Document:

EX-4.16

 Exhibit 4.16 

EXECUTION VERSION 
  

 
 Dated 1 December 2016 

(November 30, 2016 New York time) 

Intercreditor Agreement 

between 
 Bank of China
Limited, Macau Branch 
 Credit Facility Agent 

Bank of China Limited, Macau Branch 

Credit Facility Lender 

Deutsche Bank Trust Company Americas 

Senior Secured 2019 Note Trustee 

Deutsche Bank Trust Company Americas 

Senior Secured 2021 Note Trustee 

Industrial and Commercial Bank of China (Macau) Limited 

Common Security Agent 
 DB
Trustees (Hong Kong) Limited 
 Intercreditor Agent 

Studio City Investments Limited 

as Parent 
 Studio City Company
Limited 
 as the Company 

and others 
 White & Case 

9th Floor Central Tower 

28 Queen’s Road Central 
 Hong
Kong 

 Table of Contents 

 

					
	 	 	 	  	Page
			
	 1.
	 	 Definitions and interpretation
	  	1
			
	 2.
	 	 Ranking and priority
	  	41
			
	 3.
	 	 Credit Facility Creditors and Credit Facility Liabilities
	  	42
			
	 4.
	 	 Pari Passu Debt Creditors and Pari Passu Debt Liabilities
	  	48
			
	 5.
	 	 Hedge Counterparties and Hedging Liabilities
	  	50
			
	 6.
	 	 Option to purchase and Hedge Transfer
	  	59
			
	 7.
	 	 Existing Subordination Deed
	  	64
			
	 8.
	 	 Intra-Group Lenders and Intra-Group Liabilities
	  	64
			
	 9.
	 	 [Reserved]
	  	67
			
	 10.
	 	 Subordinated Liabilities
	  	67
			
	 11.
	 	 Bondco Liabilities
	  	69
			
	 12.
	 	 Effect of Insolvency Event
	  	71
			
	 13.
	 	 Turnover of receipts
	  	73
			
	 14.
	 	 Redistribution
	  	75
			
	 15.
	 	 Enforcement of Transaction Security
	  	76
			
	 16.
	 	 Non-Distressed Disposals
	  	83
			
	 17.
	 	 Distressed Disposals
	  	85
			
	 18.
	 	 Further assurance – disposals and releases
	  	90
			
	 19.
	 	 Application of proceeds
	  	91
			
	 20.
	 	 Equalisation
	  	97
			
	 21.
	 	 The Common Security Agent
	  	100
			
	 22.
	 	 The POA Agent
	  	113
			
	 23.
	 	 The Intercreditor Agent
	  	115
			
	 24.
	 	 Pari Passu Note Trustee Protections
	  	125
			
	 25.
	 	 Changes to the Parties
	  	128
			
	 26.
	 	 Costs and expenses
	  	136
			
	 27.
	 	 Other indemnities
	  	137
			
	 28.
	 	 Information
	  	139
			
	 29.
	 	 Notices
	  	140
			
	 30.
	 	 Preservation
	  	142
			
	 31.
	 	 Consents, amendments and override
	  	144
			
	 32.
	 	 Services and Right to Use Direct Agreement
	  	150
			
	 33.
	 	 Acknowledgments
	  	152
			
	 34.
	 	 Contractual recognition of bail-in
	  	152
			
	 35.
	 	 Counterparts
	  	153

  
 (i) 

					
	 	 	 	  	Page
			
	 36.
	 	 Governing law
	  	153
			
	 37.
	 	 Enforcement
	  	153

					
			
	 Schedule 1
	 	 Form of Debtor Accession Deed
	  	155
			
	 Schedule 2
	 	 Form of Creditor/Creditor Representative Accession Undertaking
	  	159
			
	 Schedule 3
	 	 Form of Debtor Resignation Request
	  	161
			
	 Schedule 4
	 	 Transaction Security Documents
	  	162
			
	 Schedule 5
	 	 Continuing Documents
	  	168
	 Part 1
	 	 Definitions and clauses
	  	168
	 Part 2
	 	 Reserved meanings
	  	168
			
	 Schedule 6
	 	 Agreed Security Principles
	  	179
			
	 Schedule 7
	 	 Enforcement Principles
	  	182
			
	 Schedule 8
	 	 Form of Super Senior Hedging Certificate
	  	184
			
	 Schedule 9
	 	 Hedge Counterparties’ guarantee and indemnity
	  	186

  
 (ii) 

 This Agreement is dated 1 December 2016 (November 30, 2016, New York time) and made 

Between: 
  

	(1)	Bank of China Limited, Macau Branch as Credit Facility Agent; 

  

	(2)	Bank of China Limited, Macau Branch as the Credit Facility Lender; 

  

	(3)	Deutsche Bank Trust Company Americas as Senior Secured 2019 Note Trustee; 

  

	(4)	Deutsche Bank Trust Company Americas as Senior Secured 2021 Note Trustee; 

  

	(5)	Studio City Investments Limited, a BVI business company incorporated under the laws of the British Virgin Islands (registered number 1673083), whose registered office is at Estera Corporate Services (BVI)
Limited, Jayla Place, Wickhams Cay I, Road Town, Tortola, British Virgin Islands (the “Parent”); 

  

	(6)	Studio City Company Limited a BVI business company incorporated under the laws of the British Virgin Islands (registered number 1673603), whose registered office is at Estera Corporate Services (BVI) Limited,
Jayla Place, Wickhams Cay I, Road Town, Tortola, British Virgin Islands (the “Borrower”); 

  

	(7)	The Companies named on the signing pages as Intra-Group Lenders; 

  

	(8)	The Subsidiaries of the Parent named on the signing pages as Debtors (together with the Parent and the Company, the “Original Debtors”); 

 

	(9)	Studio City Finance Limited, a BVI business company incorporated under the laws of the British Virgin Islands (registered number 1673307), whose registered office is at Estera Corporate Services (BVI) Limited,
Jayla Place, Wickhams Cay I, Road Town, Tortola, British Virgin Islands (the “Original Bondco”); 

  

	(10)	The Companies named on the signing pages as the parties to the Existing Subordination Deed (the “Existing Subordination Parties”) for the purposes of Clause 7 (Existing Subordination
Deed) only and not in respect of any other provision of this Agreement; 

  

	(11)	DB Trustees (Hong Kong) Limited as coordinating intercreditor agent for the Secured Parties (the “Intercreditor Agent”); 

 

	(12)	Industrial and Commercial Bank of China (Macau) Limited as security trustee for the Secured Parties (the “Common Security Agent”); and 

 

	(13)	Industrial and Commercial Bank of China (Macau) Limited in its capacity as agent for the Common Security Agent under the Power of Attorney (the “POA Agent”). 

It is agreed as follows: 
 Section 1 

Interpretation 
  

	1.	Definitions and interpretation 

  

	1.1	Definitions 

 In this Agreement: 

“1992 ISDA Master Agreement” means the Master Agreement (Multicurrency – Cross Border) as published by the International
Swaps and Derivatives Association, Inc. 

 “2002 ISDA Master Agreement” means the 2002 Master Agreement as published by the
International Swaps and Derivatives Association, Inc. 
 “2016 Amendment and Restatement Agreement” means the amendment and
restatement agreement made between the Parent, the Company, the Credit Facility Agent, the Credit Facility Lender and others dated 23 November 2016. 

“Acceleration Event” means a Credit Facility Acceleration Event or a Pari Passu Debt Acceleration Event. 

“Additional High Yield Note Refinancing” means a refinancing of any amount outstanding under or in connection with any
Additional High Yield Notes (or any refinancing of any such refinancing), in each case from the proceeds of an issue by a Bondco of high yield notes or other financial indebtedness (each, “Additional High Yield Note Refinancing
Indebtedness”). 
 “Additional High Yield Notes” means (i) any additional High Yield Notes issued in accordance
with the terms of the High Yield Note Indenture, as part of the same series as the High Yield Notes issued on 26 November 2012 and (ii) other than in connection with an Additional High Yield Note Refinancing, any other additional senior
unsecured notes issued by any Bondco and which ranks pari passu with or junior to the High Yield Notes. 

“Affiliate” means, in relation to any person (i) for the purposes of the definition of “Sponsor Affiliate”, any
other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such person and (ii) in any other case, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company. For purposes of this definition, “control” means, in relation to a person, the power, directly or indirectly, to (a) vote 20 per cent. or more of the shares or other securities having ordinary voting power for the
election of the board of directors (or persons performing similar functions) of such person or (b) direct or cause the direction of the management and policies of such person, whether by contract or otherwise. 

“Agreed Security Principles” means the principles set out in Schedule 6 (Agreed Security Principles). 

“Allocated Super Senior Hedging Amount” means, with respect to a Super Senior Hedge Counterparty, the portion of the Super
Senior Hedging Amount allocated to that Super Senior Hedge Counterparty less any portion released by that Super Senior Hedge Counterparty, in each case under Clause 5.14 (Allocation of Super Senior Hedging Liabilities). 

“Ancillary Document” means each document relating to or evidencing the terms of an Ancillary Facility. 

“Ancillary Facility” means any ancillary facility made available from time to time in accordance with the Credit Facility
Agreement. 
 “Ancillary Lender” means each Credit Facility Lender (or Affiliate of a Credit Facility Lender) which makes
available an Ancillary Facility. 
 “Arranger” means each Credit Facility Arranger and each Pari Passu Arranger, in each
case, which is a Party becomes a Party as an Arranger pursuant to Clause 25.11 (Accession of Credit Facility Creditors under New Credit Facilities) or Clause 25.12 (Accession of Pari Passu Creditors under New Pari Passu Debt Notes
or Pari Passu Facilities), as the case may be.
 “Authorisation” means an authorisation, consent, approval, resolution,
licence, exemption, filing, notarisation or registration. 

  
 2 

 “Automatic Early Termination” means the termination or close-out of any hedging
transaction prior to the maturity of that hedging transaction which is brought about automatically by the terms of the relevant Hedging Agreement and without any party to the relevant Hedging Agreement taking any action to terminate that hedging
transaction. 
 “Available Commitment”: 
  

	 	(a)	in relation to a Credit Facility Lender, has the meaning given to the term “Available Commitment” in the Credit Facility Agreement; 

 

	 	(b)	in relation to a Pari Passu Lender, has the meaning given to the term “Available Commitment” in the relevant Pari Passu Facility Agreement. 

“Bondco” means (i) the Original Bondco or (ii) any other entity which is not a member of the Group and which issues Additional
High Yield Notes or otherwise incurs financial indebtedness in respect of any Additional High Yield Note Refinancing or any High Yield Note Refinancing (in each case, the proceeds of which are on-lent to the Parent pursuant to a Bondco Loan). 

“Bondco Liabilities” means all present and future liabilities and obligations at any time of the Parent to any Bondco under or
in connection with any Bondco Loan Agreement. 
 “Bondco Loan” means each loan from a Bondco to the Parent pursuant to a
Bondco Loan Agreement (but excluding any Subordinated Liabilities). 
 “Bondco Loan Agreement” means (i) the loan agreement
or note dated or issued (as the case may be) on 26 November 2012 and made between the Original Bondco and the Parent, whereby the proceeds of the issuance of the High Yield Notes issued on or about that date were on-lent pursuant to a Bondco
Loan to the Parent and (ii) any other loan agreement, instrument or arrangement (documented or undocumented) made in connection with any Additional High Yield Notes, any Additional High Yield Note Refinancing or any High Yield Note Refinancing
between a Bondco and the Parent and pursuant to which the proceeds of such issuance are on-lent by such Bondco to the Parent, in each case as amended from time to time. 

“Borrowing Liabilities” means, in relation to a member of the Group, the liabilities and obligations (not being Guarantee
Liabilities) it may have as a principal debtor to a Creditor (other than to an Arranger or a Creditor Representative) or a Debtor in respect of Liabilities arising under the Debt Documents (whether incurred solely or jointly and including, without
limitation, liabilities and obligations as a borrower under the Credit Facility Documents and liabilities and obligations as a borrower or issuer under the Pari Passu Debt Documents). 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in the Macau SAR,
the Hong Kong SAR, London and New York. 
 “Capped Hedge Purchase Amount” has the meaning given to that term in Clause 6.2
(Hedge Transfer: Pari Passu Debt Creditors). 
 “Capped Purchase Amount” has the meaning given to that term in Clause
6.1 (Option to purchase: Pari Passu Debt Creditors). 
 “Charged Property” means all of the assets which from time to
time are, or are expressed to be, the subject of the Transaction Security. 
 “Close-Out Netting” means: 

 

	 	(a)	in respect of a Hedging Agreement or a Hedging Ancillary Document based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable in respect of an Early Termination Date (as defined in the
1992 ISDA Master Agreement) under section 6(e) (Payments on Early Termination) of the 1992 ISDA Master Agreement before the application of any subsequent Set-off (as defined in the 1992 ISDA Master Agreement); 

  
 3 

	 	(b)	in respect of a Hedging Agreement or a Hedging Ancillary Document based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination Amount (as defined in the 2002 ISDA Master Agreement) under
section 6(e) (Payments on Early Termination) of the 2002 ISDA Master Agreement; and 

  

	 	(c)	in respect of a Hedging Agreement or a Hedging Ancillary Document not based on an ISDA Master Agreement, any step involved on a termination of the hedging transactions under that Hedging Agreement pursuant to any
provision of that Hedging Agreement which has a similar effect to either provision referenced in paragraph (a) and paragraph (b) above. 

“Commitment” means a Credit Facility Commitment or a Pari Passu Facility Commitment. 

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and
any successor statute. 
 “Common Assurance” means any guarantee, indemnity or other assurance against loss in respect of
any of the Liabilities, the benefit of which (however conferred) is, to the extent legally possible and subject to any Agreed Security Principles, given to all the Secured Parties in respect of their Liabilities. 

“Common Currency” means Dollars. 

“Common Currency Amount” means, in relation to an amount, that amount converted (to the extent not already denominated in the
Common Currency) into the Common Currency at the Common Security Agent’s Spot Rate of Exchange on the Business Day prior to the relevant calculation. 

“Common Security Agent’s Spot Rate of Exchange” means, in respect of the conversion of one currency (the “First
Currency”) into another currency (the “Second Currency”) the Common Security Agent’s spot rate of exchange for the purchase of the Second Currency with the First Currency in the Hong Kong or Macau foreign exchange
market at or about 11:00 a.m. (Hong Kong time) on a particular day, which shall be notified by the Common Security Agent in accordance with paragraph (e) of Clause 21.4 (Duties of the Common Security Agent). 

“Common Security Documents” means the Security Documents, excluding any Transaction Security Document relating to any
Credit-Specific Transaction Security. 
 “Common Transaction Security” means any Transaction Security which to the extent
legally possible and subject to any Agreed Security Principles: 
  

	 	(a)	is created in favour of the Common Security Agent as trustee for the other Secured Parties in respect of their Liabilities; or 

  

	 	(b)	in the case of any jurisdiction in which effective Security cannot be granted in favour of the Common Security Agent as trustee for the Secured Parties is created in favour of: 

 

	 	(i)	all the Secured Parties in respect of their Liabilities; or 

  

	 	(ii)	the Common Security Agent under a parallel debt structure for the benefit of all the Secured Parties, 

  
 4 

 and which (subject to the terms of this Agreement) ranks in the order of priority contemplated in
Clause 2.2 (Transaction Security), in each case excluding (for the avoidance of doubt) the Credit-Specific Transaction Security. 

“Common Transaction Security Initial Enforcement Notice” has the meaning given to such term in paragraph (a) of Clause 15.2
(Instructions to enforce). 
 “Competitive Sales Process” means: 

 

	 	(a)	any auction or other competitive sales process; and 

  

	 	(b)	any enforcement of the Transaction Security carried out by way of auction or other competitive sales process pursuant to requirements of applicable law. 

“Consent” means any consent, approval, release or waiver or agreement to any amendment. 

“Continuing Documents” means (i) the Continuing Macau Documents, the Continuing English Share Charges, the Continuing English
Powers of Attorneys, the Continuing English Debentures and the Continuing Hong Kong Accounts Charges and (ii) the Services and Right to Use Direct Agreement. 

“Continuing English Debentures” means (i) the Continuing English Debenture (General) and (ii) the Continuing English Debenture
(SCH5). 
 “Continuing English Debenture (General)” means the English-law Transaction Security Document in the form of a
debenture that was entered into prior to the date of this Agreement (other than the Continuing English Debenture (SCH5)). 

“Continuing English Debenture (SCH5)” means the English-law Transaction Security Document in the form of a debenture that was
entered into by SCH5 prior to the date of this Agreement. 
 “Continuing English Powers of Attorney” means each English-law
security power of attorney that was entered into prior to the date of this Agreement. 
 “Continuing English Share Charge”
means each English-law Transaction Security Document in the form of a share charge that was entered into prior to the date of this Agreement. 

“Continuing Hong Kong Accounts Charge” means each Hong Kong-law Transaction Security Document in the form of an account charge
that was entered into prior to the date of the 2016 Amendment and Restatement Agreement. 
 “Continuing Macau Accounts
Pledge” means each Macau-law Transaction Security Document in the form of an account pledge that was entered into prior to the date of this Agreement (other than any Continuing Macau Onshore Accounts Pledges) (together with each related
confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or amendment entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor).

 “Continuing Macau Assignments” means each Macau-law Transaction Security Document in the form of an assignment that was
entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or amendment entered into from time to time and
designated as such by the Common Security Agent and Company or the relevant Debtor). 
 “Continuing Macau Documents” means
(i) the Continuing Macau Floating Charges, (ii) the Continuing Macau Accounts Pledges, (iii) the Continuing Macau Share Pledges, (iv) the Continuing Macau Mortgage, (v) the Continuing Macau Onshore Accounts Pledges, (vi) the Continuing Macau
Assignments, (vii) the Continuing Macau Powers of Attorney, (viii) the Continuing Macau Livrança and (ix) the Continuing Macau Livrança Covering Letter. 

  
 5 

 “Continuing Macau Floating Charges” means each Macau-law Transaction Security
Document in the form of a floating charge that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or
amendment entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor). 

“Continuing Macau Livrança” means the Macau-law Transaction Security Document in the form of a promissory note
(“Livrança”) that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or
amendment entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor). 

“Continuing Macau Livrança Covering Letter” means the Macau-law Transaction Security Document in the form of a covering
letter to the Livrança that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or amendment
entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor). 

“Continuing Macau Mortgage” means the Macau-law Transaction Security Document in the form of a Mortgage that was entered into
prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or amendment entered into from time to time and designated as such by
the Common Security Agent and Company or the relevant Debtor). 
 “Continuing Macau Onshore Accounts Pledges” means each
Macau-law Transaction Security Document in the form of an account pledge in respect of onshore accounts that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date
of this Agreement and each further related confirmation or amendment entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor). 

“Continuing Macau Powers of Attorney” means each Macau-law Transaction Security Document in the form of a power of attorney
that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and each further related confirmation or amendment entered into from time to time and
designated as such by the Common Security Agent and Company or the relevant Debtor). 
 “Continuing Macau Share Pledges”
means each Macau-law Transaction Security Document in the form of a share pledge that was entered into prior to the date of this Agreement (together with each related confirmation or amendment entered into on or about the date of this Agreement and
each further related confirmation or amendment entered into from time to time and designated as such by the Common Security Agent and Company or the relevant Debtor).

“Credit Facility” means each “Facility” under and as defined in the Credit Facility Agreement. 

  
 6 

 “Credit Facility Acceleration Event” means an “Acceleration Event”
under and as defined in the Credit Facility Agreement (other than the right to declare any amount payable on demand) or any acceleration provisions being automatically invoked under the Credit Facility Agreement. 

“Credit Facility Agreement” means the senior HK$10,855,880,000 term loan and revolving facilities agreement originally dated
28 January 2013 as amended and restated on the date of this Agreement pursuant to the 2016 Amendment and Restatement Agreement (and as further amended and amended and restated from time to time). 

“Credit Facility Arranger” means any arranger of any Credit Facility who becomes a Party pursuant to Clause 25.11
(Accession of Credit Facility Creditors under New Credit Facilities). 
 “Credit Facility Borrower” means a
“Borrower” under and as defined in the Credit Facility Agreement. 
 “Credit Facility Cash Cover” means “cash
cover” under and as defined in the Credit Facility Agreement. 
 “Credit Facility Cash Cover Document” means, in
relation to any Credit Facility Cash Cover, any Credit Facility Document that creates or evidences, or is expressed to create or evidence, the Security required to be provided over that Credit Facility Cash Cover by the Credit Facility Agreement.

 “Credit Facility Commitment” means “Commitment” under and as defined in the Credit Facility Agreement. 

“Credit Facility Creditors” means the Credit Facility Agent, each Credit Facility Arranger and each Credit Facility Lender.

 “Credit Facility Documents” means the “Finance Documents” under and as defined in the Credit Facility
Agreement.
 “Credit Facility Guarantor” means a “Guarantor” under, and as defined, in the Credit Facility
Agreement. 
 “Credit Facility Lender Cash Collateral” means any cash collateral provided by a Credit Facility Lender to an
Issuing Bank pursuant to any term of the Credit Facility Agreement from time to time. 
 “Credit Facility Lender Discharge
Date” means the first date on which all Credit Facility Liabilities (other than in respect of the principal amount of the Rolled Loan) have been fully and finally discharged to the satisfaction of the relevant Creditor Representative(s),
whether or not as the result of an enforcement, and the Credit Facility Lenders are under no further obligation to provide financial accommodation to any of the Debtors under the Debt Documents. 

“Credit Facility Lender Liabilities Transfer” means a transfer of the Credit Facility Liabilities described in Clause 6.1
(Option to purchase: Pari Passu Debt Creditors). 
 “Credit Facility Lenders” means each Lender (as defined in the
Credit Facility Agreement), Issuing Bank and Ancillary Lender. 
 “Credit Facility Liabilities” means the Liabilities owed
by any Debtor to the Credit Facility Creditors under or in connection with the Credit Facility Documents. 
 “Credit Related
Close-Out” means any Permitted Hedge Close-Out which is not a Non-Credit Related Close-Out. 

  
 7 

 “Credit-Specific Transaction Security” means: 

 

	 	(a)	the Transaction Security over any Pari Passu Notes Interest Accrual Account; 

  

	 	(b)	the Transaction Security over any Pari Passu Facility Debt Service Reserve Account; and 

  

	 	(c)	the Transaction Security over the Rolled Loan Cash Collateral Account. 

“Creditor/Creditor Representative Accession Undertaking” means: 

 

	 	(a)	an undertaking substantially in the form set out in Schedule 2 (Form of Creditor/Creditor Representative Accession Undertaking); or 

 

	 	(b)	a Transfer Certificate or an Assignment Agreement (each as defined in the Credit Facility Agreement or Pari Passu Facility Agreement), provided that it contains an accession to this Agreement which is
substantially in the form set out in Schedule 2 (Form of Creditor/Creditor Representative Accession Undertaking)); or 

  

	 	(c)	an Increase Confirmation (as defined in the Credit Facility Agreement or Pari Passu Facility Agreement), provided that it contains an accession to this Agreement which is substantially in the form set out in
Schedule 2 (Form of Creditor/Creditor Representative Accession Undertaking), 

 as the context may require, or

  

	 	(d)	in the case of an acceding Debtor which is expressed to accede as an Intra Group Lender in the relevant Debtor Accession Deed, that Debtor Accession Deed. 

“Creditor Representative” means: 
  

	 	(a)	in relation to the Credit Facility Lenders, the Credit Facility Agent; 

  

	 	(b)	in relation to the Senior Secured 2019 Noteholders, the Senior Secured 2019 Note Trustee;

  

	 	(c)	in relation to the Senior Secured 2021 Noteholders, the Senior Secured 2021 Note Trustee; and 

  

	 	(d)	in relation to any other Pari Passu Noteholders or Pari Passu Lenders, the person which has acceded to this Agreement as the Creditor Representative of those Pari Passu Noteholders or Pari Passu Lenders pursuant to
Clause 25.12 (Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities). 

“Creditor Representative Amounts” means fees, costs and expenses of a Creditor Representative payable to a Creditor
Representative for its own account pursuant to the relevant Debt Documents or any engagement letter between a Creditor Representative and a Debtor (including any amount payable to a Creditor Representative by way of indemnity, remuneration or
reimbursement for expenses incurred), and the costs incurred by a Creditor Representative in connection with any actual or attempted Enforcement Action which is permitted by this Agreement which are recoverable pursuant to the terms of the Debt
Documents. 
 “Creditors” means the Primary Creditors, the Intra-Group Lenders, the Subordinated Creditors and each Bondco.

 “Debt Disposal” means any disposal of any Liabilities or Debtors’ Intra-Group Receivables pursuant to paragraphs (d)
or (e) of Clause 17.1 (Facilitation of Distressed Disposals). 

  
 8 

 “Debt Document” means each of this Agreement, the Hedging Agreements, the Credit
Facility Documents, the Pari Passu Debt Documents, the Security Documents, any agreement evidencing the terms of the Intra-Group Liabilities or the Subordinated Liabilities and any other document designated as such by the Intercreditor Agent and the
Parent. 
 “Debtor” means each Original Debtor and any person which becomes a Party as a Debtor in accordance with the terms
of Clause 25 (Changes to the Parties). 
 “Debtor Accession Deed” means: 

 

	 	(a)	a deed substantially in the form set out in Schedule 1 (Form of Debtor Accession Deed); or 

  

	 	(b)	(only in the case of a member of the Group which is acceding as a borrower, issuer or guarantor under the Credit Facility Agreement or Pari Passu Debt Document) an accession document in the form required by the Credit
Facility Agreement or Pari Passu Debt Document (provided that it contains an accession to this Agreement which is substantially in the form set out in Schedule 1 (Form of Debtor Accession Deed)). 

“Debtor Resignation Request” means a notice substantially in the form set out in Schedule 3 (Form of Debtor Resignation
Request). 
 “Debtors’ Intra-Group Receivables” means, in relation to a member of the Group, any liabilities and
obligations owed to any Debtor (whether actual or contingent and whether incurred solely or jointly) by that member of the Group. 

“Default” means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of
notice, the making of any determination in accordance with the Debt Documents or any combination of any of the foregoing) be an Event of Default. 

“Defaulting Lender” means: 
  

	 	(a)	a Credit Facility Lender which is a “Defaulting Lender” under, and as defined in, the Credit Facility Agreement; and 

  

	 	(b)	at any time, a Pari Passu Lender which is a “defaulting lender” under and as defined in the relevant Pari Passu Facility Agreement. 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Common Security Agent. 

“Distress Event” means any of: 
  

	 	(a)	an Acceleration Event; or 

  

	 	(b)	the enforcement of any Transaction Security. 

 “Distressed Disposal” means a
disposal of any Charged Property which is: 
  

	 	(a)	being effected at the request of the Instructing Group in circumstances where the Transaction Security has become enforceable; 

  

	 	(b)	being effected by enforcement of the Transaction Security; or 

  

	 	(c)	being effected, after the occurrence of a Distress Event, by a Debtor or a Security Provider to a person or persons which is, or are, not a member, or members, of the Group. 

