Document:

Exhibit

Exhibit 4.1

EXECUTION VERSION

WYNN LAS VEGAS, LLC
and
WYNN LAS VEGAS CAPITAL CORP.,
as joint and several obligors

AND

KEVYN, LLC
WLV EVENTS, LLC
WORLD TRAVEL, LLC
WYNN SHOW PERFORMERS, LLC
and
WYNN SUNRISE, LLC,
as guarantors

5.25% SENIOR NOTES DUE 2027

INDENTURE

Dated as of May 11, 2017

U.S. BANK NATIONAL ASSOCIATION

Trustee

 

TABLE OF CONTENTS	
					
	 
	 
	 
	Page
	

	ARTICLE 1. 
DEFINITIONS AND INCORPORATION BY REFERENCE

	Section 1.01
	 
	Definitions.
	1
	

	Section 1.02
	 
	Other Definitions.
	17
	

	Section 1.03
	 
	Rules of Construction.
	18
	

	
					
	ARTICLE 2. 
THE NOTES

	Section 2.01
	 
	Form and Dating.
	18
	

	Section 2.02
	 
	Execution and Authentication.
	20
	

	Section 2.03
	 
	Registrar and Paying Agent.
	20
	

	Section 2.04
	 
	Paying Agent to Hold Money in Trust.
	21
	

	Section 2.05
	 
	Holder Lists.
	21
	

	Section 2.06
	 
	Transfer and Exchange.
	21
	

	Section 2.07
	 
	Replacement Notes.
	33
	

	Section 2.08
	 
	Outstanding Notes.
	33
	

	Section 2.09
	 
	Treasury Notes.
	33
	

	Section 2.10
	 
	Temporary Notes.
	34
	

	Section 2.11
	 
	Cancellation.
	34
	

	Section 2.12
	 
	Defaulted Interest.
	34
	

	Section 2.13
	 
	Issuance of Additional Notes.
	34
	

	
					
	ARTICLE 3. 
REDEMPTION AND PREPAYMENT

	Section 3.01
	 
	Notices to Trustee.
	35
	

	Section 3.02
	 
	Selection of Notes to Be Redeemed or Purchased.
	36
	

	Section 3.03
	 
	Notice of Redemption.
	36
	

	Section 3.04
	 
	Effect of Notice of Redemption.
	37
	

	Section 3.05
	 
	Deposit of Redemption or Purchase Price.
	37
	

	Section 3.06
	 
	Notes Redeemed or Purchased in Part.
	38
	

	Section 3.07
	 
	Optional Redemption.
	38
	

	Section 3.08
	 
	Mandatory Redemption.
	38
	

	Section 3.09
	 
	Mandatory Disposition or Redemption Pursuant to Gaming Laws.
	38
	

i

	
					
	ARTICLE 4. 
COVENANTS

	Section 4.01
	 
	Payment of Notes.
	40
	

	Section 4.02
	 
	Maintenance of Office or Agency.
	40
	

	Section 4.03
	 
	Reports.
	40
	

	Section 4.04
	 
	Compliance Certificate.
	42
	

	Section 4.05
	 
	Taxes.
	43
	

	Section 4.06
	 
	Stay, Extension and Usury Laws.
	43
	

	Section 4.07
	 
	Limitation on Liens Securing Indebtedness.
	43
	

	Section 4.08
	 
	Limitation on Sale and Leaseback Transactions.
	45
	

	Section 4.09
	 
	Exempted Liens and Sale and Leaseback Transactions.
	45
	

	Section 4.10
	 
	Corporate and Organizational Existence.
	46
	

	Section 4.11
	 
	Offer to Purchase Upon Change of Control.
	46
	

	
					
	ARTICLE 5. 
SUCCESSORS

	Section 5.01
	 
	Merger, Consolidation, or Sale of Assets.
	48
	

	Section 5.02
	 
	Successor Corporation Substituted.
	48
	

	Section 5.03
	 
	Assumption by Wynn America; Wynn Resorts Holdings Pledge.
	49
	

	
					
	ARTICLE 6. 
DEFAULTS AND REMEDIES

	Section 6.01
	 
	Events of Default.
	50
	

	Section 6.02
	 
	Acceleration.
	51
	

	Section 6.03
	 
	Other Remedies.
	52
	

	Section 6.04
	 
	Waiver of Past Defaults.
	52
	

	Section 6.05
	 
	Control by Majority.
	52
	

	Section 6.06
	 
	Limitation on Suits.
	52
	

	Section 6.07
	 
	Rights of Holders of Notes to Receive Payment.
	53
	

	Section 6.08
	 
	Collection Suit by Trustee.
	53
	

	Section 6.09
	 
	Trustee May File Proofs of Claim.
	53
	

	Section 6.10
	 
	Priorities.
	54
	

	Section 6.11
	 
	Undertaking for Costs.
	54
	

ii

	
					
	ARTICLE 7. 
TRUSTEE

	Section 7.01
	 
	Duties of Trustee.
	55
	

	Section 7.02
	 
	Rights of Trustee.
	56
	

	Section 7.03
	 
	Individual Rights of Trustee.
	57
	

	Section 7.04
	 
	Trustee’s Disclaimer.
	57
	

	Section 7.05
	 
	Notice of Defaults.
	57
	

	Section 7.06
	 
	Compensation and Indemnity.
	58
	

	Section 7.07
	 
	Replacement of Trustee.
	58
	

	Section 7.08
	 
	Successor Trustee by Merger, etc.
	59
	

	Section 7.09
	 
	Eligibility; Disqualification.
	60
	

	
					
	ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	Section 8.01
	 
	Option to Effect Legal Defeasance or Covenant Defeasance.
	60
	

	Section 8.02
	 
	Legal Defeasance and Discharge.
	60
	

	Section 8.03
	 
	Covenant Defeasance.
	61
	

	Section 8.04
	 
	Conditions to Legal or Covenant Defeasance.
	61
	

	Section 8.05
	 
	Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions.
	62
	

	Section 8.06
	 
	Repayment to Issuers.
	63
	

	Section 8.07
	 
	Reinstatement.
	63
	

	
					
	ARTICLE 9. 
AMENDMENT, SUPPLEMENT AND WAIVER

	Section 9.01
	 
	Without Consent of Holders of Notes.
	64
	

	Section 9.02
	 
	With Consent of Holders of Notes.
	65
	

	Section 9.03
	 
	Revocation and Effect of Consents.
	67
	

	Section 9.04
	 
	Notation on or Exchange of Notes.
	67
	

	Section 9.05
	 
	Trustee to Sign Amendments, etc.
	67
	

iii

	
					
	ARTICLE 10. 
COLLATERAL AND SECURITY

	Section 10.01
	 
	Collateral Documents.
	68
	

	Section 10.02
	 
	Recording and Opinions.
	69
	

	Section 10.03
	 
	Release of Collateral.
	69
	

	Section 10.04
	 
	Authorization of Actions to Be Taken by the Trustee Under the
Collateral Documents.
	70
	

	Section 10.05
	 
	Authorization of Receipt of Funds by the Trustee Under the
Collateral Documents.
	71
	

	Section 10.06
	 
	Rights in the Pledged Collateral.
	71
	

	Section 10.07
	 
	Termination of Security Interest.
	72
	

	
					
	ARTICLE 11. 
NOTE GUARANTEES

	Section 11.01
	 
	Note Guarantee.
	72
	

	Section 11.02
	 
	Limitation on Guarantor Liability.
	73
	

	Section 11.03
	 
	Execution and Delivery of Note Guarantee.
	73
	

	Section 11.04
	 
	Guarantors May Consolidate, etc., on Certain Terms.
	74
	

	Section 11.05
	 
	Release of Guarantees.
	75
	

	Section 11.06
	 
	Additional Note Guarantees.
	75
	

	
					
	ARTICLE 12. 
SATISFACTION AND DISCHARGE

	Section 12.01
	 
	Satisfaction and Discharge.
	75
	

	Section 12.02
	 
	Application of Trust Money.
	76
	

	
					
	ARTICLE 13. 
JOINT AND SEVERAL LIABILITY

	Section 13.01
	 
	Joint and Several Liability.
	77
	

	
					
	ARTICLE 14. 
MISCELLANEOUS

	Section 14.01
	 
	Notices.
	78
	

	Section 14.02
	 
	Certificate and Opinion as to Conditions Precedent.
	80
	

	Section 14.03
	 
	Statements Required in Certificate or Opinion.
	80
	

	Section 14.04
	 
	Rules by Trustee and Agents.
	80
	

	Section 14.05
	 
	No Personal Liability of Directors, Officers, Employees and Equity
Holders.
	81
	

	Section 14.06
	 
	Governing Law.
	81
	

	Section 14.07
	 
	No Adverse Interpretation of Other Agreements.
	81
	

	Section 14.08
	 
	Successors.
	81
	

	Section 14.09
	 
	Severability.
	81
	

	Section 14.10
	 
	Counterpart Originals.
	81
	

	Section 14.11
	 
	Table of Contents, Headings, etc.
	81
	

iv

 

EXHIBITS
Exhibit A-1    FORM OF NOTE 
Exhibit A-2    FORM OF REGULATION S TEMPORARY GLOBAL NOTE 
Exhibit B    FORM OF CERTIFICATE OF TRANSFER 
Exhibit C    FORM OF CERTIFICATE OF EXCHANGE 
Exhibit D    FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED         INVESTOR 
Exhibit E    FORM OF GUARANTEE 
Exhibit F    FORM OF SUPPLEMENTAL INDENTURE 
Exhibit G    COLLATERAL DOCUMENTS

 

INDENTURE dated as of May 11, 2017 among Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”) and Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital,” and together with Wynn Las Vegas, the “Issuers”), as joint and several obligors, and Kevyn, LLC, a Nevada limited liability company, WLV Events, LLC, a Nevada limited liability company, World Travel, LLC, a Nevada limited liability company, Wynn Show Performers, LLC, a Nevada limited liability company and Wynn Sunrise, LLC, a Nevada limited liability company, as guarantors (the “Initial Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”).
The Issuers, the Initial Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 5.25% Senior Notes due 2027 (the “Notes”):
ARTICLE 1. 
DEFINITIONS AND INCORPORATION BY REFERENCE 
Section 1.01    Definitions.
“144A Global Note” means a Global Note substantially in the form of Exhibit A-1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.
“2022 Notes” means the 5.375% First Mortgage Notes due 2022 of the Issuers that have been issued on March 12, 2012.
“2023 Notes” means the 4.25% Senior Notes due 2023 of the Issuers that have been issued on May 22, 2013.
“2025 Notes” means the 5.50% Senior Notes due 2025 of the Issuers that have been issued on February 18, 2015.
“Additional Notes” means Additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Section 2.13 hereof, as part of the same series as the Initial Notes. Any Additional Notes shall vote on all matters as one class with the Initial Notes being issued on the date hereof, including, without limitation, waivers, amendments and redemptions.
“Adjusted Treasury Rate” means, with respect to any redemption date:
(1)    the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or 

1

 

after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or
(2)    if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of it principal amount) equal to the Comparable Treasury Price for such redemption date.
The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which Wynn Las Vegas deposits the amount required under this Indenture most nearly equal to the period from the redemption date to the maturity date.
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
“Agent” means any Registrar, Paying Agent or additional paying agent.
“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange.
“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Capital Lease Obligation.” 
“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by 

2

 

conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
“Board of Directors” means:
(1)with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board;
(3)    with respect to a partnership, the board of directors of the general partner of the partnership;
(4)    with respect to a limited liability company, the Person or Persons who are the managing member, members or managers or any controlling committee or managing members or managers thereof; and
(5)    with respect to any other Person, the board or committee of such Person serving a similar function.
“Business Day” means any day other than a Legal Holiday.
“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
“Capital Stock” means:
(1)    in the case of a corporation, corporate stock;
(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3)    in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests (whether general or limited); and
(4)    any other interests or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.
“Change of Control” means the occurrence of any of the following: 
(1)    the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Wynn Las Vegas and the Guarantors, taken as a whole, 

3

 

to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than to (a) the Principal or a Related Party of the Principal or (b) any Parent Entity and any Subsidiary of any Parent Entity; 
(2)    the adoption of a plan relating to the liquidation or dissolution of either Issuer or any successor thereto; 
(3)    the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of Equity Interests, other than (a) the Principal and any of his Related Parties and (b) any Parent Entity and any Subsidiary of any Parent Entity;
(4)    the first day on which Wynn Resorts ceases to own, directly or indirectly, 60% or more of the voting power of the outstanding Equity Interests of Wynn Las Vegas;
(5)    an event constituting a “change of control” under the indenture governing the 2023 Notes to the extent any of the 2023 Notes are then outstanding; or
(6)    an event constituting a “change of control” under the indenture governing the 2025 Notes to the extent any of the 2025 Notes are then outstanding.
Notwithstanding the above, a Change of Control shall not occur solely by reason of a Permitted C-Corp. Conversion.
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Event.
“Clearstream” means Clearstream Banking, S.A.
“Closing Date” means May 11, 2017.
“Code” means the Internal Revenue Code of 1986, as amended. 
“Collateral” has the meaning given to such term in the Pledge Agreement.
“Collateral Agent” shall mean Deutsche Bank Trust Company Americas, in its capacity as collateral agent under the Pledge Agreement and the Intercreditor Agreement, and its successors and assigns in such capacity.
“Collateral Documents” means: 
(1)the Pledge Agreement; 
(2)the Intercreditor Agreement; and

4

 

(3)instruments or filings that evidence, perfect or acknowledge the security interest of the Collateral Agent in the Collateral,
in each case, as amended, modified or otherwise supplemented from time to time in accordance with their respective terms and with this Indenture and the Collateral Documents.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such securities (“Remaining Life”).
“Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Continuing Directors” means, as of any date of determination, with respect to any Person, any member of the Board of Directors of such Person who: 
(1)    was a member of such Board of Directors on the date hereof; or
(2)    was nominated for election, or was elected or appointed, to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment. 
“Corporate Trust Office of the Trustee” means the address of the Trustee specified in Section 14.01 hereof or such other address as to which the Trustee may give notice to the Issuers.
“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.
“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A-1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interest in the Global Note” attached thereto.
“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

5

 

“Designated Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice President of such Person.
“Discharge” has the meaning given in the Intercreditor Agreement.
“Domestic Subsidiary” means any Subsidiary of Wynn Las Vegas (other than Wynn Capital) that was formed under the laws of the United States or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of Wynn Las Vegas.
“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
“Existing Notes” means the 2022 Notes, the 2023 Notes and the 2025 Notes.
“Excluded Subsidiary” means any Subsidiary of Wynn Las Vegas, other than Wynn Capital, that is designated by the Board of Directors of Wynn Capital as an Excluded Subsidiary pursuant to a resolution of the Board of Directors (and any Subsidiary of each such Excluded Subsidiary), but only to the extent that such Subsidiary of Wynn Las Vegas does not, directly or indirectly, guarantee or otherwise provide direct credit support for any Indebtedness of Wynn Las Vegas and is not subject to any covenants in, or Liens securing, the Existing Notes; provided that if any Excluded Subsidiary directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of Wynn Las Vegas or becomes subject to the covenants in, or Liens securing, the Existing Notes, such Excluded Subsidiary will thereafter not be an Excluded Subsidiary.
“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by (1) an appropriate officer of Wynn Las Vegas, in the case of any value equal to or less than $25.0 million or (2) the Board of Directors of Wynn Capital, in the event of any value greater than $25.0 million (in each case, unless otherwise provided in this Indenture).
“Funded Debt” means all Indebtedness of Wynn Las Vegas or any Guarantor that (i) matures by its terms on, or is renewable at the option of any obligor thereon to, a date more than one year after the date of original issuance of such Indebtedness and (ii) ranks at least pari passu with the Notes or the applicable Note Guarantee.
“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or 

6

 

in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of this Indenture. 
“Gaming Authority” means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of the United States federal government, any foreign government, any state, province or city or other political subdivision or otherwise, whether on the date hereof or hereafter in existence, including the Nevada Gaming Commission, the Nevada State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board and any other applicable gaming regulatory authority or agency, in each case, with authority to regulate the sale or distribution of liquor or any gaming operation (or proposed gaming operation) owned, managed or operated by Wynn Las Vegas or any of the Guarantors. 
“Gaming Law” means the gaming laws, rules, regulations or ordinances of any jurisdiction or jurisdictions to which Wynn Las Vegas or any of the Guarantors is, or may be, at any time subject. 
“Gaming License” means any license, permit, franchise or other authorization from any Gaming Authority necessary on the date of this Indenture or at any time thereafter to own, lease, operate or otherwise conduct the gaming business of Wynn Las Vegas or any of the Guarantors. 
“Global Note Legend” means the legend set forth in Section 2.06(f)(2), which is required to be placed on all Global Notes issued under this Indenture.
“Global Notes” means each of the global Notes issued in accordance with Section 2.01 and substantially in the form of Exhibit A-1 attached hereto that, except as otherwise provided in Section 2.01(b) hereof, bear the Global Note Legend and that have the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that are deposited with or on behalf of and registered in the name of the Depositary.
“Government Securities” means securities that are: 
(1)    direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or 
(2)    obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America; 
which, in either case, are not callable or redeemable at the option of the issuer thereof, and will include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), as custodian with respect to any such Government Security or a specific payment of principal of or interest on any such Government Security held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Security or the specific payment of principal of or interest on the Government Security evidenced by such depository receipt.

7

 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 
“Guarantor” means each of: 
(1)    the Domestic Subsidiaries, other than Immaterial Subsidiaries and Excluded Subsidiaries, and 
(2)    any other Person that provides a Guarantee by executing a supplemental indenture in accordance with the provisions of this Indenture, 
and, except to the extent the applicable Note Guarantee is released in accordance with Section 11.05 hereof, their respective successors and assigns (other than the Issuers). A Person shall cease to be a Guarantor following the release of its Note Guarantee as described in Section 11.05 hereof. 
“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
(1)    interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 
(2)    other agreements or arrangements designed to manage interest rates or interest rate risk; and 
(3)    other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates and/or commodity prices. 
“Holder” means any registered holder, from time to time, of the Notes.  Only registered holders shall have any rights under this Indenture. 
“IAI Global Note” means a Global Note substantially in the form of Exhibit A-1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.
“Immaterial Subsidiary” means, as of any date, any Subsidiary whose total assets, as of that date, are less than $500,000 and whose total revenues for the most recent 12-month period do not exceed $500,000; provided that a Subsidiary shall not be considered to be an Immaterial Subsidiary if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of Wynn Las Vegas.
“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 

8

 

(1)    in respect of borrowed money; 
(2)    evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 
(3)    in respect of banker’s acceptances; 
(4)    representing Capital Lease Obligations or Attributable Debt; 
(5)    representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 
(6)    representing any Hedging Obligations, 
if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
The amount of any Indebtedness outstanding as of any date shall be: 
(1)    the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
(2)    the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness; 
(3)    in the case of a Guarantee of Indebtedness, the maximum amount of the Indebtedness guaranteed under such Guarantee; and 
(4)    in the case of Indebtedness of others secured by a Lien on any asset of the specified Person, the lesser of: 
(a)the face amount of such Indebtedness (plus, in the case of any letter of credit or similar instrument, the amount of any reimbursement obligations in respect thereof), and 
(b)the Fair Market Value of the asset(s) subject to such Lien. 
Notwithstanding anything contained in this Indenture to the contrary, any obligation of the Issuers or Guarantors incurred in the ordinary course of business in respect of casino chips or similar instruments shall not constitute “Indebtedness” for any purpose under this Indenture.

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“Indenture” means this Indenture, as amended or supplemented from time to time.
“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by Wynn Las Vegas.
“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.
“Initial Notes” means the first $900,000,000 aggregate principal amount of Notes issued under this Indenture on the date of this Indenture.
“Initial Purchasers” means Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by Wynn Las Vegas, as applicable.
“Intercreditor Agreement” has the meaning given to such term in the Pledge Agreement.
“Issuers” means Wynn Las Vegas and Wynn Capital. 
“Joint Venture” means any partnership, corporation or other entity, in which up to and including 50% of the partnership interests, outstanding Voting Stock or other Equity Interests is owned, directly or indirectly, by Wynn Las Vegas and/or one or more of its Subsidiaries.
“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.
“Lien” means, with respect to any asset, (i) any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, (ii) any lease in the nature thereof, or (iii) any agreement to deliver a security interest in any asset. Notwithstanding the foregoing, the trust established and maintained for the sole purpose of holding title to the Aircraft shall not be considered a Lien for purposes of this Indenture.

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“Moody’s” means Moody’s Investors Service, Inc., or any successor to its statistical rating business, except that any reference to a particular rating by Moody’s shall be deemed to be a reference to the corresponding rating by any such successor. 
“Non-U.S. Person” means a Person who is not a U.S. Person.
“Note Guarantee” means the Guarantee, by each Guarantor of the Issuers’ obligations under this Indenture and the Notes, executed pursuant to the provisions of this Indenture.
“Notes” has the meaning assigned to it in the preamble to this Indenture.  The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.
“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness (including, without limitation, interest accruing at the then applicable rate provided in such documentation after the maturity of such Indebtedness and interest accruing at the then applicable rate provided in such documentation after the filing of a petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any debtor under such documentation, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding).  
“Officer” means: 
(1)    with respect to a corporation, a Designated Officer of such corporation; 
(2)    with respect to a partnership, a Designated Officer of the general partner of such partnership; and 
(3)    with respect to a limited liability company, a Designated Officer of such limited liability company, or a Designated Officer of the manager or managing member of such limited liability company, as the case may be (or, if such manager or managing member is an individual, such individual).
“Officers’ Certificate” means, with respect to any Person, a certificate signed on behalf of such Person by: 
(1)    with respect to a corporation, two Designated Officers of such corporation; 
(2)    with respect to a partnership, two Designated Officers of the general partner of such partnership; and 
(3)    with respect to a limited liability company, two Designated Officers of the manager or managing member of such limited liability company, as the case may be (or, if such manager or managing member is an individual, such individual), 

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in each case, that meets the requirement of Section 14.05 hereof.
“Opinion of Counsel” means an opinion from legal counsel that meets the requirements of Section 14.05 hereof.  The counsel may be an employee of or counsel to Wynn Las Vegas, any Guarantor, as the case may be.
“Parent Entity” means (a) Wynn Resorts, (b) Wynn Resorts Holdings, (c) Wynn America and (d) WLVH or any entity that is or becomes a holding company or intermediary holding company for Wynn America or Wynn Las Vegas.
“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary.
“Permitted C-Corp. Conversion” means a transaction resulting in Wynn Las Vegas or any of the Guarantors becoming a subchapter “C” corporation under the Code, so long as, in connection with such transaction: 
(1)    the subchapter “C” corporation resulting from such transaction is a corporation organized and existing under the laws of any state of the United States or the District of Columbia and the Beneficial Owners of the Equity Interests of the subchapter “C” corporation shall be the same, and shall be in the same percentages, as the Beneficial Owners of Equity Interests of the applicable entity immediately prior to such transaction; 
(2)    the subchapter “C” corporation resulting from such transaction assumes in writing all of the obligations, if any, of the applicable entity under (a) this Indenture, the Notes, the Note Guarantees by the Guarantors and the Pledge Agreement and (b) all other documents and instruments to which such Person is a party (other than, in the case of clause (a) only, any documents and instruments that, individually or in the aggregate, are not material to the subchapter “C” corporation); 
(3)    the Trustee is given not less than 45 days’ advance written notice of such transaction; 
(4)    such transaction would not cause or result in a Default or an Event of Default; 
(5)    such transaction does not result in the loss or suspension or material impairment of any Gaming License unless a comparable Gaming License is effective prior to or simultaneously with such loss, suspension or material impairment; 
(6)    such transaction does not require any Holder or Beneficial Owner of the Notes to obtain a Gaming License or be qualified or found suitable under the laws of any applicable gaming jurisdiction; 
(7)    Wynn Las Vegas shall have delivered to the Trustee an Opinion of Counsel of national repute in the United States, which such Opinion of Counsel shall be reasonably acceptable to the Trustee, confirming that neither Issuer, nor any Guarantor nor any of the Holders shall 

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recognize income, gain or loss for United States federal or state income tax purposes as a result of such Permitted C-Corp. Conversion; and
(8)    Wynn Las Vegas shall have delivered to the Trustee a certificate of the Chief Financial Officer of Wynn Las Vegas confirming that the conditions in clauses (1) through (7) have been satisfied.  
“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.  
“Pledge Agreement” means the Pledge Agreement, dated as of the date of this Indenture, made by Wynn Las Vegas and WLVH in favor of Deutsche Bank Trust Company Americas, as collateral agent, to secure the obligations under this Indenture and the Notes, as amended, amended and restated, supplemented or otherwise modified from time to time.
“Principal” means Stephen A. Wynn. 
“Principal Property” means any real estate or other physical facility or depreciable asset or securities the net book value of which on the date of determination exceeds the greater of $25.0 million and 2.0% of the Total Assets.
“Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture.
“QIB” means a “qualified institutional buyer” as defined in Rule 144A.
“Rating Agencies” means (a) each of Moody’s and S&P; and (b) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by us (as certified by a resolution of Wynn Capital’s Board of Directors) as a replacement agency for Moody’s or S&P, or each of them, as the case may be.
“Rating Date” means the date that is 60 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or the intention by Wynn Las Vegas to affect a Change of Control.
“Rating Categories” means (a) with respect to S&P, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor categories); (b) with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (c) the equivalent of any such category of S&P or Moody’s used by another Rating Agency selected by us. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories ((i) + and—for S&P; (ii) 1, 2 and 3 for Moody’s; and (iii) the equivalent gradations for another Rating Agency selected by us) shall be taken into account (e.g., with respect 

13

 

to S&P, a decline in a rating from BB+ to BB, or from BB- to B+, will constitute a decrease of one gradation).
“Ratings Event” shall be deemed to occur if on, or within 60 days after the earlier of, (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies):
(1)    the rating of the Notes by each Rating Agency shall be decreased by one or more gradations to or within a Rating Category (including gradations within Rating Categories as well as between Rating Categories) as compared to the rating of the Notes on the Rating Date, and
(2)    the Notes are rated below the respective rating of the Notes on the date of this Indenture by both Rating Agencies. On the date of this Indenture, S&P had assigned a rating of B1 to the Notes and Moody’s had assigned a rating of BB- to the Notes.
“Reference Treasury Dealer” means any primary U.S. Government securities dealer in New York City selected by Wynn Las Vegas.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which Wynn Las Vegas deposits the amount required under the Indenture most nearly equal to the period from the redemption date to the maturity date. Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which Wynn Las Vegas deposits the amount required under the Indenture most nearly equal to the period from the redemption date to the maturity date.
“Regulation S” means Regulation S promulgated under the Securities Act.
“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.
“Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period.

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“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A-2 hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S.
“Related Party” means: 
(1)any controlling stockholder, 80% (or more) owned Subsidiary, or immediate family member or former spouse (in the case of an individual) of the Principal; or 
(2)any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding an 80% or more controlling interest of which consist of the Principal and/or such other Persons referred to in the immediately preceding clause (1) or this clause (2).  
“Released Assets” has the meaning set forth in the Pledge Agreement.
“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee located at the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and who shall have direct responsibility for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.
“Restricted Global Note” means a Global Note bearing the Private Placement Legend.
“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S.
“Rule 144” means Rule 144 promulgated under the Securities Act.
“Rule 144A” means Rule 144A promulgated under the Securities Act.
“Rule 903” means Rule 903 promulgated under the Securities Act.
“Rule 904” means Rule 904 promulgated under the Securities Act.
“S&P” means Standard & Poor’s Rating Services, a division of the McGraw Hill Companies, Inc., or any successor to its statistical rating business, except that any reference to a particular rating by S&P shall be deemed to be a reference to the corresponding rating by any such successor.
“Sale and Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person enters into a lease of property previously transferred by such Person to the lessor.

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“SEC” means the Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.  
 “Subsidiary” means, with respect to any specified Person: 
(1)    any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); 
(2)    any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof); or 
(3)    any limited liability company (a) the manager or managing member of which is such Person or a Subsidiary of such Person or (b) the only members of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).
 “Total Assets” means at any date, the total assets of Wynn Las Vegas and the Guarantors at such date, determined on a consolidated basis in accordance with GAAP.
 “Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.
“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.
“Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.
“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.
“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

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 “WLVH” means Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, or any successor thereto.
“Wynn America” means Wynn America, LLC, a Nevada limited liability company, or any successor thereto. 
“Wynn America Credit Agreement” means the Credit Agreement by and among Wynn America, certain subsidiaries of Wynn America and the other parties thereto in effect on the date of this Indenture (as it may be amended, restated, replaced, supplemented or otherwise modified).
“Wynn Boston Resort” means an integrated resort in Everett, Massachusetts, currently referred to as “Wynn Boston Harbor” on the date of the Indenture and to be owned and operated by Wynn America and/or one or more subsidiaries of Wynn America.
“Wynn Capital” means Wynn Las Vegas Capital Corp., a Nevada corporation, or any successor thereto.  
“Wynn Las Vegas” means Wynn Las Vegas, LLC, a Nevada limited liability company, or any successor thereto.
“Wynn Resorts” means Wynn Resorts, Limited, a Nevada corporation, or any successor thereto.  
“Wynn Resorts Holdings” means Wynn Resorts Holdings, LLC, a Nevada limited liability company, or any successor thereto.
Section 1.02    Other Definitions.
	
		
	Term
	Defined  
in Section

	“Authentication Order”
	2.02

	“Beneficiary”
	13.01

	“Change of Control Offer”
	4.15

	“Change of Control Payment”
	4.15

	“Change of Control Payment Date”
	4.15

	“Covenant Defeasance”
	8.03

	“DTC”
	2.03

	“Legal Defeasance”
	8.02

	“Note Obligations”
	13.01

	“Paying Agent”
	2.03

	“Payment Default”
	6.01

	“Purchase Date”
	3.10

	“Reference Period”
	4.09

	“Registrar”
	2.03

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Section 1.03    Rules of Construction.
Unless the context otherwise requires: 
(1)    a term has the meaning assigned to it; 
(2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(3)    “or” is not exclusive; 
(4)    words in the singular include the plural, and in the plural include the singular;
(5)    “will” shall be interpreted to express a command; 
(6)    provisions apply to successive events and transactions; 
(7)    references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time; 
(8)    references to any statute, law, rule or regulation shall be deemed to refer to the same as from time to time amended and in effect and to any successor statute, law, rule or regulation; 
(9)    references to any contract, agreement or instrument shall mean the same as amended, modified, supplemented or amended and restated from time to time, in each case, in accordance with any applicable restrictions contained therein, in this Indenture, the Pledge Agreement or the Intercreditor Agreement, as the case may be; and 
(10)    the consummation by the Issuers on the date of this Indenture of the transactions described in the Issuers’ Offering Memorandum, dated as of February 11, 2015, relating to the offering of the Initial Notes, shall be deemed to occur concurrently.
ARTICLE 2.     
THE NOTES 
Section 2.01    Form and Dating.
(a)    General.  The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibits A-1 and A-2 hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage.  Each Note shall be dated the date of its authentication.  The Notes shall be in denominations of $2,000 or an integral multiple of $1,000 in excess of $2,000.
The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.  

