hereof in which a Selling Holder has registered for sale shares of Registrable Common Stock, each such Selling Holder shall, and hereby agrees to, indemnify and hold harmless to the fullest extent permitted by law the
Company and each of its directors, officers, employees, agents, partners, stockholders, Affiliates and each other Person, if any, who controls (within the meaning of the Exchange Act) the Company and each other seller under such registration
statement and such seller’s employees, directors, officers, stockholders, partners, agents and Affiliates (each, a “Holder Indemnitee” for purposes of this Section 9(b)), against all Losses insofar as such Losses arise out
of or are based upon any untrue statement of a material fact contained in any Offering Documents (or any document incorporated by reference therein) or any omission to state therein a material fact required to be stated therein or necessary to make
the statements therein in the light of circumstances in which they were made not misleading, if such untrue statement or omission was made in reliance upon and in conformity with information furnished to the 
  

 19 

 Company in writing by such Holder of Registrable Common Stock, or on its behalf, specifically stating that it is for
inclusion therein; provided, however, that the liability of such indemnifying party under this Section 9(b) shall be several, and not joint and several, among such indemnifying parties on the basis of the number of securities
included in such registration statement and shall be limited to the amount of the net proceeds received by such indemnifying party in the sale of Registrable Common Stock giving rise to such liability. Such indemnity shall remain in full force and
effect, regardless of any investigation made by or on behalf of a Holder Indemnitee and shall survive the transfer of such securities by such indemnifying party. 
 (c) Notices of Losses, etc. Promptly after receipt by an indemnified party of written notice of the commencement of any action or proceeding involving a Loss referred to in Section 9(a) or (b), such
indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, however, that the failure of any indemnified party to
give notice as provided herein shall not relieve the indemnifying party of its obligations under Section 9(a) or (b), except to the extent that the indemnifying party is materially and actually prejudiced by such failure to give notice. In case
any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and, unless in such indemnified party’s reasonable judgment, after consultation with its separate counsel, a conflict of
interest between such indemnified and indemnifying parties may exist in respect of such Loss, to assume and control the defense thereof, in each case at its own expense, jointly with any other indemnifying party similarly notified, to the extent
that it may wish, with counsel reasonably satisfactory to such indemnified party, and after its assumption of the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof other than reasonable costs of investigation, unless in such indemnified party’s reasonable judgment, after consultation with its separate counsel, a conflict of interest between
such indemnified and indemnifying parties arises in respect of such claim after the assumption of the defense thereof, in which event the indemnifying party shall be liable for the reasonable legal expenses of one counsel (plus local counsel)
representing all indemnified parties. No indemnifying party shall be liable for any settlement of any such action or proceeding effected without its written consent, which shall not be unreasonably withheld. No indemnifying party shall, without the
consent of the indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect of such Loss or which requires action on the part of such indemnified party or otherwise subjects the indemnified party to any obligation or restriction to which it would not otherwise be subject. 
 (d) Contribution. If the indemnification provided for in this Section 9 shall for any reason be unavailable to an indemnified party under
Section 9(a) or (b) in respect of any Loss, then, in lieu of the amount paid or payable under Section 9(a) or (b), the indemnified party and the indemnifying party under Section 9(a) or (b) shall contribute to the aggregate
Losses (including legal or other expenses reasonably incurred in connection with investigating the same) (i) in such proportion as is appropriate to reflect the relative fault of the Company and the prospective sellers of Registrable Common
Stock covered by the registration statement which resulted in such Loss or action in respect thereof, with respect to the statements, omissions or action which resulted in such Loss or action in respect thereof, as well as any other relevant

  

 20 

 equitable considerations, or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and such prospective sellers, on the other hand, from their sale of Registrable Common Stock; provided that for
purposes of this clause (ii), the relative benefits received by the prospective sellers shall be deemed not to exceed the amount received by such sellers in the sale of their Registrable Common Stock. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The obligations, if any, of the selling holders of Registrable Common Stock
to contribute as provided in this Section 9(d) are several in proportion to the relative value of their respective Registrable Common Stock covered by such registration statement and not joint. In addition, no Person shall be obligated to
contribute hereunder any amounts in payment for any settlement of any action or Loss effected without such Person’s consent. 
 (e)
Indemnification Payments. The indemnification and contribution required by this Section 9 shall be made by prompt periodic payments of the amount thereof during the course of any investigation or defense, as and when invoices therefor
are delivered to the indemnifying party in respect of any particular Loss as incurred. 
 (f) Other Indemnification. 
 Indemnification similar to that specified in the preceding paragraphs of this Section 9 (with appropriate modifications) shall be given by the
indemnifying parties set forth in Sections 9(a) and (b) with respect to any required registration or other qualification of securities under any federal or state law or regulation of any governmental authority other than the Securities Act. The
provisions of this Section 9 shall be in addition to any other rights to indemnification or contribution which any Company Indemnitee or Holder Indemnitee, as the case may be, may have pursuant to law, equity, contract or otherwise. 