  
 9 

 “Dollar”, “USD” and “US$” denote the lawful
currency of the United States of America. 
 “Enforcement” means the enforcement or disposal of any Transaction Security,
the requesting of a Distressed Disposal and/or the release or disposal of claims and/or Transaction Security on a Distressed Disposal under Clause 17 (Distressed Disposals), the giving of instructions as to actions with respect to the
Transaction Security and/or the Charged Property following an Insolvency Event under Clause 12.7 (Instructions) and the taking of any other actions consequential on (or necessary to effect) any of those actions (but excluding the delivery of
a Common Transaction Security Initial Enforcement Notice). 
 “Enforcement Action” means: 

 

	 	(a)	in relation to any Liabilities: 

  

	 	(i)	the acceleration of any Liabilities or the making of any declaration that any Liabilities are prematurely due and payable (other than as a result of it becoming unlawful for a Primary Creditor to perform its obligations
under, or of any voluntary or mandatory prepayment arising under, the Debt Documents); 

  

	 	(ii)	the making of any declaration that any Liabilities are payable on demand; 

  

	 	(iii)	the making of a demand in relation to a Liability that is payable on demand (other than a demand made by an Intra-Group Lender in relation to any Intra-Group Liabilities which are on-demand Liabilities to the extent (A)
that the demand is made in the ordinary course of dealings between the relevant Debtor and Intra-Group Lender and (B) that any resulting Payment would be a Permitted Intra-Group Payment); 

 

	 	(iv)	the making of any demand against any member of the Group in relation to any Guarantee Liabilities of that member of the Group; 

  

	 	(v)	the exercise of any right to require any member of the Group to acquire any Liability (including exercising any put or call option against any member of the Group for the redemption or purchase of any Liability other
than in connection with an asset sale offer or a change of control offer (each however defined) or a High Yield Notes Refinancing Put Right as set out in the Credit Facility Agreement or any Pari Passu Debt Document) and excluding any such right
which arises as a result of any provision set out in any Pari Passu Facility Agreement in respect of a Pari Passu Facility regulating the making of voluntary debt purchase transactions in relation to that Pari Passu Facility by a member of the Group
or any open market purchases of, or any voluntary tender offer or exchange offer for, Pari Passu Notes at a time at which no Default is continuing; 

  

	 	(vi)	the exercise of any right of set-off, account combination or payment netting against any member of the Group in respect of any Liabilities other than the exercise of any such right: 

 

	 	(A)	as Close-Out Netting by a Hedge Counterparty or by a Hedging Ancillary Lender; 

  

	 	(B)	as Payment Netting by a Hedge Counterparty or by a Hedging Ancillary Lender; 

  

	 	(C)	as Inter-Hedging Agreement Netting by a Hedge Counterparty; 

  
 10 

	 	(D)	as Inter-Hedging Ancillary Document Netting by a Hedging Ancillary Lender; or 

  

	 	(E)	which is otherwise expressly permitted under the Credit Facility Documents and the Pari Passu Debt Documents to the extent that the exercise of that right gives effect to a Permitted Payment; and 

 

	 	(vii)	the suing for, commencing or joining of any legal or arbitration proceedings against any member of the Group to recover any Liabilities; 

 

	 	(b)	the premature termination or close-out of any hedging transaction under any Hedging Agreement (other than pursuant to a Permitted Automatic Early Termination); 

 

	 	(c)	the taking of any steps to enforce or require the enforcement of any Transaction Security (including the crystallisation of any floating charge forming part of the Transaction Security) as a result of an Acceleration
Event which was continuing at the time the request for enforcement was made; 

  

	 	(d)	the entering into of any composition, compromise, assignment or arrangement with any member of the Group which owes any Liabilities, or has given any Security, guarantee or indemnity or other assurance against loss in
respect of the Liabilities (other than any action permitted under Clause 25 (Changes to the Parties), any such right which arises as a result of any provision set out in any Pari Passu Facility Agreement in respect of a Pari Passu Facility
regulating the making of voluntary debt purchase transactions in relation to that Pari Passu Facility by a member of the Group or any open market purchases of, or voluntary tender offer or exchange offer for, Pari Passu Notes at a time at which no
Default is continuing); or 

  

	 	(e)	the petitioning, applying or voting for, or the taking of any steps (including the appointment of any liquidator, receiver, administrator or similar officer) in relation to, the winding up, dissolution, administration
or reorganisation of any member of the Group which owes any Liabilities, or has given any Security, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities, or any of such member of the Group’s assets or any
suspension of payments or moratorium of any indebtedness of any such member of the Group, or any analogous procedure or step in any jurisdiction, 

except that each of the following shall not constitute Enforcement Action: 

 

	 	(i)	the taking of any action falling within paragraphs (a)(ii), (iii), (iv) and (vii) or (e) above which is necessary (but only to the extent necessary) to preserve the validity, existence or priority of claims in respect
of Liabilities, including the registration of such claims before any court or governmental authority and the bringing, supporting or joining of proceedings to prevent any loss of the right to bring, support or join proceedings by reason of
applicable limitation periods;

  

	 	(ii)	a Primary Creditor bringing legal proceedings against any person solely for the purpose of: 

  

	 	(A)	obtaining injunctive relief (or any analogous remedy outside England and Wales) to restrain any actual or putative breach of any Debt Document to which it is party; 

 

	 	(B)	obtaining specific performance (other than specific performance of an obligation to make a payment) with no claim for damages; or 

  

	 	(C)	requesting judicial interpretation of any provision of any Debt Document to which it is party with no claim for damages;

  
 11 

	 	(iii)	bringing legal proceedings against any person in connection with any fraud, securities violation or securities or listing regulations;

 

	 	(iv)	allegations of material misstatements or omissions made in connection with the offering materials relating to any Pari Passu Notes or in reports furnished to the Pari Passu Noteholders or any exchange on which the Pari
Passu Notes are listed by a member of the Group pursuant to the information and reporting requirements under the Pari Passu Debt Documents;

  

	 	(v)	to the extent entitled by law, the taking of action against any creditor (or any agent, trustee or receiver acting on behalf of such creditor) to challenge the basis on which any sale or disposal is to take place
pursuant to powers granted to such persons under any security documentation; and 

  

	 	(vi)	unless an Acceleration Event is continuing, the making by a Subordinated Creditor, a Bondco or an Intra-Group Lender of a demand in relation to the Subordinated Liabilities, the Bondco Liabilities or the Intra-Group
Liabilities to the extent that: 

  

	 	(A)	any resulting Payment would constitute a Permitted Payment; or 

  

	 	(B)	that Subordinated Liability, Bondco Liability or Intra-Group Liability of a member of the Group is being released or discharged in consideration for the issue of shares in that member of the Group, provided that
in the event that the shares of such member of the Group are subject to Transaction Security prior to such issue, then the percentage of shares in such Subsidiary subject to Transaction Security is not diluted. 

“Enforcement Instructions” means instructions as to Enforcement (including the manner and timing of Enforcement) given by the
relevant Instructing Group to the Intercreditor Agent, provided that instructions not to undertake Enforcement or an absence of instructions as to Enforcement shall not constitute “Enforcement Instructions”. 

“Enforcement Notice” means a notice of enforcement action delivered by the Intercreditor Agent or the Common Security Agent to
any Debtor or any Security Provider after receipt by the Intercreditor Agent of an instruction any Instructing Group stating that an Event of Default has occurred and is continuing and directing the Intercreditor Agent and/or the Common Security
Agent to take such enforcement action, and which has not been withdrawn. 
 “Enforcement Objective” has the meaning given to
that term in Schedule 7 (Enforcement Principles). 
 “Enforcement Principles” means the principles set out in
Schedule 7 (Enforcement Principles). 
 “Enforcement Proceeds” means any amount paid to or otherwise realised
by a Secured Party under or in connection with any Enforcement (or any transaction in lieu thereof) and, following the occurrence of a Distress Event, any other proceeds of, or arising from, any of the Charged Property. 

  
 12 

 “Equivalent Provision” means: 

 

	 	(a)	with respect to a Pari Passu Facility Agreement, in relation to a provision or term of the Credit Facility Agreement, any equivalent provision or term in the Pari Passu Facility Agreement which is similar in meaning and
effect; and 

  

	 	(b)	with respect to a Pari Passu Note Indenture, in relation to a provision or term of the Senior Secured 2019 Note Indenture or the Senior Secured 2021 Note Indenture, any equivalent provision or term in the Pari Passu
Note Indenture which is similar in meaning and effect. 

 “Event of Default” means any event or circumstance
specified as such in the Credit Facility Agreement, a Pari Passu Note Indenture or a Pari Passu Facility Agreement. 
 “Exchange Rate
Hedge Excess” means the amount by which the Total Exchange Rate Hedging exceeds the Other Currency Term Outstandings. 

“Exchange Rate Hedging” means, in relation to a Hedge Counterparty, the aggregate of the notional amounts denominated in a
Hedged Currency hedged by the relevant Debtors under each Hedging Agreement which is an exchange rate hedge transaction and to which that Hedge Counterparty is party. 

“Exchange Rate Hedging Proportion” means, in relation to a Hedge Counterparty and that Hedge Counterparty’s Exchange Rate
Hedging, the proportion (expressed as a percentage) borne by that Hedge Counterparty’s Exchange Rate Hedging to the Total Exchange Rate Hedging. 

“Excluded Swap Obligation” means, with respect to any member of the Group which is a guarantor of any of the Secured
Obligations, (i) any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such member of the Group of, or the grant by such member of the Group of a security interest to secure, such Swap Obligation (or any guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such member of the Group’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such member of the Group or the grant of such security interest
becomes effective with respect to such Swap Obligation or (ii) any other Swap Obligation designated as an “Excluded Swap Obligation” of such member of the Group as specified in any agreement between such member of the Group and Hedge
Counterparties applicable to such Swap Obligations. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such guarantee or security interest is or becomes illegal. 
 “Exposure” has the meaning given to that term in Clause 20.1
(Equalisation Definitions). 
 “Fairness Opinion” has the meaning given to that term in Schedule 7 (Enforcement
Principles). 
 “Fee Letter” means any letter or letters entered into by reference to this Agreement between a
member of the Group and any one or more of the Secured Parties setting out any of the fees payable in relation to any of the Secured Obligations and/or this Agreement, including those fees referred to in Clauses 21.29 (Common Security
Agent’s fee), 22.2 (POA Agent’s fee) and 23.23 (Intercreditor Agent’s fee). 
 “Final Discharge
Date” means the later to occur of the Super Senior Discharge Date, the Pari Passu Discharge Date and the Rolled Loan Discharge Date. 

  
 13 

 “Financial Adviser” has the meaning given to that term in Schedule 7
(Enforcement Principles). 
 “Floating Rate Term Outstandings” means, at any time, the aggregate of the
amounts of principal (not including any capitalised or deferred interest) then outstanding under the Pari Passu Debt Documents that does not have a fixed rate of interest and which principal amount outstanding has a maturity of more than 12 months.

 “Golden Share” means any share in a company or corporation, the memorandum and/or articles of association in respect of
which company or corporation designate as such or give the holder of such share any special pre-emptive rights relative to other shareholders. 

“Governmental Authority” means, as to any person, the government of the Macau SAR, any other national, state, provincial or
local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, in each case having jurisdiction over such person, or any arbitrator with authority to bind such person at law. 

“Group” means the Parent and each of its Subsidiaries for the time being. 

“Guarantee Liabilities” means, in relation to a member of the Group, the liabilities and obligations under the Debt Documents
(present or future, actual or contingent and whether incurred solely or jointly) it may have to a Creditor (other than to an Arranger or a Creditor Representative) or Debtor as or as a result of its being a guarantor or surety (including, without
limitation, liabilities and obligations arising by way of guarantee, indemnity, contribution or subrogation and in particular any guarantee or indemnity arising under or in respect of the Credit Facility Documents and the Pari Passu Debt Documents).

 “Hedge Counterparty” means any entity which becomes a Party as a Hedge Counterparty pursuant to Clause 25.14
(Creditor/Creditor Representative Accession Undertaking). 
 “Hedge Counterparty Obligations” means the liabilities
and obligations owed by any Hedge Counterparty to the Debtors under or in connection with the Hedging Agreements. 
 “Hedge
Transfer” means a transfer to some or all of the Pari Passu Noteholders and the Pari Passu Lenders (or to their nominee or nominees) of (subject to paragraph (c) of Clause 6.2 (Hedge Transfer: Pari Passu Debt Creditors)), each
Hedging Agreement together with: 
  

	 	(a)	all the rights in respect of the Hedging Liabilities owed by the Debtors to each Hedge Counterparty; and 

  

	 	(b)	all the Hedge Counterparty Obligations owed by each Hedge Counterparty to the Debtors, 

 in
accordance with Clause 25.7 (Change of Hedge Counterparty). 
 “Hedged Currency” means the currency in which any
Other Currency Term Outstandings are denominated and which is hedged in respect of exchange rate risk under a Hedging Agreement. 

“Hedging Agreement” means any master agreement, confirmation, schedule or other agreement entered into or to be entered into
by the Company and a Hedge Counterparty for the purpose of hedging interest rate or exchange rate risk relating to a Debt Document that the Parent confirms in writing to the Primary Creditors at the time at which it is entered into is permitted
under the terms of the Credit Facility Documents and the Pari Passu Debt Documents (in their form as at the date of execution of the relevant Hedging Agreement) to share in the Transaction Security. 

  
 14 

 “Hedging Ancillary Document” means an Ancillary Document which relates to or
evidences the terms of a Hedging Ancillary Facility. 
 “Hedging Ancillary Facility” means an Ancillary Facility which is
made available by way of a hedging facility. 
 “Hedging Ancillary Lender” means an Ancillary Lender to the extent that that
Ancillary Lender makes available a Hedging Ancillary Facility. 
 “Hedging Force Majeure” means: 

 

	 	(a)	in relation to a Hedging Agreement which is based on the 1992 ISDA Master Agreement: 

  

	 	(i)	an Illegality or Tax Event or Tax Event Upon Merger (each as defined in the 1992 ISDA Master Agreement); or 

  

	 	(ii)	an event similar in meaning and effect to a “Force Majeure Event” (as referred to in paragraph (b) below); 

  

	 	(b)	in relation to a Hedging Agreement which is based on the 2002 ISDA Master Agreement, an Illegality or Tax Event, Tax Event Upon Merger or a Force Majeure Event (each as defined in the 2002 ISDA Master Agreement); or

  

	 	(c)	in relation to a Hedging Agreement which is not based on an ISDA Master Agreement, any event similar in meaning and effect to an event described in paragraphs (a) or (b) above. 

“Hedging Liabilities” means the Liabilities owed by any Debtor to the Hedge Counterparties under or in connection with the
Hedging Agreements. 
 “Hedging Purchase Amount” means, in respect of a hedging transaction under a Hedging Agreement, the
amount that would be payable to (expressed as a positive number) or by (expressed as a negative number) the relevant Hedge Counterparty on the relevant date if: 
  

	 	(a)	in the case of a Hedging Agreement which is based on an ISDA Master Agreement: 

  

	 	(i)	that date was an Early Termination Date (as defined in the relevant ISDA Master Agreement); and 

  

	 	(ii)	the relevant Debtor was the Defaulting Party (under and as defined in the relevant ISDA Master Agreement); or 

  

	 	(b)	in the case of a Hedging Agreement which is not based on an ISDA Master Agreement: 

  

	 	(i)	that date was the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement; and

  

	 	(ii)	the relevant Debtor was in a position which is similar in meaning and effect to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

in each case as certified by the relevant Hedge Counterparty and as calculated in accordance with the relevant Hedging Agreement. 

  
 15 

 “High Yield Note Document” means each High Yield Note Indenture, each Bondco
Loan Agreement and each other document or instrument which relates to any High Yield Notes or, as the case may be, High Yield Note Refinancing Indebtedness. 

“High Yield Note Guarantees” means the guarantees provided by any Debtor: 

 

	 	(a)	to the High Yield Note Trustee in respect of the High Yield Notes issued prior to the original date of the Credit Facility Agreement; or 

 

	 	(b)	in respect of any Additional High Yield Note, Additional High Yield Note Refinancing Indebtedness or High Yield Note Refinancing Indebtedness. 

“High Yield Note Indenture” means the indenture dated 26 November 2012 made between (among others) the Original Bondco
and the High Yield Note Trustee or any equivalent High Yield Note Document in respect of any High Yield Note Refinancing Indebtedness issued by way of debt securities (in each case, as amended or supplemented from time to time). 

“High Yield Note Refinancing” means a refinancing of any amount outstanding under or in connection with the High Yield Notes
issued prior to the date of this Agreement (or any refinancing of any such refinancing), in each case from the proceeds of an issue by a Bondco of high yield notes or other financial indebtedness (each, “High Yield Note Refinancing
Indebtedness”). 
 “High Yield Notes Refinancing Put Right” means the right of the holders of the Senior
Secured 2021 Notes to require the Company to repurchase such holders’ Senior Secured 2021 Notes in accordance with section 3.12 (Special Put Option) of the Senior Secured 2021 Note Indenture or the right of the Credit Facility Lenders to
require the Company to prepay Credit Facility Liabilities owed to such Credit Facility Lenders in accordance with clause 9.3 (High Yield Notes and Bondco Loans) of the Credit Facility Agreement (or any similar right in the case of any other
Pari Passu Liabilities), in each case in connection with any High Yield Notes or Additional High Yield Notes outstanding on or after 1 June 2020. 

“High Yield Note Trustee” means DB Trustees (Hong Kong) Limited (or its permitted successor or assign) as trustee for the High
Yield Noteholders on the terms set out in the High Yield Note Indenture or its equivalent under any other High Yield Note Document. 

“High Yield Noteholders” means the holders of the High Yield Notes or High Yield Note Refinancing Indebtedness from time to
time issued by way of debt securities. 
 “High Yield Notes” means the US$825,000,000 8.500% senior notes due 2020 issued by
the Original Bondco and subject to the terms of the High Yield Note Indenture or any financial indebtedness incurred by way of High Yield Note Refinancing. 

“Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary. 

“Hong Kong dollar”, “HKD” and “HK$” denote the lawful currency of the Hong Kong SAR. 

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

“Indirect Tax” means and goods and services tax, consumption tax, value added tax or any other tax of a similar nature. 

“Insolvency Event” means, in relation to any member of the Group: 

 

	 	(a)	any resolution is passed or order made for the winding up, dissolution, administration or reorganisation of that member of the Group, a moratorium is declared in relation to any indebtedness of that member of the Group
or an administrator is appointed to that member of the Group; 

  
 16 

	 	(b)	any composition, compromise, assignment or arrangement is made with any of its creditors; 

  

	 	(c)	the appointment of any liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of that member of the Group or any of its assets; or 

 

	 	(d)	any analogous procedure or step is taken in any jurisdiction, 

 provided that paragraphs
(a) to (d) above shall not apply to: 
  

	 	(i)	any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 60 days of commencement or, if earlier, the date on which it is advertised; or 

 

	 	(ii)	any voluntary action, proceedings, step or procedure which relates to or constitutes any action, proceedings, step or procedure taken in connection with a transaction regulated but not prohibited by section 13
(Merger, consolidation, or sale of assets) of schedule 10 (Covenants) pursuant to clause 23.1 (Notes covenants) of the Credit Facility Agreement, section 5.01 (Merger, Consolidation, or Sale of Assets) of the Senior
Secured 2019 Note Indenture, section 5.01 (Merger, Consolidation, or Sale of Assets) of the Senior Secured 2021 Note Indenture or under an Equivalent Provision of any other Pari Passu Debt Document. 

“Instructing Group” means: 
  

	 	(a)	subject to paragraph (b) below, the Majority Super Senior Creditors and the Majority Pari Passu Creditors; and 

  

							
		 	(b)	 	(i)	 	 in relation to instructions as to Enforcement of the Common Transaction Security, the group of Primary Creditors entitled to give
instructions as to Enforcement of the Common Transaction Security in accordance with which the Common Security Agent is obliged to act under Clause 15.2 (Instructions to enforce);

  

	 	(ii)	in relation to instructions as to Enforcement of any Credit-Specific Transaction Security (other than the Transaction Security over the Rolled Loan Cash Collateral Account), the group of Primary Creditors entitled to
give instructions as to Enforcement of that Credit-Specific Transaction Security in accordance with which the Common Security Agent is obliged to act under Clause 15.2 (Instructions to enforce); and 

 

	 	(iii)	in relation to instructions as to Enforcement of the Transaction Security over the Rolled Loan Cash Collateral Account, the Rolled Loan Facility Lender. 

“Intercreditor Amendment” means any amendment or waiver which is subject to Clause 31 (Consents, amendments and
override). 
 “Interest Rate Hedge Excess” means the amount by which the Total Interest Rate Hedging exceeds the
Floating Rate Term Outstandings. 
 “Interest Rate Hedging” means, in relation to a Hedge Counterparty, the aggregate of the
notional amounts hedged by the relevant Debtors under each Hedging Agreement which is an interest rate hedge transaction and to which that Hedge Counterparty is party. 

  
 17 

 “Interest Rate Hedging Proportion” means, in relation to a Hedge Counterparty
and that Hedge Counterparty’s Interest Rate Hedging, the proportion (expressed as a percentage) borne by that Hedge Counterparty’s Interest Rate Hedging to the Total Interest Rate Hedging. 

“Inter-Hedging Agreement Netting” means the exercise of any right of set-off, account combination, close-out netting or
payment netting (whether arising out of a cross agreement netting agreement or otherwise) by a Hedge Counterparty against liabilities owed to a Debtor by that Hedge Counterparty under a Hedging Agreement in respect of Hedging Liabilities owed to
that Hedge Counterparty by that Debtor under another Hedging Agreement. 
 “Inter-Hedging Ancillary Document Netting” means
the exercise of any right of set-off, account combination, close-out netting or payment netting (whether arising out of a cross agreement netting agreement or otherwise) by a Hedging Ancillary Lender against liabilities owed to a Debtor by that
Hedging Ancillary Lender under a Hedging Ancillary Document in respect of Credit Facility Liabilities owed to that Hedging Ancillary Lender by that Debtor under another Hedging Ancillary Document. 

“Intra-Group Lenders” means each member of the Group (including the Parent) which has made a loan available to, granted credit
to or made any other financial arrangement having similar effect with another member of the Group (but excluding any accrued business expenses or trade payables that would not constitute Intra-Group Liabilities if such member of the Group were an
Intra-Group Lender) and which is named on the signing pages as an Intra-Group Lender or which becomes a Party as an Intra-Group Lender in accordance with the terms of Clause 25 (Changes to the Parties) and which in each case has not ceased to
be an Intra-Group Lender in accordance with this Agreement. 
 “Intra-Group Liabilities” means the Liabilities owed by any
member of the Group to any of the Intra-Group Lenders (but excluding any Liabilities owed by a member of the Group to any of the Intra-Group Lenders in respect of accrued business expenses and trade payables incurred in the ordinary course of
trading, provided that in the case of any amount (i) such amount does not exceed USD1,000,000 and (ii) such amount does not fall due for payment more than 180 days after the date of the relevant supply to which it relates or is not
outstanding for more than 180 days). 
 “ISDA Master Agreement” means a 1992 ISDA Master Agreement or a 2002 ISDA Master
Agreement. 
 “Issuing Bank” means any “Issuing Bank” under and as defined in the Credit Facility Agreement from
time to time. 
 “Legal Opinion” means any legal opinion delivered to the Credit Facility Agent or a Creditor Representative
under or in connection with the conditions precedent referred to in clause 5.1 (Amendments to the Facilities Agreement) of the 2016 Amendment and Restatement Agreement or clause 27 (Changes to the Obligors) of the Credit Facility
Agreement or under an Equivalent Provision or in accordance with the requirements of any Pari Passu Debt Document. 
 “Legal
Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	 	(b)	the time barring of claims under statutes of limitation; 

  

	 	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

  

	 	(d)	any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions. 

  
 18 

 “Letter of Credit” means any “Letter of Credit” under and as defined
in the Credit Facility Agreement from time to time. 
 “Liabilities” means all present and future liabilities and
obligations at any time of any member of the Group to any Creditor under or in connection with the Debt Documents (or, in the case of the Subordinated Liabilities or Intra-Group Liabilities, whether documented or not including, without limitation,
under or in connection with the relevant Debt Documents), both actual and contingent and whether incurred solely or jointly or as principal or surety or in any other capacity together with any of the following matters relating to or arising in
respect of those liabilities and obligations: 
  

	 	(a)	any refinancing, novation, deferral or extension; 

  

	 	(b)	any claim for breach of representation, warranty or undertaking or on an event of default or under any indemnity given under or in connection with any document or agreement evidencing or constituting any other liability
or obligation falling within this definition; 

  

	 	(c)	any claim for damages or restitution; and 

  

	 	(d)	any claim as a result of any recovery by any Debtor of a Payment on the grounds of preference or otherwise, 

and any amounts which would be included in any of the above but for any discharge, non-provability, unenforceability or non-allowance of those
amounts in any insolvency or other proceedings. 
 “Liabilities Acquisition” means, in relation to a person and to any
Liabilities, a transaction where that person: 
  

	 	(a)	purchases by way of assignment or transfer; 

  

	 	(b)	enters into any sub-participation in respect of; or 

  

	 	(c)	enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, 

the rights in respect of those Liabilities. 

“Liabilities Sale” means a Debt Disposal pursuant to paragraph (e) of Clause 17.1 (Facilitation of Distressed
Disposals). 
 “Livrança” means the promissory note dated 26 November 2013 issued by the Borrower, endorsed
by each of the Guarantors and payable to the Common Security Agent. 
 “Livrança Covering Letter” means the letter
from the Borrower and each of the Guarantors to the Common Security Agent dated 26 November 2013 in relation to the Livrança. 

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

“Majority Pari Passu Creditors” means, at any time, those Pari Passu Lenders, Pari Passu Noteholders and Pari Passu Hedge
Counterparties whose Pari Passu Credit Participations at that time aggregate more than 50 per cent. of the total Pari Passu Credit Participations at that time, provided that, in respect of the Pari Passu Credit Participations relating to a
particular Pari Passu Facility Agreement or Pari Passu Note Indenture, if the consent of the proportion of such Pari Passu Debt Creditors required under and in accordance with the Pari Passu Debt Documents relating to that Pari Passu Facility
Agreement or Pari Passu Note Indenture in respect of the relevant decision or request for consent is obtained in relation to a particular decision or request for consent (and if the relevant Pari Passu Debt Documents do not specify a voting
threshold for a particular matter, the threshold will be a simple majority of the outstanding principal amount under those Pari Passu Debt Documents (excluding any Pari Passu Liabilities owned by a member of the Group or a Sponsor Affiliate)), all
of the Pari Passu Lenders or Pari Passu Noteholders (as applicable) in respect of that Pari Passu Facility Agreement or Pari Passu Note Indenture (as applicable) shall be deemed to have given their consent to that decision or request for consent.

  
 19 

 “Majority Super Senior Creditors” means, at any time, those Super Senior
Creditors whose Super Senior Credit Participations at that time aggregate more than 50 per cent. of the total Super Senior Credit Participations at that time. 

“MCE” means Melco Crown Entertainment Limited, an exempted limited liability company incorporated with limited liability under
the laws of the Cayman Islands (with registered number 143119) with registered address: Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, KYI-9005, Cayman Islands. 

“MCE Cotai” means MCE Cotai Investments Limited, an exempted limited liability company incorporated with limited liability
under the laws of the Cayman Islands (with registered number 254216) whose registered address is at Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands. 

“Melco Crown” means Melco Crown (Macau) Limited (formerly known as Melco Crown Gaming (Macau) Limited and previously as Melco
PBL Gaming (Macau) Limited), a company incorporated under the laws of the Macau SAR, registered with the Macau Commercial Registry under number 24325 SO, with registered office at Alameda Dr. Carlos d’ Assumpção, nos 411-417,
Edifício Dynasty Plaza, 15o andar, O, P, Macau. 
 “Mortgage” means the mortgage executed by way of a deed
dated 26 November 2013 of the interest of Propco under the Amended Land Concession prior but applying to the latter’s amendment dated 23 September 2015. 

“New Cotai, LLC” a limited liability company formed in Delaware, United States of America (with registered number 4114248),
c/o New Cotai Holdings, LLC, of Two Greenwich Plaza, Greenwich, Connecticut 06830, United States of America. 
 “New
Sponsor” means any person to whom Silverpoint or Oaktree assigns or transfers all or part of its indirect beneficial interest in the shares or other equity interests of SCIH in accordance with the Shareholders’ Agreement. 

“Non-Credit Related Close-Out” means a Permitted Hedge Close-Out described in any of paragraphs (a)(i), (a)(ii), (a)(iii) or
(a)(iv) of Clause 5.9 (Permitted Enforcement: Hedge Counterparties). 
 “Non-Distressed Disposal” has the meaning
given to that term in Clause 16 (Non-Distressed Disposals). 
 “Oaktree” means Oaktree Capital Management LLC
and any successor to the investment management business thereof. 
 “Other Currency Term Outstandings” means, at any time,
the aggregate of the amounts of principal (not including any capitalised or deferred interest) then outstanding under the Pari Passu Debt Documents that is not denominated in Hong Kong dollars or Dollars and which principal amount outstanding has a
maturity of more than 12 months.

  
 20 

 “Other Liabilities” means, in relation to a member of the Group, any trading and
other liabilities and obligations (not being Borrowing Liabilities or Guarantee Liabilities) it may have to a Bondco, Subordinated Creditor, Intra-Group Lender or Debtor. 

“Pari Passu Arranger” means any arranger of a credit facility which creates or evidences any Pari Passu Debt Liabilities which
becomes a Party pursuant to Clause 25.12 (Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities). 

“Pari Passu Credit Participation” means: 
  

	 	(a)	in relation to a Pari Passu Hedge Counterparty, its aggregate Pari Passu Hedge Credit Participation; and 

  

	 	(b)	in relation to a Pari Passu Noteholder or a Pari Passu Lender, the aggregate of: 

  

	 	(i)	its aggregate Pari Passu Facility Commitments, if any; 

  

	 	(ii)	the aggregate outstanding principal amount of the Senior Secured 2019 Notes held by it, if any (as determined in accordance with section 2.09 (Treasury Notes) of the Senior Secured 2019 Note Indenture);

  

	 	(iii)	the aggregate outstanding principal amount of the Senior Secured 2021 Notes held by it, if any (as determined in accordance with section 2.09 (Treasury Notes) of the Senior Secured 2021 Note Indenture); and

  

	 	(iv)	to the extent not falling within paragraphs (a), (b)(i) or (b)(ii) above, the aggregate outstanding principal amount of any Pari Passu Debt Liabilities in respect of which it is the creditor, if any. 

“Pari Passu Creditors” means the Pari Passu Debt Creditors and the Pari Passu Hedge Counterparties. 

“Pari Passu Debt Acceleration Event” means: 
  

	 	(a)	the Senior Secured 2019 Note Trustee (or the requisite Senior Secured 2019 Noteholders under the Senior Secured 2019 Note Indenture) exercising any of its or their rights or any acceleration provisions being
automatically invoked in each case under section 6.02 of the Senior Secured 2019 Note Indenture; 

  

	 	(b)	the Senior Secured 2021 Note Trustee (or the requisite Senior Secured 2021 Noteholders under the Senior Secured 2021 Note Indenture) exercising any of its or their rights under or any acceleration provisions being
automatically invoked in each case under section 6.02 of the Senior Secured 2021 Note Indenture; 

  

	 	(c)	the Creditor Representative of any other Pari Passu Noteholder(s) (or the requisite Pari Passu Noteholders under any other Pari Passu Note Indenture) exercising any of its or their rights or any acceleration provisions
being automatically invoked in each case under an Equivalent Provision of the relevant Pari Passu Note Indenture; or 

  

	 	(d)	the Creditor Representative of any other Pari Passu Lender(s) (or, if applicable, any of the other Pari Passu Lenders) exercising any of its (or their) rights or any acceleration provisions being automatically invoked
in each case under an Equivalent Provision of the relevant Pari Passu Facility Agreement, 

 other than the right to declare
any amount payable on demand. 
 “Pari Passu Debt Creditors” means: 

 

	 	(a)	each Senior Secured 2019 Note Creditor;

  
 21 

	 	(b)	each Senior Secured 2021 Note Creditor; and 

  

	 	(c)	each other Creditor Representative in relation to any Pari Passu Debt Liabilities, each Pari Passu Arranger, each other Pari Passu Noteholder and each Pari Passu Lender. 