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However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.
(b)    Global Notes.  Notes issued in global form shall be substantially in the form of Exhibits A-1 and A-2 attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto), which Notes shall be deposited on behalf of the holders of the Notes represented thereby with the Trustee, as Custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary.  Notes issued in definitive form shall also be substantially in the form of Exhibit A-1 attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Any Notes issued in global form and definitive form shall be duly executed by the Issuers and authenticated by the Trustee as hereinafter provided.  Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.
(c)    Temporary Global Notes.  Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Temporary Global Note substantially in the form of Exhibit A-2 attached hereto, which shall be deposited on behalf of the holders of the Notes represented thereby with the Trustee, as Custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided.  The Restricted Period shall be terminated upon the receipt by the Trustee of:
(1)    a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and
(2)    an Officers’ Certificate from each of the Issuers.
Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures.  Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global Note.  The aggregate principal amount of the Regulation S Temporary Global Note and the 

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Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.
(d)    Euroclear and Clearstream Procedures Applicable.  The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream.  
Section 2.02    Execution and Authentication.
A Designated Officer on behalf of each of Wynn Las Vegas and Wynn Capital must sign the Notes for the Issuers by manual or facsimile signature.  
If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.
A Note shall not be valid until authenticated by the manual signature of the Trustee.  The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.
The Trustee shall, upon receipt of a written order of the Issuers signed by a Designated Officer of each of Wynn Las Vegas and Wynn Capital (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes (including Notes to be issued in substitution for outstanding Notes to reflect any name change of either Issuer, by succession permitted hereunder or otherwise).
The aggregate principal amount of Notes outstanding at any time may not exceed aggregate principal amount of Notes authorized for issuance by the Issuers pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.
The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes.  An authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuers.
Section 2.03    Registrar and Paying Agent.
The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”).  The Registrar shall keep a register of the Notes and of their transfer and exchange.  The Issuers may appoint one or more co-registrars and one or more additional paying agents.  The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.  The Issuers may change any Paying Agent or Registrar without notice to 

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any Holder.  The Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.  If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.  Either or both of the Issuers or any of their Subsidiaries may act as Paying Agent or Registrar.
The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.
The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.
Section 2.04    Paying Agent to Hold Money in Trust.
The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Issuers or a Subsidiary thereof) shall have no further liability for the money.  If either Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.  Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes.
Section 2.05    Holder Lists.
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders.  If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.
Section 2.06    Transfer and Exchange.
(a)    Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  All Global Notes shall be exchanged by the Issuers for Definitive Notes if:
(1)    Wynn Las Vegas delivers to the Trustee written notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by Wynn Las Vegas within 120 days after the date of such notice from the Depositary; 

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(2)    the Issuers in their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Issuers for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or 
(3)    following the occurrence and during the continuation of a Default or Event of Default, any Person having a beneficial interest in a Global Note requests that the Global Notes should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee.
Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee.  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.  Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note.  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a).  However, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof.
(b)    Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.  Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act.  Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:
(1)    Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person.  Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).
(2)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 
(A)    both: 

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(i)    a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
(ii)    instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
(B)    both: 
(i)    a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
(ii)    instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; 
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act.
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.
(3)    Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
(A)    if the transferee shall take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
(B)    if the transferee shall take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

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(C)    if the transferee shall take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.
(4)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:
(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
(B)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
If any such transfer is effected pursuant to this paragraph (4) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this paragraph (4) above.
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.
(c)    Transfer or Exchange of Beneficial Interests for Definitive Notes.
(1)    Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.  If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 

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(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;
(B)    if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
(C)    if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
(D)    if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;
(E)    if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or
(F)    if such beneficial interest is being transferred to the Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.
(2)    Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.  Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

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(3)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following: 
(i)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or
(ii)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(4)    Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall not bear the Private Placement Legend.
(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests.
(1)    Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

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(A)    if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
(B)    if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
(C)    if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
(D)    if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;
(E)    if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or
(F)    if such Restricted Definitive Note is being transferred to the Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note.
(2)    Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
(A)    if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
(B)    if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

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and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.
(3)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.
If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.
(e)    Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).
(1)    Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
(A)    if the transfer shall be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
(B)    if the transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

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(C)    if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.
(2)    Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 
(A)    if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or
(B)    if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
and if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(3)    Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.
(f)    Legends.  The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.
(1)    Private Placement Legend.
(A)    Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form:
“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE 

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ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”), (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE [IN THE CASE OF RULE 144A NOTES: ON WHICH THE COMPANY INSTRUCTS THE TRUSTEE THAT THIS RESTRICTIVE LEGEND SHALL BE DEEMED REMOVED (WHICH INSTRUCTION IS EXPECTED TO BE GIVEN ON OR ABOUT THE ONE-YEAR ANNIVERSARY OF THE ISSUANCE OF THIS NOTE)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE)] RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.” 
(B)    Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.
(2)    Global Note Legend.  Each Global Note shall bear a legend in substantially the following form:
“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT 

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TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”
(3)    Regulation S Temporary Global Note Legend.  The Regulation S Temporary Global Note shall bear a Legend in substantially the following form:
“THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).  NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.”
(g)    Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

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(h)    General Provisions Relating to Transfers and Exchanges.
(1)    To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.
(2)    No service charge shall be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.11 and 9.04 hereof).
(3)    The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.
(4)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.
(5)    Neither the Registrar nor the Issuers shall be required: 
(A)    to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
(B)    to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
(C)    to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.
(6)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary.
(7)    The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.
(8)    All certifications and certificates required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

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(9)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Section 2.07    Replacement Notes.
If any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met.  If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced.  The Issuers may charge for their expenses in replacing a Note.
Every replacement Note is an additional obligation of the Issuers and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.
Section 2.08    Outstanding Notes.
The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding.  Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuers or an Affiliate of either Issuer holds the Note.
If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.
If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.
If the Paying Agent (other than an Issuer, a Subsidiary of an Issuer or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.
Section 2.09    Treasury Notes.

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In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, or any of their Affiliates, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded.
Section 2.10    Temporary Notes.
Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes.  Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.  Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes.
Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.
Section 2.11    Cancellation.
The Issuers at any time may deliver Notes to the Trustee for cancellation.  The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy canceled Notes in its customary manner.  Certification of the destruction of all canceled Notes shall be delivered to the Issuers upon their request.  The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation.
Section 2.12    Defaulted Interest.
If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case, at the rate provided in the Notes and in Section 4.01 hereof.  The Issuers shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment.  The Issuers shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest.  At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.
Section 2.13    Issuance of Additional Notes.
The Issuers will be entitled, upon delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to compliance with Section 2.02 hereof, to issue Additional Notes under this Indenture, which shall have identical terms as the Initial Notes issued on the date of this 

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Indenture, other than with respect to the date of issuance, the initial date from which interest shall accrue on such Additional Notes and issue price.  Without the consent of any Holder of Notes, the Issuers will be entitled to make any amendments to this Indenture, the Note Guarantees, the Pledge Agreement or the Intercreditor Agreement as they reasonably determine appropriate in good faith to facilitate the issuance of such Additional Notes.
With respect to any Additional Notes, the Issuers will set forth in a resolution of the Board of Directors of Wynn Capital and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: 
(a)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and 
(b)    which such Additional Notes shall be Notes issued in the form of Restricted Global Notes or Restricted Definitive Notes, as the case may be, or shall be Notes issued in the form of Unrestricted Global Notes or Unrestricted Definitive Notes, as the case may be.
With respect to any Additional Notes, the Opinion of Counsel delivered to the Trustee shall state: 
(c)    that the form and terms of such Additional Notes have been established conformity with this Indenture; and 
(d)    that such Additional Notes, when authenticated and delivered by the Trustee and issued by Wynn Las Vegas and Wynn Capital in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuers, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles.
ARTICLE 3.     
REDEMPTION AND PREPAYMENT 
Section 3.01    Notices to Trustee.
If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they must furnish to the Trustee, at least 15 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 
(a)    the clause of this Indenture pursuant to which the redemption shall occur; 
(b)    the redemption date; 
(c)    the principal amount of Notes to be redeemed; and 
(d)    the redemption price.

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Section 3.02    Selection of Notes to Be Redeemed or Purchased.
If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select Notes for redemption or purchase as follows: 
(a)    if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or  
(b)    if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate, and in compliance with the procedures of the Depositary.
In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 15 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase.
The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased.  Notes and portions of Notes selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess of $2,000; provided, however, that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased.  Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.
Section 3.03    Notice of Redemption.
At least 15 days but not more than 60 days before a redemption date, the Issuers shall deliver or cause to be delivered a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 of this Indenture.
The notice shall identify the Notes to be redeemed and shall state: 
(a)    the redemption date; 
(b)    the redemption price; 
(c)    if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 
(d)    the name and address of the Paying Agent; 

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(e)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
(f)    that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
(g)    the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
(h)    that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes.
At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ name and at their expense; provided, however, that the Issuers have delivered to the Trustee, at least 20 days prior to the redemption date (or such shorter time period otherwise agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.
Section 3.04    Effect of Notice of Redemption.
Any such redemption pursuant to this Article 3 may, at the discretion of the Issuers, be subject to one or more conditions precedent, including a Change of Control. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if applicable, shall state that, in the discretion of the Issuers, the date of redemption may be delayed until such time as any or all such conditions shall be satisfied or waived (provided that in no event shall such date of redemption be delayed to a date later than 60 days after the date on which such notice was mailed), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by the date of redemption as so delayed. If mailed in the manner provided in Section 3.03 hereof, the notice of redemption shall be conclusively presumed to have been given whether or not the Holder receives such notice.
Section 3.05    Deposit of Redemption or Purchase Price.
One Business Day prior to the redemption or purchase price date, the Issuers shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and premium, if any, on all Notes to be redeemed or purchased on that date.  The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and premium, if any, on, all Notes to be redeemed or purchased.
If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase.  If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall 

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be paid to the Person in whose name such Note was registered at the close of business on such record date.  If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.
Section 3.06    Notes Redeemed or Purchased in Part.
Upon surrender of a Note that is redeemed or purchased in part, the Issuers shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.
Section 3.07    Optional Redemption.
The Notes are redeemable at the Issuers’ election, in whole or in part at any time prior to their Stated Maturity.
(a)    The redemption price for the Notes that are redeemed before February 15, 2027 will be equal to the greater of:
(1)    100% of the principal amount of the Notes to be redeemed; or
(2)    as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points,
plus, in either of the above cases, accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
(b)    The redemption price for Notes that are redeemed on or after February 15, 2027 will be equal to the sum of 100% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
Section 3.08    Mandatory Redemption.
Other than as set forth in Section 3.09 below, the Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes.
Section 3.09    Mandatory Disposition or Redemption Pursuant to Gaming Laws.
Notwithstanding any other provision hereof, if any Gaming Authority requires a Holder or Beneficial Owner of Notes to be licensed, qualified or found suitable under any applicable Gaming Law and the Holder or Beneficial Owner (1) fails to apply for a license, qualification or finding of 

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suitability within 30 days after being requested to do so (or such lesser period as required by the Gaming Authority), or (2) is notified by a Gaming Authority that it shall not be licensed, qualified or found suitable, the Issuers shall have the right, at their option, to: 
(a)    require the Holder or Beneficial Owner to dispose of its Notes within 30 days (or such lesser period as required by the Gaming Authority) following the earlier of: 
(1)    the termination of the period described above for the Holder or Beneficial Owner to apply for a license, qualification or finding of suitability if the Holder fails to apply for a license, qualification or finding of suitability during such period; or 
(2)    the receipt of the notice from the Gaming Authority that the Holder or Beneficial Owner shall not be licensed, qualified or found suitable by the Gaming Authority; or 
(b)    redeem the Notes of the Holder or Beneficial Owner at a redemption price equal to: 
(1)    the price required by applicable law or by order of any Gaming Authority; or 
(2)    the lesser of: 
(A)    the principal amount of the Notes; and 
(B)    the price that the Holder or Beneficial Owner paid for the Notes, 
in each case, together with accrued and unpaid interest, if any, on the Notes to, but not including, the earlier of (1) the date of redemption or such earlier date as is required by the Gaming Authority or (2) the date of the finding of unsuitability by the Gaming Authority, which may be less than 30 days following the notice of redemption.  The Issuers shall notify the Trustee in writing of any redemption pursuant to this Section 3.09 as soon as reasonably practicable.
Immediately upon a determination by a Gaming Authority that a Holder or Beneficial Owner of Notes shall not be licensed, qualified or found suitable, the Holder or Beneficial Owner shall not have any further rights with respect to the Notes to: 
(a)    exercise, directly or indirectly, through any Person, any right conferred by the Notes; or 
(b)    receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Issuers for services rendered or otherwise, except the redemption price of the Notes.  
The Issuers are not required to pay or reimburse any Holder or Beneficial Owner of Notes who is required to apply for such license, qualification or finding of suitability for the costs relating thereto.  Those expenses shall be the obligation of the Holder or Beneficial Owner.  

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ARTICLE 4.     
COVENANTS 
Section 4.01    Payment of Notes.
The Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes.  Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuers or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.  
The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful.  
Section 4.02    Maintenance of Office or Agency.  
The Issuers shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served.  The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Issuers fail to maintain any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.
The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes.  The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Issuers in accordance with Section 2.03 hereof.  
Section 4.03    Reports.  
(1)    So long as any notes are outstanding, Wynn Las Vegas shall furnish to the Trustee:
(a)    within 90 days after the end of each fiscal year beginning with the fiscal year ended December 31, 2016, annual reports of Wynn Las Vegas containing substantially all of the information 

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that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act if Wynn Las Vegas had been a reporting company under the Exchange Act (but only to the extent similar information is included in the Issuers’ Offering Memorandum, dated as of February 11, 2015, relating to the offering of the Initial Notes), including (i) “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) audited financial statements prepared in accordance with GAAP; 
(b)    within 45 days after the end of each of the first three fiscal quarters of each fiscal year beginning with the fiscal quarter ended March 31, 2017, quarterly reports of Wynn Las Vegas containing substantially all of the information  that would have been  required to be contained  in a Quarterly Report on Form 10-Q under the Exchange Act if Wynn Las Vegas had been a reporting company under the Exchange Act (but only to the extent similar information is provided in the Issuers’ Offering Memorandum, dated as of February 11, 2015, relating to the offering of the Initial Notes), including (i) “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and (ii) unaudited quarterly financial statements prepared in accordance with GAAP and reviewed pursuant to Statement on Auditing Standards No. 100 (or any successor provision); and
(c)    within 10 business days after the occurrence of each event that would have been required to be reported in a Current Report on Form 8-K under the Exchange Act if Wynn Las Vegas had been a reporting company under the Exchange Act, current reports containing substantially all of the information that would have been required to be contained in a Current Report on Form 8-K under the Exchange Act if Wynn Las Vegas had been a reporting company under the Exchange Act; provided, however, that no such current report will be required to be furnished if Wynn Las Vegas determines in its good faith judgment that such event is not material to noteholders or the business, assets, operations, financial positions or prospects of Wynn Las Vegas and the Guarantors, taken as a whole; provided further, however, that such reports (i) will not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein) and (ii) will not be required to contain the separate financial information for Guarantors contemplated by Rule 3-10 of Regulation S-X promulgated by the SEC.
(2)    So long as any notes are outstanding, Wynn Las Vegas shall also:
(a)    issue a press release to an internationally recognized wire service no fewer than three business days prior to the first public disclosure of the annual and quarterly reports required by clauses (a) and (b) of this Section 4.03 announcing the date on which such reports will become publicly available and directing noteholders, prospective investors, broker-dealers and securities analysts to contact the investor relations office of Wynn Las Vegas to obtain copies of such reports; 
(b)    within 10 business days after furnishing to the trustee the annual and quarterly reports required by clauses (a) and (b) of this Section 4.03, hold a conference call to discuss such reports and the results of operations for the relevant reporting period;

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(c)    issue a press release to an internationally recognized wire service no fewer than three business days prior to the date of the conference call required to be held in accordance with this paragraph, announcing the time and date of such conference call and either including all information necessary to access the call or directing noteholders, prospective investors, broker-dealers and securities analysts to contact the appropriate person at Wynn Las Vegas to obtain such information; and
(d)    maintain a website to which noteholders, prospective investors, broker-dealers and securities analysts are given access and to which all of the reports and press releases required by this Section 4.03 are posted within the time periods required by this Section 4.03.
(3)    Wynn Las Vegas shall furnish to noteholders, prospective investors, brokerdealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the notes are not freely transferable under the Securities Act.
(4)    Notwithstanding anything to the contrary in this Section 4.03, Wynn Las Vegas may fulfill the requirement to furnish any such information described in Section 4.03(1)(a), (b) and (c) by filing the information with the SEC within the time periods specified in the SEC’s rules and regulations that are then applicable to Wynn Las Vegas.
(5)    Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuers’ compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
Section 4.04    Compliance Certificate.  
(a)    The Issuers shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Issuers and their respective Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuers have kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuers are taking or propose to take with respect thereto.
(b)    So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial statements delivered pursuant to Section 

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4.03(1)(a) above shall be accompanied by a written statement of the Issuers’ independent public accountants (who shall be a firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Issuers have violated any provisions of Article 4 or Article 5 hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation.  
(c)    So long as any of the Notes are outstanding, the Issuers shall deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuers are taking or proposes to take with respect thereto.  
Section 4.05    Taxes.  
The Issuers shall pay, and shall cause each of their respective Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.  
Section 4.06    Stay, Extension and Usury Laws.  
The Issuers and each of the Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each Issuer and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.  
Section 4.07    Limitation on Liens Securing Indebtedness
(1)    Other than as provided below under Section 4.09, neither Issuer nor any Guarantor may issue, assume or guarantee any Indebtedness secured by a Lien upon any Principal Property or on any evidences of Indebtedness or shares of Capital Stock of, or other ownership interests in, any Subsidiaries (regardless of whether the Principal Property, Indebtedness, Capital Stock or ownership interests were acquired before or after the date of the Indenture) without effectively providing that the Notes shall be secured equally and ratably with (or prior to) such Indebtedness so long as such Indebtedness shall be so secured, except that this restriction will not apply to:
(a)    Liens existing on the date of the Indenture; 
(b)    Liens affecting property of a corporation or other entity existing at the time it becomes a Guarantor or at the time it is merged into or consolidated with an Issuer or a Guarantor (provided that such Liens are not incurred in connection with, or in contemplation of, such entity becoming 

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a Guarantor or such merger or consolidation and do not extend to or cover property of an Issuer or any Guarantor other than property of the entity so acquired or which becomes a Guarantor);
(c)    Liens (including purchase money Liens) existing at the time of acquisition thereof on property acquired after the date hereof or to secure Indebtedness incurred prior to, at the time of, or within 24 months after the acquisition for the purpose of financing all or part of the purchase price of property acquired after the date hereof (provided that such Liens do not extend to or cover any property of an Issuer or any Guarantor other than the property so acquired);
(d)    Liens on any property acquired, developed, constructed or otherwise improved by Wynn Las Vegas or any Subsidiary (including liens on the Equity Interests of any Subsidiary of Wynn Las Vegas and substantially all assets of such Subsidiary, in each case to the extent such property constitutes substantially all of the business of such Subsidiary) to secure or provide for the payment of any part of the purchase price of the property or the cost of the development, construction or improvement thereof (including architectural, engineering, financing, consultant, advisor and legal fees, preopening costs and gaming licensing fees), or any Indebtedness incurred to provide funds for such purposes, or any Lien on any such property existing at the time of acquisition thereof;
(e)    Liens which secure Indebtedness of a Subsidiary of Wynn Las Vegas to Wynn Las Vegas or to a Guarantor or which secure Indebtedness of Wynn Las Vegas to a Guarantor;
(f)    Liens on the stock, partnership or other equity interest of Wynn Las Vegas or any Guarantor in any Joint Venture or any Subsidiary that owns an equity interest in such Joint Venture to secure Indebtedness, provided the amount of such Indebtedness is contributed and/or advanced solely to such Joint Venture;
(g)    Liens to government entities, including pollution control or industrial revenue bond financing;
(h)    Liens required by any contract or statute in order to permit Wynn Las Vegas or a Subsidiary of Wynn Las Vegas to perform any contract or subcontract made by it with or at the request of a governmental entity;
(i)    mechanic’s, materialman’s, carrier’s or other like Liens, arising in the ordinary course of business;
(j)    Liens for taxes or assessments and similar charges;
(k)    zoning restrictions, easements, licenses, covenants, reservations, restrictions on the use of real property and certain other minor irregularities of title; and
(l)    any extension, renewal, replacement or refinancing of any Indebtedness secured by a Lien permitted by any of the foregoing clauses (a) through (f) and (k).
(2)    Notwithstanding Section 4.07(1),

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(a)    if any of the Existing Notes are hereafter secured by any Liens on any of the assets of an Issuer or any Guarantor (the “Initial Liens”), then the Issuers and each Guarantor shall, substantially concurrently with the granting of any such Liens, subject to all necessary gaming regulatory approvals, grant perfected Liens in the same collateral to secure the Notes, equally, ratably and on a pari passu basis (the “Pari Passu Liens”). The Pari Passu Liens granted pursuant to this provision shall be (i) granted concurrently with the granting of any such Initial Liens, and (ii) granted pursuant to instruments, documents and agreements which are no less favorable to the trustee and the holders of the Notes than those granted to secure the Existing Notes. In connection with the granting of any such Pari Passu Liens, the Issuers and each Guarantor shall provide to the trustee (y) policies of title insurance on customary terms and conditions, to the extent that policies of title insurance on the corresponding property are provided to the holders of the Existing Notes or their trustee (and in an insured amount that bears the same proportion to the principal amount of the outstanding Notes as the insured amount in the policies provided to the holders of the Existing Notes bears to the aggregate outstanding amount thereof), and (z) legal opinions and other assurances as the trustee may reasonably request; and 
(b)    if the Issuers and the Guarantors become entitled to the release of all of such Initial Liens securing the Existing Notes and Note Guarantees related thereto, and provided that no Default or Event of Default has then occurred and remains continuing, the Issuers and the Guarantors may in their sole discretion request that the Collateral Agent release any such Initial Liens and Pari Passu Liens securing the Notes, and in such circumstances the collateral agent shall so release such Initial Liens and Pari Passu Liens.
Section 4.08    Limitation on Sale and Leaseback Transactions.  
Other than as provided below under Section 4.09, neither Issuer nor any Guarantor will enter into any Sale and Leaseback Transaction unless either:
(a)    such Issuer or such Guarantor would be entitled, pursuant to the provisions described in clauses (a) through (l) under Section 4.07(1) to create, assume or suffer to exist a Lien on the property to be leased without equally and ratably securing the Notes; or
(b)    an amount equal to the greater of the net cash proceeds of such sale or the Fair Market Value of such property (in the good faith opinion of the Board of Directors of Wynn Capital) is applied within 120 days to the retirement or other discharge of its Funded Debt.
Section 4.09    Exempted Liens and Sale and Leaseback Transactions.
Notwithstanding the restrictions set forth in Section 4.07 and Section 4.08, an Issuer or any Guarantor may create, assume or suffer to exist Liens or enter into Sale and Leaseback Transactions not otherwise permitted in Section 4.07 or Section 4.08, respectively, provided that at the time of such event, and after giving effect thereto, the sum of outstanding Indebtedness secured by such Liens (not including Liens permitted under Section 4.07) plus all Attributable Debt in respect of such Sale and Leaseback Transactions entered into (not including Sale and Leaseback Transactions permitted under Section 4.08), measured, in each case, at the time any such Lien is incurred or any such Sale and Leaseback Transaction is entered into, by the Issuers and the Guarantors does not 

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exceed 20% of Total Assets and Liens securing Indebtedness in excess of such amount to the extent such Lien is incurred in connection with an extension, renewal, replacement or refinancing of Indebtedness (not to exceed the principal amount of such extended, renewed, replaced or refinanced Indebtedness plus fees, expenses and premium payable thereon) secured by a Lien incurred pursuant to the provisions of this Section 4.09 or any previous extension, renewal, replacement or refinancing of any such Indebtedness (which extended, renewed, replaced or refinanced Indebtedness shall, for the avoidance of doubt, thereafter be included in the calculation of such amount), provided that the foregoing shall not apply to any Liens that may at any time secure any of the Existing Notes.
Section 4.10    Corporate and Organizational Existence.  
Subject to Article 5 hereof, except in the case of a Permitted C-Corp. Conversion, each of the Issuers shall, and shall cause the Guarantors to, do or cause to be done all things necessary to preserve and keep in full force and effect: 
(a)    its corporate or limited liability company existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with their respective organizational documents (as the same may be amended from time to time); and 
(b)    the rights (charter and statutory), licenses and franchises of the Issuers and their respective Subsidiaries; provided, however, that the Issuers and the Guarantors shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of their respective Subsidiaries (other than the Issuers), if the Board of Directors of Wynn Capital or the applicable Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of the business of Wynn Las Vegas and the Guarantors, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes.  
Section 4.11    Offer to Purchase Upon Change of Control.  
(a)    Upon the occurrence of a Change of Control Triggering Event, the Issuers  shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101 % of the aggregate principal amount thereof plus accrued and unpaid interest on the Notes purchased, if any, to, but not including, the date of purchase (the “Change of Control Payment”).  Within ten days following any Change of Control Triggering Event, the Issuers shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and stating: 
(1)    that the Change of Control Offer is being made pursuant to this Section 4.11 and that all Notes tendered shall be accepted for payment; 
(2)    the purchase price and the purchase date, which shall be no earlier than 15 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
(3)    that any Note not tendered shall continue to accrue interest; 

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(4)    that, unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 
(5)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
(6)    that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
(7)    that Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 or in integral multiples of $1,000 in excess of $2,000.
The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Notes as a result of a Change in Control.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 4.11 of this Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 4.11 by virtue of such compliance.
(b)    On the Change of Control Payment Date, the Issuers shall, to the extent lawful: 
(1)    accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 
(2)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 
(3)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuers.
The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note shall be in a principal amount of $2,000 or in integral multiples of $1,000 in excess of $2,000.  The Issuers 

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shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.
(c)    Notwithstanding anything to the contrary in this Section 4.11, the Issuers shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.11 and purchases all Notes validly tendered and not withdrawn under the Change of Control Offer, or (2) a notice of redemption has been given pursuant to this Indenture as described above under Section 3.03 hereof, unless and until there is a default in payment of the applicable redemption price.
ARTICLE 5.     
SUCCESSORS 
Section 5.01    Merger, Consolidation, or Sale of Assets.
(a)    Neither Issuer may, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not such Issuer is the surviving entity) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to another Person, unless: 
(1)    either (a) such Issuer is the surviving entity or (b) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a corporation organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 
(2)    the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the Person to which such sale, assignment, transfer, conveyance or other disposition shall have been made assumes all the obligations of such Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and
(3)    immediately after such transaction, no Default or Event of Default exists.
In addition, no Issuer may, directly or indirectly, lease all or substantially all of its properties or assets, taken as a whole, in one or more related transactions, to any other Person.  
Notwithstanding the provisions of this Section 5.01, Wynn Las Vegas or any Guarantor that is not a subchapter “C” corporation is permitted to convert into a corporation pursuant to a Permitted C-Corp. Conversion.  
Section 5.02    Successor Corporation Substituted.
Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of either Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which such Issuer is merged or to which such sale, assignment, 

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transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to such “Issuer” shall refer instead to the successor Person and not to such Issuer), and may exercise every right and power of such Issuer under this Indenture with the same effect as if such successor Person had been named as such Issuer herein; provided, however, that the predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest and premium, if any, on the Notes, except in the case of a sale of all of such Issuer’s assets in a transaction that is subject to, and that complies with the provisions of Section 5.01 hereof.
Section 5.03      Assumption by Wynn America; Wynn Resorts Holdings Pledge.
(a)    Wynn America may assume all of Wynn Las Vegas’ obligations under this Indenture and the Notes if:
(1)    Wynn America certifies that the Wynn Boston Resort has opened, including the operation of a casino;
(2)    Wynn America assumes all of Wynn Las Vegas’ obligations under this Indenture and the Notes pursuant to a supplemental indenture;
(3)    Wynn Las Vegas executes a supplemental indenture and becomes a Guarantor substantially contemporaneously therewith; and
(4)    immediately after such transaction, no Default or Event of Default exists.
(b)    Upon execution of the supplemental indenture described above by Wynn America and the Trustee, Wynn America will succeed to Wynn Las Vegas under this Indenture and all references to Wynn Las Vegas, as “Issuer”, will become references to Wynn America, as “Issuer”, and Wynn Las Vegas will be released from its obligations under this Indenture (but not its obligations pursuant to its Guarantee of the Notes pursuant to the supplemental indenture described in Section 5.03(a)(3)).
(c)    If Wynn America has assumed Wynn Las Vegas’ obligations under this Indenture and the Notes pursuant to Section 5.03(a) and (b) above then, subject to the receipt of all prior gaming approvals:
(1)    Wynn Resorts Holdings may assume WLVH’s obligations under the Pledge Agreement; and 
(2)    Wynn Resorts Holdings may secure the Notes by a first priority pledge by Wynn Resorts Holdings of its Equity Interests in Wynn America, together with any distributions, rights and proceeds in respect thereof, which Equity Interests also secure the Wynn America Credit Agreement and may secure other Indebtedness of Wynn America and which pledge will be subject to the terms of a new intercreditor agreement, the form of which will be acceptable to the collateral agent for the Wynn America Credit Agreement.