(g) Survival. 
 Unless otherwise
superseded by an underwriting agreement entered into in connection with an underwritten public offering, the obligations of the Company and Selling Holders under this Section 9 shall survive the completion of any offering of Registrable Common
Stock pursuant to a registration statement under this Section 9, and shall survive the termination of this Agreement. 
 10.
Registration Rights to Others. 
 The Company’s board of directors is expressly permitted to enter into agreements which provide
to any holder of newly issued securities of the Company rights which are pari passu to (but not senior to) rights provided to the holders of Registrable Common Stock in this Agreement, provided, however, that the performance of
the obligations of the Company pursuant to any such agreement shall not violate or directly conflict with the rights provided to the holders of Registrable Common Stock in this Agreement. 
  

 21 

 11. Rule 144. 
 The Company shall, at its own expense, take all actions reasonably necessary to enable Holders to sell Registrable Common Stock without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rules or regulations hereafter adopted by the Commission, including, without limiting the generality of the foregoing, filing on a timely
basis all reports required to be filed under the Exchange Act. Upon the written request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. If at any time the Company is
not required to file reports in compliance with either Section 13 or Section 15(d) of the Exchange Act, the Company at its expense will, forthwith upon the written request of any Holder, make available adequate current public information
with respect to the Company within the meaning of paragraph (c)(2) of Rule 144. 
 12. Amendments and Waivers. Any provision of
this Agreement may be amended, modified or waived if, but only if, the written consent to such amendment, modification or waiver has been obtained from (i) except as provided in clause (ii) below, the Holder or Holders of at least a
majority of the shares of Registrable Common Stock then outstanding and (ii) in the case of any amendment, modification or waiver of the definition of “Expenses”, any provision of Section 4, 8 or 9, any increase in the 180-day
time period specified in Section 6(d) or any provisions or related definitions as to the number of requests for registration to which Holders are entitled under Section 2 or 3 hereof, or this Section 12, the written consent of each
Holder so affected. 
 13. Nominees for Beneficial Owners. 
 Except as provided otherwise below, a person or entity is deemed to be a Holder whenever such person or entity owns of record such Registrable Common
Stock. If any Registrable Common Stock is held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its election in writing delivered to the Company, be treated as the Holder of such Registrable Common Stock for
purposes of any request or other action by any Holder or Holders pursuant to this Agreement or any determination of the number or percentage of shares of Registrable Common Stock held by any Holder or Holders contemplated by this Agreement. The
Company may require assurances reasonably satisfactory to it of such owner’s beneficial ownership of such Registrable Common Stock. If the Company receives conflicting instructions, notices or elections from two or more persons or entities with
respect to the same Registrable Common Stock, the Company will act upon the basis of instructions, notice or election received from the registered owner of such Registrable Common Stock. 
 14. Assignment. 
 The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Any Holder may assign to any permitted Transferee (as permitted under applicable law) of its
Registrable Common Stock all but not less than all of its rights and obligations under this Agreement, provided, that after giving effect to such Transfer, such Transferee shall hold 5% or more of the 
  

 22 

 outstanding shares of Common Stock; and, provided, further, that such Transferee shall agree in writing
with the parties hereto prior to the assignment to be bound by this Agreement as if it were an original party hereto, whereupon such assignee shall for all purposes be deemed to be a Holder under this Agreement and the transferring Holder shall
cease to have any rights under this Agreement. Except as provided above or otherwise permitted by this Agreement, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any
Holder without the prior written consent of the other parties hereto. The Company may not assign this Agreement or any right, remedy, obligation or liability arising hereunder or by reason hereof. 
 15. Calculation of Percentage or Number of Shares of Registrable Common Stock. 
 For purposes of this Agreement, all references to a percentage or number of shares of Registrable Common Stock or Common Stock shall be calculated based
upon the number of shares of Registrable Common Stock or Common Stock, as the case may be, issued pursuant to the Plan and shall exclude any Registrable Common Stock or Common Stock, as the case may be, owned by the Company or any subsidiary of the
Company. For the purposes of calculating any percentage or number of shares of Registrable Common Stock or Common Stock as contemplated by the previous sentence, the terms “Holder” and “Original Holder” shall
include all Affiliates thereof owning any shares of Registrable Common Stock or Common Stock. 
 16. Notice of Registrable Common Stock
Holdings. 
 From time to time, upon reasonable written request by the Company, each Holder will promptly advise the Company of the number
of shares of Registrable Common Stock then held by it. 
 17. Termination of Registration Rights. 
 The Company’s obligations under Sections 2 and 3 hereof to register Common Stock for sale under the Securities Act shall commence on the Effective
Date and terminate on the earlier to occur of (i) the first date on which no shares of Registrable Common Stock are held by any Original Holder or their permitted Transferees or (ii) the second anniversary of the Effective Date (such
period, the “Term”); provided, however, that if at the end of the Term any Original Holder or its permitted Transferee shall hold at least 5% of the Registrable Common Stock, the Term shall be extended by the aggregate number of
days that the Company postponed or suspended the use of any registration statement pursuant to Section 8 hereof. 
 18. Applicability
of Charter and By-laws. 
 Notwithstanding anything to the contrary herein, all applicable provisions of the Company’s Amended and
Restated Articles of Incorporation and Amended and Restated By-laws shall apply to this agreement and any actions taken hereunder as if set forth herein. 
  