“Pari Passu Debt Discharge Date” means the first date on which all Pari Passu Debt Liabilities have been fully and finally
discharged to the satisfaction of the Creditor Representative(s) in relation to any Pari Passu Debt Liabilities in each case in accordance with the terms of the applicable Pari Passu Debt Document, whether or not as the result of an enforcement, and
the Pari Passu Debt Creditors are under no further obligation to provide financial accommodation to any of the Debtors under the Pari Passu Debt Documents. 

“Pari Passu Debt Documents” means: 
  

	 	(a)	each Senior Secured 2019 Note Document; 

  

	 	(b)	each Senior Secured 2021 Note Document; and 

  

	 	(c)	each other document or instrument entered into between any member of the Group and a Pari Passu Debt Creditor setting out the terms of any credit facility, notes, indenture or debt security which creates or evidences
any Pari Passu Debt Liabilities (including (i) in the case of any Pari Passu Debt Liabilities Indebtedness issued by way of debt securities, such documents corresponding to the documents constituting the Senior Secured 2021 Note Documents applicable
to that Pari Passu Debt Liabilities Indebtedness and (ii) in the case of any Pari Passu Debt Liabilities Indebtedness incurred pursuant to any facility or loan arrangements, such documents corresponding to the documents constituting the Credit
Facility Documents applicable to that Pari Passu Debt Liabilities Indebtedness). 

 “Pari Passu Debt
Liabilities” means the Liabilities owed by the Debtors to the Pari Passu Debt Creditors under or in connection with the Pari Passu Debt Documents. 

“Pari Passu Discharge Date” means the first date on which all Pari Passu Liabilities have been fully and finally discharged to
the satisfaction of the relevant Creditor Representative(s) (in the case of the Pari Passu Debt Liabilities) and each Pari Passu Hedge Counterparty (in the case of its Pari Passu Hedging Liabilities), whether or not as the result of an enforcement,
and the Pari Passu Creditors are under no further obligation to provide financial accommodation to any of the Debtors under the Debt Documents. 

“Pari Passu Facility” means any credit facility made available to a Pari Passu Note Issuer or (to the extent not prohibited
under the terms and conditions of the Pari Passu Debt Documents) to any other member of the Restricted Group, in each case where: 
  

	 	(a)	the agent of the lenders in respect of the credit facility has become a Party as a Creditor Representative; 

  

	 	(b)	each arranger of the credit facility has become a party as a Pari Passu Arranger; and 

  

	 	(c)	each lender in respect of the credit facility has become a Party as a Pari Passu Lender, 

 in
respect of that credit facility pursuant to Clause 25.12 (Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities). 

“Pari Passu Facility Agreement” means a facility agreement setting out the terms of any Pari Passu Facility and which creates
or evidences any Pari Passu Debt Liabilities. 
 “Pari Passu Facility Commitment” means any “Commitment” under and
as defined in a Pari Passu Facility Agreement. 

  
 22 

 “Pari Passu Facility Debt Service Reserve Account” means, in relation to any
Pari Passu Facility, any account in the name of Company established in connection with the Pari Passu Debt Documents relating to such Pari Passu Facility that may only be credited from time to time with such amounts as may be necessary for such
account to operate as an interest accrual account or debt service reserve account in respect of the Pari Passu Debt Liabilities relating to such Pari Passu Facility and which account has been designated as such by the Parent and the relevant
Creditor Representative and such designation has been acknowledged by the Intercreditor Agent. 
 “Pari Passu Hedge
Counterparty” means each Hedge Counterparty to the extent it is owed Pari Passu Hedging Liabilities. 
 “Pari Passu Hedge
Credit Participation” means, in relation to a Pari Passu Hedge Counterparty, the aggregate of: 
  

	 	(a)	in respect of any hedging transaction of that Pari Passu Hedge Counterparty under any Hedging Agreement to the extent it constitutes a Pari Passu Hedging Liability that has, as of the date the calculation is made, been
terminated or closed out in accordance with the terms of this Agreement, the amount, if any, payable to it under any Hedging Agreement in respect of that termination or close-out as of the date of termination or close-out (and before taking into
account any interest accrued on that amount since the date of termination or close-out) to the extent that amount is unpaid (that amount to be certified by the relevant Pari Passu Hedge Counterparty and as calculated in accordance with the relevant
Hedging Agreement) and to the extent it is a Pari Passu Hedging Liability; and 

  

	 	(b)	after the Pari Passu Debt Discharge Date only, in respect of any hedging transaction of that Pari Passu Hedge Counterparty under any Hedging Agreement to the extent it constitutes a Pari Passu Hedging Liability that
has, as of the date the calculation is made, not been terminated or closed out: 

  

	 	(i)	if the relevant Hedging Agreement is based on an ISDA Master Agreement the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); or 

 

	 	(ii)	if the relevant Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement for which the
relevant Debtor is in a position similar in meaning and effect (under that Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

that amount, in each case, to be certified by the relevant Pari Passu Hedge Counterparty and as calculated in accordance with the relevant
Hedging Agreement. 
 “Pari Passu Hedging Liabilities” means the Hedging Liabilities to the extent they are not Super Senior
Hedging Liabilities. 
 “Pari Passu Lender” means each “Lender” under and as defined in the relevant Pari Passu
Facility Agreement that has become a Party as a Pari Passu Lender in respect of that Pari Passu Facility Agreement pursuant to Clause 25.12 (Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities). 

  
 23 

 “Pari Passu Liabilities” means the Pari Passu Debt Liabilities and the Pari
Passu Hedging Liabilities. 
 “Pari Passu Note Indenture” means the Senior Secured 2019 Note Indenture, the Senior Secured
2021 Note Indenture and any other note indenture setting out the terms of any debt security which creates or evidences any Pari Passu Debt Liabilities. 

“Pari Passu Note Issuer” means the Company or the Parent. 

“Pari Passu Note Trustees” means each of: 
  

	 	(a)	the Senior Secured 2019 Note Trustee; 

  

	 	(b)	the Senior Secured 2021 Note Trustee; and 

  

	 	(c)	any other note trustee in respect of Pari Passu Notes which has acceded to this Agreement as a Creditor Representative pursuant to Clause 25.12 (Accession of Pari Passu Debt Creditors under New Pari Passu
Notes or Pari Passu Facilities), 

 each, a “Pari Passu Note Trustee”. 

“Pari Passu Noteholder” means a Senior Secured 2019 Noteholder, a Senior Secured 2021 Noteholder and any other holder from
time to time of any Pari Passu Notes in respect of which a person has acceded to this Agreement as Pari Passu Note Trustee. 
 “Pari
Passu Notes” means: 
  

	 	(a)	the Senior Secured 2019 Notes; 

  

	 	(b)	the Senior Secured 2021 Notes; and 

  

	 	(c)	any other senior secured notes issued or to be issued by a Pari Passu Note Issuer under a Pari Passu Note Indenture. 

“Pari Passu Notes Interest Accrual Account” means: 
  

	 	(a)	in relation to Senior Secured 2019 Notes, the Senior Secured 2019 Notes Interest Accrual Account; 

  

	 	(b)	in relation to Senior Secured 2021 Notes, the Senior Secured 2021 Notes Interest Accrual Account; and 

  

	 	(c)	in relation to any other Pari Passu Notes, any account in the name of Company established in connection with the Pari Passu Debt Documents relating to such Pari Passu Notes that may only be credited from time to time
with such amounts as may be necessary for such account to operate as an interest accrual account in respect of the Pari Passu Debt Liabilities relating to such Pari Passu Notes and which account has been designated as such by the Parent and the
relevant Creditor Representative and such designation has been acknowledged by the Intercreditor Agent. 

“Party” means a party to this Agreement. 

“Payment” means, in respect of any Liabilities (or any other liabilities or obligations), a payment, prepayment, repayment,
redemption, defeasance or discharge of those Liabilities (or other liabilities or obligations). 

  
 24 

 “Payment Netting” means: 

 

	 	(a)	in respect of a Hedging Agreement or a Hedging Ancillary Document based on an ISDA Master Agreement, netting under section 2(c) of the relevant ISDA Master Agreement; and 

 

	 	(b)	in respect of a Hedging Agreement or a Hedging Ancillary Document not based on an ISDA Master Agreement, netting pursuant to any provision of that Hedging Agreement or a Hedging Ancillary Document which has a similar
effect to the provision referenced in paragraph (a) above. 

 “Permitted Automatic Early Termination” means an
Automatic Early Termination of a hedging transaction under a Hedging Agreement, the provision of which is permitted under Clause 5.12 (Terms of Hedging Agreements). 

“Permitted Bondco Payment” means the Payments permitted by Clause 11.3 (Permitted Payments: Bondco Liabilities).

 “Permitted Credit Facility Payments” means the Payments permitted by Clause 3.1 (Payment of Credit Facility
Liabilities). 
 “Permitted Hedge Close-Out” means, in relation to a hedging transaction under a Hedging Agreement, a
termination or close-out of that hedging transaction which is permitted pursuant to Clause 5.9 (Permitted Enforcement: Hedge Counterparties). 

“Permitted Hedge Payments” means the Payments permitted by Clause 5.3 (Permitted Payments: Hedging Liabilities). 

“Permitted Intra-Group Payments” means the Payments permitted by Clause 8.2 (Permitted Payments: Intra-Group
Liabilities). 
 “Permitted Pari Passu Debt Payments” means the Payments permitted by Clause 4.1 (Payment of Pari
Passu Debt Liabilities). 
 “Permitted Payment” means a Permitted Hedge Payment, a Permitted Intra-Group Payment, a
Permitted Pari Passu Debt Payment, a Permitted Credit Facility Payment, a Permitted Bondco Payment or a Permitted Subordinated Creditor Payment. 

“Permitted Subordinated Creditor Payments” means the Payments permitted by Clause 10.2 (Permitted Payments: Subordinated
Liabilities).
 “Power of Attorney” means the power of attorney granted by Propco on 26 November 2013 in favour of
the POA Agent supplementing the Mortgage and any replacement power of attorney entered into by any successor POA Agent.
 “Primary
Creditors” means the Super Senior Creditors and the Pari Passu Creditors. 
 “Propco” means Studio City
Developments Limited (formerly known as MSC Desenvolvimentos, Limitada and previously as as East Asia - Televisão por Satélite Limitada), a company incorporated under the laws of the Macau SAR, registered with the Macau Commercial
Registry under number 14311 SO, with registered office at Rua de Évora, nos 199-207, Edifício Flower City, 1° andar, A1, Taipa, Macau. 

“Property” of a member of the Group or of a Debtor or a Security Provider means: 

 

	 	(a)	any asset of that member of the Group or of that Debtor or that Security Provider; 

  

	 	(b)	any Subsidiary of that member of the Group or of that Debtor; and 

  

	 	(c)	any asset of any such Subsidiary. 

  
 25 

 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, any entity
that has total assets exceeding US$10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange 
 Act or any regulations promulgated thereunder and can cause another person to qualify as an
“eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property. 
 “Recoveries” has the meaning given to that term in Clause 19.1 (Order of application). 

“Reimbursement Agreement” means the reimbursement agreement dated 15 June 2012 and entered into between SCE and Melco
Crown (as may be amended and supplemented from time to time). 
 “Relevant Ancillary Lender” means, in respect of any Credit
Facility Cash Cover, the Ancillary Lender (if any) for which that Credit Facility Cash Cover is provided. 
 “Relevant Issuing
Bank” means, in respect of any Credit Facility Cash Cover, the Issuing Bank (if any) for which that Credit Facility Cash Cover is provided. 

“Relevant Jurisdiction” means, in relation to a Debtor: 

 

	 	(a)	its jurisdiction of incorporation; 

  

	 	(b)	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated; 

  

	 	(c)	any jurisdiction where it conducts its business; and 

  

	 	(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it. 

“Relevant Liabilities” means: 
  

	 	(a)	in the case of a Creditor: 

  

	 	(i)	the Liabilities owed to Creditors ranking (in accordance with the terms of this Agreement) pari passu with or in priority to that Creditor (as the case may be); and 

 

	 	(ii)	all present and future liabilities and obligations, actual and contingent, of the Debtors to the Common Security Agent and/or the Intercreditor Agent; and 

 

	 	(b)	in the case of a Debtor, the Liabilities owed to the Creditors together with all present and future liabilities and obligations, actual and contingent, of the Debtors to the Common Security Agent and/or the
Intercreditor Agent. 

 “Required Pari Passu Creditors” means, subject to paragraph (e) of Clause 1.2
(Construction): 
  

	 	(a)	each Creditor Representative acting on behalf of any Pari Passu Lenders or Pari Passu Noteholders; and 

  

	 	(b)	at any time, those Pari Passu Hedge Counterparties whose Pari Passu Hedge Credit Participations at that time aggregate more than 50 per cent. of the total Pari Passu Hedge Credit Participations at that time.

  
 26 

 “Restricted Group” means the Parent and each Restricted Subsidiary. 

“Restricted Subsidiary” means a Subsidiary of the Parent other than an Unrestricted Subsidiary. 

“Rolled Loan” has the meaning given to the term “Facility A Loan” in the original form of the Credit Facility
Agreement. 
 “Rolled Loan Cash Collateral” has the meaning given to the term “Facility A Cash Collateral” in the
Credit Facility Agreement. 
 “Rolled Loan Cash Collateral Account” has the meaning given to the term “Facility A Cash
Collateral Account” in the Credit Facility Agreement. 
 “Rolled Loan Discharge Date” means the first date on which all
Liabilities in respect of the Rolled Loan have been fully and finally discharged to the satisfaction of the Credit Facility Agent, whether or not as the result of an enforcement. 

“Rolled Loan Facility Lender” means the “Lender” under and as defined in the Credit Facility Agreement of the Rolled
Loan from time to time. 
 “Rolled Loan Release Date” means the first date on which: 

 

	 	(a)	all of the Secured Obligations other than in respect of the Rolled Loan have been fully and finally discharged to the satisfaction of the relevant Creditor Representative(s), whether or not as the result of an
enforcement, and the Secured Parties are under no further obligation to provide financial accommodation to any of the Debtors under the Debt Documents; 

  

	 	(b)	all of the Recoveries that have been received or recovered have been applied in accordance with Clause 19 (Application of proceeds) and the Intercreditor Agent (acting reasonably) does not anticipate any further
Recoveries (other than in respect of the Transaction Security over the Rolled Loan Cash Collateral Account) being received or recovered; 

  

	 	(c)	all of the Transaction Security established pursuant to the Continuing Macau Documents have been released in accordance with the terms of the Debt Documents or enforced in full or the consent of the Secured Parties
required under the terms of the Debt Documents to consent to the release of the Transaction Security established pursuant to the Continuing Macau Documents has been obtained for the Rolled Loan Release Date to otherwise have occurred;

  

	 	(d)	the circumstances described in paragraph (c)(ii) or paragraph (c)(iii) of Clause 15.2 (Instructions to enforce) have occurred; or

 

	 	(e)	the Company is required to repay the Rolled Loan in accordance with clause 8.1 (Illegality) of the Credit Facility Agreement. 

“SCE” means Studio City Entertainment Limited (formerly known as MSC Diversões, Limitada and previously as New Cotai
Entertainment (Macau) Limited), a company incorporated under the laws of the Macau SAR, registered with the Macau Commercial Registry number 27610 SO, with registered office at Rua de Évora, nos 199-207, Edifício Flower City,
1° andar, A1, Taipa, Macau. 
 “SCH5” means Studio City Holdings Five Limited, a BVI business company incorporated
under the laws of the British Virgin Islands (registered number 1789892), whose registered office is at Jayla Place, Wickhams Cay I, Road Town, Tortola, British Virgin Islands. 

  
 27 

 “SCIH” means Studio City International Holdings Limited, a BVI business company
incorporated under the laws of the British Virgin Islands (registered number 399970), whose registered office is at Offshore Incorporation Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands. 

“Secured Obligations” means all the Liabilities and all other present and future liabilities and obligations at any time due,
owing or incurred by any member of the Group and by each Debtor to any Secured Party under (or in connection with) the Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other
capacity. 
 “Secured Obligations Documents” means this Agreement, each Fee Letter, each Credit Facility Document, each Pari
Passu Debt Document and each Hedging Agreement. 
 “Secured Parties” means the Common Security Agent, any Receiver or
Delegate, the Intercreditor Agent and each of the Primary Creditors from time to time but, in the case of each Primary Creditor, only if it (or, in the case of a Pari Passu Noteholder, its Creditor Representative) is a Party or has acceded to this
Agreement in the appropriate capacity pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any
other agreement or arrangement having a similar effect. 
 “Security Documents” means: 

 

	 	(a)	each of the Transaction Security Documents; 

  

	 	(b)	any other document entered into at any time by any of the Debtors or any Security Provider creating any guarantee, indemnity, Security or other assurance against financial loss in favour of any of the Secured Parties as
security for any of the Secured Obligations; and 

  

	 	(c)	any Security granted under any covenant for further assurance in any of the documents referred to in paragraphs (a) and (b) above. 

“Security Property” means: 
  

	 	(a)	the Transaction Security expressed to be granted in favour of the Common Security Agent as trustee for all or any of the Secured Parties and all proceeds of that Transaction Security; 

 

	 	(b)	all obligations expressed to be undertaken by a Debtor or Security Provider to pay amounts in respect of the Liabilities to the Common Security Agent as trustee for all or any of the Secured Parties and secured by the
Transaction Security together with all representations and warranties expressed to be given by a Debtor or a Security Provider in favour of the Common Security Agent as trustee for all or any of the Secured Parties; 

 

	 	(c)	the Common Security Agent’s interest in any trust fund created pursuant to Clause 13 (Turnover of receipts); and 

  

	 	(d)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Common Security Agent is required by the terms of the Debt Documents to hold as trustee on
trust for all or any of the Secured Parties. 

 “Security Provider” means, at any time while any of its assets
are subject to the Transaction Security: 
  

	 	(a)	each of Studio City Holdings Five Limited and Melco Crown (Macau) Limited; and 

  

	 	(b)	any other person that is not a member of the Group that creates or grants any Security in favour of any of the Secured Parties as security for any of the Secured Obligations over any of its assets, 

  
 28 

 which in each case has not ceased to be a Security Provider in accordance with this Agreement.

 “Senior Secured 2019 Note Creditors” means the Senior Secured 2019 Noteholders and the Senior Secured 2019 Note Trustee.

 “Senior Secured 2019 Note Documents” mean the Senior Secured 2019 Note Indenture, the Senior Secured 2019 Notes, the
Common Security Documents, the Transaction Security Documents relating to the Senior Secured 2019 Notes Interest Accrual Account, the Senior Secured 2019 Note Guarantees (whether contained in the Senior Secured 2019 Note Indenture, as a notation of
guarantee attached to the Senior Secured 2019 Notes or otherwise) and this Agreement. 
 “Senior Secured 2019 Note
Guarantees” means the “Note Guarantees” as defined in the Senior Secured 2019 Note Indenture. 
 “Senior Secured
2019 Note Indenture” means the indenture governing the Senior Secured 2019 Notes dated on or about the date of this Agreement and made between, among others, the Senior Secured 2019 Note Trustee, the Company as Pari Passu Note Issuer and
the Senior Secured 2019 Note guarantors and acceded to by the Intercreditor Agent and the Common Security Agent on or about the date of this Agreement. 

“Senior Secured 2019 Note Trustee” means the note trustee in respect of the Senior Secured 2019 Notes. 

“Senior Secured 2019 Noteholders” means the “Holders” as defined in the Senior Secured 2019 Note Indenture. 

“Senior Secured 2019 Notes” means: 
  

	 	(a)	the USD 350,000,000 aggregate principal amount of 5.875% senior secured notes due 2019 issued by the Company as Pari Passu Note Issuer pursuant to the Senior Secured 2019 Note Indenture; and 

 

	 	(b)	any additional senior secured notes issued by the Company as Pari Passu Note Issuer pursuant to the Senior Secured 2019 Note Indenture as part of the same series of the senior secured notes issued under paragraph (a)
above, provided that the incurrence of those notes does not breach the terms of any of the then existing Credit Facility Documents or Pari Passu Debt Documents. 

“Senior Secured 2019 Notes Interest Accrual Account” means the Dollar-denominated note interest accrual account (together with
any sub-accounts or related accounts, including for term deposits, established in connection therewith) established by, and in the name of, the Company in accordance with the terms of the Senior Secured 2019 Note Indenture. 

“Senior Secured 2021 Note Creditors” means the Senior Secured 2021 Noteholders and the Senior Secured 2021 Note Trustee. 

“Senior Secured 2021 Note Documents” mean the Senior Secured 2021 Note Indenture, the Senior Secured 2021 Notes, the Common
Security Documents, the Transaction Security Documents relating to the Senior Secured 2021 Notes Interest Accrual Account, the Senior Secured 2021 Note Guarantees (whether contained in the Senior Secured 2021 Note Indenture, as a notation of
guarantee attached to the Senior Secured 2021 Notes or otherwise) and this Agreement. 

  
 29 

 “Senior Secured 2021 Note Guarantees” means the “Note Guarantees” as
defined in the Senior Secured 2021 Note Indenture. 
 “Senior Secured 2021 Note Indenture” means the indenture governing the
Senior Secured 2021 Notes dated on or about the date of this Agreement and made between, among others, the Senior Secured 2021 Note Trustee, the Company as Pari Passu Note Issuer and the Senior Secured 2021 Note guarantors and acceded to by the
Intercreditor Agent and the Common Security Agent on or about the date of this Agreement. 
 “Senior Secured 2021 Note
Trustee” means the note trustee in respect of the Senior Secured 2021 Notes. 
 “Senior Secured 2021 Noteholders”
means the “Holders” as defined in the Senior Secured 2021 Note Indenture. 
 “Senior Secured 2021 Notes” means:

  

	 	(a)	the USD 850,000,000 aggregate principal amount of 7.250% senior secured notes due 2021 issued by the Company as Pari Passu Note Issuer pursuant to the Senior Secured 2019 Note Indenture; and 

 

	 	(b)	any additional senior secured notes issued by the Company as Pari Passu Note Issuer pursuant to the Senior Secured 2021 Note Indenture as part of the same series of the senior secured notes issued under paragraph (a)
above, provided that the incurrence of those notes does not breach the terms of any of the then existing Credit Facility Documents or Pari Passu Debt Documents. 

“Senior Secured 2021 Notes Interest Accrual Account” means the Dollar-denominated note interest accrual account (together with
any sub-accounts or related accounts, including for term deposits, established in connection therewith) established by, and in the name of, the Company in accordance with the terms of the Senior Secured 2021 Note Indenture. 

“Services and Right to Use Agreement” means the services and right to use agreement dated 11 May 2007 and originally made
between SCE, New Cotai Entertainment, LLC and Melco Crown as amended, restated and supplemented from time to time, including pursuant to a supplemental agreement dated 15 June 2012 made between SCE, Melco Crown and New Cotai Entertainment, LLC.

 “Services and Right to Use Direct Agreement” means the direct agreement dated 26 November 2013 and entered into
between, among others, SCE, Melco Crown and the Common Security Agent in relation to the Services and Right to Use Agreement and the Reimbursement Agreement, as amended or modified from time to time. 

“Silverpoint” means Silver Point Capital, L.P. and any successor to the investment management business thereof. 

“Shareholders’ Agreement” means the shareholders’ agreement dated 27 July 2011 and made between MCE Cotai, New
Cotai, LLC and others (as amended from time to time). 
 “Sponsor Affiliate” means: 

 

	 	(a)	in the case of MCE, MCE and its Subsidiaries (other than any member of the Group); 

  

	 	(b)	in the case of Silverpoint, Silverpoint, each of its Affiliates (other than any member of the Group), any trust of which Silverpoint or any of such Affiliates is a trustee, any partnership of which Silverpoint or any of
such Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the control of, Silverpoint or any of such Affiliates, provided that any such trust, fund or other entity which has been established for at
least 6 months solely for the purpose of making, purchasing or investing in loans or debt securities and which is managed or controlled independently from all other trusts, funds or other entities managed or controlled by Silverpoint or any of such
Affiliates which have been established for the primary or main purpose of investing in the share capital of companies shall not constitute a Sponsor Affiliate; 

  
 30 

	 	(c)	in the case of Oaktree, Oaktree, each of its Affiliates (other than any member of the Group), any trust of which Oaktree or any of such Affiliates is a trustee, any partnership of which Oaktree or any of its Affiliates
is a partner and any trust, fund or other entity which is managed by, or is under the control of, Oaktree or any of such Affiliates, provided that any such trust, fund or other entity which has been established for at least 6 months solely
for the purpose of making, purchasing or investing in loans or debt securities and which is managed or controlled independently from all other trusts, funds or other entities managed or controlled by Oaktree or any of such Affiliates which have been
established for the primary or main purpose of investing in the share capital of companies shall not constitute a Sponsor Affiliate; and 

  

	 	(d)	in the case of a New Sponsor, the New Sponsor, each of its Affiliates (other than any member of the Group), any trust of which the New Sponsor or any of such Affiliates is a trustee, any partnership of which the New
Sponsor or any of its Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the control of, the New Sponsor or any of such Affiliates, provided that any such trust, fund or other entity which has been
established for at least 6 months solely for the purpose of making, purchasing or investing in loans or debt securities and which is managed or controlled independently from all other trusts, funds or other entities managed or controlled by the New
Sponsor or any of such Affiliates which have been established for the primary or main purpose of investing in the share capital of companies shall not constitute a Sponsor Affiliate. 

“Subordinated Creditors” means any direct or indirect shareholder (or affiliate who is not a member of the Group) of the
Parent (and their respective transferees and successors) which has made a loan or financial accommodation to the Parent or any other member of the Group, which is a Party or has acceded to this Agreement in the appropriate capacity pursuant to
Clause 25.3 (Accession and change of Subordinated Creditor) and which in each case has not ceased to be a Subordinated Creditor in accordance with this Agreement. 

“Subordinated Liabilities” means the Liabilities (for the avoidance of doubt, excluding the Bondco Liabilities) owed to the
Subordinated Creditors by the Parent or any other member of the Group under each document or instrument setting out the terms of any credit facility, loan, notes, indenture or debt security or, as the case may be, any undocumented arrangement
(whether by way of book entry or otherwise) establishing the same. 
 “Subsidiary” means, in relation to any company or
corporation, a company or corporation: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which (or, in the case of any company or corporation in which SCH5 owns a Golden Share, more than half the issued share capital of which, excluding for these purposes that
Golden Share from such issued share capital) is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

  

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

  
 31 

 and for this purpose, a company or corporation shall be treated as being controlled by another if
that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body.

“Super Senior Credit Participation” means, in relation to a Credit Facility Lender or a Super Senior Hedge Counterparty, the
aggregate of: 
  

	 	(a)	its aggregate Credit Facility Commitments, if any; 

  

	 	(b)	in respect of any hedging transaction of that Super Senior Hedge Counterparty under any Hedging Agreement that has, as of the date the calculation is made, been terminated or closed out in accordance with the terms of
this Agreement, the amount, if any, payable to it under any Hedging Agreement in respect of that termination or close-out as of the date of termination or close-out (and before taking into account any interest accrued on that amount since the date
of termination or close-out) to the extent that amount is unpaid (that amount to be certified by the relevant Super Senior Hedge Counterparty and as calculated in accordance with the relevant Hedging Agreement) and to the extent it is a Super Senior
Hedging Liability; and 

  

	 	(c)	after the Credit Facility Lender Discharge Date only, in respect of any hedging transaction of that Super Senior Hedge Counterparty under any Hedging Agreement to the extent it constitutes a Super Senior Hedging
Liability that has, as of the date the calculation is made, not been terminated or closed out: 

  

	 	(i)	if the relevant Hedging Agreement is based on an ISDA Master Agreement the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); or 

 

	 	(ii)	if the relevant Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement for which the
relevant Debtor is in a position similar in meaning and effect (under that Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

that amount, in each case, to be certified by the relevant Super Senior Hedge Counterparty and as calculated in accordance with the relevant
Hedging Agreement. 
 “Super Senior Creditors” means the Credit Facility Creditors and the Super Senior Hedge
Counterparties. 
 “Super Senior Discharge Date” means the first date on which all Super Senior Liabilities (other than in
respect of the principal amount of the Rolled Loan) have been fully and finally discharged to the satisfaction of the Credit Facility Agent (in the case of the Credit Facility Liabilities) and each Super Senior Hedge Counterparty (in the case of its
Super Senior Hedging Liabilities), whether or not as the result of an enforcement, and the Super Senior Creditors are under no further obligation to provide financial accommodation to any of the Debtors under the Debt Documents. 

  
 32 

 “Super Senior Hedge Counterparty” means each Hedge Counterparty to the extent it
is owed Super Senior Hedging Liabilities. 
 “Super Senior Hedging Liabilities” means Hedging Liabilities owed to any Hedge
Counterparty in a Common Currency Amount not exceeding such Hedge Counterparty’s Allocated Super Senior Hedging Amount. 