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(d)    Upon Wynn Resorts Holdings’ pledge of the Wynn America Equity Interests as described in clause (c) above:
(1)    WLVH’s obligations under the Pledge Agreement will be released and the pledge by WLVH of its Equity Interests in Wynn Las Vegas will be released from the Pledge Agreement; and
(2)    the Trustee will be released from its obligations under the Intercreditor Agreement. 
To accomplish the foregoing transactions contemplated under Section 5.03(c) and (d), Wynn Resorts Holdings, Wynn America, WLVH and/or Wynn Las Vegas may enter into an amended and restated pledge agreement, as contemplated by the Pledge Agreement.
ARTICLE 6.     
DEFAULTS AND REMEDIES 
Section 6.01    Events of Default.
Each of the following is an “Event of Default”: 
(a)    default for 30 days in the payment when due of interest on the Notes;
(b)    default in the payment when due (at maturity, upon redemption, repurchase or otherwise) of the principal of, or premium, if any, on, the Notes;
(c)    failure by Wynn Capital, Wynn Las Vegas or any Guarantor:
(1)    to comply with any payment obligations (including, without limitation, obligations as to the timing or amount of such payments) described under Section 4.11 hereof; 
(2)    to comply with Section 5.01 hereof; 
(d)    failure by Wynn Capital, Wynn Las Vegas or any Guarantor for 60 days after receipt of written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture not set forth in Section 6.01(c) above; 
(e)    default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Wynn Las Vegas or any Guarantor (or the payment of which is guaranteed by Wynn Las Vegas or any Guarantor) whether such Indebtedness or guarantee exists on the date hereof, or is created after the date of this Indenture, if that default results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness the maturity of which has been so accelerated, 

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aggregates $25.0 million or more, if such acceleration is not annulled within 30 days after written notice as provided in the Indenture;
(f)    failure by Wynn Capital, Wynn Las Vegas or any Guarantor to pay final non-appealable judgments (not paid or covered by insurance as to which the relevant insurance company has not denied responsibility) aggregating in excess of $25.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; 
(g)    the Pledge Agreement shall cease, for any reason (other than pursuant to its terms or the terms of the Indenture), to be in full force and effect, or Wynn Capital or Wynn Las Vegas or any Affiliate of any such Person or any Person acting on behalf of any such Person, shall so assert, or any security interest created, or purported to be created, by the Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created by the Pledge Agreement; 
(h)    either Issuer or any Guarantor: 
(1)    commences a voluntary case, 
(2)    consents to the entry of an order for relief against it in an involuntary case, 
(3)    consents to the appointment of a custodian of it or for all or substantially all of its property, 
(4)    makes a general assignment for the benefit of its creditors, or 
(5)    generally is not paying its debts as they become due; or 
(i)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
(1)    is for relief against either Issuer or any Guarantor in an involuntary case; 
(2)    appoints a custodian of either Issuer or any Guarantor; or 
(3)    orders the liquidation of either Issuer or any Guarantor; 
and the order or decree remains unstayed and in effect for 60 consecutive days.
Section 6.02    Acceleration.
In the case of an Event of Default specified in clause (h) or (i) of Section 6.01 hereof, with respect to either Issuer or any Guarantor, all outstanding Notes shall become due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.  Upon any such declaration, the Notes shall become due and payable immediately.  The Holders of a majority in aggregate 

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principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium, if any, that has become due solely because of the acceleration) have been cured or waived.
Section 6.03    Other Remedies.
If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.
The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.  All remedies are cumulative to the extent permitted by law.
Section 6.04    Waiver of Past Defaults.
Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration.  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.05    Control by Majority.
Subject to the Intercreditor Agreement, Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it.  In addition, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability.
Section 6.06    Limitation on Suits.
Except to enforce the right to receive payment of principal, interest, or premium, if any, when due, a Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

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(a)    such Holder of a Note gives to the Trustee written notice that an Event of Default is continuing; 
(b)    the Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
(c)    such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
(d)    the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
(e)    during such 60-day period, the Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request within such 60-day period.
A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note.
Section 6.07    Rights of Holders of Notes to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien.
Section 6.08    Collection Suit by Trustee.
If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
Section 6.09    Trustee May File Proofs of Claim.
The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered 

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to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof.  To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.10    Priorities.
If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:
First:    to the Trustee, (including the Collateral Agent) for amounts due under Section 7.06 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee (including the Collateral Agent) and the costs and expenses of collection;
Second:    to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 
Third:    to the Issuers or to such party as a court of competent jurisdiction shall direct.
The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.
Section 6.11    Undertaking for Costs.
In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Section 6.11 does not apply to a suit by the Trustee, a suit by a 

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Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes.
ARTICLE 7.     
TRUSTEE 
Section 7.01    Duties of Trustee.
(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(b)    Except during the continuance of an Event of Default: 
(1)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Intercreditor Agreement, and the Trustee need perform only those duties that are specifically set forth in this Indenture and the Intercreditor Agreement, and no others, and no implied covenants or obligations shall be read into this Indenture and the Intercreditor Agreement against the Trustee; and 
(2)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture and the Intercreditor Agreement.  However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture and the Intercreditor Agreement.
(c)    The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
(1)    this Section 7.01(c) does not limit the effect of paragraph (b) of this Section 7.01; 
(2)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
(3)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof.
(d)    Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.
(e)    No provision of this Indenture, the Pledge Agreement or the Intercreditor Agreement shall require the Trustee to expend or risk its own funds or incur any liability.  The Trustee shall be 

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under no obligation to exercise any of its rights and powers under this Indenture, the Pledge Agreement and the Intercreditor Agreement at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.
(f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
Section 7.02    Rights of Trustee.
(a)    The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter stated in the document.
(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.  The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.
(d)    The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture.
(e)    Unless otherwise specifically provided in this Indenture or the Intercreditor Agreement, any demand, request, direction or notice from the Issuers shall be sufficient if signed by an Officer of either Issuer.
(f)    Nor shall the Trustee be bound to investigate (i) the performance of any of the covenants, agreements or other terms or conditions set forth herein or in the Pledge Agreement, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of the Pledge Agreement or other agreement, instrument or document, (iii) the creation, perfection or priority of any lien, (iv) the value or sufficiency of any Collateral or (v) the satisfaction of any condition set forth in the Pledge Agreement.
(g)    Except as expressly provided herein, the Trustee shall have no duty to inquire as to the performance of the Issuers with respect to the covenants contained in Articles 4 and 5 hereof.
(h)    The Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 6.01(a) and (b) hereof or (ii) any Default or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge thereof.

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(i)    The Trustee may request that the Issuers deliver Officers’ Certificates setting forth the names of individuals and their titles and specimen signatures of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificates may be signed by any person authorized to sign an Officers’ Certificate, as the case may be, including any person specified as so authorized in any such certificate previously delivered and not superseded.
(j)    Any permissive right granted to the Trustee shall not be construed as a mandatory duty.
(k)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
(l)    In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
(m)    In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
Section 7.03    Individual Rights of Trustee.
The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days or resign.  Any Agent may do the same with like rights and duties.  The Trustee is also subject to Sections 7.09 hereof.
Section 7.04    Trustee’s Disclaimer.
The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.
Section 7.05    Notice of Defaults.

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If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail a notice of the Default or Event of Default to Holders within 90 days after it occurs.  Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.
Section 7.06    Compensation and Indemnity.
(a)    The Issuers shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.  Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.
(b)    The Issuers and the Guarantors shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, the Pledge Agreement and the Intercreditor Agreement, including the costs and expenses of enforcing this Indenture against the Issuers and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuers, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or thereunder, respectively, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct.  The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Issuers shall not relieve the Issuers or any of the Guarantors of their obligations hereunder.  The Issuers or such Guarantor shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel.  Neither the Issuers nor any Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably withheld.
(c)    The obligations of the Issuers and the Guarantors under this Section 7.06 shall survive the satisfaction and discharge of this Indenture, and the resignation or removal of the Trustee.
(d)    To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.06, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes.  Such Lien shall survive the satisfaction and discharge of this Indenture.
(e)    When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(h) or (i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.
Section 7.07    Replacement of Trustee.

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(a)    A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07.
(b)    The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers in writing.  The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing.  The Issuers may remove the Trustee if: 
(1)    the Trustee fails to comply with Section 7.09 hereof; 
(2)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
(3)    a custodian or public officer takes charge of the Trustee or its property; or 
(4)    the Trustee becomes incapable of acting.
(c)    If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.
(d)    If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers, or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.
(e)    If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
(f)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers.  Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its succession to Holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof.  Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Issuers’ obligations under Section 7.06 hereof shall continue for the benefit of the retiring Trustee.
Section 7.08    Successor Trustee by Merger, etc.
If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

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Section 7.09    Eligibility; Disqualification.
There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition.
ARTICLE 8.     
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
Section 8.01    Option to Effect Legal Defeasance or Covenant Defeasance.
The Issuers may, at the option of their respective Boards of Directors evidenced by a resolution set forth in an Officers’ Certificate of each Issuer, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.
Section 8.02    Legal Defeasance and Discharge.
Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes, each of the Guarantors shall be deemed to be discharged from their obligations with respect to their Note Guarantees and Wynn Las Vegas and WLVH shall be deemed to be discharged from their obligations with respect to the Pledge Agreement on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that the Issuers and each of the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in Sections 8.02(a) and (b) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees, the Pledge Agreement, and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
(a)    the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
(b)    the Issuers’ obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
(c)    the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith; and 

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(d)    this Article 8.
Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.
Section 8.03    Covenant Defeasance.
Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and any Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.07, 4.08, 4.10 and 4.11 and clause (5) of Section 5.01(a) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers and each of the Guarantors released may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees shall be unaffected thereby.  In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(c) through 6.01(g) hereof shall not constitute Events of Default.
Section 8.04    Conditions to Legal or Covenant Defeasance.
In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
(a)    the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as shall be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Notes on the stated maturity or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to maturity or to a particular redemption date; 
(b)    in the case of an election under Section 8.02 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (2) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the 

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Holders of the outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
(c)    in the case of an election under Section 8.03 hereof, the Issuers have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
(d)    no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit shall not result in a breach or violation of, or constitute a default under, any other instrument to which either Issuer or any Guarantor is a party or by which either Issuer or any Guarantor is bound; 
(e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture) to which either Issuer or any Guarantor is a party or by which any such Person is bound; 
(f)    in the case of an election under Section 8.02 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel to the effect that, assuming no intervening bankruptcy of the Issuers or any Guarantor between the date of deposit and the 91st day following the deposit and assuming that no Holder of Notes is an “insider” of either Issuer under applicable bankruptcy law, after the 91st day following the deposit, the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
(g)    the Issuers must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders of Notes over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding creditors of the Issuers or others; and 
(h)    the Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.  
Section 8.05    Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers 

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acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.
The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.
Notwithstanding anything in this Article 8 to the contrary, the Trustee shall deliver or pay to the Issuers from time to time upon the request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(b) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
Section 8.06    Repayment to Issuers.
Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on its request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in the New York Times (national edition) and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuers.
Section 8.07    Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ or the Guarantors’ obligations under this Indenture, the Notes, the Note Guarantee, the Pledge Agreement and the Intercreditor Agreement shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuers shall subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

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ARTICLE 9.     
AMENDMENT, SUPPLEMENT AND WAIVER 
Section 9.01    Without Consent of Holders of Notes.
Notwithstanding Section 9.02 of this Indenture, without the consent of any Holder, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees, the Intercreditor Agreement (subject to the limitations set forth below) or, subject to the terms of the Intercreditor Agreement, the Pledge Agreement to: 
(a)    cure any ambiguity, defect or inconsistency; 
(b)    provide for uncertificated Notes in addition to or in place of certificated Notes; 
(c)    provide for the assumption of the Issuers’ or any Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Issuers or such Guarantor, as the case may be, in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ or such Guarantor’s assets pursuant to Article 5 or Article 11 hereof; 
(d)    make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any such Holder; 
(e)    conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes” in the Issuers’ Offering Memorandum, dated as of May 4, 2017, relating to the offering of the Initial Notes, to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect; 
(f)    provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date of this Indenture; 
(g)    allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes;
(h)    enter into additional or supplemental pledge agreements or an intercreditor agreement with respect thereto; or
(i)    provide for the Notes to become secured; or
(j)    provide for the transactions contemplated by Section 5.03 of this Indenture, including, without limitation, the assumption of Wynn Las Vegas’ obligations under this Indenture by Wynn America, Wynn Las Vegas becoming a Guarantor under this Indenture, Wynn Resorts Holdings’ assumption of the WLVH’s obligations under the Pledge Agreement, Wynn Resorts Holdings securing the Notes by a first priority pledge by Wynn Resorts Holdings of its Equity Interests in Wynn America, the Trustee’s entrance into a new intercreditor agreement in a form acceptable to the collateral agent for the Wynn America Credit Agreement, the release of WLVH’s obligations under the Pledge Agreement, the release of WLVH’s Equity Interest in Wynn Las Vegas, 

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the Trustee’s release from its obligations under the Intercreditor Agreement, and the entrance into an amended and restated pledge agreement to accomplish the transactions contemplated by Sections 5.03(c) and (d), in each case, as contemplated and in accordance with the provisions of Section 5.03.
Upon request of the Issuers, the Trustee will enter into amendments, restatements and modifications of the Pledge Agreement and Intercreditor Agreement from time to time in connection with the grant or assumption of any Liens permitted under this Indenture (including pursuant to Section 5.03); provided, however, that any such amended, restated or modified Pledge Agreement and Intercreditor Agreement shall contain terms no less favorable to the Trustee or the Holders of the Notes than the terms contained in the Pledge Agreement and Intercreditor Agreement being amended, restated or modified (except as expressly provided for in this Indenture); provided, further, that any such amendment, restatement or modification does not otherwise adversely affect the rights or remedies of the Trustee or the Holders of the Notes in any material respect (except as expressly provided for in this Indenture).
Upon the request of the Issuers accompanied by a resolution of their respective Boards of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.
Section 9.02    With Consent of Holders of Notes.
Except as provided below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture (including, without limitation, Section 4.11 hereof), the Notes, the Note Guarantees and, subject to the terms of the Intercreditor Agreement and this Indenture, the Pledge Agreement, with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Note Guarantees or, subject to the terms of the Intercreditor Agreement and this Indenture, the Pledge Agreement, may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with purchase of, or a tender offer or exchange offer for, the Notes).  
Upon the request of the Issuers accompanied by a resolution of their respective Boards of Directors authorizing the execution of any such amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes 

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as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture.
It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof.
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver.  Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.  Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Issuers with any provision of this Indenture or the Notes or by the Guarantors with any provision of the Note Guarantees.  However, without the consent of each Holder affected an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
(a)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
(b)    reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes, except as provided above with respect to Section 4.11 hereof; 
(c)    reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
(d)    waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
(e)    make any Note payable in money other than that stated in the Notes; 
(f)    make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium, if any, on the Notes; 
(g)    waive a redemption payment with respect to any Note (other than a payment required by Sections 4.11 hereof); 

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(h)    amend or modify any Note Guarantee in a manner that would adversely affect the holders of the Notes or release any Guarantor from any of its obligations under its Note Guarantee or this Indenture (except in accordance with the terms of this Indenture);
(i)    release all or substantially all of the Collateral, in each case, except in accordance with the provisions of this Indenture, the Pledge Agreement and the Intercreditor Agreement; 
(j)    amend the provisions of Section 10.03 hereof; or 
(k)    make any change in the foregoing amendment and waiver provisions.
Section 9.03    Revocation and Effect of Consents.
Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.  However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective.  An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.
Section 9.04    Notation on or Exchange of Notes.
The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.  The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.
Section 9.05    Trustee to Sign Amendments, etc.
The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee.  The Issuers and the Guarantors may not sign an amendment or supplemental indenture until their respective Boards of Directors approve it.  In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 14.02 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and an Opinion of Counsel stating that the supplemental indenture is a valid and binding obligation of the Issuers, enforceable against each of them in accordance with its terms.
ARTICLE 10.     
COLLATERAL AND SECURITY

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Section 10.01    Collateral Documents.
(a)    The due and punctual payment of the principal of and interest and premium on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest and premium on the Notes and performance of all other obligations of the Issuers and the Guarantors to the Holders of Notes or the Trustee under this Indenture and the Notes, according to the terms hereunder or thereunder, are secured as provided in the Collateral Documents which have been entered into prior to or simultaneously with the execution of this Indenture.  Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Collateral Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and limitations on exercise of rights and remedies) as the same may be in effect or may be amended from time to time in accordance with the terms of this Indenture and the Collateral Documents and authorizes and directs the Trustee and the Collateral Agent, as applicable, to enter into the Collateral Documents and to perform their respective obligations and exercise their respective rights thereunder in accordance therewith.  The Issuers shall deliver or cause to be delivered to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the Collateral Documents and the Issuers shall do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Collateral Documents, to assure and confirm to the Trustee the security interests in the Collateral contemplated hereby, by the Collateral Documents or any part thereof, as from time to time constituted, so as to render the same available (subject to the terms of the Intercreditor Agreement) for the security and benefit of this Indenture, the Notes and the Note Guarantees to the extent secured by the Collateral Documents, according to the intent and purposes therein expressed.  Subject to the terms of the Intercreditor Agreement, the Issuers shall take, upon request of the Trustee, any and all actions reasonably required to cause the Collateral Documents to create and maintain, as security for the Obligations of the Issuers hereunder and of the Guarantors under the Note Guarantees, a valid and enforceable perfected Lien of the priority required by the Collateral Documents in and on all the Collateral, in favor of the Collateral Agent for the benefit of itself, the Trustee and the Holders of Notes, superior to and prior to the rights of all third Persons, in each case, subject to Liens permitted under this Indenture and the terms of the Intercreditor Agreement.  For the avoidance of doubt, the obligations of the Issuers and the Guarantors under this Indenture and the Notes are not secured by any deeds of trust, security agreements, control agreements or any other agreements entered into prior to the date hereof to secure the 2022 Notes, the 2023 Notes or the 2025 Notes.
(b)    Without limiting the generality of the foregoing, each Holder by accepting a Note agrees that any other document or instrument pursuant to which the Issuers or any Affiliate thereof from time to time grants a Lien to the Trustee or the Holders or an agent or representative on their behalf to secure their obligations hereunder (collectively, the “Security Documents”) are “Shared Security Documents,” and that the Trustee is authorized and directed by each Holder to treat and the Trustee and each such Holder agrees that it will treat the same as “Shared Security Documents” under and as defined in the Intercreditor Agreement and subject to the terms thereof for all purposes, including without limitation, for purposes of amending, modifying, varying or waiving any provision thereof, releasing any collateral thereunder, exercising any rights or remedies thereunder, directing the Collateral Agent thereunder to take any action thereunder or with respect thereto, removing the 

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Collateral Agent and for purposes of sharing the proceeds of the collateral thereunder with the other First Lien Secured Parties (as defined in the Intercreditor Agreement).  In furtherance of the foregoing, the Trustee shall (and is hereby authorized to) take or instruct the Collateral Agent thereunder to take such actions under the Security Documents or related thereto as requested by the Required Secured Parties (as defined in the Intercreditor Agreement) from time to time, and notwithstanding any provision in this Indenture to the contrary, unless all debt secured by the Security Documents has been Discharged, the Trustee will not release or instruct the Collateral Agent thereunder to release any Collateral unless such release is not prohibited by the Intercreditor Agreement or such Collateral has been released from the Lien securing the obligations owed to all other First Lien Secured Parties.  The Holders hereby designate and direct the Trustee to designate, and the Trustee hereby designates Deutsche Bank Trust Company Americas as its collateral agent to act as specified in and under the Intercreditor Agreement, this Indenture, the Security Documents and any other such documents or instruments entered into by Deutsche Bank Trust Company Americas (and its successors) as the collateral agent for the benefit of the Trustee and the Holders.  The Issuers and the Guarantors hereby consent to the foregoing provisions.  
Section 10.02    Recording and Opinions.
The Issuers shall furnish to the Trustee simultaneously with the execution and delivery of this Indenture an Opinion of Counsel either: 
(a)    stating that, in the opinion of such counsel, all action has been taken with respect to the recording, registering and/or filing of any financing statements or other instruments necessary to make effective the Lien intended to be created by the Collateral Documents, and reciting with respect to the security interests in the Collateral, the details of such action; or 
(b)    stating that, in the opinion of such counsel, no such action is necessary to make such Lien effective.
Section 10.03    Release of Collateral.
(c)    Subject to Sections 9.01, 9.02 and 10.01(b), the other provisions of this Section 10.03 and the terms of the Intercreditor Agreement and the other Collateral Documents, the Holders of note less than a majority in aggregate principal amount of the then outstanding Notes will determine the circumstances and manner in which the Collateral will be disposed of, including the determination of whether to release all of the Collateral from the security interests created by the Collateral Documents and whether to foreclose on the Collateral following an Event of Default.  Subject to Sections 9.01, 9.02 and 10.01(b), Collateral may be released from the Liens and security interests created by the Collateral Documents at any time or from time to time in accordance with the provisions of the Collateral Documents and as provided in this Section 10.03.  Subject to the provisions of the Intercreditor Agreement and this Indenture, upon the request of the Issuers pursuant to an Officers’ Certificate certifying that all terms for release and conditions precedent under this Indenture and under any applicable Collateral Document have been met and specifying (1) the identity of the Collateral to be released and (2) the provisions of this Indenture or the applicable Collateral Document which authorize such release, the Trustee shall release the Liens in favor of the Trustee (at the sole cost and expense of the Issuers) on:

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(1)    all Collateral (except as provided in Articles 8 and 12 of this Indenture) upon Legal Defeasance as provided for in Section 8.02 hereof or satisfaction and discharge of this Indenture as provided for Section 12.01 hereof; 
(2)    all Collateral upon the payment in full in cash in immediately available funds of all Obligations of the Issuers and the Guarantors under this Indenture, the Notes, the Note Guarantees and the Collateral Documents; 
(3)    all Collateral on any date following the date of this Indenture upon which Wynn Resorts receives an Investment Grade rating from one or more Rating Agencies; and
(4)    the Released Assets.
(d)    Upon receipt by the Trustee of the applicable Officers’ Certificate required to be delivered pursuant to Section 10.03(a), the Trustee shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this Section 10.03.
(e)    Notwithstanding anything to the contrary in this Indenture or the Collateral Documents, no Collateral may be released from the Lien and security interests created by the Collateral Documents unless the Officers’ Certificate required by this Section 10.03 has been delivered to the Trustee and any applicable provisions of the Intercreditor Agreement have been complied with.
(f)    At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Notes has been accelerated (whether by declaration or otherwise), no release of Collateral pursuant to the provisions of this Section 10.03 or the Collateral Documents shall be effective as against the Holders of Notes.
Section 10.04    Authorization of Actions to Be Taken by the Trustee Under the Collateral Documents.
Subject to the provisions of Sections 7.01, 7.02 and 10.01(b) hereof, the Intercreditor Agreement and the Collateral Documents, the Trustee may, in its sole discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders of Notes, the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 
(a)    enforce any of the terms of the Collateral Documents; and 
(b)    collect and receive any and all amounts payable in respect of the Obligations of the Issuers and the Guarantors hereunder and under the Collateral Documents.
The Trustee shall have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders of Notes in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order 

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that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders of Notes or of the Trustee).
For the avoidance of doubt, nothing herein shall require the Trustee to file financing statements, termination statements or continuation statements, or be responsible for maintaining the security interests purported to be created as described herein (except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder or under the Pledge Agreement or Intercreditor Agreement) and such responsibility shall be solely that of the Issuers; provided, that upon the written direction of the Holders of not less than a majority in aggregate principal amount of the then outstanding Notes, the Trustee shall file financing statements, termination statements or continuation statements.  The Trustee shall not be responsible for and makes no representation as to the existence, genuineness, value or protection of any Collateral, for the legality, effectiveness or sufficiency of any Collateral Document, or for the creation, perfection, priority, sufficiency or protection of any liens securing the Obligations of the Issuers.
Section 10.05    Authorization of Receipt of Funds by the Trustee Under the Collateral Documents.
The Trustee is authorized to receive any funds for the benefit of the Holders of Notes distributed under the Collateral Documents, and to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture.
Section 10.06    Rights in the Pledged Collateral.
So long as no Event of Default shall have occurred and be continuing, and subject to the provisions of this Indenture, the Intercreditor Agreement and the other Collateral Documents, Wynn Las Vegas, each Guarantor, and any of their respective direct or indirect parents shall be entitled to receive the benefit of all cash dividends, interest and other payments made upon or with respect to the Collateral pledged by such Person and to exercise any voting and other consensual rights pertaining to the Collateral pledged by such Person.  Upon the occurrence and during the continuance of an Event of Default and, subject to the terms of the Collateral Documents, this Indenture and the limitations in the Intercreditor Agreement and the exercise by the Trustee of its rights under the Collateral Documents and subject to applicable Gaming Laws: 
(a)    upon receipt by the affected Person of notice from the Trustee so stating, all rights of such Person to exercise such voting or other consensual rights shall cease, and all such rights shall become vested in the Trustee which, to the extent permitted by law, shall have the sole right to exercise such rights; 
(b)    all rights of such Person to receive all cash dividends, interest and other payments made upon, or with respect to, the Collateral shall cease and such cash dividends, interest and other payments shall be paid to the Trustee; and 
(c)    subject to applicable law, including procedural restraints imposed on sales of collateral by secured creditors generally, the Trustee may sell the Collateral or any part thereof in 

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accordance with the terms of this Indenture, the Intercreditor Agreement and the other Collateral Documents.  
Section 10.07    Termination of Security Interest.
Upon the payment in full in immediately available funds of all Obligations of the Issuers under this Indenture and the Notes, or upon Legal Defeasance, the Trustee shall, at the written request of the Issuers, deliver a certificate to the Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to release the Liens on the Collateral pursuant to this Indenture and the Collateral Documents and to take such actions at the Issuers’ sole cost and expense as the Issuers may reasonably request to evidence such release, including, without limitation, the return of assets pledged as Collateral and the execution and delivery of related instruments of transfer, lien, releases, reconveyances, termination statements and any similar documents and instruments.  
ARTICLE 11.     
NOTE GUARANTEES 
Section 11.01    Note Guarantee.
(a)    Subject to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:
(1)    the principal of, premium, if any, and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
(2)    in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.  Each Guarantor agrees that this is a guarantee of payment and performance and not a guarantee of collection.
(b)    The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.  Each of the Guarantors hereby waives diligence, presentment, 

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demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of either Issuer, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.  Each Guarantor waives any right or claims of right to cause a marshalling of the Issuers’ or any Guarantor’s assets or to proceed against any Guarantor, any Issuer or any other guarantor of any Obligations that are Guaranteed in any particular order, including, but not limited to, any right arising out of Nevada Revised Statutes 40.430, to the fullest extent permitted by Nevada Revised Statutes 40.495(2).
(c)    If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either Issuer or any Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(d)    Each of the Guarantors agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.  Each of the Guarantors further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee.  The Guarantors shall have the right to seek contribution from any non-paying Guarantor, as the case may be, so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.
Section 11.02    Limitation on Guarantor Liability.
Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee.  To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor, as the case may be, that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.
Section 11.03    Execution and Delivery of Note Guarantee.
To evidence its Note Guarantee set forth in Section 11.01, each of the Guarantors hereby agrees that a notation of such Note Guarantee substantially in the form attached as Exhibit E hereto 

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shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by one of its Officers.
Each of the Guarantors hereby agrees that its Note Guarantee set forth in Section 11.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee.
If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee shall be valid nevertheless.
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors.
Section 11.04    Guarantors May Consolidate, etc., on Certain Terms.
(a)    A Guarantor may not consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than either of the Issuers or another Guarantor, unless: 
(1)    immediately after giving effect to that transaction, no Default or Event of Default exists; and 
(2)    the Person surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Note Guarantee pursuant to a supplemental indenture and other appropriate documents satisfactory to the Trustee.
(b)    In case of any consolidation or merger involving a Guarantor under this Section 11.04 hereof, and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.  Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuers and delivered to the Trustee.  All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof.
(c)    Except as set forth in Articles 4 and 5 hereof, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuers or another Guarantor.
(d)    Notwithstanding the foregoing, each Guarantor is permitted to reorganize as a corporation pursuant to a Permitted C-Corp. Conversion.

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Section 11.05    Release of Guarantees.  
Subject to compliance with the provisions described above under this Article 11, the Note Guarantee of a Guarantor and the security interests granted by that Guarantor to secure its Note Guarantee will be released: 
(a)    in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) an Issuer or a Guarantor; 
(b)    in connection with any sale or other disposition of all of the Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) an Issuer or a Guarantor; or
(c)    upon Legal Defeasance as provided for in Section 8.02 hereof or satisfaction and discharge of this Indenture as provided for in Section 12.01 hereof.
Section 11.06    Additional Note Guarantees.  
(a)    If Wynn Las Vegas or any Guarantor acquires or creates another Domestic Subsidiary after the date of this Indenture, then that newly acquired or created Domestic Subsidiary will become a Guarantor and execute a supplemental indenture within 10 Business Days of the date on which it was acquired or created; provided that any Domestic Subsidiary that constitutes an Immaterial Subsidiary or an Excluded Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary or an Excluded Subsidiary, as the case may be. 
(b)    If (1) Wynn America assumes Wynn Las Vegas’ obligations under this Indenture and the Notes, as set forth in Section 5.03(a), and (2) Wynn America either (x) incurs any Indebtedness in the form of bonds after such assumption or (y) has any Indebtedness outstanding in form of bonds at the time of such assumption, then, subject to applicable Gaming Laws, Wynn America will cause any Subsidiary of Wynn America that guarantees such bonds to become a Guarantor and execute a supplemental indenture within ten (10) Business Days of the date of such assumption, unless such Subsidiary is already a Guarantor of the Notes at the time of such assumption or when Wynn America incurs such Indebtedness, as applicable.
ARTICLE 12.     
SATISFACTION AND DISCHARGE 
Section 12.01    Satisfaction and Discharge.
This Indenture and the Pledge Agreement shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when: 
(a)    either: 
(1)    all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been 

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deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation; or 
(2)    all Notes that have not been delivered to the Trustee for cancellation will become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuers have or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to, but not including, the date of maturity or redemption; 
(b)    no Default or Event of Default has occurred and is continuing on the date of such deposit or shall occur as a result of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit shall not result in a breach or violation of, or constitute a default under, any other instrument to which either Issuer or any Guarantor is a party or by which either Issuer or any Guarantor is bound; 
(c)    the Issuers or any Guarantor have paid or caused to be paid all sums payable by the Issuers under this Indenture; and 
(d)    the Issuers have delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be.
In addition, the Issuers must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.
Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section, the provisions of Section 12.02 and Section 8.06 shall survive.  In addition, nothing in this Section 12.01 shall be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.
Section 12.02    Application of Trust Money.
Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as their own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

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If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any Guarantor’s obligations under this Indenture, the Notes, the Note Guarantees and the Pledge Agreement shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01; provided that if the Issuers have made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.
ARTICLE 13.     
JOINT AND SEVERAL LIABILITY 
Section 13.01    Joint and Several Liability.
(a)    Notwithstanding any contrary provision contained in this Indenture, the Notes and the Pledge Agreement, the covenants, agreements and obligations of the Issuers, and either of them, shall be deemed joint and several obligations of the Issuers.  Any waiver including, without limitation, any suretyship waiver, made by either Issuer in this Indenture, the Notes or the Pledge Agreement shall be deemed to be made also by the other Issuer and references in any such waiver to either Issuer shall be deemed to include the other Issuer and each of them to the fullest extent permitted by applicable law.
(b)    Notwithstanding any contrary provision contained in this Indenture, the Notes or Pledge Agreement, each such document to which both Issuers are party shall be deemed to include, without limitation, the following waivers:
Each of the Issuers hereby waives and relinquishes all rights and remedies accorded by applicable law to sureties or guarantors and agrees not to assert or take advantage of any such rights or remedies, including, without limitation, (i) any right to require the Trustee or any of the Holders (each a “Beneficiary”) to proceed against either of the Issuers or any other Person or to proceed against or exhaust any security held by a Beneficiary at any time or to pursue any other remedy in the power of a Beneficiary before proceeding against such Issuer or other Person, (ii) the defense of the statute of limitations in any action hereunder or in any action for the collection or performance of the Obligations under the Indenture, the Notes and the Pledge Agreement (collectively, the “Note Obligations”), (iii) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any Person or the failure of a Beneficiary to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any Person, (iv) appraisal, valuation, stay, extension, marshaling of assets, redemption, exemption, demand, presentment, protest and notice of any kind, including, without limitation, notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of a Beneficiary, any Issuer, any endorser, guarantor or creditor of either Issuer or on the part of any other Person under this or any other instrument or document in connection with any Obligation or evidence of Indebtedness held by a Beneficiary as collateral or in connection with the Note Obligations, (v) any defense based upon an election of remedies by a Beneficiary, including, without limitation, an election to proceed by non judicial rather than judicial foreclosure, which destroys 

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or otherwise impairs the subrogation rights of either Issuer, the right of either Issuer to proceed against the other Issuer or any other Person for reimbursement, or both, (vi) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal, (vii) any duty on the part of a Beneficiary to disclose to either Issuer any facts a Beneficiary may now or hereafter know about either of the Issuers or any other Person, regardless of whether a Beneficiary has reason to believe that any such facts materially increase the risk beyond that which such Issuer intends to assume, or has reason to believe that such facts are unknown to such Issuer, or has a reasonable opportunity to communicate such facts to the either Issuer, because each Issuer acknowledges that each Issuer is fully responsible for being and keeping informed of the financial condition of each of the Issuers or any other Person and of all circumstances bearing on the risk of nonpayment of any Note Obligations, (viii) any defense arising because of the election of a Beneficiary, in any proceeding instituted under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Law, (ix) any defense based upon any borrowing or grant of a security interest under Section 364 of the Bankruptcy Law, (x) any claim or other rights which it may now or hereafter acquire against the other Issuer or any other Person that arises from the existence of performance of each Issuer of its obligations under this Indenture, the Notes or the Pledge Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, any right to participate in any claim or remedy by a Beneficiary against the other Issuer or any collateral which a Beneficiary now has or hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, by any payment made hereunder or otherwise, including, without limitation, the right to take or receive from either of the Issuers or any other Person, directly or indirectly, in cash or other property or by set off or in any other manner, payment or security on account of such claim or other rights, (xi) any rights which it may acquire by way of contribution under this Indenture, the Notes or the Pledge Agreement, by any payment made hereunder or otherwise, including, without limitation, the right to take or receive from any other Person, directly or indirectly, in cash or other property or by set off or in any other manner, payment or security on account of such contribution rights, and (xii) any defense based on one action laws and any other anti-deficiency protections granted to guarantors by applicable law.  No failure or delay on the Trustee’s part in exercising any power, right or privilege under this Indenture shall impair or waive one such power, right or privilege.  Each of the Issuers acknowledges and agrees that any nonrecourse or exculpation provided for in this Indenture, the Notes or the Pledge Agreement, or any other provision of this Indenture, the Notes or the Pledge Agreement, limiting the Beneficiaries’ recourse to specific collateral, or limiting the Beneficiaries’ right to enforce a deficiency judgment against the Issuers, shall have absolutely no application to the Issuers’ liability under this Indenture, the Notes or the Pledge Agreement.
(c)    In the event of any inconsistency between the provisions of this Article 13 and the corresponding provisions of this Indenture, the Notes or the Pledge Agreement, the provisions of this Indenture shall govern.
ARTICLE 14.     
MISCELLANEOUS 
Section 14.01    Notices.