 23 

 19. Miscellaneous. 
 (a) Further Assurances Each of the parties hereto shall execute such documents and other papers and perform such further acts as may be reasonably required or advisable to carry out the provisions of this
Agreement and the transactions contemplated hereby. 
 (b) Headings. The headings in this Agreement are for convenience of reference
only and shall not control or affect the meaning or construction of any provisions hereof. 
 (c) Remedies. Except as otherwise
expressly provided for herein, no remedy conferred by any of the specific provisions of this Agreement is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. The election of any one or more remedies by any party hereto shall not constitute a waiver by any such party of the right to pursue any other available
remedies. 
 Damages in the event of breach of this Agreement by a party hereto would be difficult, if not impossible, to ascertain, and it
is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach,
and enforcing specifically the terms and provisions hereof and the Company and Holder, by its acquisition of Registrable Common Stock, hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 
 (d) Submission to Jurisdiction. 
 Any
action, suit or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in any federal court located in the State of New York
or any New York state court, and each party consents to the exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such, action, suit or proceeding in any such court or that any such action, suit or proceeding brought in any such court has been brought in an
inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, service of process on such party as
provided in Section 19(d) shall be deemed effective service of process on such party. 
 (e) Waiver of Jury Trial. 
 EACH PARTY ACKNOWLEDGES THAT ANY DISPUTE THAT MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE SUCH PARTY HEREBY EXPRESSLY WAIVES ITS RIGHT TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING 
  

 24 

 HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED
TO ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH
PARTY REPRESENTS THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER,
(ii) SUCH PARTY UNDERSTANDS AND WITH THE ADVICE OF COUNSEL HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION 19(e). 
 (f) Service of Process. 
 By the execution and delivery of this Agreement, the Company hereby appoints Corporation Service Company as its authorized agent upon which process may be
served in any legal action or proceeding which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, arising out of or relating to this Agreement. Service of process upon such agent at the office of such
agent at 80 State Street, Albany, NY 12207, and written notice of said service to the Company at its address set forth in Section 19(h) hereof, shall be deemed in every respect effective service of process upon the Company in any such legal
action or proceeding. Such appointment shall be irrevocable so long as the Holders shall have any rights pursuant to the terms thereof or of this Agreement until the appointment of a successor by the Company and such successor’s acceptance of
such appointment. The Company further agrees to take any and all actions, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor

 (g) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof, and there are no restrictions, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof, other than those expressly set forth or referred to herein. This Agreement supersedes
all prior agreements and understandings among the parties hereto with respect to the subject matter hereof. 
 (h) Notices. Any
notices or other communications to be given hereunder by any party to another party shall be in writing, shall be delivered personally, by facsimile, by certified or registered mail, postage prepaid, return receipt requested, or by Federal Express
or other comparable delivery service, to the address of the party set forth on Schedule B hereto or to such other address as the party to whom notice is to be given may provide in a written notice to the other parties hereto, a copy of which shall
be on file with the Secretary of the Company. Notice shall be effective when delivered if given personally, when receipt is acknowledged if telecopied, three days after mailing if given by registered or certified mail as described above, and one
business day after deposit if given by Federal Express or comparable delivery service. 
  

 25 

 (i) Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York. 
 (j) Severability. Notwithstanding any other provision of this Agreement, neither the Company nor any
other party hereto shall be required to take any action which would be in violation of any applicable Federal or state securities law. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the
validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or the validity, legality or enforceability of this Agreement, including any such provision, in any other jurisdiction, it being intended that all
rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 
 (k) Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same Agreement. 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

			
	WINN-DIXIE STORES, INC.
		
	By:	 	 Laurence B. Appel

	Name:	 	Laurence B. Appel
	Title:	 	Senior Vice President, General Counsel and Corporate Secretary
	
	CAPITAL RESEARCH AND MANAGEMENT COMPANY,
	for and on behalf of, AMERICAN HIGH INCOME TRUST, THE BOND FUND OF AMERICA, INC., SMALLCAP WORLD FUND, INC, THE INCOME FUND OF AMERICA, INC., and AMERICAN FUNDS INSURANCE SERIES,
HIGH-INCOME BOND FUND.
		
	By:	 	 Michael Downer

	Name:	 	Michael J. Downer
	Title:	 	Vice President and Secretary
	
	CAPITAL GUARDIAN TRUST COMPANY,
	for and on behalf of, ROBERT BOSCH GMBH, and CAPITAL GUARDIAN U.S. HIGH YIELD FIXED INCOME MASTER FUND.
		
	By:	 	 Mark Brubaker

	Name:	 	Mark E. Brubaker
	Title:	 	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]