“Super Senior Hedging Amount” means USD5,000,000. 

“Super Senior Hedging Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Super
Senior Hedging Certificate). 
 “Super Senior Liabilities” means the Credit Facility Liabilities and the Super Senior
Hedging Liabilities. 
 “Swap Obligation” shall mean, with respect to any person, any obligation to pay or perform under any
agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1(a)(47) of the Commodity Exchange Act. 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same). 
 “Total Exchange Rate Hedging”
means, at any time, the aggregate of each Hedge Counterparty’s Exchange Rate Hedging at that time. 
 “Total Interest Rate
Hedging” means, at any time, the aggregate of each Hedge Counterparty’s Interest Rate Hedging at that time. 

“Transaction Security” means the Security created or evidenced or expressed to be created or evidenced under or pursuant to
the Security Documents. 
 “Transaction Security Documents” means: 

 

	 	(a)	the Services and Right to Use Direct Agreement; 

  

	 	(b)	each of the documents listed as being a Transaction Security Document in Schedule 4 (Transaction Security Documents); and 

  

	 	(c)	any other document entered into by any Debtor or Security Provider creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Debtors under any of the
Debt Documents, 

 in each case, as amended, supplemented and/or confirmed from time to time 

“Unrestricted Subsidiary” means a Subsidiary of the Parent which has been designated an “Unrestricted Subsidiary”
for the purpose of (and in accordance with) all of the Credit Facility Documents and Pari Passu Debt Documents. 
  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, a reference in this Agreement to: 

  

	 	(i)	any “Ancillary Lender”, “Arranger”, “Bondco”, “Borrower”, “Common Security Agent”, “Credit Facility Agent”,
“Credit Facility Arranger”, “Credit Facility Borrower”, “Credit Facility Creditor”, “Credit Facility Guarantor”, “Credit Facility Lender”,
“Creditor”, “Creditor Representative”, “Debtor”, “Existing Subordination Party”, “Hedge Counterparty”, “Hedging Ancillary Lender”, “High
Yield Note Trustee”, “High Yield Noteholder”, “Intercreditor Agent”, “Intra-Group Lender”, “Issuing Bank”, “Pari Passu Arranger”, “Pari Passu Note
Trustee”, “Pari Passu Noteholder”, “Pari Passu Creditor”, “Pari Passu Debt Creditor”, “Pari Passu Hedge Counterparty”, “Pari Passu Lender”, “Pari
Passu Note Issuer” , “Pari Passu Note Trustee”, “Pari Passu Noteholder” , “Pari Passu Note Issuer”, “Parent”, “Party”, “POA Agent”,
“Primary Creditor”, “Rolled Loan Facility Lender”, “Secured Party”, “Security Provider”, “Senior Secured Note Trustee”, “Senior Secured
Noteholder”, “Senior Secured 2019 Note Creditor”, “Senior Secured 2019 Note Trustee”, “Senior Secured 2019 Noteholder”, “Senior Secured 2021 Note Creditor”, “Senior
Secured 2021 Note Trustee”, “Senior Secured 2021 Noteholder”, “Subordinated Creditor”, “Super Senior Creditor” or “Super Senior Hedge Counterparty” shall be construed to be
a reference to it in its capacity as such and not in any other capacity; 

  
 33 

	 	(ii)	any “Ancillary Lender”, “Arranger”, “Creditor”, “Creditor Representative”, “Debtor”, “Hedge Counterparty”,
“Issuing Bank”, “Party” or “Subordinated Creditor” or the “Common Security Agent”, the “Intercreditor Agent” or the “POA Agent” or any other person
shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Debt Documents and, in the cases of the Common Security Agent and the Intercreditor Agent,
any person for the time being appointed as Common Security Agent, Common Security Agents or Intercreditor Agent (as applicable) in accordance with this Agreement; 

 

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	a “Debt Document” or any other agreement or instrument is (other than a reference to a “Debt Document” or any other agreement or instrument in “original form”) a
reference to that Debt Document, or other agreement or instrument, as amended, novated, supplemented, extended or restated as permitted by this Agreement; 

  

	 	(v)	“enforcing” (or any derivation) the Transaction Security includes: 

  

	 	(A)	the appointment of an administrator, receiver, administrative receiver, liquidator, compulsory manager or supervising or overseeing party (or any analogous officer in any jurisdiction) of a Debtor or Security Provider
by the Common Security Agent; and 

  

	 	(B)	the making of a demand under Clause 21.2 (Parallel debt) by the Security Agent; 

  

	 	(vi)	a “group of Creditors” includes all the Creditors and a “group of Primary Creditors” includes all the Primary Creditors; 

 

	 	(vii)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(viii)	the “original form” of a “Debt Document” or any other agreement or instrument is a reference to that Debt Document, agreement or instrument as originally entered into (save that the
“original form” of the Credit Facility Agreement is a reference to the form of the Credit Facility Agreement as amended and restated by the 2016 Amendment and Restatement Agreement); 

  
 34 

	 	(ix)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not
having separate legal personality); 

  

	 	(x)	“proceeds” of a Distressed Disposal or of a Debt Disposal includes proceeds in cash; 

  

	 	(xi)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
department or of any regulatory, self-regulatory or other authority or organisation; and 

  

	 	(xii)	a provision of law is a reference to that provision as amended or re-enacted. 

  

	 	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(c)	A Default (including an Event of Default) is “continuing” if it has not been remedied or waived in accordance with the relevant Debt Document. An Acceleration Event is “continuing” if
the notice in relation to such Acceleration Event has not been withdrawn , cancelled or otherwise ceased to have effect. 

  

	 	(d)	A Pari Passu Lender or Pari Passu Noteholder providing “cash cover” for a Letter of Credit means a Pari Passu Lender or Pari Passu Noteholder paying an amount in the currency of the Letter of Credit to
an interest-bearing account in the name of the Pari Passu Lender or Pari Passu Noteholder and the following conditions being met: 

  

	 	(i)	the account is with the Issuing Bank; 

  

	 	(ii)	until no amount is or may be outstanding under that Letter of Credit withdrawals from the account may only be made to pay an Issuing Bank amounts due and payable to it under the Credit Facility Documents; and

  

	 	(iii)	the Pari Passu Lender or Pari Passu Noteholder has executed a security document over the account, in form and substance satisfactory to the Issuing Bank with which that account is held, creating a first ranking security
interest over that account. 

  

	 	(e)	References to a Creditor Representative acting on behalf of the Pari Passu Debt Creditors of which it is the Creditor Representative means such Creditor Representative acting on behalf of the Pari Passu Debt Creditors
of which it is the Creditor Representative with the consent of the proportion of such Pari Passu Debt Creditors required under and in accordance with the applicable Pari Passu Debt Documents (provided that if the relevant Pari Passu Debt
Documents do not specify a voting threshold for a particular matter, the threshold will be a simple majority of the outstanding principal amount under those Pari Passu Debt Documents (excluding any Pari Passu Liabilities owned by a member of the
Group or a Sponsor Affiliate)). A Creditor Representative will be entitled to seek instructions from the Pari Passu Debt Creditors of which it is the Credit Representative to the extent required by the applicable Pari Passu Debt Documents, as the
case may be, as to any action to be taken by it under this Agreement. 

  

	 	(f)	In determining whether any Liabilities have been fully and finally discharged, the relevant Creditor Representative (and, if applicable, the Intercreditor Agent or Common Security Agent) shall disregard contingent
liabilities (such as the risk of clawback from a preference claim) except to the extent that it believes (after taking such legal advice as it consider appropriate and acting at the direction of the relevant Creditors) that there is a reasonable
likelihood that those contingent liabilities will become actual liabilities or (with respect to the risk of clawback) if customary comfort documents are delivered to the relevant Creditor Representative (and, if applicable, the Intercreditor Agent
or Common Security Agent) in form and substance satisfactory to it (acting at the direction of the relevant Creditors). 

  
 35 

	 	(g)	Any matter expressed to require the consent or approval of the Credit Facility Lenders (or any specified majority thereof) or the Credit Facility Agent shall only require such consent or approval prior to the Credit
Facility Lender Discharge Date (or, if later, the Rolled Loan Discharge Date) and shall be deemed not to require the consent of any Credit Facility Lender which has been repaid or prepaid in full in accordance with the Credit Facility Agreement.

  

	 	(h)	Any matter expressed to require the consent or approval of any Pari Passu Lenders (or any specified majority thereof) or of the Creditor Representative for any Pari Passu Lenders (acting on the instructions of such Pari
Passu Lenders) in respect of a Pari Passu Facility shall only require such consent or approval on or after such time as that Pari Passu Facility has been made available and prior to the date that would be the Pari Passu Debt Discharge Date if such
term were defined only by reference to the Pari Passu Debt Liabilities and Pari Passu Debt Documents relating to that Pari Passu Facility and shall be deemed not to require the consent of any Pari Passu Lender in respect of that Pari Passu Facility
which has been repaid, prepaid or replaced in full in accordance with the relevant Pari Passu Debt Documents. 

  

	 	(i)	Any matter expressed to require the consent or approval of any Pari Passu Noteholder (or any specified majority thereof) or of the Creditor Representative for any Pari Passu Noteholders (acting on the instructions of
such Pari Passu Noteholders) in respect of any Pari Passu Notes shall only require such consent or approval on or after such time as such Pari Passu Notes have been issued and prior to the date that would be the Pari Passu Debt Discharge Date if
such term were defined only by reference to the Pari Passu Debt Liabilities and Pari Passu Debt Documents relating to those Pari Passu Notes and shall be deemed not to require the consent of any Pari Passu Noteholder in respect of those Pari Passu
Notes which have been redeemed, defeased or otherwise discharged in full in accordance with the relevant Pari Passu Debt Documents. 

  

	 	(j)	Any consent to be given under this Agreement shall mean such consent is to be given in writing, which for the purposes of this Agreement will be deemed to include any instructions, waivers or consents provided through
any applicable clearance system in accordance with the terms of the relevant Debt Document. 

  

	 	(k)	References to any matter being “permitted” under one or more Debt Documents shall include references to such matters not being prohibited or have otherwise been approved under such Debt Documents.

  

	 	(l)	Secured Parties may only benefit from Recoveries to the extent that the Liabilities of such Secured Parties have the benefit of the guarantees or security under which such Recoveries are received and provided
that, in all cases, the rights of such Secured Parties shall in any event be subject to the priorities set out in Clause 19 (Application of proceeds). This shall not prevent a Secured Party benefiting from such Recoveries where it was not
possible as a result of the Agreed Security Principles for the Secured Party to obtain the relevant guarantees or security or affect, in any way, the operation of any other document that is not a Debt Document. 

  
 36 

	 	(m)	In respect of the Services and Right to Use Direct Agreement: 

  

	 	(i)	Pursuant to the 2016 Amendment and Restatement Agreement, the definitions of certain words and expressions set out in the Credit Facility Agreement, the principles of construction and interpretation in clause 1.2
(Construction) of the Credit Facility Agreement and certain clauses and provisions of the Credit Facility Agreement were amended, restated and/or modified (in the Credit Facility Agreement and/or by entry into and restatement in this
Agreement), notwithstanding that such words and expressions, principles of construction and interpretation and clauses and provisions may have been referred to (and the definitions of such words and expressions and principles of construction and
interpretation imported into or stated to apply) in the Services and Right to Use Direct Agreement. Notwithstanding such amendments, restatements and modifications, for the purposes of the Services and Right to Use Direct Agreement (A) such words
and expressions shall have the meanings given to them in the original form of the Credit Facility Agreement (or as subsequently amended from time to time), including to the extent that any such word or expression is defined in the original form of
the Credit Facility Agreement by way of cross reference to a definition or construction provision in this Agreement, (B) such principles of construction and interpretation shall apply as set out in clause 1.2 (Construction) in the original
form of the Credit Facility Agreement (or as subsequently amended from time to time) and (C) such restated clauses and provisions shall continue to apply wherever (and in whichever Secured Obligations Document(s)) they have been restated.

  

	 	(ii)	Further, the Services and Right to Use Direct Agreement continues to apply to the Financial Indebtedness outstanding under the Credit Facility Agreement from time to time and (for the avoidance of doubt) all other
Financial Indebtedness that constitutes Secured Obligations (as defined in this Agreement from time to time), notwithstanding that such other Financial Indebtedness may be documented under a Secured Obligations Document other than the Credit
Facility Agreement, and such other Financial Indebtedness is, for the purposes of the Services and Right to Use Direct Agreement (only) and for so long as it is outstanding, deemed to have been incurred and be outstanding under the Credit Facility
Agreement and that the creditors in respect of such Financial Indebtedness are creditors in respect of that Financial Indebtedness under the Credit Facility Agreement. 

 

	 	(iii)	Without limitation or prejudice to paragraphs (i) and (ii) above, to reflect the intention of the relevant Parties as set out in paragraphs (i) and (ii) above, such Parties agree to the further arrangements set out in
Schedule 5 (Continuing Documents). 

  

	 	(iv)	Without prejudice to paragraph (iii) above, the Services and Right to Use Direct Agreement shall be read and construed for all purposes to give effect to paragraphs (i) and (ii) above such that, to the extent any words,
expressions or references are not expressly referred to in the further arrangements set out in Schedule 5 (Continuing Documents): 

  

	 	(A)	all other words, expressions and references that could reasonably be considered to affect the Secured Parties shall be read and construed as the Intercreditor Agent and the Borrower (each acting reasonably and having
consulted with each Creditor Representative) consider necessary or desirable to give effect to the above and to the principle that the terms of the Services and Right to Use Direct Agreement apply to this Agreement, all Secured Obligations, all
Secured Parties and all Secured Obligations Documents contemplated under or in this Agreement (including, without limitation, pursuant to Clause 2.6 (Additional and/or refinancing debt); 

  
 37 

	 	(B)	in the case that the Services and Right to Use Direct Agreement refers to a requirement of a provision of the Credit Facility Agreement and that requirement has been or is (from time to time) amended, varied or deleted
and not restated in another Secured Obligations Document (including, without limitation, (x) the reference in clause 28.1.2 (Override) of the Services and Right to Use Direct Agreement to paragraph 4.2 (Reimbursement
Agreement) of schedule 7 (Accounts) of the Credit Facility Agreement and (y) the reference in clause 28.1.3 (Override) of the Services and Right to Use Direct Agreement to paragraph 26 of part I of schedule 9 (Events of
Default) of the Credit Facility Agreement), that requirement shall be treated as having been satisfied for the purposes of the Services and Right to Use Direct Agreement; and 

 

	 	(C)	in the case that the Services and Right to Use Direct Agreement refers to a provision of the Credit Facility Agreement that has been or is, from time to time, restated in the Credit Facility Agreement or another Secured
Obligations Document (including this Agreement), the Services and Right to Use Direct Agreement shall be treated as referring to that restated provision. 

  

	 	(n)	In respect of each Continuing Document (other than the Services and Right to Use Direct Agreement): 

  

	 	(i)	Pursuant to the 2016 Amendment and Restatement Agreement, the definitions of certain words and expressions set out in the Credit Facility Agreement, the principles of construction and interpretation in clause 1.2
(Construction) of the Credit Facility Agreement and certain clauses and provisions of the Credit Facility Agreement were amended, restated and/or modified (in the Credit Facility Agreement and/or by entry into and restatement in this
Agreement), notwithstanding that such words and expressions, principles of construction and interpretation and clauses and provisions may have been referred to (and the definitions of such words and expressions and principles of construction and
interpretation imported into or stated to apply) in one or more of the Continuing Documents. Notwithstanding such amendments, restatements and modifications, for the purposes of each Continuing Document (other than the Services and Right to Use
Direct Agreement) (A) such words and expressions shall have the meanings given to them in the original form of the Credit Facility Agreement (or as subsequently amended from time to time in accordance with this Agreement), including to the extent
that any such word or expression is defined in the original form of the Credit Facility Agreement by way of cross reference to a definition or construction provision in this Agreement, (B) such principles of construction and interpretation shall
apply as set out in clause 1.2 (Construction) of the original form of the Credit Facility Agreement (or as subsequently amended from time to time in accordance with this Agreement) and (C) such restated clauses and provisions shall
continue to apply wherever (and in whichever separate Secured Obligations Document(s)) they have been restated. 

  
 38 

	 	(ii)	The Parties that are party to each such Continuing Document hereby acknowledge their agreement that (A) such Continuing Document continues to apply to the Financial Indebtedness outstanding under the Credit Facility
Agreement from time to time and (for the avoidance of doubt) all other Financial Indebtedness that constitutes Secured Obligations (as defined in this Agreement from time to time), notwithstanding that such other Financial Indebtedness may be
documented under a Secured Obligations Document other than the Credit Facility Agreement and (B) such other Financial Indebtedness shall be, for the purposes of that Continuing Document (only, and without prejudice to the other provisions of this
Agreement) and for so long as it is outstanding, treated as having been incurred and outstanding under the Credit Facility Agreement and that the creditors in respect of such Financial Indebtedness are creditors in respect of that Financial
Indebtedness under the Credit Facility Agreement. 

  

	 	(iii)	Without limitation or prejudice to paragraphs (i) and (ii) above, to reflect the intention of the relevant Parties as set out in paragraphs (i) and (ii) above, such Parties agree to the further arrangements set out in
Schedule 5 (Continuing Documents). 

  

	1.3	The Common Security Agent and Intercreditor Agent 

  

	 	(a)	Any reference in a Debt Document to the Common Security Agent providing approval or consent or making a request or direction or determination, or to an item or a person being acceptable to, satisfactory to, to the
satisfaction or approved by or specified by the Common Security Agent, or requiring certain steps or actions to be taken, or the Common Security Agent exercising its discretion to permit or waive any action, or the Common Security Agent disagreeing
with any calculation, are to be construed, unless otherwise specified, as references to the Common Security Agent taking such action or refraining from acting on the instructions of the Intercreditor Agent or, if applicable, the Instructing Group or
any other Creditors or group of Creditors, and where the Common Security Agent is referred to in a Debt Document as acting “reasonably” or in a “reasonable” manner or as coming to an opinion or determination that is
“reasonable” (or any similar or analogous wording is used), unless it is not required to do so, this shall mean that the Common Security Agent, as applicable, shall, where it has in fact sought such instructions, be acting or coming to an
opinion or determination on the instructions of the Intercreditor Agent or, if applicable, the Instructing Group or any other Creditors or group of Creditors acting reasonably and that the Common Security Agent shall be under no obligation to
determine the reasonableness of such instructions from the Intercreditor Agent or, if applicable, the Instructing Group or any other Creditors or group of Creditors or whether in giving such instructions the Intercreditor Agent or, if applicable,
the Instructing Group or any other Creditors or group of Creditors are acting in a reasonable manner. 

  

	 	(b)	Any reference in a Debt Document to the Intercreditor Agent providing approval or consent or making a request or direction or determination, or to an item or a person being acceptable to, satisfactory to, to the
satisfaction or approved by or specified by the Intercreditor Agent, or requiring certain steps or actions to be taken, or the Intercreditor Agent exercising its discretion to permit or waive any action, or the Intercreditor Agent disagreeing with
any calculation, are to be construed, unless otherwise specified, as references to the Intercreditor Agent taking such action or refraining from acting on the instructions of the Instructing Group or any other Creditors or group of Creditors (as
applicable), and where the Intercreditor Agent is referred to in a Debt Document as acting “reasonably” or in a “reasonable” manner or as coming to an opinion or determination that is “reasonable” (or any similar or
analogous wording is used), unless it is not required to do so, this shall mean that the Intercreditor Agent, as applicable, shall, where it has in fact sought such instructions, be acting or coming to an opinion or determination on the instructions
of the Instructing Group or any other Creditors or group of Creditors (as applicable) acting reasonably and that the Intercreditor Agent shall be under no obligation to determine the reasonableness of such instructions from the Instructing Group or
any other Creditors or group of Creditors (as applicable) or whether in giving such instructions the Intercreditor Agent or, if applicable, the Instructing Group or any other Creditors or group of Creditors (as applicable) are acting in a reasonable
manner. 

  
 39 

	1.4	Mergers 

  

	 	(a)	Any entity into which the Common Security Agent may be merged or converted or with which the Common Security Agent may be consolidated, or which results from any merger, conversion or consolidation to with the Common
Security Agent shall be a party, or any succeeding entity, including Affiliates, to which the Common Security Agent shall sell or otherwise transfer: 

  

	 	(i)	all or substantially all of its assets; or 

  

	 	(ii)	all or substantially all of its corporate trust business, 

 shall, on the date when the merger,
conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws become the successor Common Security Agent under this Agreement without the execution or filing of any paper or any further act or formality
on the part of the Parties and after the said effective date all references in this Agreement to the Common Security Agent shall be deemed to be references to such successor entity. 

 

	 	(b)	Any entity into which the Intercreditor Agent may be merged or converted or with which the Intercreditor Agent may be consolidated, or which results from any merger, conversion or consolidation to with the Intercreditor
Agent shall be a party, or any succeeding entity, including Affiliates, to which the Intercreditor Agent shall sell or otherwise transfer: 

  

	 	(i)	all or substantially all of its assets; or 

  

	 	(ii)	all or substantially all of its corporate trust business, 

 shall, on the date when the merger,
conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws become the successor Intercreditor Agent under this Agreement without the execution or filing of any paper or any further act or formality on
the part of the Parties and after the said effective date all references in this Agreement to the Intercreditor Agent shall be deemed to be references to such successor entity. 

 

	1.5	Third party rights 

  

	 	(a)	Unless expressly provided to the contrary in this Agreement, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to
enjoy the benefit of any term of this Agreement. 

  

	 	(b)	Notwithstanding any term of this Agreement, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 

 

	 	(c)	Any Receiver, Delegate, any other person described in paragraph (d) of Clause 7 (Existing Subordination Deed), any other person described in paragraph (b) of Clause 21.11 (Exclusion of liability) or other
person described in paragraph (b) of Clause 23.10 (Exclusion of liability) may, subject to this Clause 1.5 and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it. 

 

	 	(d)	The Third Parties Act shall apply to this Agreement in respect of any Pari Passu Noteholder. For the purposes of paragraph (b) above and this paragraph (d), upon any person becoming a Pari Passu Noteholder, such person
shall be deemed to be a Party to this Agreement and shall be bound by the provisions of this Agreement and be deemed to receive the benefits of this Agreement, and be subject to the terms and conditions hereof, as if such person were a Party hereto.

  
 40 

 Section 2 

Ranking and Primary Creditors 
  

	2.	Ranking and priority 

  

	2.1	Primary Creditor Liabilities 

 Each of the Parties agrees that the Credit Facility
Liabilities, the Hedging Liabilities and the Pari Passu Debt Liabilities owed by the Debtors to the Primary Creditors shall rank in right and priority of payment pari passu and without any preference between them. 

 

	2.2	Transaction Security 

 Each of the Parties agrees that the Transaction Security shall
rank and secure the Credit Facility Liabilities, the Hedging Liabilities and the Pari Passu Debt Liabilities (subject to the terms of this Agreement) pari passu and without any preference between them (but only to the extent that such
Transaction Security is expressed to secure those Liabilities). 
  

	2.3	Subordinated and Intra-Group Liabilities 

  

	 	(a)	Each of the Parties agrees that the Subordinated Liabilities and the Intra-Group Liabilities are postponed and subordinated to the Liabilities owed by the Debtors to the Primary Creditors. 

 

	 	(b)	This Agreement does not purport to rank any of the Subordinated Liabilities or the Intra-Group Liabilities as between themselves. 

  

	2.4	Creditor Representative Amounts 

 Subject to Clause 19 (Application of proceeds)
where applicable, nothing in this Agreement will prevent payment by the Parent or any Debtor of the Creditor Representative Amounts or the receipt and retention of such Creditor Representative Amounts by the relevant Creditor Representative(s). 

 

	2.5	Anti-layering 

 Notwithstanding anything in any Debt Document to the contrary, until the
Pari Passu Debt Discharge Date, no Debtor shall, without the approval of the Required Pari Passu Creditors, issue or allow to remain outstanding any Liabilities that: 
  

	 	(a)	are secured or expressed to be secured by Common Transaction Security on a basis (i) junior to any of the Super Senior Liabilities but (ii) senior to any of the Pari Passu Debt Liabilities;

 

	 	(b)	are expressed to rank so that they are subordinated to any of the Super Senior Liabilities but are senior to any of the Pari Passu Debt Liabilities; or

 

	 	(c)	are contractually subordinated in right of payment to any of the Super Senior Liabilities and senior in right of payment to the Pari Passu Debt Liabilities,

in each case, unless such ranking or subordination arises as a matter of law. 

 

	2.6	Additional and/or refinancing debt 

  

	 	(a)	The Creditors acknowledge that the Debtors (or any of them) may wish to: 

  

	 	(i)	incur additional Borrowing Liabilities and/or Guarantee Liabilities in respect of such additional Borrowing Liabilities; or 

  

	 	(ii)	refinance Borrowing Liabilities and/or Guarantee Liabilities in respect of such additional Borrowing Liabilities, 

  
 41 

 which, in any such case, are intended to rank pari passu with or in priority to any
existing Liabilities (but not in priority to the Super Senior Liabilities) and/or share pari passu with or in priority to any existing Liabilities (but not in priority to the Super Senior Liabilities) in any existing Common Transaction
Security and/or to rank behind any existing Liabilities and/or to share in any existing Common Transaction Security behind such existing Liabilities. 
  

	 	(b)	Subject to Clause 2.5 (Anti-layering), without limiting the generality of any other applicable provision of this Agreement including Clause 25.11 (Accession of Credit Facility Creditors under New Credit
Facilities), the Creditors confirm that if and to the extent a financing or refinancing referred to in paragraph (a) above and such ranking and such Security is not prohibited by the terms of the Debt Documents at such time, they will (at the
cost of the Debtors) co-operate with the Debtors with a view to enabling such financing or refinancing and such sharing in the Common Transaction Security to take place. In particular, but without limitation, each of the Secured Parties hereby
irrevocably authorises and directs each of their Creditor Representatives, the Intercreditor Agent and the Common Security Agent (as applicable) to execute any amendment to this Agreement and such other Debt Documents required to reflect such
arrangements to the extent such financing, refinancing and/or sharing is not prohibited by such Debt Documents. 

  

	3.	Credit Facility Creditors and Credit Facility Liabilities 

  

	3.1	Payment of Credit Facility Liabilities 

  

	 	(a)	Subject to paragraph (b) below and Clause 3.2 (Rolled Loan – restrictions), and without prejudice to any restrictions contained in the Pari Passu Debt Documents (other than this Agreement), the Debtors may
make Payments of the Credit Facility Liabilities at any time in accordance with, and subject to the provisions of, the relevant Credit Facility Documents. 

  

	 	(b)	Subject to paragraph (b) of Clause 12.3 (Set-off) and Clause 19.3 (Treatment of Credit Facility Cash Cover and Credit Facility Lender Cash Collateral), following the occurrence of an Acceleration
Event which is continuing no member of the Group may make Payments of (or in satisfaction of) the Credit Facility Liabilities (save in the case of Liabilities constituting Creditor Representative Amounts) except from Enforcement Proceeds distributed
in accordance with Clause 19 (Application of proceeds), other than any distribution or dividend out of any Debtor’s unsecured assets (pro rata to each unsecured creditor’s claim) made by a liquidator, receiver, administrative
receiver, administrator, compulsory manager or other similar officer appointed in respect of any Debtor or any of its assets, (unless, at any time at which the Intercreditor Agent or Common Security Agent is required to act in accordance with
Enforcement Instructions issued by the Majority Super Senior Creditors pursuant to Clause 15.2 (Instructions to enforce), the Majority Super Senior Creditors give notice to the Intercreditor Agent that the restrictions in each of paragraph
(b) of Clause 3.1 (Payment of Credit Facility Liabilities), paragraph (b) of Clause 4.1 (Payment of Pari Passu Debt Liabilities) and the proviso to Clause 5.2 (Restriction on Payments: Hedging Liabilities) will cease to apply),
provided that in the case where the only Acceleration Event that is continuing is a Credit Facility Acceleration Event, one or more members of the Group may make Payments to effect the Credit Facility Lender Discharge Date (in which case and
conditional upon such event occurring, that Credit Facility Acceleration Event shall be deemed to have ceased to occur for the purposes of this paragraph (b), notwithstanding that a principal amount of the Rolled Loan may be outstanding at such
time). 

  
 42 

	3.2	Rolled Loan – restrictions 

  

	 	(a)	The provisions of this Clause 3.2 shall override anything in this Agreement or the other Debt Documents to the contrary. No amendment or waiver may be made that has the effect of changing or which relates to this Clause
3.2 without the consent of each Pari Passu Note Trustee on behalf of the Pari Passu Noteholders in respect of which it is the Creditor Representative, the Pari Passu Lenders, the Intercreditor Agent and the Rolled Loan Facility Lender.