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Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address:
If to the Issuers and/or any Guarantor:
c/o Wynn Las Vegas, LLC 
3131 Las Vegas Boulevard 
South Las Vegas, NV 89109  
Telecopier No.: (702) 770-1104  
Attention: President 
With a copy to:  
 
c/o Wynn Las Vegas, LLC 
3131 Las Vegas Boulevard 
South Las Vegas, NV 89109  
Telecopier No.: (702) 770-1503  
Attention: General Counsel 
With a further copy to:
Latham & Watkins LLP  
355 South Grand Avenue, Suite 100  
Los Angeles, CA 90071 
Telecopier No.: (213) 891-8763  
Attention: Casey Fleck, Esq.
If to the Trustee:
U.S. Bank National Association  
EP-MN-WS3C 
60 Livingston Avenue  
St. Paul, MN 55107-2292  
Telecopier No.: (651) 495-8097  
Attention: Corporate Trust Department 
The Issuers, any Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

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Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar.  Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
If the Issuers mail a notice or communication to Holders, they shall mail a copy to the Trustee and each Agent at the same time.
Section 14.02    Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish to the Trustee: 
(a)    an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 14.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
(b)    an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 14.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.
Section 14.03    Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 
(a)    a statement that the Person making such certificate or opinion has read such covenant or condition; 
(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
(c)    a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
(d)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.
Section 14.04    Rules by Trustee and Agents.

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The Trustee may make reasonable rules for action by or at a meeting of Holders.  The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.
Section 14.05    No Personal Liability of Directors, Officers, Employees and Equity Holders.
No past, present or future director, officer, employee, incorporator, organizer, equity holder or member of either Issuer or any Guarantor, as such, shall have any liability for any obligations of either Issuer or any Guarantor under the Notes, the Note Guarantees, this Indenture, the Pledge Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.
Section 14.06    Governing Law.
THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK OBLIGATIONS LAW.
Section 14.07    No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their respective Subsidiaries or of any other Person.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 14.08    Successors.
All agreements of the Issuers in this Indenture and the Notes shall bind their successors.  All agreements of the Trustee in this Indenture shall bind its successors.  All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 11.05.
Section 14.09    Severability.
In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 14.10    Counterpart Originals.
The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
Section 14.11    Table of Contents, Headings, etc.

81

 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
[Signatures Pages Follow]

82

 

SIGNATURES
	
		
	Dated as of May 11, 2017
	ISSUERS:

WYNN LAS VEGAS, LLC,
a Nevada limited liability company
		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer
 

WYNN LAS VEGAS CAPITAL CORP., 
 
a Nevada corporation
By: /s/ Craig S. Billings                    
Name:    Craig S. Billings  
Title:    Chief Financial Officer and Treasurer 

Signature Page to Indenture

 

GUARANTORS:

WYNN SHOW PERFORMERS, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

Signature Page to Indenture

 

WORLD TRAVEL, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

Signature Page to Indenture

 

WYNN SUNRISE, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer
 

Signature Page to Indenture

 

KEVYN, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

Signature Page to Indenture

 

WLV EVENTS, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    /s/ Craig S. Billings    
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

Signature Page to Indenture

 

U.S. BANK NATIONAL ASSOCIATION,  
not in its individual capacity but solely as Trustee
	
			
	By:
	/s/ Raymond Haverstock

	 
	Name: Raymond Haverstock

	 
	Title:   Vice President

 

Signature Page to Indenture

EXHIBIT A-1

[Face of Note]

CUSIP/ISIN  983130 AX3/US 983130AX35
5.25% Senior Notes due 2027
No. ___    $____________
WYNN LAS VEGAS, LLC  
WYNN LAS VEGAS CAPITAL CORP.
promise to pay to ______________________ or registered assigns, 
the principal sum of 
DOLLARS on May 15, 2027.
Interest Payment Dates: May 15 and November 15 
Record Dates: May 1 and November 1 
Dated: May 11, 2017 

A-1-1

WYNN LAS VEGAS, LLC,
a Nevada limited liability company
		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

 By:    ______________________________
		
	Name:
	Kim Sinatra

Title: Executive Vice President, General Counsel and Secretary
 

WYNN LAS VEGAS CAPITAL CORP., 
 
a Nevada corporation
By:_________________________________ 
Name:    Craig S. Billings  
Title:    Chief Financial Officer and     Treasurer 
By:_________________________________ 
Name:    Kim Sinatra  
Title:    Secretary 

A-1-2

This is one of the Notes referred to 
in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION, 
as Trustee

By:    
Authorized Signatory

A-1-3

 

 [Back of Note] 
5.25% Senior Notes due 2027

[Insert the Private Placement Legend, if applicable, pursuant to Section 2.06(f)(1) of the Indenture]
[Insert the Global Notes Legend, if applicable, pursuant to Section 2.06(f)(2) of the Indenture]
Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
(1)    Interest.  Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas” ) and Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital,” and together with Wynn Las Vegas, the “Issuers”), as joint and several obligors, promise to pay interest on the principal amount of this Note at 5.25% per annum from May 11, 2017 until maturity.  The Issuers shall pay interest semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).  Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be November 15, 2017.  The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
(2)    Method of Payment.  The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the May 1 or November 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.  The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained for such purpose within or without the City and State of New York, or, at the option of the Issuers, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent.  Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
(3)    Paying Agent and Registrar.  Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar.  The Issuers may change any 

A-1-4

 

Paying Agent or Registrar without notice to any Holder.  Either Issuer or any Guarantor may act in any such capacity.
(4)    Indenture and the Pledge Agreement.  The Issuers issued the Notes under an Indenture dated as of May 11, 2017 (the “Indenture”) among the Issuers, the Guarantors and the Trustee.  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.  The Notes are unsecured obligations of the Issuers, except that the Notes will be secured by a first priority pledge by Wynn Resorts Holdings of its Equity Interests in Wynn Las Vegas together with any distributions, rights and proceeds in respect thereof pursuant to the Pledge Agreement referred to in the Indenture.  The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.  Notes issued after the date of the Indenture in compliance with the applicable requirements of the Indenture are referred to as “Additional Notes.” The term “Notes” includes any Additional Notes hereafter issued.
(5)    Optional Redemption. The Notes are redeemable at the Issuers’ election, in whole or in part at any time prior to their Stated Maturity. 
(a)    The redemption price for the Notes that are redeemed before February 15, 2027 will be equal to the greater of:
		
	i.
	100% of the principal amount of the Notes to be redeemed; or

		
	ii.
	as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points,

plus, in either of the above cases, accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
(b)    The redemption price for Notes that are redeemed on or after February 15, 2027 will be equal to the sum of 100% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
Any such redemption may, at the discretion of the Issuers, be subject to one or more conditions precedent, including a Change of Control. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if applicable, shall state that, in the discretion of the Issuers, the date of redemption may be delayed until such time as any or all such conditions shall be satisfied or waived (provided that in no event shall such date of redemption be delayed to a date later than 60 days after the date on which such notice was mailed), or such redemption may not occur and such notice may be 

A-1-5

 

rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by the date of redemption as so delayed.
Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date.
(6)    Mandatory Redemption.  Other than as set forth in Paragraph 7 below, the Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.
(7)    Mandatory Disposition or Redemption Pursuant to Gaming Laws.  Notwithstanding any other provision of the Indenture or this Note, if any Gaming Authority requires a Holder or Beneficial Owner of Notes to be licensed, qualified or found suitable under any applicable Gaming Law and the Holder or Beneficial Owner (a) fails to apply for a license, qualification or finding of suitability within 30 days after being requested to do so (or such lesser period as required by the Gaming Authority), or (b) is notified by a Gaming Authority that it shall not be licensed, qualified or found suitable, the Issuers shall have the right, at their option, to: (1) require the Holder or Beneficial Owner to dispose of its Notes within 30 days (or such lesser period as required by the Gaming Authority) following the earlier of: (a) the termination of the period described above for the Holder or Beneficial Owner to apply for a license, qualification or finding of suitability if the Holder fails to apply for a license, qualification or finding of suitability during such period, or (b) the receipt of the notice from the Gaming Authority that the Holder or Beneficial Owner shall not be licensed, qualified or found suitable by the Gaming Authority; or (2) redeem the Notes of the Holder or Beneficial Owner at a redemption price equal to: (a) the price required by applicable law or by order of any Gaming Authority, or (b) the lesser of: (i) the principal amount of the Notes, and (ii) the price that the Holder or Beneficial Owner paid for the Notes, in either case, together with accrued and unpaid interest, if any, on the Notes to, but not including, the earlier of (A) the date of redemption or such earlier date as is required by the Gaming Authority or (B) the date of the finding of unsuitability by the Gaming Authority, which may be less than 30 days following the notice of redemption.  The Issuers shall notify the Trustee in writing of any redemption pursuant to this Section 7 as soon as practicable.
Immediately upon a determination by a Gaming Authority that a Holder or Beneficial Owner of Notes shall not be licensed, qualified or found suitable, the Holder or Beneficial Owner shall not have any further rights with respect to the Notes to: (a) exercise, directly or indirectly, through any Person, any right conferred by the Notes; or (b) receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Issuers for services rendered or otherwise, except the redemption price of the Notes.
The Issuers are not required to pay or reimburse any Holder or Beneficial Owner of Notes who is required to apply for such license, qualification or finding of suitability for the costs relating thereto.  Those expenses shall be the obligation of the Holder or Beneficial Owner.

A-1-6

 

(8)    Repurchase at Option of Holder. If a Change of Control Triggering Event occurs, the Issuers shall make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Payment”).  Within 10 days following any Change of Control Triggering Event, the Issuers shall mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.
(9)    Notice of Redemption.  Notice of redemption shall be delivered at least 15 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture.  Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed.  On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
(10)    Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.  The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.  Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.
(11)    Persons Deemed Owners.  The registered Holder of a Note may be treated as its owner for all purposes.
(12)    Amendment, Supplement and Waiver.  
(a)    Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees and, subject to the terms of the Intercreditor Agreement and the Indenture, the Pledge Agreement may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes, the Note Guarantees or, subject to the terms of the Intercreditor Agreement and the Indenture, the Pledge Agreement may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes, voting as a single class.  
(b)    Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder) (i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement 

A-1-7

 

or waiver, (ii) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (other than Section 4.11 of the Indenture), (iii) reduce the rate of or change the time for payment of interest, including default interest, on any Note; (iv) waive a Default or Event of Default in the payment of principal of, or interest, premium, if any, on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration), (v) make any Note payable in money other than that stated herein, (vi) make any change in Section 6.04 of the Indenture or the rights of Holders of Notes to receive payments of principal of, or interest, premium, if any, on, the Notes, (vii) waive a redemption payment with respect to any Note (other than a payment required by Section 4.11 of the Indenture), (viii) amend or modify any Note Guarantee in a manner that would adversely affect the Holders of the Notes or release any Guarantor from any of its obligations under its Note Guarantee or the Indenture (except in accordance with the terms of the indenture), (ix) release all or substantially all of the Collateral except in accordance with the provisions of the Indenture, Pledge Agreement and the Intercreditor Agreement, (x) amend Section 10.03 of the Indenture or (xi) make any change in the preceding amendment and waiver provisions.
(c)    Without the consent of any Holder of a Note, the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes, the Note Guarantees or Pledge Agreement to (i) cure any ambiguity, defect or inconsistency, (ii) provide for uncertificated Notes in addition to or in place of certificated Notes, (iii) provide for the assumption of the either Issuers’ or any Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Issuers or such Guarantor, as the case may be, in the case of a merger or consolidation or sale of all or substantially all of the Wynn Las Vegas’ or such Guarantor’s assets pursuant to Article 5 or Article 11 of the Indenture, (iv) make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights of any such Holder under the Indenture, (v) to conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes” in the Issuers’ Offering Memorandum, dated as of May 4, 2017, relating to the offering of the Initial Notes, to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect, (vi) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date of the Indenture, (vii) allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes, (viii) enter into additional or supplemental pledge agreements or Guarantees or an intercreditor agreement with respect thereto or (ix) provide for the Notes to become secured.
(13)    Defaults and Remedies.  Events of Default include: (i) default for 30 days in the payment when due of interest, if any, with respect to the Notes; (ii) default in payment when due of principal of, or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by Wynn Capital, Wynn Las Vegas or any of Guarantors to comply with Sections 4.11 or 5.01 of the Indenture; (iv) failure by Wynn Capital, Wynn Las Vegas or any Guarantor for 60 days after written notice from the Trustee or Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in 

A-1-8

 

the Indenture or the Notes, not set forth in clause (iii) above; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Wynn Las Vegas or any Guarantor (or the payment of which is guaranteed by Wynn Las Vegas or any of the Guarantors) whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, if that default results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness the maturity of which has been so accelerated, aggregates $25.0 million or more, if such acceleration is not annulled within 30 days after written notice as provided in the Indenture; (vi) failure by Wynn Capital, Wynn Las Vegas or any of the Guarantors to pay final non-appealable judgments (not paid or covered by insurance as to which the relevant insurance company has not denied responsibility) aggregating in excess of $25.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; (vii) the Pledge Agreement shall cease, for any reason (other than pursuant to its terms or the terms of the Indenture), to be in full force and effect or Wynn Capital, Wynn Las Vegas or any Affiliate of any such Person or any Person acting on behalf of any such Person, shall so assert, or any security interest created, or purported to be created, by Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created by the Pledge Agreement; or (vii) certain events of bankruptcy or insolvency described in the Indenture with respect to (a) either Issuer or (b) any Guarantor.  
In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to (a) either Issuer or (b) any Guarantor, all outstanding Notes shall become due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.  Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture, the Intercreditor Agreement and the Pledge Agreement.  Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal or interest or premium, if any.  The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes.  The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture.  Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default.  
(14)    Intercreditor Agreement.  The Indenture authorizes the Trustee to enter into the Intercreditor Agreement on behalf of itself and the Holders of the Notes.  The Intercreditor Agreement will restrict the ability of the Trustee and the Holders of the Notes to exercise certain rights and remedies with respect to the Collateral.  

A-1-9

 

(15)    Trustee Dealings with Issuers.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign.  Any Agent may do the same with like rights and duties.  
(16)    No Recourse Against Others.  No past, present or future director, officer, employee, incorporator, organizer, equity holder or member of either Issuer or any Guarantor, as such, shall have any liability for any obligations of either Issuer or any Guarantor under the Notes, the Note Guarantees, the Indenture, the Pledge Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.
(17)    Authentication.  This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
(18)    Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
(19)    Governing Law.  THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTION 4-1401 OF THE NEW YORK OBLIGATIONS LAW.
(20)    CUSIP Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
The Issuers shall furnish to any Holder upon written request and without charge a copy of the Indenture, the Pledge Agreement and/or the Intercreditor Agreement.  Requests may be made to:
c/o Wynn Las Vegas, LLC 
3131 Las Vegas Boulevard, South 
Las Vegas, NV 89109 
Telecopier No.: (702) 770-1520 
Attention: General Counsel

A-1-10

Assignment Form
To assign this Note, fill in the form below:
(I) or (we) assign and transfer this Note to:     
(Insert assignee’s legal name)
(Insert assignee’s soc. sec. or tax I.D. no.)
(Print or type assignee’s name, address and zip code)
and irrevocably appoint  
to transfer this Note on the books of the Issuers.  The agent may substitute another to act for him.
Date: _______________
Your Signature:     
(Sign exactly as your name appears on the face of this Note)
Signature Guarantee*: _________________________
*    Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-1-11

Option of Holder to Elect Purchase
If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, check the appropriate box below:
Section 4.11
If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, state the amount you elect to have purchased:
$_______________
Date: _______________
Your Signature:
(Sign exactly as your name appears on the face of this Note)
Tax Identification No.:
Signature Guarantee*: _________________________
*    Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-1-12

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:
	
					
	Date of Exchange
	Amount of decrease  
in Principal Amount  
of this Global Note
	Amount of increase in  
Principal Amount  
of this Global Note
	Principal Amount  
of this Global Note  
following such  
decrease (or increase)
	Signature of  
authorized officer of  
Trustee or Custodian

		
	*
	This schedule should be included only if the Note is issued in global form.

A-1-13

A-1-14

EXHIBIT A-2

[Face of Regulation S Temporary Global Note]

U98347 AL8/USU98347AL87
5.25% Senior Notes due 2027
No. ___    $____________
WYNN LAS VEGAS, LLC 
WYNN LAS VEGAS CAPITAL CORP.
promise to pay to ______________________ or registered assigns,
the principal sum of     
DOLLARS on May 15, 2027.
Interest Payment Dates: May 15 and November 15 
Record Dates: May 1 and November 1 
Dated: May 11, 2017

A-2-1

WYNN LAS VEGAS, LLC,
a Nevada limited liability company
		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

 By:    ______________________________
		
	Name:
	Kim Sinatra

Title: Executive Vice President, General Counsel and Secretary
 

WYNN LAS VEGAS CAPITAL CORP., 
 
a Nevada corporation
By:_________________________________ 
Name:    Craig S. Billings  
Title:    Chief Financial Officer and     Treasurer 
By:_________________________________ 
Name:    Kim Sinatra  
Title:    Secretary 
    

A-2-2

This is one of the Notes referred to 
in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION, 
as Trustee    

By:    
Authorized Signatory

A-2-3

 [Back of Regulation S Temporary Global Note] 
5.25% Senior Notes due 2027
[Insert the Private Placement Legend, if applicable, pursuant to Section 2.06(f)(1) of the Indenture]
[Insert the Global Notes Legend, if applicable, pursuant to Section 2.06(f)(2) of the Indenture]
[Insert the Regulation S Temporary Global Note Legend pursuant to Section 2.06(f)(3) of the Indenture]
Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
(1)    Interest.  Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas” ) and Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital,” and together with Wynn Las Vegas, the “Issuers”), as joint and several obligors, promise to pay interest on the principal amount of this Note at 5.25% per annum from May 11, 2017 until maturity.  The Issuers shall pay interest semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).  Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be November 15, 2017.  The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
(2)    Method of Payment.  The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 or November 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.  The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained for such purpose within or without the City and State of New York, or, at the option of the Issuers, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent.  Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

A-2-4
US-DOCS\87295083.2

(3)    Paying Agent and Registrar.  Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar.  The Issuers may change any Paying Agent or Registrar without notice to any Holder.  Either Issuer or any Guarantor may act in any such capacity.
(4)    Indenture and the Pledge Agreement.  The Issuers issued the Notes under an Indenture dated as of May 11, 2017 (the “Indenture”) among the Issuers, the Guarantors and the Trustee.  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.  The Notes are unsecured obligations of the Issuers, except that the Notes will be secured by a first priority pledge by Wynn Resorts Holdings of its Equity Interests in Wynn Las Vegas together with any distributions, rights and proceeds in respect thereof pursuant to the Pledge Agreement referred to in the Indenture.  The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.  Notes issued after the date of the Indenture in compliance with the applicable requirements of the Indenture are referred to as “Additional Notes.” The term “Notes” includes any Additional Notes hereafter issued.
(5)    Optional Redemption. The Notes are redeemable at the Issuers’ election, in whole or in part at any time prior to their Stated Maturity. 
(a)    The redemption price for the Notes that are redeemed before February 15, 2027 will be equal to the greater of:
		
	i.
	100% of the principal amount of the Notes to be redeemed; or

		
	ii.
	as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points,

plus, in either of the above cases, accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
(b)    The redemption price for Notes that are redeemed on or after February 15, 2027 will be equal to the sum of 100% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption on the Notes to be redeemed.
Any such redemption may, at the discretion of the Issuers, be subject to one or more conditions precedent, including a Change of Control. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if applicable, shall state that, in the discretion of the Issuers, the date of redemption may be delayed until such time as any or all such conditions shall be satisfied or waived (provided 

A-2-5

that in no event shall such date of redemption be delayed to a date later than 60 days after the date on which such notice was mailed), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by the date of redemption as so delayed.
Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date.
(6)    Mandatory Redemption.  Other than as set forth in Paragraph 7 below, the Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.
(7)    Mandatory Disposition or Redemption Pursuant to Gaming Laws.  Notwithstanding any other provision of the Indenture or this Note, if any Gaming Authority requires a Holder or Beneficial Owner of Notes to be licensed, qualified or found suitable under any applicable Gaming Law and the Holder or Beneficial Owner (a) fails to apply for a license, qualification or finding of suitability within 30 days after being requested to do so (or such lesser period as required by the Gaming Authority), or (b) is notified by a Gaming Authority that it shall not be licensed, qualified or found suitable, the Issuers shall have the right, at their option, to: (1) require the Holder or Beneficial Owner to dispose of its Notes within 30 days (or such lesser period as required by the Gaming Authority) following the earlier of: (a) the termination of the period described above for the Holder or Beneficial Owner to apply for a license, qualification or finding of suitability if the Holder fails to apply for a license, qualification or finding of suitability during such period, or (b) the receipt of the notice from the Gaming Authority that the Holder or Beneficial Owner shall not be licensed, qualified or found suitable by the Gaming Authority; or (2) redeem the Notes of the Holder or Beneficial Owner at a redemption price equal to: (a) the price required by applicable law or by order of any Gaming Authority, or (b) the lesser of: (i) the principal amount of the Notes, and (ii) the price that the Holder or Beneficial Owner paid for the Notes, in either case, together with accrued and unpaid interest, if any, on the Notes to, but not including, the earlier of (A) the date of redemption or such earlier date as is required by the Gaming Authority or (B) the date of the finding of unsuitability by the Gaming Authority, which may be less than 30 days following the notice of redemption.  The Issuers shall notify the Trustee in writing of any redemption pursuant to this Section 7 as soon as practicable.
Immediately upon a determination by a Gaming Authority that a Holder or Beneficial Owner of Notes shall not be licensed, qualified or found suitable, the Holder or Beneficial Owner shall not have any further rights with respect to the Notes to: (a) exercise, directly or indirectly, through any Person, any right conferred by the Notes; or (b) receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Issuers for services rendered or otherwise, except the redemption price of the Notes.
The Issuers are not required to pay or reimburse any Holder or Beneficial Owner of Notes who is required to apply for such license, qualification or finding of suitability for the costs relating thereto.  Those expenses shall be the obligation of the Holder or Beneficial Owner.

A-2-6

(8)    Repurchase at Option of Holder.  If a Change of Control Triggering Event occurs, the Issuers shall make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Payment”).  Within 10 days following any Change of Control Triggering Event, the Issuers shall mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.
(9)    Notice of Redemption.  Notice of redemption shall be delivered at least 15 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture.  Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed.  On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
(10)    Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.  The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.  Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.
This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture.  Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.
(11)    Persons Deemed Owners.  The registered Holder of a Note may be treated as its owner for all purposes.
(12)    Amendment, Supplement and Waiver.  
(a)    Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees and, subject to the terms of the Intercreditor Agreement and the Indenture, the Pledge Agreement may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes, the Note 

A-2-7

Guarantees or, subject to the terms of the Intercreditor Agreement and the Indenture, the Pledge Agreement may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes, voting as a single class.  
(b)    Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder) (i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver, (ii) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (other than Section 4.11 of the Indenture), (iii) reduce the rate of or change the time for payment of interest, including default interest, on any Note; (iv) waive a Default or Event of Default in the payment of principal of, or interest, premium, if any, on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration), (v) make any Note payable in money other than that stated herein, (vi) make any change in Section 6.04 of the Indenture or the rights of Holders of Notes to receive payments of principal of, or interest, premium, if any, on, the Notes, (vii) waive a redemption payment with respect to any Note (other than a payment required by Section 4.11 of the Indenture), (viii) amend or modify any Note Guarantee in a manner that would adversely affect the Holders of the Notes or release any Guarantor from any of its obligations under its Note Guarantee or the Indenture (except in accordance with the terms of the indenture), (ix) release all or substantially all of the Collateral except in accordance with the provisions of the Indenture, Pledge Agreement and the Intercreditor Agreement, (x) amend Section 10.03 of the Indenture, or (xi) make any change in the preceding amendment and waiver provisions.
(c)    Without the consent of any Holder of a Note, the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes, the Note Guarantees or Pledge Agreement to (i) cure any ambiguity, defect or inconsistency, (ii) provide for uncertificated Notes in addition to or in place of certificated Notes, (iii) provide for the assumption of the either Issuers’ or any Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Issuers or such Guarantor, as the case may be, in the case of a merger or consolidation or sale of all or substantially all of the Wynn Las Vegas’ or such Guarantor’s assets pursuant to Article 5 or Article II of the Indenture, (iv) make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights of any such Holder under the Indenture, (v) to conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes” in the Issuers’ Offering Memorandum, dated as of May 4, 2017, relating to the offering of the Initial Notes, to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect, (vi) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date of the Indenture, (vii) allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes, (viii) enter into additional or supplemental pledge agreements or Guarantees or an intercreditor agreement with respect thereto or (ix) provide for the Notes to be secured.

A-2-8

(13)    Defaults and Remedies.  Events of Default include: (i) default for 30 days in the payment when due of interest, if any, with respect to the Notes; (ii) default in payment when due of principal of, or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by Wynn Capital, Wynn Las Vegas or any of the Guarantors to comply with Sections 4.11 or 5.01 of the Indenture; (iv) failure by Wynn Capital, Wynn Las Vegas or any Guarantor for 60 days after written notice from the Trustee or Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in the Indenture or the Notes, not set forth in clause (iii) above; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by Wynn Las Vegas or any Guarantor (or the payment of which is guaranteed by Wynn Las Vegas or any of the Guarantors) whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, if that default results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness the maturity of which has been so accelerated, aggregates $25.0 million or more, if such acceleration is not annulled within 30 days after written notice as provided in the Indenture; (vi) failure by Wynn Capital, Wynn Las Vegas or any of the Guarantors to pay final non-appealable judgments (not paid or covered by insurance as to which the relevant insurance company has not denied responsibility) aggregating in excess of $25.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; (vii) the Pledge Agreement shall cease, for any reason (other than pursuant to its terms or the terms of the Indenture), to be in full force and effect or Wynn Capital, Wynn Las Vegas or any Affiliate of any such Person or any Person acting on behalf of any such Person, shall so assert, or any security interest created, or purported to be created, by Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created by the Pledge Agreement; or (viii) certain events of bankruptcy or insolvency described in the Indenture with respect to (a) either Issuer or (b) any Guarantor.  
In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to (a) either Issuer or (b) any Guarantor, all outstanding Notes shall become due and payable immediately without further action or notice.  If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.  Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture, the Intercreditor Agreement and the Pledge Agreement.  Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal or interest or premium, if any.  The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes.  The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the 

A-2-9

Indenture.  Upon becoming aware of any Default or Event of Default, the Issuers are required to deliver to the Trustee a statement specifying such Default or Event of Default.  
(14)    Intercreditor Agreement.  The Indenture authorizes the Trustee to enter into the Intercreditor Agreement on behalf of itself and the Holders of the Notes.  The Intercreditor Agreement will restrict the ability of the Trustee and the Holders of the Notes to exercise certain rights and remedies with respect to the Collateral.  
(15)    Trustee Dealings with Issuers.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign.  Any Agent may do the same with like rights and duties.  
(16)    No Recourse Against Others.  No past, present or future director, officer, employee, incorporator, organizer, equity holder or member of either Issuer or any Guarantor, as such, shall have any liability for any obligations of either Issuer or any Guarantor under the Notes, the Note Guarantees, the Indenture, the Pledge Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.
(17)    Authentication.  This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
(18)    Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
(19)    Governing Law.  THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTION 4-1401 OF THE NEW YORK OBLIGATIONS LAW.
(20)    CUSIP Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
The Issuers shall furnish to any Holder upon written request and without charge a copy of the Indenture, the Pledge Agreement and/or the Intercreditor Agreement.  Requests may be made to:

A-2-10

c/o Wynn Las Vegas, LLC 
3131 Las Vegas Boulevard, South 
Las Vegas, NV 89109 
Telecopier No.: (702) 770-1520 
Attention: General Counsel

A-2-11

Assignment Form
To assign this Note, fill in the form below:
(I) or (we) assign and transfer this Note to:     
(Insert assignee’s legal name)
(Insert assignee’s soc. sec. or tax I.D. no.)
(Print or type assignee’s name, address and zip code)
and irrevocably appoint  
to transfer this Note on the books of the Issuers.  The agent may substitute another to act for him.
Date: _______________
Your Signature:     
(Sign exactly as your name appears on the face of this Note)
Signature Guarantee*: _________________________
*    Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-2-12

Option of Holder to Elect Purchase
If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, check the appropriate box below:
Section 4.11
If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, state the amount you elect to have purchased:
$_______________
Date: _______________
Your Signature:
(Sign exactly as your name appears on the face of this Note)
Tax Identification No.:
Signature Guarantee*: _________________________
*    Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-2-13

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:
	
					
	Date of Exchange
	Amount of decrease  
in Principal Amount  
of this Global Note
	Amount of increase in  
Principal Amount  
of this Global Note
	Principal Amount  
of this Global Note  
following such  
decrease (or increase)
	Signature of  
authorized officer of  
Trustee or Custodian

A-2-14

		
	*
	This schedule should be included only if the Note is issued in global form.