  

	 	(b)	Each Debtor and the Rolled Loan Facility Lender agrees for the benefit of the Secured Parties that, unless and until the Rolled Loan Release Date has occurred: 

 

	 	(i)	in the case of each Debtor, it shall not (and it shall procure that no member of the Group and none of their other Affiliates will) make Payments (or encourage any other person to make Payments) of (or in satisfaction
of) or exercise any set off against the Liabilities in respect of the principal amount of the Rolled Loan (other than Payment of the Rolled Loan at its maturity as set out in the Credit Facility Agreement (the “Permitted Rolled Loan
Payment”)) and, in the case of the Rolled Loan Facility Lender, it shall not accept any such Payments (or encourage any person to make such Payments or accept such Payments on its behalf) of (or in satisfaction of) or exercise any set off
in respect of the Liabilities in respect of the principal amount of the Rolled Loan owed to it (other than the Permitted Rolled Loan Payment), in each case except from Enforcement Proceeds distributed in accordance with Clause 19 (Application of
proceeds), other than any distribution or dividend out of any Debtor’s unsecured assets (pro rata to each unsecured creditor’s claim) made by a liquidator, receiver, administrative receiver, administrator, compulsory manager or
other similar officer appointed in respect of any Debtor or any of its assets; 

  

	 	(ii)	in the case of the Company, it shall not make or take any steps to make any withdrawal from the Rolled Loan Cash Collateral Account other than to directly facilitate the making of the Permitted Rolled Loan Payment or to
reimburse itself after having made the Permitted Rolled Loan Payment; 

  

	 	(iii)	in the case of each Debtor, it shall not (and it shall procure that no member of the Group and none of their other Affiliates will) purchase or offer to purchase any interest in the Rolled Loan; 

 

	 	(iv)	in the case of the Rolled Loan Facility Lender, it shall not knowingly transfer or assign all or any interest in the Rolled Loan to a Sponsor Affiliate; 

 

	 	(v)	it shall not amend the terms of the Credit Facility Documents with respect to the Rolled Loan if the amendment would be an amendment to the amount or terms of repayment or prepayment (mandatory or otherwise) of all or
part of the Rolled Loan, if the amendment would be an amendment to any date of repayment or prepayment (mandatory or otherwise) of the Rolled Loan so as to provide for the earlier repayment or prepayment of all or part of the Rolled Loan or to
establish any right of the Rolled Loan Facility Lender to demand the prepayment of the Rolled Loan in addition to any rights contained in the original form of the Credit Facility Agreement (or to waive or amend the conditionality contained in the
original form of the Credit Facility Agreement with respect to such rights in a manner that would be adverse to the interests of the Pari Passu Creditors); and 

  
 43 

	 	(vi)	in the case of the Rolled Loan Facility Lender, it shall not take any Enforcement Action in respect of the principal amount of the Rolled Loan or any Transaction Security in respect of the Rolled Loan Cash Collateral
Account (i) other than after the occurrence of an Insolvency Event in relation to the Company in which case it reserves its rights to be able to exercise any right it may otherwise have to (x) accelerate the Rolled Loan or declare the Rolled Loan
prematurely due and payable or payable on demand or (y) claim and prove in the liquidation of the Company for the principal amount of the Rolled Loan or (ii) in the case of a failure by the Company to make the Permitted Rolled Loan Payment in
accordance with the terms of the Credit Facility Agreement and provided that no Common Transaction Initial Enforcement Notice has been delivered pursuant to Clause 15.2 (Instructions to enforce), unless and until the date falling six
(6) months after the date of such failure has occurred. 

  

	 	(c)	In the case of a Payment made and purported to have effect in breach of the provisions of paragraph (b)(i) above, such purported effect shall be void and deemed not to have occurred and shall instead be deemed an
advance by the relevant payer (or, if such payer is not a Party, an advance by the Company) of a loan in an amount equal to the amount of such Payment to the Rolled Loan Facility Lender, such loan being immediately repayable by the Rolled Loan
Facility Lender and the Rolled Loan Facility Lender undertakes for the benefit of the other Secured Parties to repay such loan as soon as reasonably practicable. 

  

	 	(d)	In the case of a purported set off in respect of the Liabilities in respect of the principal amount of the Rolled Loan that would be in breach of paragraph (b)(i) above, such purported set off shall be void and deemed
not to have occurred. 

  

	 	(e)	In the case of a purported transfer or assignment or purchase of any other interest in the Rolled Loan that would be in breach of paragraph (b)(iii) above, such purported transfer or assignment or purchase shall be void
and deemed not to have occurred. 

  

	 	(f)	In the case of a transfer or assignment or purchase of any other interest in the Rolled Loan by a Sponsor Affiliate on or before the Rolled Loan Release Date, to the extent that such Sponsor Affiliate is a Party or
becomes a Party, that Sponsor Affiliate agrees to promptly on request by the Intercreditor Agent transfer all of its interests in the Rolled Loan to a person nominated by the Intercreditor Agent (acting on the instructions of any Secured Party that
is not a member of the Group or a Sponsor Affiliate (and, in the case of the receipt of instructions from more than one such Secured Party, on the basis of the first instructions received)) for one Hong Kong dollar (HK$1) and on such other terms as
the Intercreditor Agent (acting on the instructions of any Secured Party that is not a member of the Group or a Sponsor Affiliate) may stipulate (and, in the case of the receipt of instructions from more than one such Secured Party, on the basis of
the first instructions received). 

  

	 	(g)	The Intercreditor Agent shall not authorise any withdrawal from the Rolled Loan Cash Collateral Account on or before the Rolled Loan Release Date. 

 

	 	(h)	In the case of a failure by the Company to make the Permitted Rolled Loan Payment in accordance with the terms of the Credit Facility Agreement, the provisions of Clause 6.1 (Option to purchase: Pari Passu Debt
Creditors) shall apply mutatis mutandis as if such failure were a Distress Event, that provision applied only to the Rolled Loan Facility Lender’s rights, benefits and obligations in respect of the Rolled Loan and paragraph (c) of
Clause 6.1 (Option to purchase: Pari Passu Debt Creditors) did not apply. 

  

	 	(i)	No Debtor shall be released from the liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation of this Clause 3.2 even if its obligation to
make that Payment is restricted at any time by the terms of this Clause 3.2. 

  
 44 

	3.3	Security: Credit Facility Creditors 

  

	 	(a)	Other than as set out in this Clause 3.3, no Debtor shall (and each Debtor shall procure that no member of the Group will) grant to any of the Credit Facility Creditors the benefit of any Security in respect of that
Credit Facility Creditor’s Secured Obligations or otherwise permit such Security to subsist. 

  

	 	(b)	Other than as set out in Clause 3.5 (Security: Ancillary Lenders and Issuing Banks) and without prejudice to paragraph (c) below, the Credit Facility Creditors may take, accept or receive the benefit of any
Security in respect of the Credit Facility Liabilities from any member of the Group in addition to the Common Transaction Security that (except for any Security permitted under Clause 3.5 (Security: Ancillary Lenders and Issuing Banks)) to
the extent legally possible and subject to any Agreed Security Principles is, at the same time, also offered either: 

  

	 	(i)	to the Common Security Agent as trustee for the other Secured Parties in respect of their Liabilities; or 

  

	 	(ii)	in the case of any jurisdiction in which effective Security cannot be granted in favour of the Common Security Agent as trustee for the Secured Parties: 

 

	 	(A)	to the other Secured Parties in respect of their Liabilities; or 

  

	 	(B)	to the Common Security Agent under a parallel debt structure for the benefit of the other Secured Parties, 

and ranks in the same order of priority as that contemplated in Clause 2.2 (Transaction Security), provided that all amounts
received or recovered by any Secured Party with respect to such Security are immediately payable to the Common Security Agent to be held in accordance with this Agreement and applied in accordance with Clause 19 (Application of proceeds).

  

	 	(c)	The Rolled Loan Facility Lender may take, accept or receive the benefit of Security over the Rolled Loan Cash Collateral Account. 

  

	3.4	Guarantees: Credit Facility Creditors 

  

	 	(a)	Other than as set out in this Clause 3.4, no Debtor shall (and each Debtor shall procure that no member of the Group will) incur or allow to remain outstanding any guarantee, indemnity or other assurance against loss in
respect of the Credit Facility Creditors’ Secured Obligations. 

  

	 	(b)	Other than as set out in Clause 3.5 (Security: Ancillary Lenders and Issuing Banks), the Credit Facility Creditors may take, accept or receive the benefit of any guarantee, indemnity or other assurance against
loss from any member of the Group in respect of the Credit Facility Liabilities in addition to those in: 

  

	 	(i)	the original form of the Credit Facility Agreement; or 

  

	 	(ii)	this Agreement; or 

  

	 	(iii)	the original form of Mandate Documents (as defined in the Credit Facility Agreement) (or any equivalent provision in any mandate documents, commitment and fee letters entered into in connection with any additional
Credit Facility made available under the Credit Facility Agreement after the date of this Agreement and which is similar in meaning and effect); or 

  
 45 

	 	(iv)	the original form of the Rolled Loan Cash Collateral; or 

  

	 	(v)	any fee letter in respect of fees payable to the Credit Facility Agent or any Credit Facility Arranger; or 

  

	 	(vi)	any Common Assurance, 

 if (except for any guarantee, indemnity or other assurance against loss
permitted under Clause 3.5 (Security: Ancillary Lenders and Issuing Banks)) and to the extent legally possible and subject to any Agreed Security Principles, at the same time it is also offered to the other Secured Parties in respect of their
Liabilities and ranks in the same order of priority as that contemplated in Clause 2 (Ranking and priority) and all amounts received or recovered by any Secured Party with respect to such guarantee, indemnity or other assurance against loss
on or after an Acceleration Event which is continuing are immediately payable to the Common Security Agent to be held in accordance with this Agreement and applied in accordance with Clause 19 (Application of proceeds). 

 

	3.5	Security: Ancillary Lenders and Issuing Banks 

 No Ancillary Lender or Issuing Bank will,
unless the prior consent of the Majority Super Senior Creditors and the Required Pari Passu Creditors is obtained, take, accept or receive from any member of the Group the benefit of any Security, guarantee, indemnity or other assurance against loss
in respect of any of the Liabilities owed to it other than: 
  

	 	(a)	the Common Transaction Security; 

  

	 	(b)	each guarantee, indemnity or other assurance against loss contained in: 

  

	 	(i)	the original form of the Credit Facility Agreement; 

  

	 	(ii)	this Agreement; or 

  

	 	(iii)	any Common Assurance; 

  

	 	(c)	indemnities and assurances against loss contained in the Ancillary Documents no greater in extent than any of those referred to in paragraph (b) above; 

 

	 	(d)	any Credit Facility Cash Cover permitted under the Credit Facility Documents relating to any Ancillary Facility or for any Letter of Credit issued by the Issuing Bank; 

 

	 	(e)	the indemnities contained in an ISDA Master Agreement (in the case of a Hedging Ancillary Document which is based on an ISDA Master Agreement) or any indemnities which are similar in meaning and effect to those
indemnities (in the case of a Hedging Ancillary Document which is not based on an ISDA Master Agreement); or 

  

	 	(f)	any Security, guarantee, indemnity or other assurance against loss giving effect to, or arising as a result of the effect of, any netting or set-off arrangement relating to the Ancillary Facilities for the purpose of
netting debit and credit balances arising under the Ancillary Facilities. 

  

	3.6	Restriction on Enforcement: Ancillary Lenders and Issuing Banks 

 Subject to Clause 3.7
(Permitted Enforcement: Ancillary Lenders and Issuing Banks), so long as any of the Super Senior Liabilities (other than any Liabilities owed to the Ancillary Lenders or Issuing Banks) are or may be outstanding, none of the Ancillary Lenders
nor the Issuing Banks shall be entitled to take any Enforcement Action in respect of any of the Liabilities owed to it. 

  
 46 

	3.7	Permitted Enforcement: Ancillary Lenders and Issuing Banks 

  

	 	(a)	Each Ancillary Lender and Issuing Bank may take Enforcement Action which would be available to it but for Clause 3.6 (Restriction on Enforcement: Ancillary Lenders and Issuing Banks) if: 

 

	 	(i)	at the same time as, or prior to, that action, Enforcement Action has been taken in respect of the Credit Facility Liabilities (excluding the Liabilities owing to Ancillary Lenders and the Issuing Banks), in which case
the Ancillary Lenders and the Issuing Banks may take the same Enforcement Action as has been taken in respect of those Credit Facility Liabilities; 

  

	 	(ii)	on or prior to the Credit Facility Lender Discharge Date, that action is contemplated by the Credit Facility Agreement or Clause 3.5 (Security: Ancillary Lenders and Issuing Banks); 

 

	 	(iii)	after the Credit Facility Lender Discharge Date, that action is contemplated by the Credit Facility Agreement or Clause 3.5 (Security: Ancillary Lenders and Issuing Banks); 

 

	 	(iv)	that Enforcement Action is taken in respect of Credit Facility Cash Cover which has been provided in accordance with the Credit Facility Agreement; 

 

	 	(v)	at the same time as or prior to, that action, the consent of the Majority Super Senior Creditors is obtained; or 

  

	 	(vi)	an Insolvency Event has occurred in relation to any member of the Group, in which case after the occurrence of that Insolvency Event, each Ancillary Lender and each Issuing Bank shall be entitled (if it has not already
done so) to exercise any right it may otherwise have in respect of that member of the Group to: 

  

	 	(A)	accelerate any of that member of the Group’s Credit Facility Liabilities or declare them prematurely due and payable on demand; 

 

	 	(B)	make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Credit Facility Liabilities; 

 

	 	(C)	exercise any right of set-off or take or receive any Payment in respect of any Credit Facility Liabilities of that member of the Group; or 

 

	 	(D)	claim and prove in the liquidation of that member of the Group for the Credit Facility Liabilities owing to it. 

  

	3.8	Amendments and waivers: Credit Facility Agreement 

  

	 	(a)	The Credit Facility Lenders agree for the benefit of the other Secured Parties that they shall not, prior to the Pari Passu Discharge Date, amend (i) the terms of paragraphs (k) or (l) of clause 1.2
(Construction) of the original form of the Credit Facility Agreement, (ii) the definitions of “Secured Obligations”, “Secured Obligations Documents”, “Secured Parties”, “Security Agent”, “Services
and Right to Use Direct Agreement”, “Account”, “Completion Support Release Date”, “Continuing Documents”, “Debt Service Accrual Account”, “Debt Service Reserve Account”, “Direct
Agreement”, “Equity”, “Excess Cashflow”, “First Utilisation”, “Gaming Area”, “Group Insured”, “Hedging Agreement”, “Hedging Liabilities”, “High Yield Note Disbursement
Agreement”, “High Yield Note Interest Reserve Account”, “High Yield Net Proceeds Account”, “Insurance Policy”, “Major Project Documents”, “Permitted Distribution”, “Pledge of
Enterprise”, “Repayment Instalment”, “Representative”, “Specific Contracts”, “Subordinated Creditor”, “Subordinated Debt”, “Subordination Deed” and “Term Loan Facility” each
as set out in the original form of the Credit Facility Agreement or (iii) the proviso to the definition of any of the following defined terms: “Agent”, “Event of Default”, “Facility”, “Finance Document”,
“Finance Party” or “Lender” each as set out in the original form of the Credit Facilities Agreement, in each case unless: 

  

	 	(i)	the amendment or waiver is of a minor, technical or administrative nature or corrects a manifest error and is not prejudicial to the Pari Passu Creditors (taken as a whole); or 

 

	 	(ii)	the prior consent of the Required Pari Passu Creditors is obtained. 

  
 47 

	 	(b)	The Credit Facility Lenders further agree for the benefit of the other Secured Parties that they shall not, prior to the Pari Passu Discharge Date, otherwise amend clause 1.2 (Construction) of the Credit Facility
Agreement in a manner that could reasonably be considered to be (i) inconsistent with the arrangements contemplated in paragraphs (m) or (n) of Clause 1.2 (Construction) or Clause 32 (Services and Right to Use Direct Agreement) or (ii)
materially prejudicial to the interests of the Secured Parties (taken as a whole) in respect of clauses 11 (Secured Parties’ Enforcement Action) to 19 (Statement of Secured Obligations) (inclusive) of the Services and Right to Use
Direct Agreement. 

  

	 	(c)	The Debtors and the Credit Facility Creditors agree that the reference in paragraph (1) of the definition of “Permitted Liens” in schedule 11 (Definitions) to Indebtedness Incurred pursuant to section
4(b)(i) of schedule 10 (Covenants) of the Credit Facility Agreement shall be read and construed as a reference to Indebtedness Incurred pursuant to clause (A)(x) of that section, only. 

 

	4.	Pari Passu Debt Creditors and Pari Passu Debt Liabilities 

  

	4.1	Payment of Pari Passu Debt Liabilities 

  

	 	(a)	Subject to paragraph (b) below, and without prejudice to any restrictions contained in the Credit Facility Documents (other than this Agreement), the Debtors may make Payments of the Pari Passu Debt Liabilities at any
time in accordance with, and subject to the provisions of, the Pari Passu Debt Documents. 

  

	 	(b)	Following the occurrence of an Acceleration Event which is continuing (until the occurrence of the later of the Super Senior Discharge Date and the Rolled Loan Discharge Date), no member of the Group may make Payments
of (or in satisfaction of) the Pari Passu Debt Liabilities (save in the case of Liabilities constituting Creditor Representative Amounts) except from Enforcement Proceeds distributed in accordance with Clause 19 (Application
of proceeds), other than any distribution or dividend out of any Debtor’s unsecured assets (pro rata to each unsecured creditor’s claim) made by a liquidator, receiver, administrative receiver, administrator, compulsory manager
or other similar officer appointed in respect of any Debtor or any of its assets, (unless, at any time at which the Common Security Agent is required to act in accordance with Enforcement Instructions issued by the Majority Super Senior Creditors
pursuant to Clause 15.2 (Instructions to enforce), the Majority Super Senior Creditors give notice to the Intercreditor Agent that the restrictions in each of paragraph (b) of Clause 3.1 (Payment of Credit Facility Liabilities),
paragraph (b) of Clause 4.1 (Payment of Pari Passu Debt Liabilities) and the proviso to Clause 5.2 (Restriction on Payments: Hedging Liabilities) will cease to apply), provided that any amount standing to the credit of a Pari
Passu Facility Debt Service Reserve Account or a Pari Passu Notes Interest Accrual Account as at the date of the Acceleration Event may be applied in payment of interest and other scheduled debt servicing in accordance with the terms of the
applicable Pari Passu Debt Document(s). 

  
 48 

	4.2	Security: Pari Passu Debt Creditors 

  

	 	(a)	Other than as set out in this Clause 4.2, no Debtor shall (and each Debtor shall procure that no member of the Group will) grant to any of the Pari Passu Debt Creditors the benefit of any Security in respect of that
Pari Passu Debt Creditor’s Secured Obligations or otherwise permit such Security to subsist. 

  

	 	(b)	Without prejudice to paragraphs (c) to (f) below, the Pari Passu Debt Creditors may take, accept or receive the benefit of any Security in respect of the Pari Passu Debt Liabilities from any member of the Group in
addition to the Common Transaction Security that to the extent legally possible and subject to any Agreed Security Principles is, at the same time, also offered either: 

 

	 	(i)	to the Common Security Agent as trustee for the other Secured Parties in respect of their Liabilities; or 

  

	 	(ii)	in the case of any jurisdiction in which effective Security cannot be granted in favour of the Common Security Agent as trustee for the Secured Parties: 

 

	 	(A)	to the other Secured Parties in respect of their Liabilities; or 

  

	 	(B)	to the Common Security Agent under a parallel debt structure for the benefit of the other Secured Parties, 

and (subject to the terms of this Agreement) ranks in the same order of priority as that contemplated in Clause 2.2 (Transaction
Security), provided that all amounts received or recovered by any Secured Party with respect to such Security are immediately payable to the Common Security Agent to be
held in accordance with this Agreement and applied in accordance with Clause 19 (Application of proceeds). 
  

	 	(c)	The Senior Secured 2019 Note Creditors may take, accept or receive the benefit of Security over the Senior Secured 2019 Notes Interest Accrual Account. 

 

	 	(d)	The Senior Secured 2021 Note Creditors may take, accept or receive the benefit of Security over the Senior Secured 2021 Notes Interest Accrual Account. 

 

	 	(e)	The Pari Passu Debt Creditors in respect of a series of Pari Passu Notes (other than the Senior Secured 2019 Notes and the Senior Secured 2021 Notes) may take, accept or receive the benefit of Security over the Pari
Passu Notes Interest Accrual Account relating to such series of Pari Passu Notes. 

  

	 	(f)	The Pari Passu Debt Creditors in respect of a Pari Passu Facility may take, accept or receive the benefit of Security over the Pari Passu Facility Debt Service Reserve Account relating to such Pari Passu Facility.

  

	4.3	Guarantees: Pari Passu Debt Creditors 

  

	 	(a)	Other than as set out in this Clause 4.3, no Debtor shall (and each Debtor shall procure that no member of the Group will) incur or allow to remain outstanding any guarantee, indemnity or other assurance against loss in
respect of the Pari Passu Debt Creditors’ Secured Obligations. 

  
 49 

	 	(b)	The Pari Passu Debt Creditors may take, accept or receive the benefit of any guarantee, indemnity or other assurance against loss from any member of the Group in respect of the Pari Passu Debt Liabilities in addition to
those in: 

  

	 	(i)	the original forms of the Senior Secured 2019 Note Indenture, the Senior Secured 2019 Notes, the Senior Secured 2019 Note Guarantees, the Senior Secured 2021 Note Indenture, the Senior Secured 2021 Notes and the Senior
Secured 2021 Note Guarantees or any Equivalent Provision in a Pari Passu Note Indenture or Pari Passu Facility Agreement; or 

  

	 	(ii)	this Agreement; or 

  

	 	(iii)	the original form of any Transaction Security Agreement in respect of any Credit-Specific Transaction Security applicable to such Pari Passu Debt Liabilities entered into on or about the date of this Agreement (or any
substantially equivalent guarantee, indemnity or other assurance against loss in any other Transaction Security Agreement in respect of any Credit-Specific Transaction Security applicable to such Pari Passu Debt Liabilities); or 

 

	 	(iv)	any Common Assurance, 

 if and to the extent legally possible and subject to any Agreed
Security Principles at the same time it also offered to the other Secured Parties in respect of their respective Liabilities and (subject to the terms of this Agreement) ranks in the same order of priority as that contemplated in Clause 2
(Ranking and priority) and all amounts received or recovered by any Secured Party with respect to such guarantee, indemnity or other assurance against loss on or after an Acceleration Event which is continuing are immediately payable to the
Common Security Agent to be held in accordance with this Agreement and applied in accordance with Clause 19 (Application of proceeds). 
  

	5.	Hedge Counterparties and Hedging Liabilities 

  

	5.1	Identity of Hedge Counterparties 

  

	 	(a)	Subject to paragraph (b) below, no entity providing hedging arrangements to any Debtor shall be entitled to share in any of the Transaction Security or in the benefit of any guarantee or indemnity in respect of any of
the liabilities and obligations arising in relation to those hedging arrangements nor shall those liabilities and obligations be treated as Hedging Liabilities unless that entity is or becomes a Party as a Hedge Counterparty. 

 

	 	(b)	Paragraph (a) above shall not apply to a Hedging Ancillary Lender. 

  

	5.2	Restriction on Payments: Hedging Liabilities 

 The Debtors shall not, and shall procure
that no other member of the Group will, make any Payment of the Hedging Liabilities at any time unless: 
  

	 	(a)	that Payment is permitted under Clause 5.3 (Permitted Payments: Hedging Liabilities); or 

  

	 	(b)	the taking or receipt of that Payment is permitted under paragraph (b) of Clause 5.9 (Permitted Enforcement: Hedge Counterparties), 

  
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 provided that (unless, at any time at which the Common Security Agent is required to act
in accordance with Enforcement Instructions issued by the Majority Super Senior Creditors pursuant to Clause 15.2 (Instructions to enforce), the Majority Super Senior Creditors give notice to the Security Agent that the restrictions
in each of paragraph (b) of Clause 3.1 (Payment of Credit Facility Liabilities), paragraph (b) of Clause 4.1 (Payment of Pari Passu Debt Liabilities) and this proviso will cease to apply), following the occurrence of an
Acceleration Event which is continuing (until the occurrence of the later of the Super Senior Discharge Date and the Rolled Loan Discharge Date), no member of the Group may make Payments of the Hedging Liabilities except from Enforcement Proceeds
distributed in accordance with Clause 19 (Application of proceeds), other than any distribution or dividend out of any Debtor’s unsecured assets (pro rata to each unsecured creditor’s claim) made by a liquidator, receiver,
administrative receiver, administrator, compulsory manager or other similar officer appointed in respect of any Debtor or any of its assets. 
  

	5.3	Permitted Payments: Hedging Liabilities 

  

	 	(a)	Subject to paragraph (b) below, the Debtors may make Payments to any Hedge Counterparty in respect of the Hedging Liabilities then due to that Hedge Counterparty under any Hedging Agreement in accordance with the terms
of that Hedging Agreement: 

  

	 	(i)	if the Payment is a scheduled Payment arising under the relevant Hedging Agreement; 

  

	 	(ii)	to the extent that the relevant Debtor’s obligation to make the Payment arises as a result of the operation of: 

  

	 	(A)	any of sections 2(d) (Deduction or Withholding for Tax), 2(e) (Default Interest; Other Amounts), 8(a) (Payment in the Contractual Currency),
8(b) (Judgments) and 11 (Expenses) of the 1992 ISDA Master Agreement (if the Hedging Agreement is based on a 1992 ISDA Master Agreement); 

  

	 	(B)	any of sections 2(d) (Deduction or Withholding for Tax), 8(a) (Payment in the Contractual Currency), 8(b) (Judgments), 9(h)(i) (Prior to
Early Termination) and 11 (Expenses) of the 2002 ISDA Master Agreement (if the Hedging Agreement is based on a 2002 ISDA Master Agreement); or 

  

	 	(C)	any provision of a Hedging Agreement which is similar in meaning and effect to any provision listed in paragraphs (A) or (B) above (if the Hedging Agreement is not based on an ISDA Master Agreement); 

 

	 	(iii)	to the extent that the relevant Debtor’s obligation to make the Payment arises from a Non-Credit Related Close-Out; 

  

	 	(iv)	to the extent that: 

  

	 	(A)	the relevant Debtor’s obligation to make the Payment arises from: 

  

	 	(1)	a Credit Related Close-Out in relation to that Hedging Agreement; or 

  

	 	(2)	a Permitted Automatic Early Termination under that Hedging Agreement which arises as a result of an event relating to a Debtor; and 

  

	 	(B)	no Event of Default is continuing at the time of that Payment or would result from that Payment; 

  
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	 	(v)	to the extent that no Event of Default is continuing or would result from that Payment and the relevant Debtor’s obligation to make the Payment arises as a result of a close-out or termination arising as a result
of: 

  

	 	(A)	section 5(a)(vii) (Bankruptcy) of the 1992 ISDA Master Agreement (if the relevant Hedging Agreement is based on a 1992 ISDA Master Agreement) and the Event of Default (as defined in the relevant Hedging
Agreement) has occurred with respect to the relevant Hedge Counterparty; 

  

	 	(B)	section 5(a)(vii) (Bankruptcy) of the 2002 ISDA Master Agreement (if the relevant Hedging Agreement is based on a 2002 ISDA Master Agreement) and the Event of Default (as defined in the relevant Hedging
Agreement) has occurred with respect to the relevant Hedge Counterparty; 

  

	 	(C)	any provision of a Hedging Agreement which is similar in meaning and effect to any provision listed in paragraphs (A) or (B) above (if the Hedging Agreement is not based on an ISDA Master Agreement) and the equivalent
event of default has occurred with respect to the relevant Hedge Counterparty; or 

  

	 	(D)	the relevant Debtor terminating or closing-out the relevant Hedging Agreement as a result of a Hedging Force Majeure and the Termination Event (as defined in the relevant Hedging Agreement in the case of a Hedging
Agreement based on an ISDA Master Agreement) or the equivalent termination event (in the case of a Hedging Agreement not based on an ISDA Master Agreement) has occurred with respect to the relevant Hedge Counterparty; or 

 

	 	(vi)	if the Majority Super Senior Creditors and the Required Pari Passu Creditors give prior consent to the Payment being made. 

  

	 	(b)	No Payment may be made to a Hedge Counterparty under paragraph (a) above if any scheduled Payment due from that Hedge Counterparty to a Debtor under a Hedging Agreement to which they are both party is due and unpaid
unless the prior consent of the Majority Super Senior Creditors and the Required Pari Passu Creditors is obtained. For the avoidance of doubt, this provision shall not affect any Payment which is due from a Hedge Counterparty to a Debtor pursuant to
a Hedging Agreement to which that Hedge Counterparty and Debtor are both party and which is being terminated or closed out. 

  

	 	(c)	Failure by a Debtor to make a Payment to a Hedge Counterparty which results solely from the operation of paragraph (b) above shall, without prejudice to Clause 5.4 (Payment obligations continue), not result in a
default (however described) in respect of that Debtor under that Hedging Agreement. 

  

	5.4	Payment obligations continue 

 No Debtor shall be released from the liability to make any
Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation of Clauses 5.2 (Restriction on Payment: Hedging Liabilities) and 5.3
(Permitted Payments: Hedging Liabilities) even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses. 

  
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	5.5	No acquisition of Hedging Liabilities 

 The Debtors shall not, and shall procure that no
other member of the Group will: 
  

	 	(a)	enter into any Liabilities Acquisition; or 

  

	 	(b)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition, 

in respect of any of the Hedging Liabilities, unless the prior consent of the Majority Super Senior Creditors and the Required Pari Passu
Creditors is obtained. 
  

	5.6	Amendments and waivers: Hedging Agreements 

  

	 	(a)	Subject to paragraph (b) below, the Hedge Counterparties may not, at any time, amend or waive any term of the Hedging Agreements. 

  

	 	(b)	A Hedge Counterparty may amend or waive any term of a Hedging Agreement in accordance with the terms of that Hedging Agreement if the amendment or waiver (i) does not breach another term of this Agreement and (ii) would
not result in a breach of the Credit Facility Agreement or any Pari Passu Debt Document. 

  

	5.7	Security: Hedge Counterparties 

 The Hedge Counterparties may not take, accept or receive
the benefit of any Security, guarantee, indemnity or other assurance against loss from any member of the Group in respect of the Hedging Liabilities other than: 
  

	 	(a)	the Common Transaction Security; 

  

	 	(b)	any guarantee, indemnity or other assurance against loss contained in: 

  

	 	(i)	the original form of Clause 5.15 (Hedge Counterparties’ guarantee and indemnity) and Schedule 9 (Hedge Counterparties’
guarantee and indemnity); 

  

	 	(ii)	this Agreement (other than Clause 5.15 (Hedge Counterparties’ guarantee and indemnity) and Schedule 9 (Hedge Counterparties’ guarantee and indemnity)); 

 

	 	(iii)	any Common Assurance; or 

  

	 	(iv)	the relevant Hedging Agreement no greater in extent than any of those referred to in paragraphs (i) to (iii) above; 

  

	 	(c)	as otherwise contemplated by Clauses 3.3 (Security: Credit Facility Creditors), 3.4 (Guarantees: Credit Facility Creditors), 4.2 (Security: Pari Passu Debt Creditors); and 4.3 (Guarantees: Pari
Passu Debt Creditors); and 

  

	 	(d)	the indemnities contained in the ISDA Master Agreements (in the case of a Hedging Agreement which is based on an ISDA Master Agreement) or any indemnities which are similar in meaning and effect to those indemnities (in
the case of a Hedging Agreement which is not based on an ISDA Master Agreement). 

  

	5.8	Restriction on Enforcement: Hedge Counterparties 

 Subject to Clause
5.9 (Permitted Enforcement: Hedge Counterparties) and Clause 5.10 (Required Enforcement: Hedge Counterparties) and without prejudice to each Hedge
Counterparty’s rights under Clauses 15.3 (Enforcement Instructions) and 15.5 (Manner of Enforcement), the Hedge Counterparties shall not take any Enforcement Action in respect of any of the Hedging Liabilities or any of the
hedging transactions under any of the Hedging Agreements at any time. 

  
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	5.9	Permitted Enforcement: Hedge Counterparties 

  

	 	(a)	To the extent it is able to do so under the relevant Hedging Agreement, a Hedge Counterparty may terminate or close-out in whole or in part any hedging transaction under that Hedging Agreement prior to its stated
maturity: 

 Non-Credit Related Close-Outs 

 

	 	(i)	if, prior to a Distress Event, the Parent has confirmed in writing to that Hedge Counterparty that that termination or close-out would not result in a breach of any term of a Credit Facility Document or Pari Passu Debt
Document; 

  

	 	(ii)	if a Hedging Force Majeure has occurred in respect of that Hedging Agreement; 

  

	 	(iii)	to the extent necessary to comply with paragraph (c) of Clause 5.13 (Total Interest Rate Hedging and Total Exchange Rate Hedging); 

 

	 	(iv)	to ensure that the Common Currency Amount of a Hedge Counterparty’s Hedging Liabilities does not exceed its Allocated Super Senior Hedging Amount; 

Credit Related Close-Outs 
  

	 	(i)	if a Distress Event has occurred; 

  

	 	(ii)	if an Event of Default has occurred under clause 24.5 (Insolvency) or clause 24.6 (Insolvency proceedings) of the Credit Facility Agreement, paragraphs (a)(7) and (a)(8) of section 6.01
(Events of Default) of the Senior Secured 2019 Note Indenture or paragraphs (a)(7) and (a)(8) of section 6.01 (Events of Default) of the Senior Secured 2021 Note Indenture (or, in each case, any Equivalent Provision of a Pari Passu
Facility Agreement or Pari Passu Note Indenture) in relation to a Debtor which is party to that Hedging Agreement; or 

  

	 	(iii)	if the Majority Super Senior Creditors and the Required Pari Passu Creditors give prior consent to that termination or close-out being made. 

 

	 	(b)	After the occurrence of an Insolvency Event in relation to any member of the Group, each Hedge Counterparty shall be entitled to exercise any right it may otherwise have in respect of that member of the Group to:

  

	 	(i)	prematurely close-out or terminate any Hedging Liabilities of that member of the Group; 

  

	 	(ii)	make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Hedging Liabilities; 

 

	 	(iii)	exercise any right of set-off or take or receive any Payment in respect of any Hedging Liabilities of that member of the Group; or 

  

	 	(iv)	claim and prove in the liquidation of that member of the Group for the Hedging Liabilities owing to it. 

  
 54 

	5.10	Required Enforcement: Hedge Counterparties 

  

	 	(a)	Subject to paragraph (b) below, a Hedge Counterparty shall promptly terminate or close-out in full any hedging transaction under all or any of the Hedging Agreements to which it is party prior to their stated maturity,
following: 

  

	 	(i)	the occurrence of an Acceleration Event which is continuing and delivery to it of a notice from the Intercreditor Agent that that Acceleration Event has occurred and is continuing; and 

 

	 	(ii)	delivery to it of a subsequent notice from the Intercreditor Agent (acting on the instructions of the Instructing Group) instructing it to do so. 

 

	 	(b)	Paragraph (a) above shall not apply to the extent that that Acceleration Event occurred as a result of an arrangement made between any Debtor and any Primary Creditor with the purpose of bringing about that Acceleration
Event. 

  

	5.11	Treatment of payments due to Debtors on termination of Hedging Transactions 

  

	 	(a)	If, on termination of any hedging transaction under any Hedging Agreement occurring after a Distress Event, a settlement amount or other amount (following the application of any Close-Out Netting, Payment Netting or
Inter-Hedging Agreement Netting in respect of that Hedging Agreement) falls due from a Hedge Counterparty to the relevant Debtor then that amount shall be paid by that Hedge Counterparty to the Common Security Agent, treated as the proceeds of
enforcement of the Transaction Security and applied in accordance with the terms of this Agreement. 

  

	 	(b)	The payment of that amount by the Hedge Counterparty to the Common Security Agent in accordance with paragraph (a) above shall discharge the Hedge Counterparty’s obligation to pay that amount to that Debtor.

  

	5.12	Terms of Hedging Agreements 

 The Hedge Counterparties (to the extent party to the
Hedging Agreement in question) and the Debtors party to the Hedging Agreements shall ensure that, at all times: 
  

	 	(a)	each Hedging Agreement documents only hedging arrangements entered into for the purpose of hedging the types of liabilities described in the definition of “Hedging Agreement” and that no other hedging
arrangements are carried out under or pursuant to a Hedging Agreement; 

  

	 	(b)	each Hedging Agreement is based either: 

  

	 	(i)	on an ISDA Master Agreement; or 

  

	 	(ii)	on another framework agreement which is similar in effect to an ISDA Master Agreement; 

 

	 	(c)	in the event of a termination of the hedging transaction entered into under a Hedging Agreement, whether as a result of: 

  

	 	(i)	a Termination Event or an Event of Default, each as defined in the relevant Hedging Agreement (in the case of a Hedging Agreement which is based on an ISDA Master Agreement); or 

 

	 	(ii)	an event similar in meaning and effect to either of those described in paragraph (i) above (in the case of a Hedging Agreement which is not based on an ISDA Master Agreement), 

  
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 that Hedging Agreement will: 

 

	 	(A)	if it is based on a 1992 ISDA Master Agreement, provide for payments under the “Second Method” and will make no material amendment to section 6(e) (Payments on Early Termination) of the ISDA Master
Agreement; 

  

	 	(B)	if it is based on a 2002 ISDA Master Agreement, make no material amendment to section 6(e) (Payments on Early Termination) of the ISDA Master Agreement; or 

 

	 	(C)	if it is not based on an ISDA Master Agreement, provide for any other method the effect of which is that the party to which that event is referable will be entitled to receive payment under the relevant termination
provisions if the net replacement value of all terminated transactions entered into under that Hedging Agreement is in its favour; 

  

	 	(d)	each Hedging Agreement will not provide for Automatic Early Termination other than to the extent that: 

  

	 	(i)	the provision of Automatic Early Termination is consistent with practice in the relevant derivatives market, taking into account the legal status and jurisdiction of incorporation of the parties to that Hedging
Agreement; and 

  

	 	(ii)	that Automatic Early Termination is: 

  

	 	(A)	as provided for in section 6(a) (Right to Terminate following Event of Default) of the 1992 ISDA Master Agreement (if the Hedging Agreement is based on a 1992 ISDA Master Agreement); 

 

	 	(B)	as provided for in section 6(a) (Right to Terminate Following Event of Default) of the 2002 ISDA Master Agreement (if the Hedging Agreement is based on a 2002 ISDA Master Agreement); or 

 

	 	(C)	similar in effect to that described in paragraphs (A) or (B) above (if the Hedging Agreement is not based on an ISDA Master Agreement); 

 

	 	(e)	each Hedging Agreement will provide that the relevant Hedge Counterparty will be entitled to designate an Early Termination Date or otherwise be able to terminate each transaction under such Hedging Agreement if so
required pursuant to Clause 5.10 (Required Enforcement: Hedge Counterparties); and 

  

	 	(f)	each Hedging Agreement will permit the relevant Hedge Counterparty and each relevant Debtor to take such action as may be necessary to comply with Clause 5.13 (Total Interest Rate Hedging and Total Exchange Rate
Hedging). 

  

	5.13	Total Interest Rate Hedging and Total Exchange Rate Hedging 

  

	 	(a)	The Parent shall procure that, at all times: 

  

	 	(i)	the Total Interest Rate Hedging does not exceed the Floating Rate Term Outstandings; and 

  

	 	(ii)	the Total Exchange Rate Hedging does not exceed the Other Currency Term Outstandings. 

  
 56 

	 	(b)	Subject to paragraph (a) above, if: 

  

	 	(i)	the Total Interest Rate Hedging is less than the Floating Rate Term Outstandings, a Debtor may (but, subject to any express requirement in a Pari Passu Debt Document shall be under no obligation to) enter into
additional hedging arrangements to increase the Total Interest Rate Hedging; or 

  

	 	(ii)	the Total Exchange Rate Hedging is less than the Other Currency Term Outstandings, a Debtor may (but, subject to any express requirement in a Pari Passu Debt Document, shall be under no obligation to) enter into
additional hedging arrangements to increase the Total Exchange Rate Hedging. 

  

	 	(c)	If any reduction in the Floating Rate Term Outstandings or the Other Currency Term Outstandings results in: 

  

	 	(i)	an Interest Rate Hedge Excess then, on the same day (or as soon as reasonably practicable thereafter) as that reduction becomes effective in accordance with the terms of the relevant Debt Document, the relevant
Debtor(s) shall, and the Parent shall procure that the relevant Debtor(s) shall, reduce each Hedge Counterparty’s Interest Rate Hedging by that Hedge Counterparty’s Interest Rate Hedging Proportion of that Interest Rate Hedge Excess by
terminating or closing out any relevant hedging transaction(s) in full or in part, as may be necessary; or 

  

	 	(ii)	an Exchange Rate Hedge Excess then, on the same day (or as soon as reasonably practicable thereafter) as that reduction becomes effective in accordance with the terms of the relevant Debt Document, the relevant
Debtor(s) shall, and the Parent shall procure that the relevant Debtor(s) shall, reduce each Hedge Counterparty’s Exchange Rate Hedging by that Hedge Counterparty’s Exchange Rate Hedging Proportion of that Exchange Rate Hedge Excess by
terminating or closing out any relevant hedging transaction(s) in full or in part, as may be necessary. 

  

	 	(d)	The relevant Debtor(s) shall, and the Parent shall procure that the relevant Debtor(s) will, pay to that Hedge Counterparty (in accordance with the relevant Hedging Agreement) an amount equal to the sum of all payments
(if any) that become due from each relevant Debtor to a Hedge Counterparty under the relevant Hedging Agreement(s) as a result of any action described in paragraph (c) above. 

 

	 	(e)	Each Hedge Counterparty shall co-operate in any process described in paragraph (d) above and shall pay (in accordance with the relevant Hedging Agreement(s)) any amount that becomes due from it under the relevant
Hedging Agreement(s) to a Debtor as a result of any action described in paragraph (c) above. 

  

	5.14	Allocation of Super Senior Hedging Liabilities 

  

	 	(a)	The Parent may from time to time allocate (or reallocate or effect the release of any previous allocation of) the Super Senior Hedging Amount in whole or in part to one or more Hedge Counterparties subject to this
Clause 5.14 (Allocation of Super Senior Hedging Liabilities). 

  

	 	(b)	Any allocation or reallocation or release of any previous allocation of the Super Senior Hedging Amount (whether in whole or in part) by the Parent shall only take effect on receipt by the Intercreditor Agent (which
receipt shall be acknowledged promptly) of a Super Senior Hedging Certificate which complies with the conditions set out in this Clause 5.14 (Allocation of Super Senior Hedging Liabilities). 

  
 57 

	 	(c)	The Intercreditor Agent shall only be required to recognise and give effect to any allocation, reallocation or release of the Super Senior Hedging Amount requested by the Parent pursuant to any Super Senior Hedging
Certificate to the extent such Super Senior Hedging Certificate: 

  

	 	(i)	complies in form and substance with the form of Super Senior Hedging Certificate set out in Schedule 8 (Form of Super Senior Hedging Certificate); 

 

	 	(ii)	has been duly executed by: (A) the Parent; (B) the Hedge Counterparty to whom any portion of the available Super Senior Hedging Amount is to be allocated and (C) if applicable, any Hedge Counterparty who is to release
any portion of any Super Senior Hedging Amount previously allocated to it in accordance with this Clause 5.14 (Allocation of Super Senior Hedging Liabilities); 

 

	 	(iii)	identifies the portion of the Super Senior Hedging Amount (by reference to an amount in the Common Currency) that is to be allocated to the proposed new Super Senior Hedge Counterparty and/or released by an existing
Super Senior Hedge Counterparty; 

  

	 	(iv)	identifies the relevant Hedging Agreement pursuant to which the relevant Hedging Liabilities arise; and 

  

	 	(v)	complies with paragraph (d) below and does not otherwise purport to allocate any part of the Super Senior Hedging Amount which is not available for allocation or which has previously been allocated and not released to
any other Hedge Counterparty pursuant to this Clause 5.14 (Allocation of Super Senior Hedging Liabilities). 

  

	 	(d)	No Allocated Super Senior Hedging Amount may, whether on an individual basis or when aggregated with all previously Allocated Super Senior Hedging Amounts (to the extent not released pursuant to this Clause 5.14
(Allocation of Super Senior Hedging Liabilities)), exceed the lower of: 

  

	 	(i)	the Super Senior Hedging Amount; and 

  

	 	(ii)	any hedging limit specified in any Credit Facility Agreement or any Pari Passu Debt Document entered into after the date of this Agreement and notified in writing to the Intercreditor Agent by the relevant Creditor
Representative to the extent that such limit is not lower than the aggregate of all Allocated Super Senior Hedging Amounts existing as at the date of notification. 

 

	 	(e)	The Intercreditor Agent shall not accept or give effect to any Super Senior Hedging Certificate to the extent it allocates or purports to allocate any part of the Super Senior Hedging Amount in breach of paragraph (d)
above. 

  

	 	(f)	An Allocated Super Senior Hedging Amount may not be: 

  

	 	(i)	changed without the prior written consent of the relevant Hedge Counterparty to whom such Allocated Super Senior Hedging Amount has been allocated pursuant to this Clause 5.14 (Allocation of Super Senior Hedging
Liabilities); or 

  

	 	(ii)	allocated to another Hedge Counterparty or to any other Hedging Liabilities or Hedging Agreement other than through delivery of a Super Senior Hedging Certificate duly executed by the Parent and each Hedge Counterparty
who agrees to release or reallocate any part of the Allocated Super Senior Hedging Amount. 

  

	 	(g)	The Intercreditor Agent shall maintain a register for the recording of the names and addresses of the Hedge Counterparties and the Allocated Super Senior Hedging Amounts of each such Hedge Counterparty (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Parent, the Intercreditor Agent, the Common Security Agent and the Hedge Counterparties shall treat each person whose name is recorded in
the Register as a Super Senior Hedge Counterparty for the purposes of this Agreement to the extent of its Super Senior Hedging Liabilities. The Register shall be available for inspection by the Parent and any Hedge Counterparty, at all reasonable
times and on reasonable notice to the Intercreditor Agent. 

  
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	5.15	Hedge Counterparties’ guarantee and indemnity 

 Each Debtor agrees that it will be
bound by the obligations set out in Schedule 9 (Hedge Counterparties’ guarantee and indemnity). 
  

	5.16	Notice and acknowledgement of Common Transaction Security 

 Each Hedge Counterparty, by
its accession to this Agreement as a Hedge Counterparty, acknowledges receipt of notice of assignment pursuant to the applicable Transaction Security Documents in respect of the Common Transaction Security of the proceeds owing by that Hedge
Counterparty to any Debtor pursuant to the Hedging Agreement(s) to which that Hedge Counterparty is a party. 
  

	6.	Option to purchase and Hedge Transfer 

  

	6.1	Option to purchase: Pari Passu Debt Creditors 

  

	 	(a)	Any of the Pari Passu Noteholders and Pari Passu Lenders may, after a Distress Event, by giving not less than ten days’ prior notice in writing to the Intercreditor Agent, require the transfer to them (or to a
nominee or nominees), in accordance with Clause 25.5 (Change of Credit Facility Lender or Pari Passu Lender under
an Existing Credit Facility or Pari Passu Facility), of all, but not part, of the rights, benefits and obligations in respect of the Credit Facility Liabilities (including, for the avoidance of doubt, all Liabilities relating to the
Rolled Loan) (such Pari Passu Noteholders and Pari Passu Lenders so requiring, the “Purchasing Secured Creditors”) if: 

  

	 	(i)	that transfer is lawful and, subject to paragraph (ii) below, otherwise permitted by the terms of the Credit Facility Agreement; 

  

	 	(ii)	any conditions relating to such a transfer contained in the Credit Facility Agreement are complied with, other than: 

  

	 	(A)	any requirement to obtain the consent of, or consult with, any Debtor or other member of the Group relating to such transfer, which consent or consultation shall not be required; and 

 

	 	(B)	any requirement that the Purchasing Secured Creditors (or their nominee or nominees) as Credit Facility Lenders must satisfy the requirements of paragraph (a)(ii) of clause 25.2 (Conditions of assignment or
transfer) of the original form of the Credit Facility Agreement or must not be a “Defaulting Lender” (as defined in the original form of the Credit Facility Agreement), which conditions shall not be required to be satisfied; and

  
 59 

	 	(C)	(x) any requirement that the Purchasing Secured Creditors provide cash cover for any Letter of Credit then outstanding in excess of the amount equal to 105 per cent. of the sum of all Letters of Credit then outstanding
and the aggregate facing and similar fees that would accrue thereon through the stated maturity of such Letters of Credit (assuming no drawings thereon before stated maturity), which requirement in respect of such excess shall not be required to be
satisfied and (y) to the extent the Purchasing Secured Creditors provide cash cover (in the amount set forth in the Credit Facility Agreement, subject to the limit in (x) above) for any Letter of Credit then outstanding, the consent of the relevant
Issuing Bank relating to such transfer, which consent shall not be required; and 

  

	 	(D)	any condition more onerous than those contained in clause 25.1 (Assignments and transfers by the Lenders) of the original form of the Credit Facility Agreement; 

 

	 	(iii)	the Credit Facility Agent, on behalf of the Credit Facility Lenders, is paid an amount by the Purchasing Secured Creditors equal to the aggregate of: 

 

	 	(A)	any amounts provided as cash cover by the Purchasing Secured Creditors for any Letter of Credit (as envisaged in paragraph (ii)(C) above); 

 

	 	(B)	all of the Credit Facility Liabilities at that time (whether or not due), including all amounts that would have been payable under the Credit Facility Documents if the Credit Facility Liabilities were being prepaid by
the relevant Debtors on the date of that payment (including, for the avoidance of doubt, any amounts that would have been payable under clause 13.4 (Break Costs) of the original form of the Credit Facility Agreement); and 

 

	 	(C)	all costs and expenses (including legal fees) incurred by the Credit Facility Agent and/or the Credit Facility Lenders as a consequence of giving effect to that transfer, 

together, and subject to paragraph (b) below, the “Capped Purchase Amount”; 

 

	 	(iv)	as a result of that transfer the Credit Facility Lenders have no further actual or contingent liability to any Debtor under the relevant Debt Documents; 

 

	 	(v)	an indemnity is provided from the Purchasing Secured Creditors (or from another third party acceptable to all the Credit Facility Lenders) in a form satisfactory to each Credit Facility Lender in respect of all losses
which may be sustained or incurred by any Credit Facility Lender as a consequence of any sum received or recovered by any Credit Facility Lender from any person being required (or it being alleged that it is required) to be paid back by or clawed
back from any Credit Facility Lender for any reason; and 

  

	 	(vi)	the transfer is made without recourse to, or representation or warranty from, the Credit Facility Lenders, except that each Credit Facility Lender shall be deemed to have represented and warranted on the date of that
transfer that it has the corporate power to effect that transfer, it has taken all necessary action to authorise the making by it of that transfer and that it is transferring all of its rights, benefits and obligations in respect of its Credit
Facility Liabilities. 

  
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	 	(b)	The Credit Facility Agent shall, within five Business Days of request, provide in reasonable detail a written statement setting out all amounts comprising the Capped Purchase Amount, provided that (i) such
written statement is provided within five Business Days of request and (ii) such amounts are reasonable and in the absence of manifest error, the amounts set out in such written statement shall, in aggregate, constitute the Capped Purchase Amount.
In the event the criteria set out in either subparagraph (i) or sub-paragraph (ii) of this paragraph are not fulfilled, the Capped Purchase Amount shall constitute the aggregate of the principal amount of all outstanding loans under the Credit
Facility Agreement (including cash cover for outstanding Letters of Credit issued thereunder) and all interest and fees which will have accrued on such loans and Letters of Credit up to and including the date of payment of the Capped Purchase Amount
to the Credit Facility Agent, each as calculated by the Purchasing Secured Creditors. 

  

	 	(c)	Subject to paragraph (c) of Clause 6.2 (Hedge Transfer: Pari Passu Debt Creditors), the Purchasing Secured Creditors may only require a Credit Facility Lender Liabilities Transfer if, at the same time, they
require a Hedge Transfer in accordance with Clause 6.2 (Hedge Transfer: Pari Passu Debt Creditors) and if, for any reason, a Hedge Transfer cannot be made in accordance with Clause 6.2 (Hedge Transfer: Pari Passu Debt
Creditors), no Credit Facility Lender Liabilities Transfer may be required to be made. 

  

	 	(d)	The Creditor Representatives in respect of the Credit Facilities shall, at the request of the Purchasing Secured Creditors notify the Pari Passu Noteholders and Pari Passu Lenders of: 

 

	 	(i)	the sum of the amounts described in paragraphs (a)(iii)(B) and (C) above; and 

  

	 	(ii)	the amount of each Letter of Credit for which cash cover is to be provided by all the Purchasing Secured Creditors. 

  

	 	(e)	If more than one Purchasing Secured Creditor wishes to exercise the option to purchase the Credit Facility Liabilities in accordance with paragraph (a) above, each such Purchasing Secured Creditor shall:

  

	 	(i)	acquire the Credit Facility Liabilities pro rata, in the proportion that its Pari Passu Credit Participation bears to the aggregate Pari Passu Credit Participations of all the Purchasing Secured Creditors at the
time of such purchase; and 

  

	 	(ii)	inform the Senior Secured 2019 Note Trustee in accordance with the terms of the Senior Secured 2019 Note Indenture, the Senior Secured 2021 Note Trustee in accordance with the terms of the Senior Secured 2021 Note
Indenture or the relevant Creditor Representative(s) in accordance with the terms of the relevant Pari Passu Debt Documents, who will determine (consulting with each other as required) the appropriate share of the Credit Facility Liabilities to be
acquired by each such Purchasing Secured Creditor and who shall inform each such Purchasing Secured Creditor accordingly, 

and the Senior Secured 2019 Note Trustee, the Senior Secured 2021 Note Trustee or the relevant Creditor Representative(s) (as applicable)
shall promptly inform the Credit Facility Agent and the Hedging Counterparties of the Purchasing Secured Creditors intention to exercise the option to purchase the Credit Facility Liabilities. 

  
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	6.2	Hedge Transfer: Pari Passu Debt Creditors 

  

	 	(a)	Any of the Pari Passu Noteholders and Pari Passu Lenders may, after a Distress Event, by giving not less than ten days’ prior notice in writing to the Intercreditor Agent, require a Hedge Transfer (such Pari Passu
Noteholders and Pari Passu Lenders so requiring, the “Hedge Transfer Lenders”): 

  

	 	(i)	if either: 

  

	 	(A)	the Hedge Transfer Lenders are also Purchasing Secured Creditors and the Purchasing Secured Creditors require, at the same time, a Credit Facility Lender Liabilities Transfer; or 

 

	 	(B)	the Hedge Transfer Lenders require that Hedge Transfer at any time on or after the Credit Facility Lender Discharge Date; and 

	 	(ii)	if: 

  

	 	(A)	that transfer is lawful and otherwise permitted by the terms of the Hedging Agreements in which case no Debtor or other member of the Group shall be entitled to withhold its consent to that transfer; 

 

	 	(B)	any conditions (other than the consent of, or any consultation with, any Debtor or other member of the Group) relating to that transfer contained in the Hedging Agreements are complied with; 

 

	 	(C)	each Hedge Counterparty is paid (in the case of a positive number) or pays (in the case of a negative number) an amount equal to the aggregate of (i) the Hedging Purchase Amount in respect of the hedging transactions
under the relevant Hedging Agreement at that time and (ii) all costs and expenses (including legal fees) incurred as a consequence of giving effect to that transfer (together, subject to paragraph (b) below, the “Capped Hedge Purchase
Amount”); 

  

	 	(D)	as a result of that transfer, the Hedge Counterparties have no further actual or contingent liability to any Debtor under the Hedging Agreements; 

 

	 	(E)	an indemnity is provided from the Hedge Transfer Lenders who are receiving (or for which a nominee is receiving) that transfer (or from another third party acceptable to the relevant Hedge Counterparty) in a form
satisfactory to the relevant Hedge Counterparty in respect of all losses which may be sustained or incurred by that Hedge Counterparty in consequence of any sum received or recovered by that Hedge Counterparty being required (or it being alleged
that it is required) to be paid back by or clawed back from the Hedge Counterparty for any reason; and 

  

	 	(F)	that transfer is made without recourse to, or representation or warranty from, the relevant Hedge Counterparty, except that the relevant Hedge Counterparty shall be deemed to have represented and warranted on the date
of that transfer that it has the corporate power to effect that transfer, it has taken all necessary action to authorise the making by it of that transfer and that it is transferring all of its rights, benefits and obligations in respect of each
Hedging Agreement, each Hedging Liability and each Hedge Counterparty Obligation. 

  
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	 	(b)	The relevant Hedge Counterparty shall, within two Business Days of a written request, provide in reasonable detail a written statement setting out all amounts comprising the Capped Hedge Purchase Amount. Provided that
(i) such written statement is provided within two Business Days’ of request and (ii) such amounts are reasonable and in the absence of manifest error, the amounts set out in such written statement shall, in aggregate, constitute the Capped
Hedge Purchase Amount. In the event the criteria set out in either sub-paragraph (i) or sub-paragraph (ii) are not fulfilled, the Capped Hedge Purchase Amount shall be an amount calculated by the Hedge Transfer Lenders (and, to assist in that
calculation, the Debtors will promptly provide all reasonable assistance required by the Hedge Transfer Lenders including, without limitation, copies of all Hedging Agreements) 

 

	 	(c)	The Hedge Transfer Lenders and any Hedge Counterparty may agree (in respect of the Hedging Agreements (or one or more of them) to which that Hedge Counterparty is a party) that a Hedge Transfer required by the Hedge
Transfer Lenders pursuant to paragraph (a) above shall not apply to that Hedging Agreement(s) or to the Hedging Liabilities and Hedge Counterparty Obligations under that Hedging Agreement(s). 

 

	 	(d)	If more than one Hedge Transfer Lender exercises the option to Hedge Transfer in accordance with this Clause 6.2, each such Hedge Transfer Lender shall: 

 

	 	(i)	carry out the Hedge Transfer pro rata, in the proportion that its Senior Credit Participation bears to the aggregate Senior Credit Participations of all the Hedge Transfer Lenders; and 

 

	 	(ii)	inform the Senior Secured 2019 Note Trustee in accordance with the terms of the Senior Secured 2019 Note Indenture., the Senior Secured 2021 Note Trustee in accordance with the terms of the Senior Secured 2021 Note
Indenture or the relevant Creditor Representative(s) in accordance with the terms of the relevant Pari Passu Debt Documents, who will determine (consulting with each other as required) the appropriate share of the Hedge Transfer to be acquired by
each such Hedge Transfer Lender and who shall inform each such Hedge Transfer Lender accordingly, 

 and the Senior Secured
2019 Note Trustee, the Senior Secured 2021 Note Trustee or the relevant Creditor Representative(s) (as applicable) shall promptly inform the relevant Hedging Counterparties accordingly. 