A-2-15

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER
Wynn Las Vegas, LLC 
Wynn Las Vegas Capital Corp. 
3131 Las Vegas Boulevard, South 
Las Vegas, Nevada 89109 
Telecopy: (702) 770-1100 
Attention: President
U.S. Bank National Association 
EP-MN-WS3C 
60 Livingston Avenue 
St. Paul, Minnesota 55107 
Telecopy: (651) 495-8097 
Attention: Corporate Trust Department
Re: 5.25% Senior Notes due 2027
Reference is hereby made to the Indenture, dated as of May 11, 2017 (the “Indenture”), among Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”), Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital” and, together with Wynn Las Vegas, the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $________ in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the Transferor hereby certifies that:
[CHECK ALL THAT APPLY]
1. Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement 

B-1

 

Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.
2.     Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person.  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.
3.     Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
(a) such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
or
(b)     such Transfer is being effected to the Company or a subsidiary thereof;
or
(c)     such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of 

B-2

 

the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act.  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.
4.     Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
(a)     Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(b)     Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(c)     Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

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This certificate and the statements contained herein are made for your benefit and the benefit of the Company.
[Insert Name of Transferor]

By:            
Name:
Title:
Dated: _______________________

B-4

 

ANNEX A TO CERTIFICATE OF TRANSFER
1.    The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
(a)     a beneficial interest in the:
(i)     144A Global Note (CUSIP _________), or
(ii)     Regulation S Global Note (CUSIP _________), or
(iii)     IAI Global Note (CUSIP _________); or
(b)     a Restricted Definitive Note.
2.    After the Transfer the Transferee will hold:
[CHECK ONE]
(a)     a beneficial interest in the:
(i)     144A Global Note (CUSIP _________), or
(ii)     Regulation S Global Note (CUSIP _________), or
(iii)     IAI Global Note (CUSIP _________); or
(iv)     Unrestricted Global Note (CUSIP _________); or
(b)     a Restricted Definitive Note; or
(c)     an Unrestricted Definitive Note,
in accordance with the terms of the Indenture.  

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE
Wynn Las Vegas, LLC 
Wynn Las Vegas Capital Corp. 
3131 Las Vegas Boulevard, South 
Las Vegas, Nevada 89109 
Telecopy: (702) 770-1100 
Attention: President
U.S. Bank National Association 
EP-MN-WS3C 
60 Livingston Avenue 
St. Paul, Minnesota 55107 
Telecopy: (651) 495-8097 
Attention: Corporate Trust Department
Re: 5.25% Senior Notes due 2027
(CUSIP __________)
Reference is hereby made to the Indenture, dated as of May 11, 2017 (the “Indenture”), among Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”), Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital” and, together with Wynn Las Vegas, the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
__________________________, (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $____________ in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies that:
1.Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note
(a)        Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted 

C-1

 

Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
(b)        Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
(c)        Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
(d)        Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
2.    Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes
(a)        Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

C-2

 

(b)        Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  144A Global Note,  Regulation S Global Note,  IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.
This certificate and the statements contained herein are made for your benefit and the benefit of the Company.
[Insert Name of Transferor]

By:            
Name:
Title:
Dated: ______________________

C-3

EXHIBIT D

FORM OF CERTIFICATE FROM 
ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
Wynn Las Vegas, LLC 
Wynn Las Vegas Capital Corp. 
3131 Las Vegas Boulevard, South 
Las Vegas, Nevada 89109 
Telecopy: (702) 770-1100 
Attention: President
U.S. Bank National Association 
EP-MN-WS3C 
60 Livingston Avenue 
St. Paul, Minnesota 55107 
Telecopy: (651) 495-8097 
Attention: Corporate Trust Department
Re: 5.25% Senior Notes due 2027
Reference is hereby made to the Indenture, dated as of May 11, 2017 (the “Indenture”), among Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”), Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital” and, together with Wynn Las Vegas, the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
In connection with our proposed purchase of $____________ aggregate principal amount of:
(a)    a beneficial interest in a Global Note, or
(b)        a Definitive Note,
we confirm that:
1.    We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).
2.    We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence.  We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A 

D-1

 

under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, or (E) pursuant to the provisions of Rule 144(k) under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.
3.    We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions.  We further understand that the Notes purchased by us will bear a legend to the foregoing effect.
4.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment.
5.    We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.
You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
[Insert Name of Accredited Investor]

By:            
Name:
Title:
Dated: _______________________

D-2

EXHIBIT E

[FORM OF NOTATION OF GUARANTEE]
For value received, each of the Guarantors (which terms include any successor Person under the Indenture) executing this Notation of Guarantee has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of May 11, 2017 (the “Indenture”) among Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”) and Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital,” and together with Wynn Las Vegas, the “Issuers”), as joint and several obligors, and Kevyn, LLC, a Nevada limited liability company, WLV Events, LLC, a Nevada limited liability company, World Travel, LLC, a Nevada limited liability company, Wynn Show Performers, LLC, a Nevada limited liability company and Wynn Sunrise, LLC, a Nevada limited liability company, as guarantors (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest on the Notes (as defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Issuers to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.  The obligations of the Guarantor(s) to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee.  Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for such purpose.
[Name of Guarantor(s)]

By:     
Name:
Title:

EXHIBIT F

[FORM OF SUPPLEMENTAL INDENTURE 
TO BE DELIVERED BY SUBSEQUENT GUARANTORS]
Supplemental Indenture (this “Supplemental Indenture”), dated as of ________________, 20__, among __________________ (the “Guaranteeing Subsidiary”), a subsidiary of Wynn Las Vegas, LLC, a Nevada limited liability company (“Wynn Las Vegas”), Wynn Las Vegas, Wynn Las Vegas Capital Corp., a Nevada corporation (“Wynn Capital,” and together with Wynn Las Vegas, the “Issuers”) and the Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 11, 2017 providing for the issuance of an aggregate principal amount of $900,000,000 of 5.25% Senior Notes due 2027 (the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.    Agreement to Guarantee.  The Guaranteeing Subsidiary hereby agrees as follows:
(a)    Along with all Guarantors named in the Indenture, to jointly, severally and unconditionally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the Issuers hereunder or thereunder, that:
(i)    the principal of, premium, if any, and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(ii)    in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.  
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
(b)    The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.
(c)    The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of either Issuer, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever, any right or claims of right to cause a marshalling of the Issuers’ or any Guarantor’s assets or to proceed against any Guarantor, any Issuer or any other guarantor of any Obligations which are Guaranteed in any particular order, including, but not limited to, any right arising out of Nevada Revised Statutes 40.430, to the fullest extent permitted by Nevada Revised Statutes 40.495(2).
(d)    This Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.
(e)    If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either of the Issuers or any Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(f)    The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.
(g)    As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations 

F-2

 

(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee.
(h)    The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.
(i)    Pursuant to Section 11.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 11 of the Indenture, this new Note Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Note Guarantee shall not constitute a fraudulent transfer or conveyance.
3.    Execution and Delivery.  Each Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee.
4.    Guaranteeing Subsidiary may Consolidate, etc. on Certain Terms.
(a)    A Guaranteeing Subsidiary may not consolidate with or merge with or into (whether or not such Guaranteeing Subsidiary is the surviving Person) another Person, other than either of the Issuers or another Guarantor, except as set forth in the Indenture.
(b)    Notwithstanding the foregoing provisions of this Section 4 or the provisions of Section 11.04 of the Indenture, each Guarantor is permitted to reorganize as a corporation pursuant to a Permitted C-Corp. Conversion.
5.    Releases.
Subject to compliance with the provisions described in Section 4 above and under Article 11 of the Indenture, the Note Guarantee of a Guaranteeing Subsidiary will be released on the terms set forth in the Indenture.
6.    No Recourse Against Others.  No past, present or future director, officer, employee, incorporator, organizer, equity holder or member of any Guarantor, as such, shall have any liability for any obligations of either Issuer or any Guarantor under the Notes, the Note Guarantees, the Indenture, the Pledge Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.
7.    NEW YORK LAW TO GOVERN.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE 

F-3

 

STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTION 4-1401 OF THE NEW YORK OBLIGATIONS LAW.
8.    Conflicts with Indenture.  This Supplemental Indenture is subject to all terms of the Indenture.  To the extent any provision of this Supplemental Indenture conflicts with express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.  
9.    Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
10.    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.
11.    The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuers.

F-4

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.
Dated: _______________, 20___
[Guaranteeing Subsidiary]

By: _______________________________
Name:
Title:

Issuers:

WYNN LAS VEGAS, LLC,
a Nevada limited liability company
		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer
 

WYNN LAS VEGAS CAPITAL CORP., 
 
a Nevada corporation
By:_________________________________ 
Name:    Craig S. Billings  
Title:    Chief Financial Officer and     Treasurer 

F-5

 

WYNN SHOW PERFORMERS, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

F-6

 

WORLD TRAVEL, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

F-7

 

WYNN SUNRISE, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer
 

F-8

 

KEVYN, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

F-9

 

WLV EVENTS, LLC,  
a Nevada limited liability company
		
	By:
	Wynn Las Vegas, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Las Vegas Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn America, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts Holdings, LLC, a Nevada limited liability company, its sole member

		
	By:
	Wynn Resorts, Limited, a Nevada corporation, its sole member

By:    ______________________________
		
	Name:
	Craig S. Billings

Title: Chief Financial Officer and Treasurer

F-10

 

U.S. BANK NATIONAL ASSOCIATION, 
as Trustee

By: _______________________________
Authorized Signatory

F-11

EXHIBIT G

COLLATERAL DOCUMENTS
		
	1.
	Intercreditor Agreement; 

		
	2.
	Pledge Agreement; and

		
	3.
	UCC Financing Statement of Wynn Las Vegas Holdings, LLC in favor of Deutsche Bank Trust Company Americas, as collateral agent

Capitalized terms not defined herein shall have the meanings assigned to such terms in the Indenture to which this Exhibit G is attached or the Collateral Documents, as applicable.Exhibit
4.1

 

 

AGREEMENT

 

Made
and Entered into in Tel Aviv on the 11th of October, 2015

 

	 	Between:	ASIA
    PITUACH (A.D.B.M.) Ltd.
	 	 	Company
    No. 520036062
	 	 	of
    7 Jabotinsky Street, Ramat Gan 52520
	 	 	(hereinafter:
    the “Company”)
	 	 	 On
    the One Part;
	 	And:	Four
    Eyes Autonomous Ltd.
	 	 	Company
    No. 515287480
	 	 	of
    Henri Malka Street, Dimona
	 	 	(hereinafter:
    “4Eyes”)
	 	 	 On
    the Second Part;
	 	And:	MAGNA
    - B.S.P. Ltd.
	 	 	Company
    No. 513066639
	 	 	of
    Henri Malka Street, Dimona
	 	 	(hereinafter:
    “MAGNA”)
	 	 	 On
    the Third Part;

 

(The
Company, 4Eyes and MAGNA shall hereinafter be referred to jointly as the “Parties”)

 

	Whereas:	The
    Company is a public company, whose shares are traded on the Tel Aviv Stock Exchange Ltd. (hereinafter: the “Stock
    Exchange”); and
	 	 
	Whereas:	4Eyes
    is a private company registered in Israel, engaging in the field of radar research and development based on MAGNA’s
    tangible and intangible assets in connection with the Car Safety Field through devices installed in the car, including 3D
    technologies, designated for the market of advanced systems for prevention of road accidents that will be transferred from
    MAGNA to 4Eyes immediately prior to, and subject to, the Closing of the Transaction and with effect as of the Merger Date,
    all tax exempt in accordance with the provisions of Section 104A of the Ordinance; and

  

    	 	1	 

     

    

 

	Whereas:	The
    Company is interested, on the one hand, based on the representations and undertakings of 4Eyes, as set forth herein, and 4Eyes
    and MAGNA are interested, on the other hand, based on the representations and undertakings of the Company, as set forth herein,
    that subject to the fulfillment of the conditions set forth in this Agreement, the Company shall purchase 4Eyes’ entire
    (100%) issued and paid-up share capital, on a fully diluted basis, in exchange for allocation of Ordinary Shares of the Company,
    as set forth in section 7 of this Agreement and allocation of Option Warrants (rights to shares) to the holders of Option
    Warrants, as shall exist in 4Eyes immediately prior to the Closing of this Agreement, all in accordance with the conditions
    set forth herein (hereinafter: the “Transaction” or the “Merger”); and
	 	 
	Whereas:	The
    Merger is intended for business and financial purposes and by virtue of which and through the Company, 4Eyes shall become
    a fully owned subsidiary of the public company, the shares of which are listed for trading on the stock exchange; and
	 	 
	Whereas:	On
    July 19, 2015 the parties to this Agreement entered into a non-binding principles agreement in the framework of which the
    parties put into writing the agreements in principle reached among them in connection with the Transaction that shall constitute
    the basis for a detailed definite agreement among the parties (hereinafter: the “Principles Agreement”);
    and
	 	 
	Whereas:

         
	The
    parties wish to determine and define in this Agreement below the web of legal relationships among them based on the principles
    reached in the Principles Agreement and to embody in writing the terms of the Transaction among them;

 

    	 	2	 

     

    

 

Therefore,
it has been agreed, declared and stipulated by and among the parties as follows:

 

	1.	Preamble,
                                         Annexes and Section Headings

 

		1.1	The
                                         preamble and annexes to this Agreement and the parties’ declarations form an integral
                                         part hereof.
	 	 	 
		1.2	The
                                         division of this Agreement into sections and subsections and the section headings herein
                                         are made for convenience purposes only, and have no, and shall not be taken into account
                                         in interpreting this Agreement.

 

	2.	Definitions

 

The
terms set forth in section 2 below shall have the meanings appearing opposite them:

 

	 	2.1	“Approval
    of Corporate Organs”	 	Approval
    of the Audit Committee and/or Remuneration Committee, as the case may be, the Company’s Board of Directors and the General
    Meeting for all the provisions of this Agreement, including approval of the allocation of the securities hereunder in accordance
    with Sections 274 and 275 of Companies Law;
	 	 	 	 	 
	 	2.2	“General
    Meeting”	 	The
    general meeting of the Company’s shareholders, to be convened in accordance with the Private Offering Regulations and
    the Controlling Shareholder Regulations, for the purpose of approving the Company’s engagement in and performance of
    this Agreement, including additional engagements and resolutions arising from this Agreement, that require lawful approval
    of the General Meeting;

 

 

    	 	3	 

     

    

 

	 	2.3	“4Eyes’
    Shareholders” or the “Offerees”	 	MAGNA
    - B.S.P. Ltd; 
	 	 	 	 	 
	 	2.4	Deleted.
    	 	 
	 	 	 	 	 
	 	2.5	“Transaction
    Report”	 	The
    transaction report to be duly published by the Company, for the purpose of approving the Transaction which is the subject
    matter of this Agreement by the General Meeting (a Condition Precedent for this Agreement) in accordance with the Securities
    Law made in accordance with the Securities (Transaction between a Company and the Controlling Shareholder therein) Regulations,
    5761-2001, which shall also constitute an Exceptional Private Offering, in accordance with the Securities (Private Offering
    of Securities in a Listed Company) Regulations, 5760-2000, and any other necessary regulations; 
	 	 	 	 	 
	 	2.6	“Full
    Dilution”	 	The
    Company’s issued and paid-up share capital on the assumption of a full exercise of all the options for purchase of the
    Company’s shares, Option Warrants, convertible debts and convertible securities and/or undertakings to grant options,
    shares and Option Warrants, into shares of the Company and on the assumption of consummation of all the transactions and acts
    which are the subject matter of this Agreement (including exchange of the Option Warrants to be allocated in 4Eyes and/or
    shares of 4Eyes for Option Warrants of the Company and including conversion of the Option Warrants to be allocated in the
    Company into shares), but without taking into account 1,794,205 Option Warrants that the Company intends to allocate to Mr.
    Eli Yoresh as part of the shares option Plan to be adopted by the Company following the Closing of the Merger under this Agreement;
    2.6The Company’s Cap Table, as of the date of execution of this Agreement and as of the Transaction Closing, and on
    the assumption that all allocations are made in accordance with this Agreement, is attached hereto as Annex 2.6;

 

    	 	4	 

     

    

 

	 	2.7	Canceled.	 	 
	 	 	 	 	 
	 	2.8	“Financial
    Statements”	 	The
    Annual Report (as such term is defined in section 2.9 below) and the Company’s last reviewed interim Financial Statements
    as of June 30, 2015.
	 	 	 	 	 
	 	2.9	“Annual
    Report”“	 	The
    Company’s Annual Report for 2014, and all parts thereof, published by Magna on March 24, 2015 (Ref. No.: 2015-01-059803).
	 	 	 	 	 
	 	2.10	Canceled.
    	 	 
	 	 	 	 	 
	 	2.11	“4Eyes
    Pro-forma Reports” 	 	The
    pro-forma reports of 4Eyes that will be attached as Annex 2.11 by the Closing Date hereof. Such pro-forma reports
    reflect 4Eyes’ assets and results of operations for the relevant period, had such reports been prepared by 4Eyes on
    the relevant dates.2.11 The reports will be prepared in accordance with generally accepted accounting standards and the provisions
    of the Securities Law and the regulations promulgated thereunder;
	 	 	 	 	 
	 	2.12	“Incumbent
    Directors”	 	The
    directors serving on the Company’s Board of Directors on the signing date of this Agreement, namely Avishay Cohen (External
    Director), Zeev Lowenberg (External Director), Eliyahu Yoresh, Ron Weisberg and Shoshana Zeig;
	 	 	 	 	 
	 	2.13	“Offerees’
    Directors”	 	The
    list of candidates to be provided by the Offerees, along with the consent of all Offerees, as a single entity, provided, however,
    that their identities, together with an appropriate affidavit on behalf of each one of them, are provided to the Company prior
    to the convening of the General Meeting;
	 	 	 	 	 
	 	2.14	“Nominee
    Company” 	 	Israel
    Discount Bank Nominees Ltd.; 
	 	 	 	 	 
	 	2.15	“Lock-up”
    or “Lock-up Provisions”	 	Prevention
    and/or restriction of acts or transactions in the Allocated Shares (and/or the Option Warrants to be allocated as set forth
    in sections 7.2 and 8 below, in connection with the Transaction, to the extent relevant), by virtue of the provisions of Section
    15C of Securities Law and the Securities (Details with regard to Sections 15A and 15C of the Law) Regulations, 5760-2000,
    as set forth in section 15 hereof and by virtue of the provisions of any applicable law;

 

    	 	5	 

     

    

 

	 	2.16	“Trustee”	 	Tzvika
    Bernstein of 102 Capital Management Ltd. or any other trustee agreed upon by the parties.
	 	 	 	 	 
	 	2.17	“Effective
    Date” or “Transaction Closing Date”
    or “Closing Date”	 	Three
    (3) business days following the occurrence of the last of the Conditions Precedent set forth in section 19 below;
	 	 	 	 	 
	 	2.18	“Allocated
    Shares”	 	35,884,116
    shares of the Company (prior to capital consolidation, if such consolidation of capital is made in the Company) to be allocated
    to MAGNA, that shall form, following their allocation, a holding at the rate of approximately 61.86% of the Company’s
    share capital, on a fully diluted basis, as such term is defined in section 2.6 above. It is clarified that after the Closing
    of Merger, the Company intends to allocate 1,794,205 Option Warrants of the Company to Mr. Eli Yoresh, so that following the
    allocation of such Option Warrants to Mr. Eli Yoresh, the shares allocated to MAGNA shall constitute 60% of the Company’s
    share capital on a fully diluted basis.
	 	 	 	 	 
	 	2.19	“Purchased
    Shares”	 	100%
    of 4Eyes’ equity, on a fully diluted basis, immediately prior to the Transaction Closing Date, excluding Option Warrants
    in 4Eyes which are allocated in accordance with section 8;
	 	 	 	 	 
	 	2.20	“Agreements
    with Officeholders or Service Providers”	 	The
    Services agreements to be signed with Mr. Eli Yoresh, CFO of the Company and Mr. Kfir Silberman, Controlling Shareholder of
    the Company, by virtue of his holding of 8,505,534 shares of the Company, constituting a holding of about 43.09% of the Company’s
    issued and paid up share capital as of the signing date of this Agreement (personally and through a company under his control
    - L.I.A. Pure capital Ltd.). 
	 	 	 	 	 
	 	2.21	“Valuation
    of 4Eyes”	 	The
    valuation of 4Eyes to be commissioned by the Company from the appraiser BDO Ziv Haft, accountants. For the avoidance of doubt,
    if the engagement hereunder is concluded, the Company shall bear the costs involved in the preparation of the Valuation of
    4Eyes (such amount will be set-off from the Company’s commitment that on the Closing Date, the total amount of cash
    on hand remaining in the Company is not less that NIS 5,000,000) and in the event that the engagement is not concluded, Mr.
    Kfir Silberman shall bear such costs and return same to the Company.

 

    	 	6	 

     

    

 

	 	2.22	“Private
    Allocation”	 	The
    allocation of the Allocated Shares and the allocated Option Warrants as provided herein, as Private Allocation in accordance
    with the provisions of the Securities Law.
	 	 	 	 	 
	 	2.23	“Ruling”	 	The
    tax Ruling in agreement to be received from the Tax Authority that shall grant MAGNA an exemption from tax for the transfer
    of its assets to 4Eyes, exempt from tax, as provided in Section 104A of the Ordinance and for the transfer by 4Eyes to the
    Company under the tax exemption provided in Section 103T of the Ordinance;
	 	 	 	 	 
	 	2.24	“Companies
    Law”	 	The
    Companies Law, 5759-1999;
	 	 	 	 	 
	 	2.25	“Securities
    Law”	 	The
    Securities Law, 5728-1968;
	 	 	 	 	 
	 	2.26	“Business
    Day”	 	Sundays
    to Thursdays, each week, other than Jewish holidays and festivals, holiday eves and/or public holidays, provided the majority
    of the largest four Israeli banks are open for the transaction of business;
	 	 	 	 	 
	 	2.27	“Maintenance
    Rules”	 	The
    Maintenance Rules provided in Part IV of the Stock Exchange Rules;
	 	 	 	 	 
	 	2.28	“Option
    Warrants”	 	2,392,275
    non-negotiable option warrants or rights for shares of the Company, each exercisable into one Ordinary Share of the Company,
    as set forth in section 8 below; 
	 	 	 	 	 
	 	2.29	Deleted.	 	 
	 	 	 	 	 
	 	2.30	“Ordinary
    Shares of the Company” 	 	Ordinary
    shares of NIS 1 par value each in the Company’s issued and paid-up share capital;
	 	 	 	 	 
	 	2.31	“Ordinary
    Shares of 4Eyes” 	 	Ordinary
    shares of NIS 0.01 par value each in 4Eyes’ issued and paid-up share capital;
	 	 	 	 	 
	 	2.32	“Placement
    Memorandum” or “Memorandum”	 	Description
    of 4Eyes’ business, as required under the Private Offering Regulations and in accordance with the First Schedule to
    the Securities (Details of a Prospectus and Prospectus Draft, its Form and Structure) Regulations, 5729-1969, including its
    Financial Statements and the schedules to the Placement Memorandum, if any; 
	 	 	 	 	 
	 	2.33	“Free
    and Clear”	 	With
                                         reference to the Allocated Shares: Free, clear and released of any lock-up and/or
                                         debt and/or mortgage and/or charge and/or pledge and/or attachment and/or any other indebtedness
                                         or right in favor of a Third Party, including the Company’s shareholders, other
                                         than the Lock-up Provisions (as such term is defined in section 2.15 above);

                                                          

        With
        reference to the Purchased Shares: Free and clear of any pledge, charge, attachment, debt and/or any right in favor
        of a Third Party, including MAGNA;

 

    	 	7	 

     

    

 

	 	2.34	“Income
    Tax Ordinance” or the “Ordinance”	 	The
    Income Tax Ordinance [New Version], 5721-1961 and all the Rules, Regulations, Orders, procedures and determinations promulgated
    thereunder and any amendments thereto, including specifically the Rules (as defined above), all as may be amended from time
    to time;
	 	 	 	 	 
	 	2.35	“Misleading
    Detail”	 	As
    such term is defined in the Securities Law;
	 	 	 	 	 
	 	2.36	“Third
    Party” or “3rd Party”	 	Individual/
    individuals who is/are not any of the parties to this Agreement;
	 	 	 	 	 
	 	2.37	Canceled.	 	 
	 	 	 	 	 
	 	2.38	“Conditions
    Precedent”	 	All
    the Conditions Precedent set forth in section 19 of this Agreement;
	 	 	 	 	 
	 	2.39	“Interim
    Period”	 	The
    period commencing on the signing date of this Agreement and ending on the Effective Date;
	 	 	 	 	 
	 	2.40	“Reporting
    Regulations”	 	The
    Securities (Periodic and Immediate Reports) Regulations, 5730-1970;
	 	 	 	 	 
	 	2.41	“Private
    Offering Regulations”	 	The
    Securities (Private Offering of Securities in a Listed Company) Regulations, 5760-2000;
	 	 	 	 	 
	 	2.42	“Interested
    Party Regulations”	 	The
    Securities (Transaction between a Company and its Controlling Shareholder) Regulations, 5761-2001; 

 

    	 	8	 

     

    

 

	3.	Purposes
                                         of the Agreement

 

The
purposes of this Agreement are, inter alia, to determine the conditions for the allocation of the Allocated Shares to MAGNA
by the Company and the purchase of the Purchased Shares by the Company, transfer of current control in the Company to MAGNA and
appointment of Directors and Officeholders on their behalf.

 

	4.	Declarations
                                         of the Parties

 

The
parties declare, each solely with reference to itself, that it has examined its legal and tax situation in connection with this
Agreement and the Transaction and that subject to the fulfillment of the Conditions Precedent, they declare that no limitation
and/or prohibition and/or prevention exist under the provisions of any agreement, whether verbally or in writing, and no prevention
exists under any agreement and/or any law on their part to their entering into this Agreement and performance of their undertakings
hereunder and that such parties’ entering into this Agreement and the execution hereof (subject to the fulfillment of all
the Conditions Precedent set forth in section 19 below) by them do not and shall not constitute a breach of any undertakings of
any of them, as applicable.

 

	5.	Representations,
                                         Declarations and Undertakings of the Company

 

Further
to the Company’s declarations set forth in section 4 above, the Company hereby declares and undertakes as follows:

 

		5.1	The
                                         entering into and performance of this Agreement by the Company do not and shall not constitute
                                         a breach of any undertakings of the Company.

 

    	 	9	 

     

    

 

		5.2	The
                                         Company is a public company, as such term is defined in the Companies Law, and its shares
                                         are traded on the Stock Exchange. The Company was duly incorporated and registered under
                                         the laws of the State of Israel in 1977 and its number with the Companies Registrar is
                                         520036062. The Company is registered with the Companies Registrar as an active company.
                                         The Company has fully and punctually paid all fees and payments due to the Companies
                                         Registrar and never received a warning on the intention to declare it a “Law Breaching
                                         Company” under the provisions of the Companies Law and is not in any state of breach
                                         vis-à-vis the Companies Registrar.
	 	 	 

		5.3	The
                                         Company’s updated Articles of Association as of the signing date of this Agreement
                                         appears in the Company’s immediate report dated December 28, 2011 [Reference No.:
                                         2011-01-378288].
	 	 	 

		5.4	As
                                         of the signing date of this Agreement, the Company’s registered share capital consists
                                         of 22,500,000 Ordinary Shares of NIS 1 par value each; and its issued and paid-up share
                                         capital consists of 19,736,626 Ordinary Shares of NIS 1 par value each of the Company.
                                         At the Company’s General Meeting of shareholders the registered capital of the
                                         Company will be increased to 100,000,000 shares of NIS 1 par value each.
	 	 	 

		5.5	As
                                         of the signing date of this Agreement, the Interested Parties in the Company by virtue
                                         of their holdings in the Company’s shares, as reported by the Company based on
                                         the Interested Parties’ notices, are as follows:

 

	Name
    of Interested Party	Position
    in the Company	Amount
    of Shares	Holding
    of Voting Rights in the Company (not on a fully diluted basis)
	Kfir
Silberman1	CEO	8,505,534	Approximately
    43.09%

 

 

1
Kfir Silberman holds the Company’s shares through L.I.A. Pure capital Ltd. Co.

 

 

 

    	 	10	 

     

    

 

		5.6	As
                                         of the date of signing this Agreement, Kfir Silberman is the Controlling Shareholder
                                         in the Company. Mr. Kfir Silberman shall undertake, following the approval of the Transaction
                                         at the General Meeting of MAGNA and prior to the convening of the General Meeting of
                                         the Company, to vote in favor of approval of the engagement hereunder at the Company’s
                                         General Meeting of shareholders.
	 	 	 