  
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 Section 3 

Other Creditors 
  

	7.	Existing Subordination Deed 

  

	 	(a)	The Company and the Common Security Agent refer to the Subordination Deed dated 26 November 2013 between the Debtors, the parties listed therein as subordinated creditors and the Common Security Agent as security agent
(together, the “Existing Subordination Parties”) (the “Existing Subordination Deed”). The Company (as the Borrower under the Existing Subordination Deed) and the Common Security Agent (as Security Agent under the
Existing Subordination Deed) hereby agree that, as at the date of this Agreement, the Existing Subordination Deed is terminated and is replaced by this Agreement, all of the rights of each Existing Subordination Party under the Existing
Subordination Deed are waived in full and the Existing Subordination Parties are released from further obligations towards one another under the Existing Subordination Deed. 

 

	 	(b)	The Company and the Common Security Agent refer to the Assignment of Subordinated Debt dated 26 November 2013 between Studio City Holdings Limited and the Common Security Agent as security agent (the
“Existing Assignment of Subordination”). The Secured Parties hereby authorise and instruct the Common Security Agent to and the Common Security Agent (as Security Agent under the Existing Assignment of Subordination) hereby agrees
that, as at the date of this Agreement, the Existing Assignment of Subordination is terminated, all of the rights of the Common Security Agent (as Security Agent under the Existing Assignment of Subordination) are waived in full and the Common
Security Agent and Studio City Holdings Limited are released from further obligations towards one another under the Existing Assignment of Subordination. 

  

	 	(c)	Studio City Holdings Limited may rely on this Clause 7 subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 

 

	 	(d)	Clauses 1 (Definitions and interpretation) and 36 (Governing law) shall apply to this Clause 7. 

  

	8.	Intra-Group Lenders and Intra-Group Liabilities 

  

	8.1	Restriction on Payment: Intra-Group Liabilities 

 Prior to the Final Discharge Date, the
Debtors shall not, and shall procure that no other member of the Group will, make any Payments of the Intra-Group Liabilities at any time unless: 
  

	 	(a)	that Payment is permitted under Clause 8.2 (Permitted Payments: Intra-Group Liabilities); or 

 

	 	(b)	the taking or receipt of that Payment is permitted under paragraph (c) of Clause 8.7 (Permitted Enforcement: Intra-Group Lenders). 

 

	8.2	Permitted Payments: Intra-Group Liabilities 

  

	 	(a)	Subject to paragraph (b) below, the Debtors may make Payments in respect of the Intra-Group Liabilities (whether of principal, interest or otherwise) from time to time when due. 

  
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	 	(b)	Payments in respect of the Intra-Group Liabilities may not be made pursuant to paragraph (a) above if, at the time of the Payment, an Acceleration Event has occurred and is continuing unless: 

 

	 	(i)	the Majority Super Senior Creditors and the Required Pari Passu Creditors consent to that Payment being made; or 

  

	 	(ii)	that Payment is made to facilitate the making of a Permitted Credit Facility Payment, a Permitted Hedge Payment or a Permitted Pari Passu Debt Payment. 

 

	8.3	Payment obligations continue 

 No Debtor shall be released from the liability to make any
Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation of Clauses 8.1 (Restriction on Payment: Intra-Group Liabilities) and 8.2 (Permitted Payments: Intra-Group
Liabilities) even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses. 
  

	8.4	Acquisition of Intra-Group Liabilities 

  

	 	(a)	Subject to paragraph (b) below, each Debtor may, and may permit any other member of the Group to: 

  

	 	(i)	enter into any Liabilities Acquisition; or 

  

	 	(ii)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition, 

in respect of any Intra-Group Liabilities at any time. 
  

	 	(b)	Subject to paragraph (c) below, no action described in paragraph (a) above may take place in respect of any Intra-Group Liabilities if: 

 

	 	(i)	that action would result in a breach of a Credit Facility Agreement, a Pari Passu Note Indenture or a Pari Passu Facility Agreement; or 

 

	 	(ii)	at the time of that action, an Acceleration Event has occurred and is continuing. 

  

	 	(c)	The restrictions in paragraph (b) above shall not apply if: 

  

	 	(i)	the Majority Super Senior Creditors and the Required Pari Passu Creditors consent to that action; or 

  

	 	(ii)	that action is taken to facilitate the making of a Permitted Credit Facility Payment, a Permitted Hedge Payment or a Permitted Pari Passu Debt Payment. 

 

	8.5	Security: Intra-Group Lenders 

 Prior to the Final Discharge Date, the Intra-Group
Lenders may not take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss in respect of the Intra-Group Liabilities unless the prior consent of the Majority Super Senior Creditors and the Required Pari
Passu Creditors is obtained. 
  

	8.6	Restriction on Enforcement: Intra-Group Lenders 

 Subject to Clause 8.7 (Permitted
Enforcement: Intra-Group Lenders), none of the Intra-Group Lenders shall be entitled to take any Enforcement Action in respect of any of the Intra-Group Liabilities at any time prior to the Final Discharge Date unless otherwise directed by the
Intercreditor Agent or the Common Security Agent pursuant to Clause 15.6 (Exercise of voting rights) or 18 (Further assurance – disposals and releases), save in the case of making any demand for any payment, set off, account
combination or payment netting that would be a Permitted Payment. 

  
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	8.7	Permitted Enforcement: Intra-Group Lenders 

 After the occurrence of an Insolvency Event
in relation to any member of the Group, each Intra-Group Lender may (unless otherwise directed by the Intercreditor Agent or the Common Security Agent or unless the Intercreditor Agent or the Common Security Agent has taken, or has given notice that
it intends to take, action on behalf of that Intra-Group Lender in accordance with Clause 12.5 (Filing of claims)), exercise any right it may otherwise have against that member of the Group to: 

 

	 	(a)	accelerate any of that member of the Group’s Intra-Group Liabilities or declare them prematurely due and payable or payable on demand; 

 

	 	(b)	make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Intra-Group Liabilities; 

 

	 	(c)	exercise any right of set-off or take or receive any Payment in respect of any Intra-Group Liabilities of that member of the Group; or 

 

	 	(d)	claim and prove in the liquidation of that member of the Group for the Intra-Group Liabilities owing to it. 

  

	8.8	Representations: Intra-Group Lenders 

 Each Intra-Group Lender which is not a Debtor
represents and warrants to the Primary Creditors, the Intercreditor Agent and the Common Security Agent that: 
  

	 	(a)	it is a limited liability corporation or company duly incorporated or organised, as the case may be, and validly existing under the laws of its jurisdiction of incorporation or organisation, as the case may be;

  

	 	(b)	subject to the Legal Reservations, the obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations; and 

 

	 	(c)	the entry into and performance by it of this Agreement and the transactions contemplated herein, do not and will not conflict with: 

  

	 	(i)	any law or regulation applicable to it; 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument binding on it that could be materially adverse to
the interests of the Secured Parties (taken as a whole). 

  
 66 

	9.	[Reserved] 

  

	10.	Subordinated Liabilities 

  

	10.1	Restriction on Payment: Subordinated Liabilities 

 Prior to the Final Discharge Date,
neither the Parent nor any other Debtor shall, and the Parent shall procure that no other member of the Group will, make any Payment of the Subordinated Liabilities at any time unless: 

 

	 	(a)	that Payment is permitted under Clause 10.2 (Permitted Payments: Subordinated Liabilities); or 

 

	 	(b)	the taking or receipt of that Payment is permitted under Clause 10.8 (Permitted Enforcement: Subordinated Creditors). 

  

	10.2	Permitted Payments: Subordinated Liabilities 

  

	 	(a)	The Parent may make Payments in respect of the Subordinated Liabilities then due if: 

  

	 	(i)	the Payment is expressly permitted or not prohibited (as applicable) by each of the Credit Facility Agreement, the Pari Passu Facility Agreements (if any) and the Pari Passu Note Indentures (if any); or

  

	 	(ii)	the Majority Super Senior Creditors and the Required Pari Passu Creditors each consent to that Payment being made. 

  

	 	(b)	Nothing in this Agreement shall prohibit or restrict any roll-up or capitalisation of any amount in respect of any Subordinated Liabilities or the issue of any payment in kind instruments in satisfaction of any amount
in respect of any Subordinated Liabilities or any forgiveness, write-off or capitalisation of any Subordinated Liabilities or the release or other discharge of any such Subordinated Liabilities. 

 

	10.3	Payment obligations continue 

 Neither the Parent nor any other Debtor shall be released
from the liability to make any Payment (including of default interest, which shall continue to accrue) under any Debt Document by the operation of Clauses 10.1 (Restriction on Payment: Subordinated
Liabilities) and 10.2 (Permitted Payments: Subordinated Liabilities) even if its obligation to make that Payment is restricted at any time by the terms of any of those Clauses. 

 

	10.4	No acquisition of Subordinated Liabilities 

 Prior to the Final Discharge Date, the
Debtors shall not, and shall procure that no other member of the Group will: 
  

	 	(a)	enter into any Liabilities Acquisition; or 

  

	 	(b)	beneficially own all or any part of the share capital of a company that is party to a Liabilities Acquisition, 

in respect of any of the Subordinated Liabilities, unless the prior consent of the Majority Super Senior Creditors and the Required Pari Passu
Creditors is obtained. 

  
 67 

	10.5	Amendments and waivers: Subordinated Creditors 

 Prior to the Final Discharge Date, the
Subordinated Creditors may not amend, waive or agree the terms of any of the documents or instruments pursuant to which the Subordinated Liabilities are constituted unless: 
  

	 	(a)	such amendment or waiver is expressly permitted or not prohibited (as applicable) by each of the Credit Facility Agreement, the Pari Passu Facility Agreements (if any) and the Pari Passu Note Indentures (if any);

  

	 	(b)	the prior consent of the Majority Super Senior Creditors and the Required Pari Passu Creditors is obtained; or 

  

	 	(c)	that amendment, waiver or agreement is of a minor or administrative nature and is not prejudicial to any of the Secured Parties. 

  

	10.6	Security: Subordinated Creditors 

 The Subordinated Creditors may not take, accept or
receive the benefit of any Security, guarantee, indemnity or other assurance against loss from any member of the Group in respect of any of the Subordinated Liabilities prior to the Final Discharge Date. 

 

	10.7	Restriction on Enforcement: Subordinated Creditors 

 Subject to Clause 10.8 (Permitted
Enforcement: Subordinated Creditors), no Subordinated Creditor shall be entitled to take any Enforcement Action in respect of any of the Subordinated Liabilities at any time prior to the Final Discharge Date, unless otherwise directed by the
Intercreditor Agent or the Common Security Agent pursuant to Clause 15.6 (Exercise of voting rights) or 18 (Further assurance – disposals and releases), save in the case of making any demand for any payment, set off, account
combination or payment netting that would be a Permitted Payment. 
  

	10.8	Permitted Enforcement: Subordinated Creditors 

 After the occurrence of an Insolvency
Event in relation to any member of the Group, each Subordinated Creditor may (unless otherwise directed by the Intercreditor Agent or the Common Security Agent or unless the Intercreditor Agent or the Common Security Agent has taken, or has given
notice that it intends to take, action on behalf of that Subordinated Creditor in accordance with Clause 12.5 (Filing of claims)) exercise any right it may otherwise have in respect of that member of the Group
to: 
  

	 	(a)	accelerate any of that member of the Group’s Subordinated Liabilities or declare them prematurely due and payable or payable on demand; 

 

	 	(b)	make a demand under any guarantee, indemnity or other assurance against loss given by that member of the Group in respect of any Subordinated Liabilities; 

 

	 	(c)	exercise any right of set-off or take or receive any Payment in respect of any Subordinated Liabilities of that member of the Group; or 

 

	 	(d)	claim and prove in the liquidation of that member of the Group for the Subordinated Liabilities owing to it. 

  
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	10.9	Representations: Subordinated Creditors 

 Each Subordinated Creditor represents and
warrants to the Primary Creditors, the Intercreditor Agent and the Common Security Agent that: 
  

	 	(a)	it is a limited liability corporation or company duly incorporated or organised, as the case may be, and validly existing under the laws of its jurisdiction of incorporation or organisation, as the case may be;

  

	 	(b)	subject to the Legal Reservations, the obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations; and 

 

	 	(c)	the entry into and performance by it of this Agreement and the transactions contemplated herein, do not and will not conflict with: 

  

	 	(i)	any law or regulation applicable to it; 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument binding on it that could be materially adverse to
the interests of the Secured Parties (taken as a whole). 

  

	11.	Bondco Liabilities 

  

	11.1	Bondco Loan Agreements 

 The Parent shall not enter into any Bondco Loan Agreement with
any person that is not a Party to this Agreement (or does not become a Party to this Agreement substantially concurrently with its entry into any Bondco Loan Agreement) as a Bondco at any time prior to the Final Discharge Date to the extent that, at
the time of its entry into that Bondco Loan Agreement, any Credit Facility Agreement, any Pari Passu Facility Agreement or any Pari Passu Note Indenture in respect of which any Liabilities or commitments are outstanding contains any restriction on
any of the Payments to be made by the Parent under that Bondco Loan Agreement. 
  

	11.2	Restriction on Payment: Bondco Liabilities 

 Prior to the Final Discharge Date, neither
the Parent nor any other Debtor shall, and the Parent shall procure that no other member of the Group will, make any Payment of Bondco Liabilities in respect of the principal amount of any Bondco Loan and no Bondco shall accept any such Payments
unless that Payment is permitted under Clause 11.3 (Permitted Payments: Bondco Liabilities). 
  

	11.3	Permitted Payments: Bondco Liabilities 

 The Parent, any other Debtor or any other member
of the Group may make Payments in respect of the principal amount of any Bondco Loan and Bondco may accept any such Payments if: 
  

	 	(a)	at the time such Payment would be made, that Payment is expressly permitted or not prohibited (as applicable) by each of the Credit Facility Agreement, the Pari Passu Facility Agreements (if any) and the Pari Passu Note
Indenture (if any); or 

  

	 	(b)	the Majority Super Senior Creditors and the Required Pari Passu Creditors each consent to that Payment being made. 

  
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	11.4	Payment obligations continue 

 Neither the Parent nor any other Debtor shall be released
from the liability to make any Payment under any Bondco Loan Agreement by the operation of Clause 11.2 (Restriction on Payment: Bondco Liabilities) even if its obligation to make that Payment is restricted at any time by the terms that
Clause. 

  
 70 

 Section 4 

Insolvency, turnover and Enforcement 
  

	12.	Effect of Insolvency Event 

  

	12.1	Credit Facility Cash Cover 

 This Clause 12 is subject to Clause 19.3 (Treatment of
Credit Facility Cash Cover and Credit Facility Lender Cash Collateral) and Clause 24.5 (Turnover obligations). 
  

	12.2	Distributions 

  

	 	(a)	After the occurrence of an Insolvency Event in relation to any member of the Group, any Party entitled to receive a distribution out of the assets of that member of the Group (in the case of a Primary Creditor, only to
the extent that such amount constitutes Enforcement Proceeds) in respect of Liabilities owed to that Party shall, to the extent it is able to do so, direct the person responsible for the distribution of the assets of that member of the Group to make
that distribution to the Common Security Agent (or to such other person as the Common Security Agent shall direct) until the Liabilities owing to the Secured Parties have been paid in full. 

 

	 	(b)	The Common Security Agent shall apply distributions made to it under paragraph (a) above in accordance with Clause 19 (Application of proceeds). 

 

	12.3	Set-off 

  

	 	(a)	Subject to paragraph (b) below, to the extent that any member of the Group’s Liabilities are discharged by way of set-off (mandatory or otherwise) after the occurrence of an Insolvency Event in relation to that
member of the Group, any Creditor which benefited from that set-off shall (in the case of a Primary Creditor, only to the extent that such amount constitutes Enforcement Proceeds) pay an amount equal to the amount of the Liabilities owed to it which
are discharged by that set-off to the Common Security Agent for application in accordance with Clause 19 (Application of proceeds). 

  

	 	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any Close-Out Netting by a Hedge Counterparty or a Hedging Ancillary Lender; 

  

	 	(ii)	any Payment Netting by a Hedge Counterparty or a Hedging Ancillary Lender; 

  

	 	(iii)	any Inter-Hedging Agreement Netting by a Hedge Counterparty; and 

  

	 	(iv)	any Inter-Hedging Ancillary Document Netting by a Hedging Ancillary Lender. 

  

	12.4	Non-Cash Distributions 

 If the Common Security Agent or any other Secured Party receives
a distribution in a form other than cash in respect of any of the Liabilities, the Liabilities will not be reduced by that distribution until and except to the extent that the realisation proceeds are actually applied towards the Liabilities,
including pursuant to any composition or creditors’ agreement. 

  
 71 

	12.5	Filing of claims 

 On or after the occurrence of an Insolvency Event in relation to any
member of the Group, each Creditor irrevocably authorises the Intercreditor Agent and the Common Security Agent (as applicable), on its behalf, to: 
  

	 	(a)	take any Enforcement Action (in accordance with the terms of this Agreement) against that member of the Group; 

  

	 	(b)	demand, sue, prove and give receipt for any or all of that member of the Group’s Liabilities; 

  

	 	(c)	collect and receive all distributions on, or on account of, any or all of that member of the Group’s Liabilities; and 

  

	 	(d)	file claims, take proceedings and do all other things the Intercreditor Agent or the Common Security Agent considers reasonably necessary to recover that member of the Group’s Liabilities. 

 

	12.6	Further assurance – Insolvency Event 

 Each Creditor will: 

 

	 	(a)	do all things that the Intercreditor Agent or the Common Security Agent requests in order to give effect to this Clause 12; and 

 

	 	(b)	if the Intercreditor Agent or the Common Security Agent is not entitled to take any of the actions contemplated by this Clause 12 or if the Intercreditor Agent or the Common Security Agent requests that a Creditor take
that action, undertake that action itself in accordance with the instructions of the Intercreditor Agent or the Common Security Agent or grant a power of attorney to the Intercreditor Agent or the Common Security Agent (on such terms as the
Intercreditor Agent or the Common Security Agent may reasonably require) to enable the Intercreditor Agent or the Common Security Agent to take such action (as applicable). 

 

	12.7	Instructions 

  

	 	(a)	For the purposes of Clause 12.2 (Distributions), Clause 12.5 (Filing of claims) and Clause 12.6 (Further assurance – Insolvency Event) the Common Security Agent shall act:

  

	 	(i)	on the instructions of the Intercreditor Agent (acting on the instructions of the Instructing Group or relevant Secured Parties, as applicable) or the Instructing Group; or 

 

	 	(ii)	in the absence of any such instructions, as the Common Security Agent sees fit. 

  

	 	(b)	For the purposes of Clause 12.5 (Filing of claims) and Clause 12.6 (Further assurance – Insolvency Event) the Intercreditor Agent shall act: 

 

	 	(i)	on the instructions of the Instructing Group; or 

  

	 	(ii)	in the absence of any such instructions, as the Intercreditor Agent sees fit. 

  
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	13.	Turnover of receipts 

  

	13.1	Credit Facility Cash Cover 

 This Clause 13 is subject to Clause 19.3 (Treatment of
Credit Facility Cash Cover and Credit Facility Lender Cash Collateral) and Clause 24.5 (Turnover obligations). 
  

	13.2	Turnover by the Primary Creditors 

 Subject to Clause 13.4 (Exclusions) and to
Clause 13.5 (Permitted assurance and receipts), if at any time prior to the Final Discharge Date any Primary Creditor receives or recovers any Enforcement Proceeds or any Pari Passu Creditor receives or recovers any amount in respect of any
Guarantee Liabilities (whether before or after an Insolvency Event) in each case except in accordance with Clause 19 (Application of proceeds), that Primary Creditor will: 

 

	 	(a)	in relation to receipts and recoveries not received or recovered by way of set-off: 

  

	 	(i)	hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received or recovered) on trust for the Common Security Agent and promptly pay or distribute that amount to the Common
Security Agent for application in accordance with the terms of this Agreement; and 

  

	 	(ii)	promptly pay or distribute an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant Liabilities to the Common Security Agent for application in accordance with the terms of this
Agreement; and 

  

	 	(b)	in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount equal to that recovery to the Common Security Agent for application in accordance with the terms of this Agreement.

  

	13.3	Turnover by the other Creditors 

 Subject to Clause 13.4 (Exclusions) and to
Clause 13.5 (Permitted assurance and receipts), if at any time prior to the Final Discharge Date, any Creditor other than a Primary Creditor receives or recovers: 
  

	 	(a)	any Payment or distribution of, or on account of or in relation to, any of the Liabilities which is neither: 

  

	 	(i)	a Permitted Payment; nor 

  

	 	(ii)	made in accordance with Clause 19 (Application of proceeds); 

  

	 	(b)	other than where paragraph (a) of Clause 12.3 (Set-off) applies, any amount by way of set-off in respect of any of the Liabilities owed to it which does not give effect to a Permitted Payment; 

 

	 	(c)	notwithstanding paragraphs (a) and (b) above, and other than where paragraph (a) of Clause 12.3 (Set-off) applies, any amount: 

 

	 	(i)	on account of, or in relation to, any of the Liabilities: 

  

	 	(A)	after the occurrence of a Distress Event; or 

  

	 	(B)	as a result of any other litigation or proceedings against a member of the Group (other than after the occurrence of an Insolvency Event in respect of that member of the Group); or 

 

	 	(ii)	by way of set-off in respect of any of the Liabilities owed to it after the occurrence of a Distress Event, 

  
 73 

 other than, in each case, any amount received or recovered in accordance with Clause 19
(Application of proceeds); 
  

	 	(d)	the proceeds of any enforcement of any Transaction Security except in accordance with Clause 19 (Application of proceeds); or 

 

	 	(e)	other than where paragraph (a) of Clause 12.3 (Set-off) applies, any distribution or Payment of, or on account of or in relation to, any of the Liabilities owed by any member of the Group which is not in
accordance with Clause 19 (Application of proceeds) and which is made as a result of, or after, the occurrence of an Insolvency Event in respect of that member of the Group, 

that Creditor will: 
  

	 	(i)	in relation to receipts and recoveries not received or recovered by way of set-off: 

  

	 	(A)	hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received or recovered) on trust for the Common Security Agent and promptly pay or distribute that amount to the Common
Security Agent for application in accordance with the terms of this Agreement; and 

  

	 	(B)	promptly pay or distribute an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant Liabilities to the Common Security Agent for application in accordance with the terms of this
Agreement; and 

  

	 	(ii)	in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount equal to that recovery to the Common Security Agent for application in accordance with the terms of this Agreement.

  

	13.4	Exclusions 

 Clause 13.2 (Turnover by the
Primary Creditors) and Clause 13.3 (Turnover by other Creditors) shall not apply to any receipt or recovery: 
  

	 	(a)	by way of: 

  

	 	(i)	Close-Out Netting by a Hedge Counterparty or a Hedging Ancillary Lender; 

  

	 	(ii)	Payment Netting by a Hedge Counterparty or a Hedging Ancillary Lender; 

  

	 	(iii)	Inter-Hedging Agreement Netting by a Hedge Counterparty; or 

  

	 	(iv)	Inter-Hedging Ancillary Document Netting by a Hedging Ancillary Lender; 

  

	 	(b)	made in accordance with Clause 20 (Equalisation). 

  

	13.5	Permitted assurance and receipts 

 Nothing in this Agreement shall restrict the ability
of any Primary Creditor, Bondco or Subordinated Creditor to: 
  

	 	(a)	arrange with any person which is not a member of the Group any assurance against loss in respect of, or reduction of its credit exposure to, a Debtor (including assurance by way of credit based derivative or
sub-participation); or 

  
 74 

	 	(b)	make any assignment or transfer permitted by Clause 25 (Changes to the Parties), 

which: 
  

	 	(i)	is expressly permitted or not prohibited (as applicable) by each of the Credit Facility Agreement, the Pari Passu Facility Agreements (if any) and the Pari Passu Note Indentures (if any); and 

 

	 	(ii)	is not in breach of: 

  

	 	(A)	Clause 5.5 (No acquisition of Hedging Liabilities); or 

  

	 	(B)	Clause 10.4 (No acquisition of Subordinated Liabilities), 

 and that Primary Creditor,
Bondco or Subordinated Creditor shall not be obliged to account to any other Party for any sum received by it as a result of that action. 
  

	13.6	Amounts received by Debtors 

 If any of the Debtors receives or recovers any amount
which, under the terms of any of the Debt Documents, should have been paid to the Common Security Agent, that Debtor will: 
  

	 	(a)	hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received or recovered) on trust for the Common Security Agent and promptly pay that amount to the Common Security
Agent for application in accordance with the terms of this Agreement; and 

  

	 	(b)	promptly pay an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant Liabilities to the Common Security Agent for application in accordance with the terms of this Agreement.

  

	13.7	Saving provision 

 If, for any reason, any of the trusts expressed to be created in this
Clause 13 should fail or be unenforceable, the affected Creditor or Debtor will promptly pay or distribute an amount equal to that receipt or recovery to the Common Security Agent to be held on trust by the Common Security Agent for application in
accordance with the terms of this Agreement. 
  

	14.	Redistribution 

  

	14.1	Recovering Creditor’s Rights 

  

	 	(a)	Any amount paid or distributed by a Creditor (a “Recovering Creditor”) to the Common Security Agent under Clause 12 (Effect of Insolvency Event) or Clause 13 (Turnover of receipts)
shall be treated as having been paid or distributed by the relevant Debtor and shall be applied by the Common Security Agent in accordance with Clause 19 (Application of proceeds). 

 

	 	(b)	On an application by the Common Security Agent pursuant to Clause 19 (Application of proceeds) of a Payment or distribution received by a Recovering Creditor from a Debtor, as between the relevant Debtor and the
Recovering Creditor an amount equal to the amount received or recovered by the Recovering Creditor and paid or distributed to the Common Security Agent by the Recovering Creditor (the “Shared Amount”) will be treated as not having
been paid or distributed by that Debtor. 

  
 75 

	14.2	Reversal of Redistribution 

  

	 	(a)	If any part of the Shared Amount received or recovered by a Recovering Creditor becomes repayable or returnable to a Debtor and is repaid or returned by that Recovering Creditor to that Debtor, then: 

 

	 	(i)	each Party that received any part of that Shared Amount pursuant to an application by the Common Security Agent of that Shared Amount under Clause 14.1 (Recovering Creditor’s
rights) (a “Sharing Party”) shall (subject to Clause 24 (Pari Passu Note Trustee protections)), upon request of the Common Security Agent, pay or distribute to the Common Security Agent for the
account of that Recovering Creditor an amount equal to the appropriate part of its share of the Shared Amount (together with an amount as is necessary to reimburse that Recovering Creditor for its proportion of any interest on the Shared Amount
which that Recovering Creditor is required to pay) (the “Redistributed Amount”); and 

  

	 	(ii)	as between the relevant Debtor and each relevant Sharing Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid or distributed by that Debtor. 

 

	 	(b)	The Common Security Agent shall not be obliged to pay or distribute any Redistributed Amount to a Recovering Creditor under paragraph (a)(i) above until it has been able to establish to its satisfaction that it has
actually received that Redistributed Amount from the relevant Sharing Party. 

  

	14.3	Deferral of Subrogation 

  

	 	(a)	No Creditor (other than a Subordinated Creditor) or Debtor will exercise any rights which it may have by reason of the performance by it of its obligations under the Debt Documents to take the benefit (in whole or in
part and whether by way of subrogation or otherwise) of any rights under the Debt Documents of any Creditor (other than a Subordinated Creditor) which ranks ahead of it in accordance with the priorities set out in Clause 2 (Ranking and
priority) or the order of application in Clause 19 (Application of proceeds) until such time as all of the Liabilities owing to each prior ranking Creditor (or, in the case of any Debtor, owing to each Creditor (other than a Subordinated
Creditor)) have been irrevocably discharged in full. 

  

	 	(b)	No Subordinated Creditor will exercise any rights which it may have to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights under the Debt Documents of any Creditor until
such time as all of the Liabilities owing to each Creditor (other than a Subordinated Creditor) have been irrevocably discharged in full. 

  

	15.	Enforcement of Transaction Security 

  

	15.1	Credit Facility Cash Cover 

 This Clause 15 is subject to Clause 19.3 (Treatment of
Credit Facility Cash Cover and Credit Facility Lender Cash Collateral). 

  
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	15.2	Instructions to enforce 

  

							
		 	(a)	 	(i)	 	In the case of the Common Transaction Security, if either the Majority Super Senior Creditors or the Majority Pari Passu Creditors wish to issue Enforcement Instructions in respect of any Common Transaction Security, the Creditor
Representatives (and, if applicable, Hedge Counterparties) representing the Primary Creditors comprising the Majority Super Senior Creditors or Majority Pari Passu Creditors (as the case may be) shall deliver a copy of those proposed Enforcement
Instructions in respect of the Common Transaction Security (a “Common Transaction Security Initial Enforcement Notice”) to the Intercreditor Agent and the Intercreditor Agent shall promptly forward such Common Transaction Security
Initial Enforcement Notice to each Creditor Representative and each Hedge Counterparty which did not deliver such Common Transaction Security Initial Enforcement Notice.
				