		5.7	As
                                         of the signing date of this Agreement: (a) the Ordinary Shares of the Company, included
                                         in its issued and paid-up share capital, are listed and traded on the main list of the
                                         Stock Exchange and shall remain listed on the main list by the Effective Date; (b) to
                                         the Company’s best knowledge, no limitation and/or prohibition and/or prevention
                                         exits under the provisions of any law, the Stock Exchange Rules and directives, as at
                                         the date of signing this Agreement, with respect to allocation of the Allocated Shares
                                         to MAGNA, except for the restrictions imposed pursuant to the Stock Exchange Rules concerning
                                         “minimum share price” and “public holdings percentage”; (c) the
                                         Company is not aware of any intention to delist the Ordinary Shares from trade and/or
                                         prevent the continued trading in the Company’s securities on the Stock Exchange.
                                         Notwithstanding the above, on January 19, 2015, the Stock Exchange announced (see
                                         the Company’s notice dated January 19, 2015, Reference No.: 2015-01-014833),
                                         that under the Stock Exchange data, immediately following the expiry of the term ending
                                         on December 31, 2015, the Company does not comply with the Maintenance Rules due the
                                         cause of public holdings value (which at said date were less than NIS 5 million) and
                                         the Company was given an extension until June 30, 2015 to cure such state. According
                                         to the Stock Exchange notice, a further examination of the Company’s compliance
                                         with the Maintenance Rules should be conducted by the Stock Exchange immediately following
                                         the end of the quarter ending on June 30, 2015. On the examination date by the Stock
                                         Exchange of the public holdings value at the end of Q2, 2015, the Company did comply
                                         with the Stock Exchange Rules concerning the Maintenance Rules and therefor its shares
                                         were not transferred to trading on the maintenance list.

 

    	 	11	 

     

    

 

		5.8	As
                                         of the signing date of this Agreement, the Company neither allocated nor committed to
                                         allocate to any person and/or entity any Ordinary Shares and/or Option Warrants and/or
                                         securities of any kind whatsoever and/or rights to shares and/or other rights and has
                                         not received payment on account of the Shares and/or Option Warrants and/or such other
                                         securities and/or rights and shall not do so by the Effective Date, unless expressly
                                         provided in this Agreement (allocation of Option Warrants as set forth in section
                                         8 below).
	 	 	 

		5.9	At
                                         the time of the signing of this Agreement, the Company did not announce any dividends
                                         which were not distributed and did not resolve on any distribution of bonus shares which
                                         were not distributed.
	 	 	 

		5.10	The
                                         Company undertakes, subject to the provisions of any law, that starting from the date
                                         of signing this Agreement and until the Closing or the expiry of this Agreement, whichever
                                         occur first, the Company’s operations shall be conducted in the ordinary course
                                         of business, and shall refrain from any distribution of dividends to its shareholders
                                         and issuance of any Company securities, unless expressly stated herein.
	 	 	 

		5.11	As
                                         of the signing date of this Agreement, the Directors serving on the Company’s Board
                                         of Directors are Messrs. Ron Weisberg (Chairman), Eli Yoresh, Shoshana Zeig , Zeev Lowenberg
                                         (External Director) and Avishay Cohen (External Director). Mr. Ido Kna’an serves
                                         as internal auditor and Mr. Kfir Silberman as CEO. The senior officeholders in the Company
                                         are named in the Company report dated January 7, 2015 “Immediate Report on Senior
                                         Officeholders Staff” [Reference No.: 2015-01-006310] (hereinafter, jointly with
                                         the Incumbent Directors: the “Officeholders”). The Incumbent Directors
                                         and the Company’s Officeholders were duly appointed and their employment conditions
                                         were duly approved. The Company has no debts and/or liabilities owing to the Incumbent
                                         Directors and/or Officeholders beyond the allowances made in the Financial Statement
                                         and beyond that stated in Annex 5.11(a).

 

The
employment conditions of all the Officeholders and/or Directors in the Company are consistent with the Company’s duly adopted
remuneration policy, in accordance with the Companies Law and the regulations promulgated thereunder, attached hereto as Annex
5.11(b). Annex 5.11(c) hereto details the employment conditions of all the Company’s Officeholders
and Directors.

 

    	 	12	 

     

    

 

		5.12	As
                                         of the signing date of this Agreement, the Company is holding the subsidiaries listed
                                         in Annex 5.12 (the “Subsidiaries”). The Company has
                                         no obligations, including any commitments to make investments and/or guarantees and/or
                                         any other liabilities in and/or towards the Subsidiaries and/or any other company and/or
                                         partnership and/or venture. It is agreed that the Company shall act to immediately dissolve
                                         the Subsidiaries and file the necessary documents for dissolution of the Subsidiaries
                                         within 21 days after the signing date of this Agreement, so as to make sure that the
                                         dissolution process commences prior to the Merger Date, and that consequently after payment
                                         of the expenses involved in the dissolution of the Subsidiaries (including payment of
                                         any sanctions due by a Law Breaching Company and/or any other fines to the Companies
                                         Registrar and/or any other entities) in the amount set forth in Annex 5.12 hereto,
                                         a cash amount in the sum of NIS 5,000,000 shall remain in the Company on the Closing
                                         Date, less the Company’s liabilities set forth herein.

 

The
Subsidiaries are free of any liabilities and/or guarantees towards Third Parties and are not in violation of any law and/or provision
and/or agreement and/or undertaking, other than their debts to the Companies Registrar and their status as Law Breaching Companies.
Other than the dissolution costs set forth in Annex 5.12, the Company shall not be required to make any other payments
and/or incur any other expenses in connection with the Subsidiaries.

 

The
Company is holding shares and/or securities of the companies listed in Annex 5.12(a). The Company has no obligations,
including any commitments to make investments and/or guarantees and/or any additional liabilities in and/or towards such companies.
Other than that stated in Annex 5.12(a), the Company does not hold any shares and/or securities whatsoever.

 

		5.13	All
                                         the material agreements which still bind the Company and/or which include provisions
                                         that are in effect as of this day, are set forth in Annex 5.13 hereto and
                                         are in effect as of the signing date of this Agreement, and the Company is not fundamentally
                                         breaching any agreements and/or undertakings it had assumed and has no genuine concern
                                         that any of such agreements may be breached by the Company in a manner likely to cause
                                         a revocation of the agreement by the other party thereto.

 

		5.14	As
                                         of the signing date of this Agreement, except the Ordinary Shares of the Company, the
                                         Company has no shares, options, debentures, preemptive rights or other rights to purchase
                                         shares that were issued by the Company (or an undertaking to issue such securities) and
                                         the Company did not give nor undertook to provide to any Third Party any such right and/or
                                         option to purchase shares of the Company or gave or undertook to give any rights thereto.

 

    	 	13	 

     

    

 

		5.15	The
                                         Company’s public reports as such appear on the Magna system and the Maya site of
                                         the Stock Exchange, including the Financial Statements published or to be published in
                                         the future by the Company prior to the Closing Date, were and will be prepared, as applicable,
                                         in accordance with the relevant provisions of the law on the publication date. The Company
                                         published all the reports (including immediate reports) it is required to publish under
                                         the law on the due dates and fully and punctually as required under any law, and such
                                         reports do not include any misleading and/or inaccurate details.
	 	 	 

		5.16	The
                                         Financial Statements which the Company published or shall publish prior to the Closing
                                         Date, fully and appropriately reflect and shall reflect, as the case may be, under the
                                         provisions of any law and the general accounting principles, the Company’s financial
                                         condition, its activities and results, the changes in its share capital and cash flows.
                                         Furthermore, the Financial Statements accurately reflect all the Company’s equity,
                                         assets and liabilities as of the dates of such Financial Statements, and save for that
                                         stated in such Statements, as at the Financial Statements’ dates, such constitute
                                         all the assets and/or liabilities of the Company. The Financial Statements were and will
                                         be prepared in accordance with International Financial Reporting Standards (IFRS) and
                                         the provisions of the Securities Law and the Regulations promulgated thereunder.
	 	 	 

		5.17	All
                                         the immediate and other reports published by the Company did not include any misleading
                                         details and truly and accurately reflect the Company’s business affairs and its
                                         assets and liabilities. Such reports are true, complete and accurate and include all
                                         the information concerning the Company required under the law.

 

    	 	14	 

     

    

 

		5.18	As
                                         of the signing date of this Agreement, the Company has no charges or undertakings to
                                         create charges on any of the Company’s assets and/or share capital.
	 	 	 

		5.19	As
                                         of the signing date of this Agreement, the Company did not make any guarantees for the
                                         debts and liabilities of any Third Parties whatsoever and/or undertook to guarantee the
                                         debts and liabilities of any Third Parties whatsoever.
	 	 	 

		5.20	As
                                         of the signing date of this Agreement, the Company and/or the Subsidiaries have no debts
                                         and/or liabilities, other than those listed in Annex 5.20 hereto.
	 	 	 

		5.21	On
                                         the Transaction Closing Date, the Company shall neither have any liabilities vis-à-vis
                                         Third Parties nor guarantees for the liabilities of Third Parties. The Company’s
                                         cash balance, less liabilities of the Company to Third Parties (including, without limitation,
                                         following a deduction of the liabilities set forth in Annexes 5.11(a), 5.12
                                         and 5.20) and/or guarantees provided and/or which the Company has undertaken
                                         to provide, shall not be lower than NIS 5,000,000 (the Transaction expenses will be deducted
                                         from this amount of NIS 5,000,000). In addition, and without derogating from the aforesaid,
                                         the Board of Directors of the Company may start acting to list the Company’s shares
                                         for trade in the U.S.A. The total expenses involved in such listing will be paid from
                                         the Company’s cash, subject to the fulfillment of the following two conditions
                                         in full: (a) After payment of the above expenses and any other expenses agreed upon in
                                         this Agreement, excluding the expenses set forth in Annex 14.1, the net
                                         cash amount which remain in the Company shall not be less than at least NIS 5,000,000;
                                         (b) The total expenses shall not exceed the amount of NIS 1,000,000.

 

    	 	15	 

     

    

 

		5.22	Except
                                         as set forth in Annex 5.22 hereto, as of the signing date of this Agreement,
                                         the Company has no financial or other obligations to the Interested Parties of the Company
                                         or any debts whatsoever, including debts associated with the termination of services
                                         of Company Officeholders. The Company has neither provided any guarantee in favor of
                                         any of its Interested Parties and/or their affiliates, nor undertaken to indemnify its
                                         Interested Parties and/or their affiliates or created, in favor of such Interested Parties
                                         and/or affiliates, charges or other securities (other than in connection with Officeholders’
                                         and Directors’ indemnification). For the purpose of this section, affiliates shall
                                         include, without limitation, any of the Controlling Shareholders of the Company’s
                                         Interested Parties.
	 	 	 

		5.23	As
                                         of August 16, 2015, the Controlling Shareholder loan, detailed in Notes 5 and 7 of the
                                         Company’s Annual Financial Statements amounts to NIS 3,166,276 and shall be repaid
                                         by the Closing Date, with immediate effect prior to the Merger and subject to the completion
                                         of the Merger which is the subject matter of this Agreement. The Company is not, and
                                         shall not be liable to tax (as such term is defined below) in connection with the Controlling
                                         Shareholder loan, from the date of creation of the loan to and including the repayment
                                         thereof. The Company was not demanded or shall be demanded in the future to pay any tax
                                         whatsoever for the Controlling Shareholder loan and/or repayment thereof. The Company
                                         referred in its Financial Statements to the Controlling Shareholder loan in accordance
                                         with the relevant tax laws.

 

    	 	16	 

     

    

 

		5.24	Except
                                         as stated in Annex 5.24 hereto, there are no civil claims or criminal indictments
                                         or legal proceedings of any kind, including arbitration proceedings, pending against
                                         the Company and/or its Officeholders, by virtue of their positions in the Company. Moreover,
                                         there are no criminal indictments or criminal proceedings of any kind, pending against
                                         the Company’s Officeholders. To the Company’s best knowledge, it is not aware
                                         of any intention to take legal proceedings against the Company and/or its Officeholders
                                         in connection with the discharge of their duties, and/or of the existence of any judgment,
                                         arbitration award or decision or judicial ruling against the Company and/or its Officeholders,
                                         in connection with the discharge of their duties, which were not fully complied with
                                         and/or in any criminal proceedings against the Company’s Officeholders.
	 	 	 

		5.25	For
                                         the purpose of sections 5.23 - 5.28, the term “tax” shall mean: all taxes,
                                         including, without limitation, income tax, corporate tax, capital gains tax, value added
                                         tax, levies, purchase tax, customs, municipal taxes, including arnona (rates and taxes),
                                         national insurance charges, fees and any other mandatory payments due to any authority
                                         under the law, and including tax withholdings at source under the provisions of any law,
                                         in Israel and outside of Israel.
	 	 	 

		5.26	As
                                         of the signing date of this Agreement, the Company is registered in the registers of
                                         the Income Tax and Value Added Tax authorities and lawfully reports thereto. Attached
                                         hereto as Annex 5.26 is the status of the Company’s reporting to
                                         such authorities and to any other tax authority. As of the signing date of this Agreement,
                                         all payments which the Company was required to pay to the above authorities arising due
                                         to causes preceding the signing date hereof, were duly paid by the Company and/or adequate
                                         reserves for the payment thereof were made in the Financial Statements.

 

    	 	17	 

     

    

 

		5.27	The
                                         Company has obtained final tax assessments from the relevant Tax Authorities for all
                                         the fiscal years up to 2012. The Company’s deductions file account and income tax
                                         file are attached hereto as Annex 5.27. The Company and/or Subsidiaries
                                         did not receive any demand or claim from the Tax Authorities and no negotiations are
                                         conducted with the Tax Authorities regarding the open tax assessments.
	 	 	 

		5.28	The
                                         Company and Subsidiaries have timely filed all reports, declarations, notices or any
                                         other documents required to be filed by them to the Tax and/or other Authorities. All
                                         the figures appearing in the Financial Statements as tax debts and/or tax reserves reflect
                                         the Company’s tax liability to the Tax Authorities as of the dates in which such
                                         were made and the adequate reserves in accordance with generally accepted accounting
                                         principles and the Company has no tax liability with respect to the relevant dates which
                                         was not reflected in the Financial Statements. All taxes due for payment by Company were
                                         fully and punctually paid or are reflected as tax reserves in the Financial Statements.
                                         The Company paid advances to the Tax Authorities under any law. The Company is not a
                                         party to any proceedings concerning any assessment, protest, appeal or leave to appeal
                                         in tax matters. No (open) investigation was or is carried out against the Company and/or
                                         its Officeholders by any Tax Authority and the Company is not aware of any intention
                                         of any tax or other authority to commence such investigation against the Company in connection
                                         with any tax liability of the Company. There is no demand, and to the Company’s
                                         knowledge no demand is expected, regarding the payment of any tax, other than current
                                         payments regularly and continuously paid by the Company. The tax returns and/or all other
                                         reports filed by the Company in connection with its tax liability are true, complete
                                         and accurate. None of the Company and/or its Subsidiaries shall be required to pay any
                                         taxes for the period ending on the Closing Date, save for payments expressly reserved
                                         in the Financial Statements and payments for the period following the Financial Statements’
                                         date.

 

 

    	 	18	 

     

    

 

		5.29	As
                                         of October 6, 2015, the Company’s cash balance is not less than NIS 4,310,021 (in
                                         words: Four million, three hundred and ten thousand and twenty one Israeli Shekels);
                                         Details of the Company’s credit and debit balances in the bank accounts maintained
                                         by the Company and details of the balances and holdings in the Company’s securities
                                         accounts, as of the signing date of this Agreement, are attached hereto as Annex
                                         5.29. The details of all the Company’s bank accounts, signatory rights
                                         and balances therein as of the signing date, are attached hereto as Annex 5.29.
	 	 	 

		5.30	It
                                         is hereby agreed that on the Transaction Closing Date the total amount of cash on hand
                                         remaining in the Company shall not be less than NIS 5,000,000 (namely, total (cash) assets,
                                         less the Company’s liabilities (including, without limitation, less the liabilities
                                         set forth in Annexes 5.11(a), 5.12 and 5.20). The following Transaction
                                         costs shall be deducted from the above amount: Payments to attorneys for preparation
                                         of the Placement Memorandum, convening of the General Meeting, preparation of the Merger
                                         Agreement and for the other legal acts required for the purpose of execution this Agreement,
                                         payment to accountants for preparation of the Company’s Financial Statements, payment
                                         for the appraiser for making the Valuation and payment to the tax consultant for obtaining
                                         the preliminary Ruling from the Tax Authorities, all as set forth in Annex 14.1.
                                         In addition, and without derogating from the aforesaid - the Board of Directors of the
                                         Company may start acting to list the Company’s shares for trade in the U.S.A. The
                                         expenses involved in such listing will be paid from the Company’s cash, subject
                                         to the fulfillment of the following two conditions in full: (a) After payment of the
                                         above expenses and any other expenses agreed upon in this Agreement, excluding the expenses
                                         set forth in Annex 14.1, the net cash amount which remain in the Company
                                         shall not be less than NIS 5,000,000; (b) The total expenses set forth above shall not
                                         exceed the amount of NIS 1,000,000. The Company is aware that in accordance with the
                                         Ruling, it is possible that certain limitations shall be imposed on the Company with
                                         respect to its holdings in the shares of 4Eyes to be transferred to it, and it undertakes
                                         to act in accordance with the Ruling and to refrain from breaching such limitations (if
                                         and to the extent such limitations are imposed).

 

 

    	 	19	 

     

    

 

		5.31	Deleted.
	 	 	 

		5.32	Deleted.
	 	 	 

		5.33	Except
                                         as set forth in Annex 5.33, as of the signing date of this Agreement, the
                                         Company has no employees, no employer - employee relationships between the Company and
                                         any of its Officeholders and the Company is not under any duty to report to the National
                                         Insurance Institute. Furthermore, the Company shall reach an agreement with all its employees,
                                         that subject to the Closing of the Transaction which is the subject matter hereof, the
                                         employment of such employees will be terminated and as of such date onwards, the Company
                                         shall have no duties and/or obligations vis-à-vis such employees. All the
                                         amounts due to the Company’s employees, as set forth in Annex 5.33
                                         under the law or any contract for their employment term and/or its termination, including
                                         with respect to salary, bonuses, Income Tax deductions, National Insurance, vacation,
                                         vacation redemption rights, convalescence, severance pay, managers’ insurance and
                                         provident and pension funds’ payments and other social benefits owing to the employees,
                                         were fully paid, or fully reserved in the Financial Statements until the relevant date.
                                         There is no legal, contractual and/or other prevention to terminate the employment of
                                         any of the Company’s employees by up to thirty (30) days prior notice.
	 	 	 

		5.34	On
                                         the Closing Date, all management and/or employment agreements and/or any other undertakings
                                         of the Company (if any) towards the Company’s Interested Parties and/or Officeholders
                                         and/or employees shall expire or be terminated, after making the final accounting with
                                         each of the Service Providers and/or Officeholders and after the latter duly provide
                                         their consent to the Company for the aforesaid.
	 	 	 

		5.35	As
                                         part of the due diligence conducted by 4Eyes and MAGNA to the Company and/or Subsidiaries
                                         and under the demands of 4Eyes and MAGNA, from time to time, the Company shall provide
                                         them all the information they may require in order to conduct the due diligence and examination
                                         of the Company’s business. For the avoidance of doubt, it is clarified that with
                                         reference to the Company’s assets and/or liabilities, full disclosure was provided,
                                         as required under the law in the Company’s annual/ periodic/ quarterly Financial
                                         Statements, which are published to the public. In addition, the Company shall do its
                                         utmost in order that 4Eyes and MAGNA receive answers to all the questions presented,
                                         based on the materials provided to them as part of the due diligence. The Company undertakes
                                         to immediately inform 4Eyes and MAGNA of any material changes in the representations,
                                         starting from signing date up until the Effective Date.

 

    	 	20	 

     

    

 

		5.36	Except
                                         as set forth in Annex 5.36 hereto, no intermediary, agent, broker, investment
                                         banker, investment consultant, financial adviser or any other person or entity, whether
                                         or not such entity is employed by the Company, is and/or shall become entitled to brokerage
                                         fees and/or commission and/or any other payment from the Company in connection with the
                                         Transaction which is the subject matter of this Agreement and/or consummation thereof.
                                         The tax liability for payment of the commission set forth in Annex 5.36 shall exclusively
                                         apply to the commission recipient. To the extent the commission recipient does not provide
                                         an exemption from withholding of tax at source no later than 7 days prior to the Closing
                                         Date, to MAGNA’s satisfaction, tax shall be withheld at source from the commission
                                         amount at the rates prescribed by law.
	 	 	 

		5.37	Canceled.
	 	 	 

		5.38	The
                                         Company is aware that the Offerees and 4Eyes are entering into this Agreement with the
                                         Company, inter alia, based on the Company’s representations set forth in
                                         this section 5 above and in reliance on the Company’s undertakings set forth in
                                         this Agreement. Such representations are correct in any material respect also on the
                                         Effective Date (except for representations that by their nature are given and true as
                                         at the signing date of this Agreement only).

 

	6.	Declarations
                                         and Undertakings of 4Eyes and MAGNA

 

Further
to their declarations as set forth in section 4, 4Eyes and MAGNA each declares, to the best of its knowledge and each solely with
reference to itself and 4Eyes, as the case may be, as follows:

 

		6.1	The
                                         entering into and performance of this Agreement by the Offerees and 4Eyes do not and
                                         shall not constitute, subject to the fulfillment of the Conditions Precedent, a breach
                                         of any of their undertakings.

 

    	 	21	 

     

    

 

		6.2	All
                                         the shares of 4Eyes (whose entire issued and paid-up share capital is intended to be
                                         transferred to the Company in this Transaction) shall be Free and Clear on the Closing
                                         Date.
	 	 	 

		6.3	4Eyes
                                         is a private company limited by shares, incorporated in Israel and registered on July
                                         16, 2015 with the purpose of absorbing the car activity assets for merging into the listed
                                         company, and its number with the Companies Registrar is 515287480. The Company is registered
                                         with the Companies Registrar as an active company and did not receive any notice regarding
                                         an intended delisting from the Companies Registrar. Copies of 4Eyes’ certificate
                                         of incorporation and incorporation documents updated and true as of the date of signing
                                         this Agreement, together with a certification of 4Eyes attorneys as to their being updated
                                         and true on the signing date hereof are attached to this Agreement as Annex 6.3.
	 	 	 

		6.4	As
                                         of the signing date hereof, 4Eyes’ registered share capital is NIS 10,000, consisting
                                         of 1,000,000 Ordinary Shares of 4Eyes of NIS 0.01 par value each; and the issued and
                                         paid-up share capital of 4Eyes consists of 100,000 Ordinary Shares of NIS 0.01 par value
                                         each which were allocated to MAGNA for the purpose of absorbing the Car Safety Field
                                         activities through devices installed in the Car, under Section 104A of the Ordinance.
	 	 	 

		6.5	MAGNA
                                         and the holders of 4Eyes’ Option Warrants, to whom shares and Option Warrants in
                                         4Eyes were allocated and their holdings in the issued and paid-up share capital of 4Eyes
                                         as of the signing date hereof are as set forth in Annex 6.5;

 

Except
as set forth in Annex 6.5 to this Agreement, MAGNA hereby declares that as of the signing date of this Agreement, it does not
hold, directly or indirectly, any securities of the Company, and that as of the signing date of this Agreement, there are no agreements
of any kind whatsoever, between anyone on behalf MAGNA, and the holders of shares in the Company and/or the holders of securities
in the Company, with respect to the purchase or sale of securities of the Company or the voting rights therein or in connection
with MAGNA’s future rights to the Company’s shares;

 

    	 	22	 

     

    

 

		6.6	As
                                         of the signing date of this Agreement, other than the Ordinary Shares, 4Eyes did not
                                         issue any shares, options, debentures, preemptive rights or other rights to purchases
                                         shares (or made any undertaking to issue such securities); 4Eyes did not undertake to
                                         allocate to any person and/or entity any Ordinary Shares and/or Option Warrants to purchase
                                         shares and/or securities of any kind whatsoever and/or rights to shares and/or other
                                         rights of 4Eyes and did not receive payment on account of the Shares and/or Option Warrants
                                         and/or such other securities and/or rights, and shall not do so by the Effective Date,
                                         unless expressly provided in this Agreement.
	 	 	 

		6.7	The
                                         Directors of 4Eyes are: Chaim Siboni, Tzur Dat and a representative of Aeronautics Ltd.
	 	 	 

		6.8	4Eyes’
                                         intellectual property and the rights to its intellectual property are detailed in the
                                         Placement Memorandum.
	 	 	 

		6.9	4Eyes
                                         did not announce any dividends which were not distributed and the Board of Directors
                                         of 4Eyes did not resolve on any distribution of bonus shares and/or dividends which were
                                         not distributed.
	 	 	 

		6.10	4Eyes’
                                         Pro-forma Reports were prepared in accordance with generally accepted accounting principles
                                         and give a fair and accurate report of 4Eyes’ financial condition, assets and liabilities
                                         as at the dates set forth therein and the results of its operations for the periods therein
                                         referred, as if the assets and operations of 4Eyes existed and took place in 4Eyes during
                                         the relevant periods. The Company’s Financial Statements will be appended by the
                                         date of convening the General Meeting, as Annex 6.10 to this Agreement.

 

 

    	 	23	 

     

    

 

		6.11	Upon
                                         conclusion of preparation of 4Eyes’ Financial Statements, MAGNA shall provide its
                                         representation with regard to the equity of 4Eyes as of June 30, 2015.
	 	 	 

		6.12	Since
                                         the signing date of 4Eyes’ Pro-forma Reports, no material adverse change occurred
                                         in anything relating to 4Eyes, and MAGNA and 4Eyes are not aware of any such event which
                                         may lead to any such adverse change.
	 	 	 

		6.13	4Eyes’
                                         reports were prepared in accordance with International Financial Reporting Standards
                                         (IFRS) and the provisions of the Securities Law and the Regulations promulgated thereunder.
	 	 	 

		6.14	To
                                         the report prepared for the convening of a meeting of the Company’s shareholders
                                         for the approval of the Transaction and all other necessary acts provided in this Agreement,
                                         if and to the extent the approval of the meeting is required for such acts, the Placement
                                         Memorandum of 4Eyes shall be attached, prepared in accordance with the provisions of
                                         the Securities Law and the Regulations promulgated thereunder, as well as 4Eyes’
                                         Financial Statements as of July 16, 2015 (and to the extent so required under the provisions
                                         of the Securities Law and the Regulations promulgated thereunder, 4Eyes’ reports
                                         will be updated and made to the dates prescribed under the provisions of the Securities
                                         Law and the Regulations promulgated thereunder).
	 	 	 

		6.15	As
                                         part of the due diligence conducted in 4Eyes by the Company and in accordance with the
                                         Company’s demands, as such may be prior to the date of publication of the invitation
                                         for convening the General Meeting, 4Eyes and/or the Offerees, as the case may be, have
                                         and/or shall transfer, as the case may be, to the Company all the relevant information,
                                         data and knowledge which the Company needs in order to conduct the due diligence and
                                         investigation of 4Eyes’ business and no relevant information was withheld and it
                                         has no knowledge of any missing information which might materially influence the judgement
                                         of a reasonable person making decision as to the entering into this Agreement. Furthermore,
                                         they have and are making their best efforts that the Company will receive answers to
                                         all the questions which the Company has or will present, either alone or through others,
                                         such as attorneys, accountants, appraisers, etc., based on the materials provided or
                                         to be provided to the Company as part of the due diligence. 4Eyes is aware that the Company
                                         is entering into this Agreement in reliance on the representations set forth in section
                                         6 above. For the avoidance of doubt it is clarified, that nothing in the aforesaid may
                                         exculpate and/or derogate from their liability for the representations provided by them
                                         in this Agreement. 4Eyes undertakes to immediately inform the Company of any material
                                         changes in the representations, starting from signing date up until the Effective Date.

 

 

    	 	24	 

     

    

 

		6.16	As
                                         of the signing date of this Agreement, no charges are registered on the assets of 4Eyes
                                         in the registers of the Companies Registrar and/or Register of Pledges and/or Lands Registrar
                                         and no charges or undertakings to create further charges are imposed on any assets of
                                         4Eyes.
	 	 	 

		6.17	As
                                         of the signing date of this Agreement, no guarantees or undertakings to provide guarantees
                                         to any Third Parties were given prior to the Closing of the Transaction.
	 	 	 

		6.18	As
                                         of the signing date of this Agreement, 4Eyes has not taken any loans and has no undertakings
                                         towards Third Parties, other than the undertakings arising from this Agreement, including
                                         attorneys’ and accountants’ fees and additional costs in the amount of up
                                         to NIS 150,000 plus VAT that will be paid by the Company and from its cash balance in
                                         addition to the expenses set forth in Annex 14.1, even if the Transaction
                                         is not closed for any reason whatsoever. In the event that the Transaction is closed,
                                         the amount set forth in Annex 17.2.15 (as well as the amounts set forth
                                         under Annex 14.1) will be deducted from the cash amount of NIS 5 million
                                         remaining with the Company on the Closing Date.
	 	 	 

		6.19	Save
                                         as detailed in the Placement Memorandum, on the Closing Date there shall be no current
                                         or future financial liabilities of any of the Offerees towards 4Eyes and/or of 4Eyes
                                         towards any of the Offerees.
	 	 	 

		6.20	4Eyes
                                         and the Offerees shall provide the following, within 30 days after the signing of this
                                         Agreement: 1) The final duly prepared Placement Memorandum, as defined in section 2 above,
                                         and 2) 4Eyes’ Pro-forma Reports (to the extent such are required), including as
                                         of June 30, 2015, prepared in accordance with International Financial Reporting Standards
                                         (IFRS) and in accordance with the provisions of the Securities Law and the Regulations
                                         promulgated thereunder, signed by the competent organs (hereinafter: “4Eyes
                                         Pro-forma Reports”) as at the dates required for preparation of the Placement
                                         Memorandum in accordance with the Private Offering Regulations (and any amended reports
                                         thereto as may be required).
	 	 	 

		6.21	The
                                         Placement Memorandum (excluding the Valuation to be attached thereto) to be filed for
                                         approval of the Company’s organs and published by means of an immediate report
                                         (including the Reports of 4Eyes and the Placement Memorandum Annexes (if any) will be
                                         appended as Annex 6.21 to this Agreement and shall form an integral part
                                         of the declarations and representation of both 4Eyes and the Offerees under this Agreement.
                                         The parties’ execution of this Agreement constitutes their consent for publication
                                         of the Placement Memorandum as described above.

 

    	 	25	 

     

    

 

		6.22	No
                                         material details shall be omitted from, and no Misleading Details shall be included in
                                         the Placement Memorandum and it shall be prepared in accordance with the provisions of
                                         the Securities Law and the Regulations promulgated thereunder.

 

MAGNA
will declare, upon the signing of the Placement Memorandum, that such Memorandum contains all the relevant information necessary
about 4Eyes’ operation under the provisions of the Securities Law and the Regulations promulgated thereunder and that it
includes no Misleading Details as such term is defined in the Securities Law and the Regulations promulgated thereunder.

 

		6.23	Following
                                         the submitting of the Placement Memorandum for approval by the Company’s organs,
                                         4Eyes shall do nothing which is not in the ordinary course of business or likely to have
                                         material adverse effect on the state of its business, equity, profitability, assets and/or
                                         liabilities. 4Eyes shall keep the Company informed of any such changes.
	 	 	 

		6.24	The
                                         Offerees are aware, that by virtue of the provisions of Section 15C of the Securities
                                         Law and as provided in section 15 below, transactions in the Allocated Shares allocated
                                         thereto by the Company, as part of the Transaction which is the subject matter of this
                                         Agreement, may be subject to limitations and/or restrictions and they undertake to comply
                                         with any limitations imposed upon them by said Section and to refrain from making any
                                         transactions with such shares which may be considered as a public offering of these shares,
                                         contrary to the provisions of the law.

 

 

    	 	26	 

     

    

 

		6.25	The
                                         Offerees are aware that in addition to and separately from the Lock-up Provisions under
                                         the provisions of the Securities Law, the Allocated Shares may be locked in accordance
                                         with the provisions of the Ruling and they agree that such Lock-up shall apply to the
                                         entire period determined in the Ruling, subject to their approval and consent to the
                                         final version of the Ruling.

 

In
addition, MAGNA shall undertake not to sell any of the shares that will be allocated to it under this Agreement for a period of
24 months following the Transaction Closing Date (hereinafter: the “Contractual Lock-up Period”). For securing
MAGNA’s contractual obligation to refrain from selling its shares, such shares will be deposited during the Contractual
Lock-up Period with a Trustee, so that only at the expiry of 24 months following the Transaction Closing Date, such shares shall
be transferred from the Trustee to MAGNA and MAGNA would be able to sell its shares in the Company subject to the provisions of
any law.

 

It
is, however, clarified that subject to any law and the Ruling, MAGNA may sell up to 5% of its holdings in the shares of the Company
(hereinafter: the “Released Shares”) and such Released Shares will be transferred to MAGNA at its request.

 

		6.26	Subject
                                         to the fulfillment of all the Conditions Precedent as set forth in this Agreement, MAGNA
                                         and 4Eyes (in respect of the undertakings each of them assumes hereunder): (a) has full
                                         corporate authority to enter into this Agreement; and (b) is not subject to any limitation
                                         and/or prohibition and/or prevention on its entering into this Agreement and performing
                                         its undertakings hereunder; and (c) no Third Party approvals or consents are required
                                         in connection with the signing of this Agreement or performance of its provisions; and
                                         (d) the entering into or performance of this Agreement shall not constitute a breach
                                         of any existing and/or contingent undertakings of 4Eyes and/or MAGNA towards any Third
                                         Parties whatsoever, including among themselves, under any existing shareholders’
                                         agreements, if any, or the Articles of Association of 4Eyes.
	 	 	 

		6.27	4Eyes
                                         and MAGNA are aware that the Company is entering into this Agreement with them, inter
                                         alia, based on the representations set forth in this section 6 above and in reliance
                                         on their respective undertakings set forth in this Agreement. Such representations would
                                         be correct in any material respect also as of the Effective Date (except for representations
                                         that by their nature are given and are true as of the signing date of this Agreement
                                         only).

 

    	 	27	 

     

    

 

	7.	The
                                         Transaction

 

On
the Closing Date, subject to the fulfillment of the Conditions Precedent set forth in section 19 below, the following acts shall
be performed:

 

	 	7.1	Purchase of 4Eyes Shares

 

In
exchange for the allocation as set forth in section 7.2 below, the Company shall purchase the Purchased Shares, being Free and
Clear.

 

	 	7.2	Allocation of the Allocated Shares

 

On
the Transaction Closing Date, and in exchange for the transfer of the Purchased Shares to the Company, the Company will allocate
the Allocated Shares to MAGNA (and also allocate the Option Warrant as set forth in section 8 below), as follows:

 

Allocation
of the Allocated Shares: The Company will allocate the Allocated Shares to MAGNA, being Free and Clear. Allocation of the
Allocated Shares shall be made in accordance with the Cap-Table, as set forth in Annex 7.3 attached to this Agreement.

 

		7.2.1	Deposit
                                         of Allocated Shares with the Trustee to secure the provisions of the tax Ruling:
                                         On the Closing Date, the Company will allocate the Allocated Shares and immediately upon
                                         such allocation they will be transferred to a Trustee to be chosen by MAGNA, with whom
                                         an escrow agreement will be entered in the form to be appended prior to the Transaction
                                         Closing Date (such Trustee will be responsible for opening the Escrow Account), this,
                                         for the purpose of compliance with the Lock-up Provisions by virtue of the Ruling and/or
                                         the Ordinance and in order to ensure compliance with any other acts required under the
                                         Ruling. Together with and subject to the allocation of the Allocated Shares to MAGNA,
                                         MAGNA will sign an appropriate indenture concerning compliance with the provisions of
                                         the Ruling and the deposit of the Allocated Shares with the Trustee. It is also clarified,
                                         that subject to that stated in the Ruling, the voting rights by virtue of the shares
                                         so allocated to MAGNA shall be maintained by MAGNA and it shall vote such shares by means
                                         of instructions to be given to the Trustee holding the shares in trust, in accordance
                                         with the provisions of the escrow agreement or any special and separate instruction directly
                                         given to the Trustee (by each of the shares/options holders) at his/its discretion, subject
                                         to the provisions of any applicable law.

 

    	 	28	 

     

    

 

Moreover,
on the Closing Date, the shareholders of the Company listed in Annex 7.2.1 as such will be attached to this Agreement
no later than 3 business days prior to the Closing Date, will deposit with the Trustee any shares remaining in their hands immediately
prior to the General Meeting and these shareholders will sign an appropriate indenture regarding compliance with the provisions
of the Ruling. In this context, it is noted that the Company and the Controlling Shareholder shall see to it, that to the extent
that prior to the Transaction Closing Date any shareholders of the Company are considered as shareholders subject to the Lock-up
restrictions by virtue of the Ordinance (as such term is defined below), then such securities held by the said shareholders shall
be also deposited with the Trustee and they too will sign the appropriate indenture as aforesaid.

 

In
that regard, shareholders who are subject to the Lock-up restrictions by virtue of the Ordinance mean:

 

Controlling
Shareholders, as such term is defined in the Ordinance (excluding a provident fund and mutual fund), namely a person who holds
or is entitled to acquire, directly or indirectly, alone or together with his/her relative, one of these: (1) at least 5% of the
Company’s issued share capital; (2) at least 5% of the voting power in the Company; (3) the right to receive at least 5%
of the Company’s profits or of its assets upon winding up; (4) the right to appoint a director. As to the manner of calculation
of such rights, for example, holding of 5% of the Company’s issued and paid-up share capital prior to the Transaction Closing
Date, means, shareholders that will hold, following the Transaction Closing Date, for example, shares equivalent to 5% of the
Company’s issued and paid-up share capital, prior to the Transaction Closing Date.

 

Notwithstanding
the foregoing, provided that under the Ruling, MAGNA is entitled to immediately sell 10% of the share capital allocated to it
in the Company on the Closing Date, MAGNA agrees to transfer to the shareholders of the Company (including shareholders who purchase
shares in the framework of capital raising and/or such shareholders considered subject to the Lock-up restrictions by virtue of
the Ordinance) whose shares are locked as aforesaid, the right, pro-rata among them, to sell locked shares, in the amount of 5%
of the share capital allocated to MAGNA in the Company (hereinafter: the “Transferred Rights”). It is clarified
that 50% of the Transferred Rights (as defined above) to sell shares will be transferred to the holders of Option Warrants and
50% of the Transferred Rights (as defined above) will be transferred to the shareholders of the Company.

 

 

    	 	29	 

     

    

 

		7.3	The
                                         shares allocated to MAGNA (other than the Released Shares) will be allocated in the name
                                         of the Nominee Company to the credit of a bank account to be opened by the Trustee, to
                                         the benefit of the Offeree MAGNA (hereinafter: the “Escrow Account”)
                                         and held in trust by the Trustee, in the Escrow Account, to the benefit of the Offeree
                                         according to an agreement to be entered between them by the Closing Date, for securing
                                         the Contractual Lock-up hereunder, as such term is defined in section 7.5 below.
	 	 	 

		7.4	It
                                         is agreed that the cost value, for tax purposes, to be provided by the Company to the
                                         Nominee Company, will be the value provided to the Company by MAGNA, at least three days
                                         prior to Closing Date and in accordance with the conditions of the Ruling obtained by
                                         MAGNA. Notwithstanding the above, to the extent that MAGNA delivers a certificate from
                                         the Tax Authorities concerning the cost value for tax purposes, as provided by the Company
                                         to the Nominee Company, then the Company shall issue a notice on the cost value in accordance
                                         with such certificate.

 

	 	7.5	The Allocated Shares will be allocated to the Offerees
in accordance with the Ruling, being Free and Clear (except that such shares are subject to the Lock-up Provisions as defined
above and to the Contractual Lock-up conditions as set forth in section 6.25 above (hereinafter and herein below: the “Contractual
Luck-up”)) and except with respect to their undertaking (namely, any of them bound by such restriction under the law
and/or the Ruling) not to breach the provisions of the Ruling and in consideration thereof the Offerees shall transfer to the
Company 100% of 4Eyes’ issued and paid-up share capital, being Free and Clear.

 

 

    	 	30	 

     

    

 

	8.	Allocation
                                         of Option Warrants to Service Providers of 4Eyes

 

		8.1	Immediately
                                         prior to the Closing, 4Eyes shall allocate Option Warrants to Victor Tshuva & Co.
                                         for the services provided to 4Eyes as set forth in Annex 8.1, with immediate
                                         effect prior to the Merger Date (Pursuant to Section 3(i) of the Income Tax Ordinance).
                                         The Option Warrants in 4Eyes and/or the shares resulting from the exercise thereof shall
                                         be non-negotiable and non-transferable and/or non-saleable and may be exclusively used
                                         for exercising the Company’s Options. As part of the Merger and on the Transaction
                                         Closing Date, the Company will allocate to Victor Tshuva & Co. Option Warrants conferring
                                         non-negotiable and non-transferable and/or non-saleable rights into Company shares, the
                                         receipt of which by Victor Tshuva & Co. and the exercise thereof shall only be done
                                         by way of stock exchange of 4Eyes shares for Company shares. Upon exercising 4Eyes’
                                         Option Warrants into 4Eyes’ shares, the shares of 4Eyes shall be automatically
                                         exchanged into Company shares, as part of the exercise of the rights into Company shares
                                         that shall be allocated to Victor Tshuva & Co. (pursuant to Section 3(i) of the Income
                                         Tax Ordinance), which were substituted for the Option Warrants allocated to them in 4Eyes
                                         (hereinafter: the “Option Warrants’ Holders”). The terms and
                                         conditions underlying the Option Warrants and any adjustments therein and including the
                                         amount of such Option Warrants are set forth in Annex 8.1 attached to this
                                         Agreement.

 

It
is agreed that the process by which the Option Warrants are exercised will be as follows: the Option Warrants’ Holders in
4Eyes shall exercise their Option Warrants, at their discretion, into shares of 4Eyes and in consideration for the shares of 4Eyes,
the 4Eyes Option Warrants’ Holders will automatically receive shares of the Company as part of the exercise of the options
in the Company. The Company shares resulting from the exercise of the rights into shares as aforesaid shall be listed for trade
on the Stock Exchange and shall be transferable subject to any law and the Ruling.

 

	9.	Replacement
                                         of Directors

 

On
the Effective Date, and subject to the approval of the General Meeting of Company’s Shareholders, up to 4 additional members
will be appointed to the Company’s Board of Directors, the identity of whom will be determined by MAGNA by written notice
to be delivered immediately prior to the date of publication of the report prepared for the convening of the General Meeting of
the Company’s shareholders. The necessary written consents and declarations of the new Directors will be attached to said
notice as required under the provisions of any law. Mr. Chaim Siboni will be appointed as CEO of the Company.

 

Simultaneously,
and in the framework of convening such General Meeting, the Company will announce the termination of service of the following
Directors: Mrs. Shoshana Zeig and Ron Weisberg; and subject to the approval of the Meeting for: (a) termination of service of
the above Directors, and (b) appointment of the new Directors, the Company will be provided with a letter of irrevocable waiver
of any claims, suits or demands against the parties hereto, in the form attached to this Agreement as Annex 9. It
is clarified that subject to their appointment by the Meeting, the compensation of the Directors so appointed will be in the minimum
amount prescribed under the Companies (Rules Regarding Compensation and Expenses for External Directors) Regulations, 5760-2000;

 

 

    	 	31	 

     

    

 

	10.	Appointment
                                         of CEO and his Employment Conditions; Transferred Employees

 

		10.1	On
                                         the Effective Date, the Company’s current CEO, Mr. Kfir Silberman, will provide
                                         a notice of his resignation from the position of CEO and such notice shall take immediate
                                         effect, and deliver a letter of irrevocable waiver of any claims, suits or demands against
                                         the parties hereto, in the form attached to this Agreement as Annex 10.1.
	 	 	 

		10.2	Simultaneously
                                         with the notice of the current CEO of his resignation from his position, Mr. Chaim Siboni
                                         will be appointed as CEO of the Company. The employment and service conditions of Mr.
                                         Chaim Siboni as CEO of the Company will be in accordance with the employment agreement
                                         entered with him and as agreed upon by the parties prior to the date of convening the
                                         General Meeting of the Company’s shareholders and will be attached hereto as Annex
                                         10.2, all subject to approval of his employment and service conditions by the
                                         competent corporate organs, including the approval of the General Meeting of Company
                                         shareholders, as provided in section 17 below.
	 	 	 

	 	10.3	The Company shall enter into a consultation agreement
with Mr. Kfir Silberman in the form agreed upon by the parties prior to the date of convening the General Meeting of the Company
and attached as Annex 10.3 hereto.
	 	 	 
	 	10.4	The Company shall enter into an agreement pursuant to
which Mr. Eli Yoresh will continue to provide services to the Company in the position of CFO or equivalent, in the form agreed
upon by the parties prior to the date of convening the General Meeting of the Company and attached as Annex 10.4
to this Agreement.

 

 

    	 	32	 

     

    

 

	11.	Exculpation
                                         and Indemnification Letters

 

On
the Effective Date, and subject to the approval of the Company’s General Meeting of shareholders, the Directors and Officeholders
to be appointed on the Effective Date will be given exculpation and indemnification letters in the forms attached hereto as Annex
11 (or in a form otherwise agreed upon among the Company, the Controlling Shareholder and MAGNA), including on the issues
deriving from the Placement Memorandum, Valuation of 4Eyes and the private allocation and in addition, on the Effective Date such
new exculpation and indemnification letters will be given to all Directors and Officeholders of the Company, including any of
them who are considered to be Controlling Shareholders. As part of the invitation published by the Company on the convening of
the General Meeting for approval of the Transaction which is the subject matter of this Agreement, and subject to the Meeting’s
approval, it will be approved that the existing and future Directors and Officeholders of the Company from time to time, including
Directors and Officeholders of the Company who are considered to be Controlling Shareholders, will be entitled to such exculpation
and indemnification letters in the above form, all subject to the provisions of any law.

 

	12.	Directors’
                                         and Officeholders’ Liability Insurance

 

On
the Effective Date and subject to the approval of the General Meeting of shareholders:

 

		12.1	The
                                         existing Directors’ and Officeholders’ liability insurance policy will be
                                         extended to include the Company’s new Directors and Officeholders as well as additional
                                         Directors and Officeholders to the extent any such additional Directors and Officeholders
                                         are added to the Company and 4Eyes from time to time. In case the existing insurance
                                         status is not altered, the said policy terms and conditions will be as detailed in Annex
                                         12.1.
	 	 	 

		12.2	The
                                         Company will maintain a Run-Off Directors’ and Officeholders’ liability insurance
                                         policy for events occurring prior to the Effective Date, this from the Effective Date
                                         and onwards for a period of seven (7) years and under such conditions and scope of not
                                         less than the conditions of the Company’s existing policy as of the signing date
                                         of this Agreement. Such insurance policy shall cover the Directors and Officeholders
                                         who served in the Company prior to the Effective Date.

 

	13.	Increase
                                         of the Company’s Registered Share Capital and Amendment of the Articles of Association

 

		13.1	On
                                         the Effective Date and subject to the approval of the General Meeting of shareholders
                                         of the Company and as one of the Conditions Precedent for Closing the Transaction, the
                                         Company’s registered share capital will be increased to 100,000,000 Ordinary Shares
                                         of NIS 1 par value each.
	 	 	 

		13.2	In
                                         addition, in the framework of convening the General Meeting, the matters on the agenda
                                         of which are set forth in section 17.2 below, one of the matters will be the replacement
                                         of the Company’s Articles of Association in accordance with the version attached
                                         to this Agreement as Annex 17.2.6, unless MAGNA resolves to waive such
                                         replacement of the Articles of Association.

 

    	 	33	 

     

    

 

	14.	Repayment
                                         of Owners’ Debt Balances to the Company

 

		14.1	After
                                         the signing of this Agreement, the Company shall act to take any necessary actions for
                                         securing repayment to the Company of any debts owing by the owners, so that following
                                         the Transaction Closing, the net equity of the Company, in cash, less the Company’s
                                         liabilities (including, without limitation, deduction of the liabilities set forth in
                                         Annexes 5.11(a), 5.12 and 5.20), will amount to no less than NIS five (5)
                                         million in cash. The following Transaction expenses will be deducted from the above amount:
                                         Payment of attorneys’ fees for preparation of the Placement Memorandum, convening
                                         of the General Meeting, preparation of the Merger Agreement and other legal acts required
                                         for the purpose of execution of this Agreement, payment to accountants for preparation
                                         of the Company’s Financial Statements, payment for the appraiser for making the
                                         Valuation and payment to the tax consultant for obtaining the preliminary Ruling from
                                         the Tax Authorities, all as set forth in Annex 14.1.
	 	 	 

		14.2	Repayment
                                         of the shareholders’ loan balance shall be completed immediately prior to the Transaction
                                         Closing and constitute a condition for such Closing.

 

	15.	Prevention or Restriction of Transactions in the
Allocated Shares

 

The
general lock-up provisions provided under any law including the Lock-Up Provisions provided in Section 15C of the Securities Law,
5728- 1968 shall apply to the securities offered under this Agreement.

 

 

    	 	34	 

     

    

 

	16.	Interim
                                         Period

 

		16.1	The
                                         following provisions shall apply in the period commencing on the signing date of this
                                         Agreement and up until the Closing Date or expiry of this Agreement, whichever occurs
                                         first (hereinafter: the “Interim Period”), unless the other parties’
                                         prior written consent to act otherwise is obtained and except for the execution of any
                                         acts expressly permitted hereunder:
	 	 	 

		16.1.1	4Eyes
                                         will be managed in the ordinary course of its business and no acts or undertakings will
                                         be taken which may adversely affect the Company’s financial condition;
	 	 	 

		16.1.2	The
                                         Company shall not effect any transactions that may result in changes in the declarations
                                         and representation set forth above, to the extent such transactions are under its control,
                                         and no acts or undertakings shall be taken which may adversely affect the Company’s
                                         financial condition;
	 	 	 

		16.1.3	Neither
                                         the Company nor 4Eyes shall modify its capitalization and/or Articles of Association,
                                         other than as set forth herein;
	 	 	 

		16.1.4	Neither
                                         the Company nor 4Eyes shall effect transactions in which any of the Officeholders and/or
                                         Interested Parties therein are personally interested, including modifications of employment
                                         conditions and save as provided in this Agreement;
	 	 	 

		16.1.5	Neither
                                         the Company nor 4Eyes shall allocate new shares or distribute options or rights to shares
                                         and shall not change the exercise prices and/or exercise amounts of the existing convertible
                                         securities in the Company, save as set forth in this Agreement;
	 	 	 

		16.1.6	Neither
                                         the Company nor 4Eyes shall make and/or undertake to make any investment, including investments
                                         in the Company/ 4Eyes, as the case may be, and/or in any partnership and/or venture and/or
                                         share capital and/or other rights and shall not purchase assets and/or bind itself in
                                         any undertakings whatsoever;
	 	 	 

		16.1.7	Neither
                                         the Company nor 4Eyes shall alter the rights attached to their respective shares;
	 	 	 

		16.1.8	Neither
                                         the Company nor 4Eyes shall conduct a “distribution” (as such term is defined
                                         in the Companies Law);

 

    	 	35	 

     

    

 

		16.2	During
                                         the Interim Period, each party will inform the other party in writing of:

 

		16.2.1	Any
                                         notice of a party alleging that such party’s consent is required for the Closing
                                         of the Transaction and was not included in the representations set forth in this Agreement;
	 	 	 

		16.2.2	Any
                                         claim, demand or contention against any of the parties, which came to its knowledge or
                                         instituted against such party during the Interim Period and was not included in the representations
                                         set forth in this Agreement;
	 	 	 

		16.2.3	Any
                                         material change in the correctness of the representations provided by them, in this Agreement,
                                         the ancillary agreements or annexes thereto and any material change, material event or
                                         change or occurrence which may adversely affect their activities or business;
	 	 	 

		16.2.4	Any
                                         material adverse change in any of the representations provided by any of the parties
                                         hereunder and/or the business and/or financial condition of the Company and/or 4Eyes,
                                         which may influence the Company and/or 4Eyes and/or their equity and/or assets and/or
                                         liabilities;

 

		16.3	The
                                         parties shall cooperate and provide any information required by the Company for the purpose
                                         of reporting to the Securities Authority and/or the Stock Exchange and the Company’s
                                         shareholders in connection with this Agreement. Moreover, during the Interim Period,
                                         the parties shall act jointly and assist one another as far as possible, all in order
                                         to advance the fulfillment of all the Conditions Precedent.

 

 

    	 	36	 

     

    

 

		17.	Acts
                                         to be Performed prior to the Effective Date

 

From
the date of signing this Agreement until the Effective Date:

 

		17.1	The
                                         Company will prepare and publish invitation documents for the convening of the General
                                         Meeting of the Company and the required reports concerning the Transaction and the various
                                         engagements detailed in this Agreement, including publication of a Transaction Report,
                                         in accordance with the Securities Law, the Securities (Transaction between a Company
                                         and the Controlling Shareholder therein) Regulations, 5761-2001, which shall also constitute
                                         an Exceptional Private Offering, in accordance with the Securities (Private Offering
                                         of Securities in a Listed Company) Regulations, 5760-2000, and any other necessary Regulations
                                         (the “Transaction Report”). The Transaction Report will also include
                                         the Company’s Pro-forma Report, in accordance with the provisions of Regulation
                                         9A of the Reporting Regulations to the extent such are required under the said Regulations.
                                         4Eyes shall assist the Company to prepare a due operations memorandum of 4Eyes under
                                         the provisions of the Securities (Details of a Prospectus and Draft Prospectus - its
                                         Form and Structure), 5729-1968 (the “Memorandum” or “Placement
                                         Memorandum”). 4Eyes will also fully cooperate as appropriate under the circumstances
                                         in connection with the preparation of all the necessary documents required for performance
                                         of the Agreement and execution of the Transaction.
	 	 	 

		17.2	Subject
                                         to receipt of all documents required for convening the General Meeting, as provided in
                                         the Securities Law and/or the relevant Regulations promulgated thereunder, including,
                                         without limitation, the Private Offering Regulations, the Reporting Regulations and Interested
                                         Party Regulations (namely, a final Memorandum ready for reporting, audited and reviewed
                                         Financial Statements prepared under the requirements of the Law and a final Valuation)
                                         prior to and by no later than November 10, 2015, the Company will convene
                                         the General Meeting, prior to and by no later than December 15, 2015. In
                                         the General Meeting all the Transactions set forth in this Agreement will be duly presented
                                         for the approval of the Company’s shareholders, in accordance with the Transaction
                                         Report (“Approval of the General Meeting”), including:

 

		17.2.1	Approval
                                         of the Transfer of Assets Agreement between MAGNA and 4Eyes.
	 	 	 

	 	17.2.2	Approval of the purchase of 4Eyes’ shares.
	 	 	 

		17.2.3	Approval
                                         of the Services Agreement between MAGNA and 4Eyes that will be attached hereto as Annex
                                         17.2.3.
	 	 	 

		17.2.4	Approval
                                         for execution of allocation of the Allocated Shares to the Offerees and of the Option
                                         Warrants to the Service Providers of 4Eyes.

 

    	 	37	 

     

    

 

		17.2.5	Increase
                                         of the Company’s Registered Share Capital and amendment of the Articles of Association
                                         accordingly, as shall be required for the Transaction Closing and in accordance with
                                         the provisions of section 13.2 above.
	 	 	 

		17.2.6	Replacement
                                         of the Company’s Articles of Association with such Articles of Association to be
                                         appended, to MAGNA’s satisfaction, by the convening date of the Company’s
                                         General Meeting as Annex 17.2.6 hereto.
	 	 	 

		17.2.7	Approval
                                         of appointment of the Offerees’ Directors and 4Eyes on the Closing Date to the
                                         Company’s Board of Directors, instead of the Directors Mrs. Shoshana Zeig and Mr.
                                         Ron Weisberg.
	 	 	 

		17.2.8	Approval
                                         of the appointment of Mr. Chaim Siboni as CEO of the Company (the current CEO will leave
                                         his position) and approval of the terms and conditions of the CEO’s service and
                                         employment in accordance with the agreement entered with him and as required under the
                                         law.
	 	 	 

		17.2.9	Approval
                                         to provide exculpation and indemnification letters to the Directors and Officeholders
                                         on behalf of the Offerees in the form attached hereto as Annex 17.2.9, by
                                         the date of convening the General Meeting of the Company, including on the issues deriving
                                         from the Placement Memorandum, the Valuation of 4Eyes and the allocation to the Offerees.
	 	 	 

		17.2.10	Inclusion
                                         of the Offerees’ Directors in the Company’s Directors’ and Officeholders’
                                         liability insurance policy, attached to this Agreement as Annex 17.2.10;
                                         or approval of the Company’s entering into a Directors’ and Officeholders’
                                         liability insurance policy, that will include the Directors and Officeholders appointed
                                         on behalf of the shareholders of 4Eyes and certification from the relevant insurer for
                                         procuring such insurance policy, provided the Closing takes place.
	 	 	 

		17.2.11	Approval
                                         of the Company’s entering into a Run-Off Directors’ and Officeholders’
                                         liability insurance policy and certification from the relevant insurer for procuring
                                         such insurance policy, provided the Closing takes place.

 

 

    	 	38	 

     

    

 

		17.2.12	Approval
                                         of the Company’s entering into the Services Agreement with Mr. Kfir Silberman.
	 	 	 

		17.2.13	Approval
                                         of the Company’s entering into the Services Agreement with Mr. Eli Yoresh in the
                                         position of CFO or equivalent.
	 	 	 

		17.2.14	Change
                                         of the Company’s Name to פור אייז אוטונומוס
                                         אחזקות בע”מ (in Hebrew),
                                         and in English: Four-Eyes Autonomous Holdings Ltd., or any similar name to be
                                         chosen by the Offerees, provided such name is approved by the Companies Registrar and
                                         the Company’s Articles of Association is accordingly amended.
	 	 	 

		17.2.15	Approval
                                         for payment of all the Transaction expenses of 4Eyes, including attorneys’ and
                                         accountants fees and any Transaction expenses as set forth in Annex 17.2.15,
                                         that will be provided to the Company prior to the convening of the General Meeting of
                                         the Company and the Company’s expenses as set forth in Annex 14.1.

 

All
the aforesaid, as a transaction between the Company and the Controlling Shareholder therein having a personal interest in such
transaction and as an Exceptional Private Offering.

 

It
is clarified that as part of the approval by the General Meeting, the Company’s management shall provide its approval and
consent to take all necessary acts, in order to consummate and execute the resolutions presented for its approval as aforesaid,
based on the principles set forth in the Transaction Report, including authorizing the Company’s management, with approval
of the audit committee, to extend the Deadline by which the Conditions Precedent need to be fulfilled or waive any of the Conditions
Precedent, provided that at the audit committee’s discretion, such changes or consents are not likely to adversely affect
the Transaction conditions pertaining to the Company and that waiver of any of such conditions is not required under the law.

 

		17.3	The
                                         Company will approach the Stock Exchange for receiving its confirmation for listing the
                                         Allocated Shares and the shares resulting from the exercise of the Option Warrants for
                                         trade as set forth in sections 7.2 and 8, respectively.
	 	 	 
		17.4	The
                                         Company will act to publish any additional reporting with reference to the Transaction
                                         as required under the law.
	 	 	 
		17.5	The
                                         Company will file the Ruling application, as such term is defined above, within 15 days
                                         of the signing date of this Agreement.

 

		17.5.1	The
                                         Company will inform 4Eyes in writing on the completion of the due diligence of 4Eyes
                                         in the legal, property, accounting, tax, financial, valuation, etc. aspects by the Company,
                                         to its satisfaction, prior to the date of convening the General Meeting and no later
                                         than November 10, 2015. To the extent MAGNA does not receive such notice by November
                                         10, 2015, MAGNA shall become entitled to revoke this Agreement.

 

 

    	 	39	 

     

    

 

	18.	Closing of the Transaction

 

Subject
to the fulfillment of the Conditions Precedent as set forth in section 19 below, the Closing of the Transaction shall take place
on the Effective Date at 12:00 in the Law Offices of Victor Tshuva & Co. Advocates, 3 Ha’yezira St. (Shaap Building,
7th floor), Ramat Gan, or at any other time or place to be agreed upon by the parties in writing. The actions set forth
in this section below shall be deemed and considered to have occurred at one and the same time, and shall have no effect unless
all are wholly and fully done simultaneously and concurrently and no single action shall be deemed to have been completed and
no single document shall be deemed to have been delivered, until all such actions have been completed and all required documents
delivered. It is agreed that modifications may apply to the Closing procedure, which the parties shall discuss and agree in good
faith and reasonably, all for ensuring, to the extent possible, the simultaneous nature of the following actions:

 

The
Parties

 

		18.1	The
                                         parties will provide approval that all representations set forth in sections 5 and 6
                                         above (each party with reference to its own representations) are also true on the date
                                         of approval of the Transaction by the Company’s General Meeting or that no material
                                         changes have occurred in any of the representations prior to the date of approval of
                                         the Transaction at the General Meeting of the Company, of which no written notice was
                                         delivered to the other party to this Agreement, other than changes made in accordance
                                         with the provisions of this Agreement, including presentation of the documents evidencing
                                         the aforesaid representations.
	 	 	 
	 	18.2	Deleted.

 

The
Offerees

 

		18.3	Shall
                                         provide authorizations from the competent organs of 4Eyes for the transfer of 4Eyes shares
                                         to the Company, to the extent such authorizations are required under 4Eyes’ incorporation
                                         documents and under any law, including share transfer deeds of 4Eyes’ shares from
                                         MAGNA to the Company signed by MAGNA, minutes of 4Eyes shareholders’ and board
                                         of directors’ <meetings> authorizing the transfer of 4Eyes’ shares
                                         to the Company and approval of the Transaction which is the subject matter of this Agreement.

 

 

    	 	40	 

     

    

 

		18.4	4Eyes
                                         shall transfer to the Company the shares of 4Eyes, being Free and Clear.
	 	 	 

		18.5	4Eyes
                                         shall deliver to the Company a share certificate in the name of the Company for the Purchased
                                         Shares and also an approval that such transfer of the Purchased Shares was done in accordance
                                         with the requirements set forth in the Articles of Association of 4Eyes. 4Eyes shall
                                         enter the Purchased Shares in 4Eyes’ shareholders register and shall also sign
                                         the reporting forms intended for the Companies Registrar in connection with the transfer
                                         of the Purchased Shares and deliver copies of such notices sent to the Companies Registrar
                                         with respect to the transfer of 4Eyes’ shares to the Company.
	 	 	 

		18.6	4Eyes
                                         shall deliver an affidavit to the Company, in the form attached hereto as Annex
                                         18.6, according to which all the representations and declarations provided in
                                         section 6 are true in any material aspect on the Effective Date.
	 	 	 

		18.7	An
                                         opinion will be delivered by the attorneys’ firm of 4Eyes confirming that all transactions
                                         which are the subject matter of this Agreement were duly authorized by the competent
                                         organs of 4Eyes.
	 	 	 

		18.8	4Eyes
                                         shall deliver a copy of MAGNA’s signed indenture as set forth in section 7.2.1
                                         above, in connection with compliance with the provisions of the Ruling and deposit of
                                         the Allocated Shares with the Trustee.

 

The
Company

 

		18.9	The
                                         Company shall deliver to 4Eyes copy/copies of the resolutions of Company’s Board
                                         of Directors and committees’ approving all the transactions hereunder and an approval
                                         of the Company’s Board of Directors, according to which all authorizations required
                                         for such transactions were obtained in accordance with the provisions of Chapter V of
                                         Part Six of the Companies Law, as set forth in Section 282 of the Companies Law.

 

 

    	 	41	 

     

    

 

	 	18.10	The Company shall deliver to 4Eyes and MAGNA a copy
of the minutes of the General Meeting approving the Transaction and all the other transactions and acts referred to in this Agreement,
including the resolutions set forth in section 17.2 above.
	 	 	 
	 	18.11	An opinion shall be delivered by the Company’s
attorneys’ firm confirming that all transactions which are the subject matter of this Agreement were duly authorized by
the competent organs of the Company.
	 	 	 
	 	18.12	A duly signed share certificate in the name of the Nominee
Company for the Allocated Shares in the form attached hereto as Annex 18.2, and all the ancillary documents required
by the Nominee Company for listing the Allocated Shares for trade. The distribution of the Allocated Shares shall be made subject
to the provisions of the Ruling and performance of all other acts required under the Ruling, including with respect to the deposit
in trust, if applicable, and such deposits and registrations shall be made accordingly as described above.
	 	 	 
	 	18.13	Copy of the Option Warrants for the options allocated
as set forth in section 8 above in the form attached on the Closing Date, duly signed and a copy of the allocation letters.
	 	 	 
	 	18.14	Copy of form T-87 (ת-87) reflecting the allocation
of the Allocated Shares and the Option Warrants, as set forth in sections 7.2 and 8 above, respectively.
	 	 	 
	 	18.15	Copy of the Company’s Articles of Association
in its new version, as requested by 4Eyes and MAGNA and approved by the General Meeting of the Shareholders of the Company.
	 	 	 
	 	18.16	Copy of form T-97 (ת-97) reflecting the changes
in the composition of the Company’s Board of Directors and the other Officeholders in the Company.
	 	 	 
	 	18.17	Copy of the application for name change as filed with
the Companies Registrar.
	 	 	 
	 	18.18	Copy of the exculpation and indemnification letters
granted on the Effective Date to Directors and Officeholders of the Company.
	 	 	 
	 	18.19	Copy of a certificate of the relevant insurer for the
entering into the policy or adding the relevant Officeholders as set forth in section 12.1 above.
	 	 	 
	 	18.20	Copy of a certificate of the relevant insurer for the
Company’s entering into a Run-Off Directors’ and Officeholders’ liability insurance policy, in accordance with
the provisions of section 12.2 above.

 

 

 

    	 	42	 

     

    

 

	 	18.21	A declaration of the Company, in the form attached hereto
as Annex 18.21, according to which, all representations and undertakings provided in section 5 above are true and
correct in any material aspect on the Effective Date.
	 	 	 
	 	18.22	Resignation letters of the Directors Mrs. Shoshana Zeig
and Mr. Ron Weisberg, with effect on the Closing Date, in the form attached hereto as Annex 18.22.
	 	 	 
	 	18.23	Confirmation of
the Stock Exchange for listing the Allocated Shares and the shares resulting from the exercise of the Option Warrants for trade
as set forth in section 17.23 above.
	 	 	 
	 	18.24	Waivers signed by the employees of the Company whose
employment is terminated on the Closing, approving payment of all amounts due to them and that they have no, and shall have no,
claims concerning their employment and termination thereof.
	 	 	 
	 	18.25	Allocate the Allocated Shares and Option Warrants to
the Offerees, being Free and Clear (except the Lock-up Provisions) and issue a share certificate in the name of the Nominee Company
for the Allocated Shares with instructions to deposit them in the Escrow Account in the name of the Trustee, as set forth in section
7.3 above.
	 	 	 
	 	18.26	Deliver a bank confirmation to the Offerees stating
its cash balances, according to which the credit balances in its accounts on the Closing Date are in the amount of NIS [X].
	 	 	 
	 	18.27	Deliver to the Offerees a written certificate from the
Interested Parties in the Company, in the form attached hereto as Annex 18.27, according to which on the Closing
Date the Interested Parties in the Company have no credit/debit balances in the Company’s books.
	 	 	 
	 	18.28	Deliver to the Offerees a certificate signed by all
the Incumbent Directors and by all the Interested Parties, Officeholders and employees of the Company with whom the Company has
entered into employment agreements and/or management agreements and/or other obligations, according to which such Incumbent Directors,
Interested Parties and/or Officeholders and/or employees confirm that all the amounts owing to them were paid and that they confirm
having no claims and/or suits against the Company and that they waive all their rights vis-a-vis the Company so that they
shall have no claims and/or demands against the Company, in the form attached hereto as Annex 18.28, except the
employees and Officeholders detailed in Annex 18.28 and subject to the provisions of this Agreement.

 

 

    	 	43	 

     

    

 

	19.	Conditions Precedent

 

		19.1	The
                                         entering into effect and performance of this Agreement are subject to the full and accumulative
                                         fulfillment of each of the Conditions Precedent set forth in this section by December
                                         15, 2015 (unless all parties waive in writing the fulfillment of such condition, in whole
                                         or in part) (herein above and hereinafter: the “Conditions Precedent”
                                         and “Deadline”, respectively):

 

		19.1.1	The
                                         General Meeting duly adopts a resolution to appoint the Offerees’ Directors to
                                         the Company’s Board of Directors on the Closing Date, including the appointment
                                         of a CEO (the employment of the current CEO will be terminated).
	 	 	 

		19.1.2	MAGNA’S
                                         Board of Directors and shareholders’ meeting duly adopt a resolution - until the
                                         expiry of 15 days after the signing of the Agreement - to approve MAGNA’s entering
                                         into this Agreement and execution of all the provisions hereof, including the transfer
                                         of assets to 4Eyes (including the approval of Aeronautics, Excellence and Prizma, to
                                         the extent so required under MAGNA’s Articles of Association), as well as 4Eyes’
                                         Board of Directors duly adopted approval - until the expiry of 15 days after the signing
                                         of this Agreement - to 4Eyes’ entering into this Agreement and execution of all
                                         the provisions hereof.
	 	 	 

		19.1.3	Obtaining
                                         a due authorization from the competent organs of the Company by no later than December
                                         15, 2015, for each one of the matters on the agenda of the General Meeting, including
                                         the following:

 

		(a)	Obtaining
                                         the approval of the Company’s competent organs for its entering into this Agreement
                                         and performance of all its provisions, including for the allocation to the Offerees of
                                         the Allocated Shares and the Option Warrants to the Service Providers.

 

    	 	44	 

     

    

 

		(b)	Approval
                                         to purchase the shares of 4Eyes.
	 	 	 

		(c)	Increase
                                         of the Company’s registered share capital for the purpose of such allocations as
                                         set forth in this Agreement and amendment of the Company’s Articles of Association
                                         accordingly.
	 	 	 

		(d)	Replacement
                                         of the Company’s Articles of Association by the Articles of Association in the
                                         version attached hereto as Annex 17.2.6.
	 	 	 

		(e)	Approval
                                         for appointment of directors on behalf of the Offerees and 4Eyes on the Closing Date
                                         to the Company’s Board of Directors, instead of the Directors Mrs. Shoshana Zeig
                                         and Mr. Ron Weisberg as set forth in section 9.
	 	 	 

		(f)	Approval
                                         of the appointment of Mr. Chaim Siboni as CEO of the Company and approval of the terms
                                         and conditions of Mr. Chaim Siboni’s service and employment in accordance with
                                         the agreement entered with him from the Transaction Closing Date onwards.
	 	 	 

		(g)	Approval
                                         for granting the exculpation and indemnification letters as set forth in section 11.
	 	 	 

		(h)	Approval
                                         to provide exculpation and indemnification letters to Directors and Officeholders on
                                         behalf of the Offerees as set forth in section 11 above, in the form attached hereto
                                         as Annex 11, including on the issues deriving from the Placement Memorandum
                                         and the Valuation of 4Eyes.

 

 

    	 	45	 

     

    

 

		(i)	Inclusion
                                         of the Offerees’ Directors in the Company’s Directors’ and Officeholders’
                                         liability insurance policy, attached to this Agreement as Annex 12.1; or
                                         (in accordance with a resolution so adopted) approval for the Company’s entering
                                         into the Directors’ and Officeholders’ liability insurance policy, that will
                                         include the Directors and Officeholders appointed on behalf of the shareholders of 4Eyes
                                         and certification from the relevant insurer for procuring such insurance policy, provided
                                         the Closing takes place.
	 	 	 

		(j)	Approval
                                         from the Chief Scientist in the Ministry of Economy for the agreement between MAGNA and
                                         4Eyes that will confirm that payments by MAGNA and/or 4Eyes to the Chief Scientist shall
                                         only be made for and with respect to future revenues and that no payment date of MAGNA
                                         to the Chief Scientist shall be accelerated, and 4Eyes’ signing on an instrument
                                         of rights’ transfer to the extent required.
	 	 	 

		(k)	Approval
                                         for the Company’s entering into a consulting agreement with Mr. Kfir Silberman.
	 	 	 

		(l)	Approval
                                         of the Services Agreement between 4Eyes and MAGNA for a period of one year from the Closing
                                         Date and a monthly payment in the amount of NIS 200,000 plus VAT in consideration for
                                         such services and annual payment in the rate of 2% plus VAT of 4Eyes’ annual revenues.

    	 	46	 

     

    

 

		19.1.4	Receipt
                                         of an approval from the Stock Exchange for listing the Allocated Shares to be allocated
                                         hereunder and the shares resulting from the conversion of the Option Warrants.
	 	 	 

		19.1.5	Delivery
                                         of a report on the payment of all the Company’s liabilities which were paid during
                                         the Interim Period, as well as the liabilities yet unpaid by the Company and conclusion
                                         of repayment of owners’ debt balances owing to the Company, so that following the
                                         Closing, the net equity of the Company is at least NIS 5,000,000 (cash at hand less liabilities,
                                         including, without limitation, deduction of the liabilities set forth in Annexes
                                         5.11(a), 5.12 and 5.20). The Transaction expenses will be deducted from the said
                                         amount as set forth in Annex 14.1 attached hereto. In addition, the Board
                                         of Directors of the Company may start acting to list the Company’s shares for trade
                                         in the U.S.A. The expenses involved in such listing will be paid from the Company’s
                                         cash, subject to the fulfillment of the following two conditions in full: (a) After payment
                                         of the above expenses and any other expenses agreed upon in this Agreement, excluding
                                         the expenses set forth in Annex 14.1, the net cash amount which remain
                                         in the Company shall not be less than NIS 5,000,000; (b) The total expenses shall not
                                         exceed the amount of NIS 1,000,000.
	 	 	 

		19.1.6	Approval
                                         of the General Director of the Antitrust Authority for the Transaction which is the subject
                                         matter of this Agreement, if any such approval is required.
	 	 	 

		19.1.7	Receipt
                                         of the tax Ruling in agreement from the Tax Authority pursuant to the provisions of Section
                                         104A and/or 103T of the Income Tax Ordinance, to the MAGNA’s satisfaction. In case
                                         the Ruling is not obtained within five (5) months following the signing of the Principles
                                         Agreement, which provides that 4Eyes and/or MAGNA are not liable to tax in the framework
                                         of the Transaction, 4Eyes and MAGNA shall be released from any obligations to perform
                                         the Transaction and/or towards the Company.

  

		19.1.8	Receipt
                                         of the Valuation of 4Eyes.
	 	 	 

		19.1.9	The
                                         Company complies with the requirements of the Stock Exchange concerning allocation of
                                         the Allocated Shares and the Option Warrants under this Agreement.
	 	 	 

		19.1.10	Completion
                                         of the due diligence of the Company in the legal, property, accounting, tax, financial,
                                         valuation, etc. aspects by 4Eyes and the shareholders of 4Eyes, to their satisfaction.

 

    	 	47	 

     

    

 

		19.1.11	Completion
                                         of the due diligence of 4Eyes in the legal, property, accounting, tax, financial, valuation,
                                         etc. aspects by the Company, to its satisfaction, prior to the date of convening the
                                         General Meeting, that will be convened to discuss, inter alia, the approval of
                                         the Transaction and any matters ancillary thereto.
	 	 	 

		19.1.12	Entering
                                         of the Company and 4Eyes in agreements with Service Providers as set forth in section
                                         2.20 attached as Annex 19.1.12 hereto, as described in the Placement Memorandum.
	 	 	 

		19.1.13	From
                                         the signing date this Agreement and until the date of approval of the Transaction by
                                         the General Meeting, there has been no adverse change in any of the parties’ representations
                                         as set forth in section 5 and 6 of this Agreement.

  

		19.1.14	Confirmation
                                         by each of the parties that during the Interim Period, neither the Company nor 4Eyes,
                                         as the case may be, has made any acts which are not permitted to be done during the Interim
                                         Period and has complied with all its undertakings as required during such period.
	 	 	 

		19.1.15	Obtaining
                                         all necessary regulatory approvals as required under any law as well as any Third Party
                                         consents for the change of control in the Company and 4Eyes, as the case may be, including
                                         certificates from the financing banks, and as well as consent and/or approval of any
                                         Third Party, the consent and/or approval of whom is required under any law and/or agreement
                                         for the Closing of the Transaction, including any approval, notice, consent, exemption,
                                         license, waiver or assignment from any governmental or administrative authority, or any
                                         other entity and/or person, in any of the cases set forth above, as required under the
                                         law, for the Closing of the Transaction and for the continued validity of all permits
                                         and licenses of 4Eyes following the Closing Date.
	 	 	 

		19.1.16	On
                                         the Closing Date, there shall not be any court order outstanding that prohibits the Closing
                                         of the Transaction and/or any outstanding legal or quasi-legal proceedings or claims
                                         or objections of any authority against the Transaction.

 

		19.2	The
                                         parties shall cooperate and provide any information required by the Company for the purpose
                                         of reporting to the Securities Authority and/or the Stock Exchange and the Company’s
                                         shareholders in connection with this Agreement. Moreover, during the Interim Period,
                                         the parties shall act jointly and assist one another as far as possible, all in order
                                         to advance the fulfillment of all the Conditions Precedent.

 

    	 	48	 

     

    

 

		19.3	Without
                                         derogating from any other relief, under the law, available to any party not in breach
                                         of this Agreement, to the extent any of the parties fails to comply, for any reason,
                                         with the provisions of this Agreement, unless such party is entitled to revoke this Agreement
                                         hereunder and/or under any law, the revoking party shall pay the other party an agreed
                                         compensation in the amount of NIS 250,000, for covering the other party’s expenses
                                         for this Agreement.
	 	 	 

		19.4	In
                                         the event that by November 10, 2015 the Transaction and this Agreement are not
                                         presented for approval of the Company’s General Meeting, MAGNA shall become entitled
                                         to deliver notice of revocation of this Agreement by November 17, 2015 by written
                                         notice delivered to the Company.
	 	 	 

		19.5	Unless
                                         all the Conditions Precedent provided in this section are fulfilled by December 22, 2015
                                         (the “Expiration Date”), subject to the parties’ right to jointly
                                         agree to extend the Expiration Date (the “Deferred Date”), this Agreement
                                         shall expire on the Expiration Date or the Deferred Date (as applicable) and neither
                                         party shall have any contention and/or demand against the other for the non-coming into
                                         force of this Agreement. Notwithstanding the foregoing, a failure to fulfill any of the
                                         Conditions Precedent arising out of any bad faith act or omission of any party hereto
                                         shall be deemed to be a breach of such party’s undertakings under this Agreement
                                         that shall entitle the other party to all the relief available to a non-breaching party
                                         under the law.

  

		19.6	The
                                         Offerees and 4Eyes may, however, waive the observance of all or any of the Conditions
                                         Precedent (other than such Conditions Precedent which may not be waived under the law
                                         - as set forth in sections 19.1.1-19.1.4, 19.1.6, 19.1.7, 19.1.8-19.1.11, 19.1.12 and
                                         19.1.15), and in such case, the non fulfillment of said Conditions Precedent shall not
                                         constitute a condition precedent to the fulfillment of this Agreement.
	 	 	 

		19.7	Shortly
                                         after the Transaction Closing Date, the parties shall act to cause the Company’s
                                         Board of Directors to adopt a resolution concerning the change of signatory rights on
                                         behalf of the Company (due to the appointment of new Directors and Officeholders for
                                         the Company), and new signatories allowed to electronically sign on behalf of the Company
                                         will be appointed.

 

 

    	 	49	 

     

    

 

	20.	Company’s
                                         Indemnity and Liability for the Representations and Undertakings

 

		20.1	The
                                         Company hereby undertakes to indemnify MAGNA for any losses, damages, liability, responsibility
                                         or expenses, which may be incurred by MAGNA or 4Eyes, including in connection with reasonable
                                         litigation expenses (the “Indemnifiable Damages”) resulting from:
                                         (a) The fact that any of the representations set forth in section 5 above was materially
                                         misleading or incorrect or inaccurate or incomplete (“Breach of Representation”);
                                         and/or (b) Breach by the Company and/or the Controlling Shareholder thereof of any of
                                         their undertakings by virtue of this Agreement; and/or (c) Suits instituted against the
                                         Company and/or the Officeholders for causes of action created prior to the Closing Date
                                         (even if such causes of action were disclosed in the framework of the representations
                                         made herein), including claims of Company’s employees whose employment will be
                                         terminated by the Company upon Closing of the Transaction.

  

		20.2	The
                                         indemnity undertaking, except with respect to indemnity arising from any suit and/or
                                         demand of the employees detailed in Annex 5.33 and/or any claim and/or
                                         suit and/or demand concerning the Subsidiaries (as such term is defined above), is subject
                                         to the exclusion that no indemnity whatsoever shall be given with respect to an indemnity
                                         liability of up to a total aggregate amount of NIS 100,000 (hereinafter in this section:
                                         the “Base Amount”). If the aggregate Indemnifiable Damages exceed
                                         the Base Amount, the liability to indemnify shall be for the full amount of damages (from
                                         the first New Shekel), without deducting the Base Amount. Such limitation shall not apply
                                         in case of malicious deception and/or fraud.
	 	 	 

		20.3	In
                                         the event that any Third Party institutes a suit or demand or claim against MAGNA (“Claim”)
                                         which would result in the Company’s liability to indemnify under the provisions
                                         of section 20.1 above, the following provisions shall apply:

 

		20.3.1	MAGNA
                                         shall deliver notice to the Company on such Claim, shortly as far as possible following
                                         receipt thereof, together with all the documents received and/or relevant.
	 	 	 

		20.3.2	The
                                         Company may inform MAGNA within 7 days, should the Company wish to direct the defense
                                         against the Claim, including the appointment of an attorney on its behalf, subject to,
                                         and in accordance with, the provisions of this section.
	 	 	 

		20.3.3	MAGNA
                                         shall cooperate with the Company, to the extent reasonably required, in order to allow
                                         and assist the Company defend itself or direct the defense, as the case may be, against
                                         such Claim.
	 	 	 

		20.3.4	The
                                         Company shall not settle or compromise such Claim or agree to refer any such Claim to
                                         arbitration, mediation or any other agreed dispute resolution proceedings without the
                                         prior written consent of 4Eyes, which will not withhold its approval except for reasonable
                                         grounds.

 

 

    	 	50	 

     

    

 

	21.	4Eyes’
                                         Indemnity and Liability for Representations and Undertakings

 

		21.1	MAGNA
                                         hereby undertakes to indemnify the Company for any losses, damages, liability, responsibility
                                         or expenses, which may be incurred by the Company, including in connection with reasonable
                                         litigation expenses (the “Indemnifiable Damages”) resulting from:
                                         (a) The fact that any of the representations set forth in section 6 above was materially
                                         misleading or incorrect or inaccurate or incomplete (“Breach of Representation”);
                                         and/or (b) 4Eyes’ breach of its undertakings by virtue of this Agreement.
	 	 	 

		21.2	The
                                         indemnity undertaking is subject to the exclusion that no indemnity whatsoever shall
                                         be given with respect to any indemnity liability of up to a total aggregate amount of
                                         NIS 100,000 (hereinafter in this section: the “Base Amount”). If the
                                         aggregate Indemnifiable Damages exceed the Base Amount, the liability to indemnify shall
                                         be for the full amount of damages (from the first New Shekel), without deducting the
                                         Base Amount. Such limitation shall not apply in case of malicious deception and/or fraud.
	 	 	 

		21.3	In
                                         the event that any Third Party institutes a suit or demand or claim against the Company
                                         (“Claim”) which would result in MAGNA’s liability to indemnify
                                         under the provisions of section 21.1 above, the following provisions shall apply:

 

		21.3.1	The
                                         Company shall deliver notice to MAGNA on such Claim, shortly as far as possible following
                                         receipt thereof, together with all the documents received and/or relevant (the “Indemnification
                                         Demand”).

  

		21.3.2	MAGNA
                                         may inform the Company within 7 days after delivery of the Indemnification Demand, should
                                         MAGNA wish to direct the defense against the Claim, including the appointment of an attorney
                                         on the Company’s behalf, at the expense of MAGNA, subject to, and in accordance,
                                         with the provisions of this section.
	 	 	 

		21.3.3	The
                                         Company shall cooperate with the MAGNA, to the extent reasonably required, in order to
                                         allow and assist MAGNA defend itself or direct the defense, as the case may be, against
                                         such Claim.
	 	 	 

		21.3.4	The
                                         Company shall not settle or compromise such Claim or agree to refer any such Claim to
                                         arbitration, mediation or any other agreed dispute resolution proceedings without the
                                         prior written consent of MAGNA, which will not withhold its approval except for reasonable
                                         grounds.

 

 

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		21.4	MAGNA’s
                                         liability to indemnify as set forth in this section above shall remain in effect until
                                         the expiry of 21 months following the Transaction Closing Date. It is clarified that
                                         in any event, that stated in this section regarding the time limit applicable to the
                                         indemnity, shall not apply to any cause for indemnity for which a Claim has been filed
                                         prior to the expiry of the indemnity, provided that prior to the expiry of the indemnification
                                         period the Company sent MAGNA notice of such Claim. It is further clarified that such
                                         indemnity shall be made exclusively by means of Company shares and the maximum indemnity
                                         to which the Company is entitled would be shares of the Company in such an amount that
                                         leave MAGNA holding 50.1% of the Company’s share capital on a fully diluted basis.
                                         The shares’ price will be calculated in accordance with their average price at
                                         the closing of trade during the 30 days preceding the payment day. In any event, no indemnification
                                         would be given for damages actually paid by insurance, if any.

  

		21.5	Notwithstanding
                                         that stated in section 21.4 above, the limitations as to the time of expiry of indemnification
                                         and the minimum and maximum amount shall not apply and shall be of no validity in case
                                         such result from fraud on the part of MAGNA and/or 4Eyes.
	 	 	 

		21.6	The
                                         indemnity detailed in this section 21 shall be the Company’s sole relief for breach
                                         of the representations made by 4Eyes and/or MAGNA under this Agreement, other than due
                                         to fraud on the part of 4Eyes and/or MAGNA.

 

	22.	Taxes
                                         and Other Expenses

 

Each
party shall bear any tax liability applicable to such party as consequence of performance of this Agreement.

 

The
Company shall bear all expenses, costs and commissions imposed under the provisions of any law and/or incurred by the Company
and/or 4Eyes and/or MAGNA, during the engagement under this Agreement and/or execution thereof, including attorneys’, accountants’
and other consultants’ fees (regardless of whether concluded or revoked under the provisions of this Agreement above).

 

    	 	52	 

     

    

 

	23.	Confidentiality

 

		23.1	It
                                         is agreed and declared that each party undertakes to keep strictly confidential any commercial,
                                         financial, business and other information and data in connection with the other parties’
                                         business, assets and plans which were and/or will be disclosed to each party during the
                                         term of this Agreement as well as the negotiations preceding the signing of this Agreement
                                         and during the due diligence made by the parties and preparation of the Placement Memorandum
                                         (the “Information”).

  

		23.2	The
                                         provisions of section 23.1 above shall apply and survive any termination or revocation
                                         of this Agreement for any reason for an unlimited period, but shall not apply or cease
                                         to apply, as applicable, with reference to all or part of the Information:

 

		23.2.1	If
                                         and to the extent such Information is available in the public domain on the date of signing
                                         this Agreement;
	 	 	 

		23.2.2	Information
                                         which becomes, after the execution of this Agreement, reasonably available in the public
                                         domain, other than due to a breach of the undertakings of the receiving party as set
                                         forth above.

 

		23.3	Information
                                         that any of the parties is obligated to disclose by law; and it is hereby agreed that
                                         any Information included in the Company’s reports made under the Securities Law
                                         and the Regulations promulgated thereunder constitutes Information which must be disclosed
                                         by law.

 

 

    	 	53	 

     

    

 

	24.	Miscellaneous

 

		24.1	The
                                         parties undertake to take all acts and sign all documents, approvals, forms and declarations,
                                         to the extent so required, necessary or advisable for the performance of the provisions
                                         of this Agreement.
	 	 	 

		24.2	This
                                         Agreement does not constitute a contract in favor of a Third Party and the parties do
                                         not intend to confer any rights whatsoever upon any Third Parties.

  

		24.3	This
                                         Agreement contains, embodies, merges, expresses and exhausts all the terms and conditions
                                         agreed upon by the parties. No written or oral promises, warranties or agreements, undertakings
                                         or representations concerning the subject matter of this Agreement given or made by the
                                         parties prior to the entering into this Agreement which are not explicitly expressed
                                         herein, shall add to the obligations and rights provided herein, derogate therefrom or
                                         change them and such promises, warranties, agreements, undertakings or representations,
                                         shall no longer bind the parties from the date of signing this Agreement. For the avoidance
                                         of doubt, it is hereby agreed that the Principles Agreement is made null and void upon
                                         the signing of this Agreement, save for the Non-Shop provisions which shall remain in
                                         effect as provided therein.
	 	 	 

		24.4	Any
                                         amendment, change or waiver in connection with this Agreement shall be binding and valid
                                         only if made by means of a written document and limited to the matter for which it was
                                         initially made. A waiver in any single case shall not constitute a precedent in any other
                                         case. No avoidance of action or delay (laches) in the performance of such action shall
                                         be considered as waiver and shall not prejudice the rights and obligations of any of
                                         the parties in connection with such action. The claim of laches or waiver shall not be
                                         available to the party in breach.
	 	 	 

		24.5	The
                                         parties’ rights and obligations under the provisions of this Agreement may
                                         not be assigned or transferred.
	 	 	 

		24.6	The
                                         terms and conditions of this Agreement fully exhaust anything stipulated and agreed upon
                                         by the parties with reference to the allocation of the Allocated Shares to the Offerees
                                         and supersede all previous verbal or written communications, agreements, representations
                                         and undertakings made prior to the signing of this Agreement.

 

 

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		24.7	Whenever
                                         the date determined for execution of any of the stages under this Agreement occurs on
                                         a non-business day, such date shall be deferred until the first business day which follows.
	 	 	 

		24.8	Drafts
                                         and other documents which the parties exchanged prior to the signing of this Agreement
                                         shall be deemed as if never made and shall not serve in any manner as evidence or reference
                                         for interpretation and/or claim and/or otherwise.
	 	 	 

		24.9	No
                                         modification, amendment and/or addendum to this Agreement shall be valid or deemed binding,
                                         unless made in writing and signed by the parties together.
	 	 	 

		24.10	The
                                         parties shall take all further steps, including signing further documents as shall be
                                         required for the implementation and execution of this Agreement in letter and in spirit.
	 	 	 

		24.11	MAGNA
                                         hereby acknowledges that the provisions of this Agreement prevail over any agreement,
                                         covenant or understanding, including the Articles of Association of 4Eyes with reference
                                         to the transfer of its shares in 4Eyes, if applicable, and/or any limitations on the
                                         transfer of such shares and it agrees to such shares transfers as provided in this Agreement
                                         (4Eyes hereby undertakes to include, if necessary, an appropriate amendment in its Articles
                                         of Association to reflect the provisions of this section).
	 	 	 

		24.12	The
                                         laws of the State of Israel shall govern this Agreement and only the competent courts
                                         in the Tel-Aviv - Yafo district shall have exclusive jurisdiction and subject matter
                                         jurisdiction to try any matter arising and/or connected to this Agreement.
	 	 	 

		24.13	All
                                         notices required to be given under the provisions of this Agreement shall be made in
                                         writing and sent to the parties’ respective addresses as set forth in the preamble
                                         of this Agreement or to any other address in Israel of any of the parties, for which
                                         such party make notice to the other party hereto in writing.

 

		24.14	All
                                         notices will be sent by courier, registered mail, facsimile or any other electronic means.
                                         A notice sent by registered mail shall be deemed to have been received five (5) days
                                         after being sent. A notice sent by courier shall be deemed to have been received one
                                         business day after its dispatch and a notice sent by fax or other electronic means shall
                                         be deemed to have been received when the sender confirms full receipt thereof, provided
                                         the sender writes down the name of the person confirming receipt and the time on which
                                         such notice was received.

 

    	 	55	 

     

    

 

In
Witness Whereof the Parties have set their Hand:

 

	The
    Company	 	4Eyes
	 	 	 
	By
    its Authorized Signatory:	 	By
    its Authorized Signatory: 
	 	 	 
	/s/
    Eli Yoresh	 	/s/
    Haim Siboni
	Eli
    Yoresh	 	Haim
    Siboni
	 	 	 
	/s/
    Kfir Silberman	 	 
	Kfir
                                         Silberman

         
	 	 
	 	 	 
	MAGNA	 	 
	 	 	 
	By
    its Authorized Signatory:	 	 
	 	 	 
	/s/
    Haim Siboni	 	 
	Haim
    Siboni	 	 

 

 

56

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