		 		 	 (ii)
	 	In the case of any Transaction Security in respect of a Pari Passu Notes Interest Accrual Account, if the Creditor Representative representing the Pari Passu Noteholders in respect of the Pari Passu Notes to which the Pari Passu
Notes Interest Accrual Account relates (acting on behalf of such Pari Passu Noteholders) wishes to issue Enforcement Instructions in respect of such Transaction Security, that Creditor Representative shall deliver a copy of those Enforcement
Instructions in respect of such Credit-Specific Transaction Security to the Intercreditor Agent and the Intercreditor Agent shall promptly forward such Enforcement Instructions to the Common Security Agent.
				
		 		 	(iii)	 	In the case of any Transaction Security in respect of a Pari Passu Facility Debt Service Reserve Account, if the Creditor Representative representing the Pari Passu Lenders in respect of the Pari Passu Facility to which the Pari
Passu Facility Debt Service Reserve Account relates (acting on behalf of such Pari Passu Lenders) wishes to issue Enforcement Instructions in respect of such Transaction Security, that Creditor Representative shall deliver a copy of those
Enforcement Instructions in respect of such Credit-Specific Transaction Security to the Intercreditor Agent and the Intercreditor Agent shall promptly forward such Enforcement Instructions to the Common Security Agent.

  

	 	(b)	The delivery of a Common Transaction Security Initial Enforcement Notice to the Intercreditor Agent shall commence a 30-day consultation period (or such shorter period as the relevant Creditor Representatives shall
agree) (the “Initial Consultation Period”) during which time the Creditor Representatives for each of the Super Senior Creditors and the Pari Passu Creditors (or, in the case of any group of Secured Parties that choses to do so, a
representative or committee of such creditor group appointed in place of its Creditor Representative for this purpose), shall consult with each other in good faith with a view to coordinating the proposed instructions as to Enforcement of the Common
Transaction Security and shall use their reasonable commercial efforts to keep the Intercreditor Agent informed of such consultation and coordination efforts. Such Creditor Representatives shall not be obliged to consult (or, in the case of (ii)
below, shall only be obliged to consult for such shorter period of time as the Intercreditor Agent (acting reasonably and, if it chooses (in its sole discretion) to do so, on the advice of its legal counsel or other relevant professional adviser)
may determine) in accordance with this paragraph (b) (and, accordingly, no Initial Consultation Period shall arise or there shall be no further obligation to consult, as applicable) if: 

 

	 	(i)	an Insolvency Event has occurred and is continuing in respect of a Debtor or the Security Provider; 

  

	 	(ii)	an Event of Default being continuing in relation to Liabilities owed to the relevant Secured Parties, a Creditor Representative acting on behalf of any Secured Party(ies) (such Secured Party(ies) having made a
determination acting reasonably and in good faith) notifies the Intercreditor Agent that: 

  

	 	(A)	to enter into or continue such consultations and thereby delay the commencement of enforcement of the Common Transaction Security could reasonably be expected to have a material adverse effect on the ability to effect a
Distressed Disposal or on the expected realisation proceeds of any Enforcement; or 

  

	 	(B)	the circumstances described in paragraph (c)(ii) or paragraph (c)(iii) below have occurred; or 

  

	 	(iii)	the Creditor Representatives of each other group of Secured Parties agree on the proposed Enforcement Instructions and that no Initial Consultation Period (or further consultation during such Initial Consultation
Period) is required. 

  
 77 

	 	(c)	If the consultation as may be required pursuant to paragraph (b) above has taken place (such consultation to be considered to have taken place regardless of whether each Creditor Representative (having been invited to
do so at reasonable times and on a reasonable basis) has participated or has participated in good faith, so long as the Creditor Representative that delivered the Common Transaction Security Initial Enforcement Notice has complied or made itself
available so as to comply with its obligation to do so) (the “Consultation Condition” having been “satisfied” and, for this purpose, unless otherwise advised by a Creditor Representative, the Intercreditor Agent is
entitled to assume that the required consultation has taken place upon the expiry of the Initial Consultation Period): 

  

	 	(i)	subject to paragraphs (c)(ii), (c)(iii) and (d) below, the Intercreditor Agent shall deliver to the Common Security Agent the Enforcement Instructions in respect of the Common Transaction Security received from the
Majority Pari Passu Creditors; 

  

	 	(ii)	if: 

  

	 	(A)	the Majority Pari Passu Creditors have not either: 

  

	 	(1)	made a determination as to the method of Enforcement (save with respect to any Credit-Specific Transaction Security) they wish to instruct the Common Security Agent to pursue (and notified the Intercreditor Agent of
that determination in writing); or 

  

	 	(2)	appointed a Financial Adviser to assist them in making such a determination, 

 within 3 months
of the date of the Common Transaction Security Initial Enforcement Notice; or 
  

	 	(B)	the Super Senior Discharge Date or the Rolled Loan Discharge Date has not occurred within 6 months of the date of the Common Transaction Security Initial Enforcement Notice, 

then the Intercreditor Agent shall deliver to the Common Security Agent the Enforcement Instructions in respect of the Common Transaction
Security received from the Majority Super Senior Creditors; and 
  

	 	(iii)	if the Majority Pari Passu Creditors have not either: 

  

	 	(A)	made a determination as to the method of Enforcement (save with respect to any Credit-Specific Transaction Security) they wish to instruct the Common Security Agent to pursue (and notified the Intercreditor Agent of
that determination in writing); or 

  

	 	(B)	appointed a Financial Adviser to assist them in making such a determination, 

  
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 and the Majority Super Senior Creditors: 

 

	 	(1)	determine in good faith (and notify the other Creditor Representatives, the Hedge Counterparties and the Intercreditor Agent) that a delay in issuing Enforcement Instructions in respect of the Common Transaction
Security could reasonably be expected to have a material adverse effect on the ability to effect a Distressed Disposal or on the expected realisation proceeds of any such Enforcement; and 

 

	 	(2)	deliver Enforcement Instructions in respect of the Common Transaction Security which they reasonably believe to be consistent with the Enforcement Principles before the Intercreditor Agent has received any Enforcement
Instructions in respect of the Common Transaction Security from the Majority Pari Passu Creditors, 

 then the Intercreditor
Agent shall deliver to the Common Security Agent the Enforcement Instructions in respect of the Common Transaction Security received from the Majority Super Senior Creditors. 
  

	 	(d)	If an Insolvency Event (other than an Insolvency Event directly caused by any Enforcement Action taken by or at the request or direction of a Super Senior Creditor) is continuing with respect to a Debtor or the Security
Provider then the Intercreditor Agent shall, to the extent the Majority Super Senior Creditors elect to provide such Enforcement Instructions in respect of the Common Transaction Security (such Enforcement Instructions to be limited to such
Enforcement as may be reasonably necessary to preserve and protect the claims and interest of the Super Senior Creditors), deliver to the Common Security Agent the Enforcement Instructions in respect of the Common Transaction Security received from
the Majority Super Senior Creditors. 

  

	 	(e)	The Common Security Agent shall act in accordance with any Enforcement Instructions received from the Intercreditor Agent pursuant to this Clause 15 (and not withdrawn), save that (i) in the case of Enforcement
Instructions delivered to the Common Security Agent pursuant to paragraph (d) above, the Common Security Agent shall only act in accordance with such Enforcement Instructions until the Super Senior Discharge Date has occurred and (ii) in the case of
Enforcement Instructions delivered to the Common Security Agent pursuant to paragraphs (c)(ii) or (c)(iii) above, the Common Security Agent shall only act in accordance with such Enforcement Instructions until later of the Super Senior Discharge
Date and the Rolled Loan Discharge Date. 

  

	15.3	Enforcement Instructions 

  

	 	(a)	The Common Security Agent may refrain from enforcing the Transaction Security or taking any other action as to Enforcement unless instructed otherwise by the Intercreditor Agent and the Intercreditor Agent may refrain
from delivering such instructions to the Common Security Agent or taking any other action as to Enforcement unless instructed otherwise by the Instructing Group in accordance with Clause 15.2 (Instructions to enforce). 

  
 79 

	 	(b)	Subject to Clause 15.2 (Instructions to enforce), the applicable Instructing Group may deliver or refrain from delivering instructions to the Intercreditor Agent directing the Common Security Agent to take action
as to Enforcement in accordance with the Enforcement Principles as they see fit by way of the issuance of Enforcement Instructions. 

  

	 	(c)	The Intercreditor Agent and the Common Security Agent are entitled to rely on and comply with instructions given in accordance with this Clause 15.3. 

 

	15.4	Enforcement of Transaction Security – Rolled Loan Cash Collateral 

  

	 	(a)	This Clause 15.4 is subject to Clause 3.2 (Rolled Loan – restrictions). 

  

	 	(b)	If the Rolled Loan Facility Lender wishes to take Enforcement Action in respect of any Transaction Security in respect of the Rolled Loan Cash Collateral Account, the Rolled Loan Facility Lender shall first inform the
Intercreditor Agent in writing of its intention to do so and the Intercreditor Agent shall promptly forward such notice to the Common Security Agent and each Creditor Representative. The Rolled Loan Facility Lender shall not take Enforcement Action
in respect of any Transaction Security in respect of the Rolled Loan Cash Collateral Account on or before the date that is five (5) Business Days after the delivery of such notice to the Intercreditor Agent. 

 

	 	(c)	If at any time prior to the Final Discharge Date (for these purposes, ignoring any amounts in respect of the Rolled Facility Loan) the Rolled Loan Facility Lender receives or recovers any Enforcement Proceeds in respect
of the Rolled Loan Cash Collateral, it will hold and apply such Enforcement Proceeds (or an amount equal to such Enforcement Proceeds) in accordance with Clause 13.2 (Turnover by the Primary Creditors),
save that it shall not be required to do so and shall be entitled to apply such Enforcement Proceeds as it choses in circumstances where such Enforcement Proceeds have been received or recovered in connection with Enforcement Action taken as
permitted by limb (ii) of paragraph (b)(vi) of Clause 3.2 (Rolled Loan – restrictions). 

  

	15.5	Manner of Enforcement 

  

	 	(a)	If the Transaction Security is being enforced or other action as to Enforcement is being taken pursuant to Clause 15.3 (Enforcement Instructions), the Common Security Agent shall enforce the
Transaction Security (other than the Rolled Loan Cash Collateral) or take other action as to Enforcement in such manner (including, without limitation, the selection of any administrator (or any analogous officer in any jurisdiction) of any Debtor
or Security Provider to be appointed by the Common Security Agent) as the applicable Instructing Group shall instruct (provided that such instructions are consistent with the Enforcement Principles) or, in the absence of any such
instructions, as the Intercreditor Agent (as it considers in its own discretion to be appropriate and consistent with the Enforcement Principles) has instructed the Common Security Agent to do so or, in the absence of any such instructions, as the
Common Security Agent considers in its discretion to be appropriate and consistent with the Enforcement Principles. 

  

	 	(b)	If the Majority Super Senior Creditors or any Required Pari Passu Creditor (in each case acting reasonably) consider that the Common Security Agent is enforcing (or the Intercreditor Agent has directed the Common
Security Agent to enforce) the Common Transaction Security in a manner that is not consistent with the Enforcement Principles, subject to paragraph (a) above, the applicable Creditor Representative (the “Notifying Creditor
Representative”) shall give notice to the Intercreditor Agent (and the Intercreditor Agent shall promptly forward such notice to the Common Security Agent and each Creditor Representative which did not deliver such notice) after which the
Creditor Representatives for each of the Super Senior Creditors and the Pari Passu Creditors (or, in the case of any group of Secured Parties that choses to do so, a representative or committee of such creditor group appointed in place of its
Creditor Representative for this purpose), shall consult with the Intercreditor Agent and the Common Security Agent for a period of 10 days (or such lesser period as the Notifying Creditor Representative may agree) with a view to agreeing the manner
of Enforcement of the Common Transaction Security, provided that the such Creditor Representatives shall not be obliged to consult under this paragraph (b) more than once in relation to each Enforcement Action. 

  
 80 

	15.6	Exercise of voting rights 

  

	 	(a)	Subject to paragraph (c) below, each Creditor (other than each Creditor Representative and each Arranger) agrees with the Intercreditor Agent and the Common Security Agent that it will cast its vote in any proposal put
to the vote by or under the supervision of any judicial or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceedings relating to any member of the Group as instructed by the Intercreditor Agent.

  

	 	(b)	Subject to paragraph (c) below, the Intercreditor Agent shall give instructions for the purposes of paragraph (a) above in accordance with any instructions given to it by the applicable Instructing Group, provided
that any such instructions have been given in accordance with Clause 15.3 (Enforcement Instructions), taking into account the arrangements contemplated in paragraph (e) of Clause 17.4 (Restriction on Enforcement).

  

	 	(c)	Nothing in this Clause 15.6 entitles any party to exercise or require any other Primary Creditor to exercise such power of voting or representation to (i) waive, reduce, discharge, extend the due date for (or change the
basis for accrual of any) payment of or reschedule any of the Liabilities owed to that Primary Creditor or (ii) impair or otherwise adversely affect any Credit-Specific Transaction Security. 

 

	15.7	Waiver of rights 

 To the extent permitted under applicable law and subject to Clause
15.3 (Enforcement Instructions), Clause 15.5 (Manner of Enforcement), Clause 17.2 (Proceeds of Distressed Disposals and Debt Disposals) and Clause 19 (Application of proceeds), each of the Secured Parties and
the Debtors waives all rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any particular time or that any amount received or recovered from any person, or by virtue of the
enforcement of any of the Transaction Security or of any other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied. 

 

	15.8	Duties owed 

 Each of the Secured Parties and the Debtors acknowledges that, in the event
that the Common Security Agent enforces or is instructed to enforce the Transaction Security, the duties of the Common Security Agent and of any Receiver or Delegate owed to them in respect of the method, type and timing of that enforcement or of
the exploitation, management or realisation of any of that Transaction Security shall, subject to Clause 17.2 (Proceeds of Distressed Disposals and Debt Disposals), be no different to or greater than the duty that is owed by the Common
Security Agent, Receiver or Delegate to the Debtors under general law. 
  

	15.9	Enforcement through Common Security Agent only 

  

	 	(a)	Subject to paragraph (b) below, no Secured Party shall have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising
under the Transaction Security Documents except through the Common Security Agent. 

  

	 	(b)	Subject to the terms and conditions of this Agreement (including Clauses 3.2 (Rolled Loan – restrictions) and Clause 15.4 (Enforcement of Transaction Security – Rolled Loan Cash
Collateral)), the Rolled Loan Facility Lender shall have independent power to enforce and have recourse to the Credit-Specific Transaction Security in respect of the Rolled Loan Cash Collateral and to exercise any right, power, authority or
discretion arising under the Transaction Security Documents related to such Transaction Security. 

  
 81 

	15.10	Alternative Enforcement Actions 

 After the Common Security Agent has commenced
Enforcement of the Common Transaction Security, it shall not accept (and the Intercreditor Agent shall not deliver to it) any subsequent instructions as to Enforcement (save (i) with respect to any Credit-Specific Transaction Security, (ii) in the
case where paragraph (c)(ii) or (d) of Clause 15.2 (Instructions to enforce) applies, (iii) after the Super Senior Discharge Date, where paragraph (d) of Clause 15.2 (Instructions to enforce) had applied or (iv) after the later of the
Super Senior Discharge Date and the Rolled Loan Discharge Date, where any of paragraphs (c)(ii) or (c)(iii) of Clause 15.2 (Instructions to enforce) had applied) from anyone other than the Instructing Group that instructed it to commence such
enforcement of the Common Transaction Security, regarding any other enforcement of the Common Transaction Security over or relating to shares or assets directly or indirectly the subject of the enforcement of the Common Transaction Security which
has been commenced (and, for the avoidance of doubt, during any enforcement of the Common Transaction Security only paragraph (b) of the definition of Instructing Group shall be applicable in relation to any instructions (save with respect to any
Credit-Specific Transaction Security) given to the Intercreditor Agent and the Common Security Agent by the Instructing Group under this Agreement). 
  

	15.11	Power of Attorney 

 The POA Agent shall not exercise any right under a Power of Attorney
until after the delivery of an Enforcement Notice to the Company and to Propco and unless the Common Security Agent has instructed it to do so. 
  

	15.12	Livranças 

 The Common Security Agent shall not present any of the
Livranças for payment until after the delivery of an Enforcement Notice to the Company and each Guarantor. Notwithstanding the terms of the Livrança Covering Letter, the aggregate amount to be inserted by the Common Security Agent into
the Livranças may not exceed the aggregate amount of the Secured Obligations as at the date of such insertion by the Common Security Agent. 
  

	15.13	High Yield Note Guarantees 

  

	 	(a)	The Parent shall ensure that the relevant documents or instruments relating to (or in respect of) each Additional High Yield Note, Additional High Yield Note Refinancing and High Yield Note Refinancing contain a
provision for the release of each High Yield Note Guarantee relating to the corresponding Additional High Yield Note, Additional High Yield Note Refinancing Indebtedness or High Yield Note Refinancing Indebtedness that is equivalent in form,
substance and effect to section 11.08(c) (Release of Guarantees) of the original form of the High Yield Note Indenture (each, a “Required Release Provision”). 

 

	 	(b)	No Debtor and no Bondco shall amend, vary or waive section 11.08(c) (Release of Guarantees) of the original form of the High Yield Note Indenture or any Required Release Provision without the prior written
consent of the Intercreditor Agent (acting on the instructions of the Majority Super Senior Creditors and the Required Pari Passu Creditors). 

  
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 Section 5 

Non-Distressed Disposals, Distressed Disposals and claims 
  

	16.	Non-Distressed Disposals 

  

	16.1	Definitions 

 In this Clause 16: 

 

	 	(a)	“Disposal Proceeds” means the proceeds of a Non-Distressed Disposal; 

  

	 	(b)	“Non-Distressed Disposal” means a disposal of: 

  

	 	(i)	an asset of a member of the Group; or 

  

	 	(ii)	an asset which is subject to the Transaction Security, 

 to a person or persons outside the
Group where: 
  

	 	(A)	either (x) one Officer of the Parent certifies for the benefit of the Intercreditor Agent and the Common Security Agent (and such certification is not objected to by the Credit Facility Agent within five (5) Business
Days of receipt of such certificate) that that disposal is expressly permitted or not prohibited (as applicable) under the Credit Facility Documents, (y) the Credit Facility Agent notifies the Intercreditor Agent and the Common Security Agent that
that disposal is expressly permitted or not prohibited (as applicable) under the Credit Facility Documents or (z) the Majority Lenders (as defined in the Credit Facilities Agreement) consent to that disposal; 

 

	 	(B)	either (x) one Officer of the Parent certifies for the benefit of the Intercreditor Agent and the Common Security Agent that the disposal and, if the disposal is of Charged Property, the release of Transaction Security
is expressly permitted or not prohibited (as applicable) under the Pari Passu Debt Documents (provided that such certificate has been provided to the relevant Creditor Representative(s) and the relevant Creditor Representative(s) have not
objected to such certificate within 5 Business Days of receipt of such certificate) or (y) the Creditor Representative in respect of each Pari Passu Facility Agreement and Pari Passu Note Indenture authorises the release; and 

 

	 	(C)	that disposal is not a Distressed Disposal; and 

  

	 	(c)	“Officer” means the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, Treasurer or Secretary of
the Parent, or any Directors of the Board or any person acting in that capacity, in each case acting with due authority. 

  

	16.2	Facilitation of Non-Distressed Disposals 

  

	 	(a)	If a disposal of an asset is a Non-Distressed Disposal, the Common Security Agent is irrevocably authorised (at the cost of the Parent (provided that the Common Security Agent acts reasonably) and without any
consent, sanction, authority or further confirmation from any Creditor, other Secured Party or Debtor) but subject to paragraph (b) below: 

  

	 	(i)	to release the Transaction Security or any other claim (relating to a Debt Document) over that asset; 

  
 83 

	 	(ii)	where that asset consists of shares in the capital of a member of the Group, to release the Transaction Security or any other claim (relating to a Debt Document) over that member of the Group’s Property; and

  

	 	(iii)	to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraphs (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any
consent to dealing that may, in the discretion of the Common Security Agent, be considered necessary or desirable. 

  

	 	(b)	Each release of Transaction Security or any claim described in paragraph (a) above shall become effective only on the making of the relevant Non-Distressed Disposal. 

 

	16.3	Facilitation of other releases 

  

	 	(a)	If a release of Transaction Security is (i) required to effect amendments to the Secured Obligations Documents that have been duly consented to and approved under the terms of the Secured Obligations Documents and such
release would comply with the terms and conditions of section 11 (Impairment of Security Interest) of schedule 10 (Covenants) pursuant to clause 23.1 (Notes covenants) of the Credit Facility Agreement, section
4.21 (Impairment of Security Interest) of the Senior Secured 2019 Note Indenture, section 4.21 (Impairment of Security Interest) of the Senior Secured 2021 Note Indenture and each Equivalent Provision of any other Pari Passu Debt
Document or (ii) conditional upon repayment or prepayment in full of the Secured Liabilities and the payment of all other amounts then due and payable under the Secured Obligations Documents so as to achieve the Final Discharge Date, the Common
Security Agent is irrevocably authorised (at the cost of the Parent (provided that the Common Security Agent acts reasonably) and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party or
Debtor) but subject to paragraph (b) below: 

  

	 	(i)	to release the Transaction Security or any other claim (relating to a Debt Document) over that asset; 

  

	 	(ii)	where that asset consists of shares in the capital of a member of the Group, to release the Transaction Security or any other claim (relating to a Debt Document) over that member of the Group’s Property; and

  

	 	(iii)	to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraphs (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any
consent to dealing that may, in the discretion of the Common Security Agent, be considered necessary or desirable. 

  

	 	(b)	Each release of Transaction Security or any claim described in paragraph (a) above shall become effective only on the making of the relevant transaction (and, if applicable, entry into any replacement Transaction
Security that may be required pursuant to the terms and conditions of section 11 (Impairment of Security Interest) of schedule 10 (Covenants) pursuant to clause 23.1 (Notes covenants) of the Credit Facility Agreement,
section 4.21 (Impairment of Security Interest) of the Senior Secured 2019 Note Indenture, section 4.21 (Impairment of Security Interest) of the Senior Secured 2021 Note Indenture and each Equivalent Provision of any other Pari
Passu Debt Document). 

  

	 	(c)	In connection with the entry into this Agreement, the Secured Parties (other than the Common Security Agent) irrevocably authorise and instruct the Common Security Agent to execute and deliver or enter into each release
of the Transaction Security listed under the heading “Release documents for Onshore Security” in schedule 4 (Conditions subsequent documents) of the 2016 Amendment and Restatement Agreement. The Parent agrees that such execution,
deliver or entry into such releases shall be at its cost (provided that the Common Security Agent acts reasonably) and shall not require any consent, sanction, authority or further confirmation from any Debtor. Each other Creditor confirms
that its consent is not required for such releases. 

  
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	16.4	Disposal Proceeds 

 Subject to Clause 3.2 (Rolled Loan – restrictions), if
any Disposal Proceeds are required to be applied (or offered to be applied) in mandatory prepayment or redemption of the Credit Facility Liabilities or the Pari Passu Debt Liabilities then those Disposal Proceeds shall be applied (or, if relevant,
offered and then applied, if required) in accordance with the Debt Documents and the consent of any other Party shall not be required for that application or offer. 
  

	16.5	Release of Unrestricted Subsidiaries 

 If a member of the Group is designated as an
Unrestricted Subsidiary in accordance with the terms of each of the Credit Facility Documents and the Pari Passu Debt Documents, the Common Security Agent is irrevocably authorised and obliged (at the cost of the relevant Debtor or the Parent
(provided that the Common Security Agent acts reasonably) and without any consent, sanction, authority or further confirmation from any Creditor or Debtor): 
  

	 	(a)	to release the Transaction Security or any other claim (relating to a Debt Document) over that member of the Group’s assets; and 

 

	 	(b)	to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraph (a) above and issue any certificates of non-crystallisation of any floating charge or any consent to
dealing that may, in the discretion of the Common Security Agent, be considered necessary or desirable or as requested by the Parent. 

  

	17.	Distressed Disposals 

  

	17.1	Facilitation of Distressed Disposals 

 Subject to Clause 17.4 (Restriction on
Enforcement), if a Distressed Disposal is being effected the Common Security Agent is irrevocably authorised (at the cost of the Parent and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party
or Debtor): 
  

	 	(a)	Release of Transaction Security/non-crystallisation certificates: to release the Transaction Security (and any claims thereunder) or any other claim over the asset subject to the Distressed Disposal and
execute and deliver or enter into any release of that Transaction Security or claim and issue any letters of non-crystallisation of any floating charge or any consent to dealing that may, in the discretion of the Common Security Agent, be considered
necessary or desirable; 

  

	 	(b)	Release of liabilities and Transaction Security on a share sale (Debtor): if the asset subject to the Distressed Disposal consists of shares and/or other equity interests in the capital of a Debtor, to release:

  

	 	(i)	that Debtor and any Subsidiary of that Debtor from all or any part of: 

  

	 	(A)	its Borrowing Liabilities; 

  

	 	(B)	its Guarantee Liabilities; and 

  

	 	(C)	its Other Liabilities; 

  
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	 	(ii)	any Transaction Security granted by the Holding Company of that Debtor over the shares and other equity interests in the capital of that Debtor and any Transaction Security granted by that Debtor or any Subsidiary of
that Debtor over any of its assets; and 

  

	 	(iii)	any other claim of a Bondco, Subordinated Creditor, an Intra-Group Lender, or another Debtor over that Debtor’s assets or over the assets of any Subsidiary of that Debtor, 

on behalf of the relevant Creditors and Debtors; 
  

	 	(c)	Release of liabilities and Transaction Security on a share sale (Holding
Company): if the asset subject to the Distressed Disposal consists of shares and/or other equity interests in the capital of any Holding Company of a Debtor, to release: 

 

	 	(i)	that Holding Company and any Subsidiary of that Holding Company from all or any part of: 

  

	 	(A)	its Borrowing Liabilities; 

  

	 	(B)	its Guarantee Liabilities; and 

  

	 	(C)	its Other Liabilities; 

  

	 	(ii)	any Transaction Security granted by the Holding Company of that Holding Company over the shares and other equity interests in the capital of that Holding Company and any Transaction Security granted by any Subsidiary of
that Holding Company over any of its assets; and 

  

	 	(iii)	any other claim of a Bondco, Subordinated Creditor, an Intra-Group Lender or another Debtor over the assets of any Subsidiary of that Holding Company, 

on behalf of the relevant Creditors and Debtors; 
  

	 	(d)	Facilitative disposal of liabilities on a share sale: if the asset subject to the Distressed Disposal consists of
shares and/or other equity interests in the capital of a Debtor or the Holding Company of a Debtor and the Intercreditor Agent or Common Security Agent decides to dispose of all or any part of: 

 

	 	(i)	the Liabilities (other than Liabilities due to any Creditor Representative or Arranger or the Liabilities in respect of the principal amount outstanding in respect of the Rolled Loan); or 

 

	 	(ii)	the Debtors’ Intra-Group Receivables, 

 owed by that Debtor or Holding Company or any
Subsidiary of that Debtor or Holding Company on the basis that any transferee of those Liabilities or Debtors’ Intra-Group Receivables (the “Transferee”) will not be treated as a Primary Creditor or a Secured Party for the
purposes of this Agreement, to execute and deliver or enter into any agreement to dispose of all or part of those Liabilities or Debtors’ Intra-Group Receivables on behalf of the relevant Creditors and Debtors, provided that
notwithstanding any other provision of any Debt Document the Transferee shall not be treated as a Primary Creditor or a Secured Party for the purposes of this Agreement; 

  
 86 

	 	(e)	Sale of liabilities on a share sale: if the asset subject to the Distressed Disposal consists of shares and/or other equity interests in the capital of a Debtor or the Holding Company of a Debtor and the
Intercreditor Agent or Common Security Agent decides to dispose of all or any part of: 

  

	 	(i)	the Liabilities (other than Liabilities due to any Creditor Representative or Arranger or the Liabilities in respect of the principal amount outstanding in respect of the Rolled Loan); or 

 

	 	(ii)	the Debtors’ Intra-Group Receivables, 

 owed by that Debtor or Holding
Company or any Subsidiary of that Debtor or Holding Company on the basis that any transferee of those Liabilities or Debtors’ Intra-Group Receivables will be treated as a Primary Creditor or a Secured Party for the
purposes of this Agreement, to execute and deliver or enter into any agreement to dispose of: 
  

	 	(A)	all (and not part only) of the Liabilities owed to the Primary Creditors (other than to any Creditor Representative or Arranger); and 

 

	 	(B)	all or part of any other Liabilities (other than Liabilities owed to any Creditor Representative or Arranger) and the Debtors’ Intra-Group Receivables, 

on behalf of, in each case, the relevant Creditors and Debtors; 
  

	 	(f)	Transfer of obligations in respect of liabilities on a share sale: if the asset subject to the Distressed Disposal consists of shares and/or other equity interests in the capital of a Debtor or the Holding
Company of a Debtor (the “Disposed Entity”) and the Intercreditor Agent or Common Security Agent decides to transfer to another Debtor (the “Receiving Entity”) all or any part of the Disposed Entity’s
obligations or any obligations of any Subsidiary of that Disposed Entity in respect of: 

  

	 	(i)	the Intra-Group Liabilities; or 

  

	 	(ii)	the Debtors’ Intra-Group Receivables, 

 to execute and deliver or enter into any agreement
to: 
  

	 	(A)	agree to the transfer of all or part of the obligations in respect of those Intra-Group Liabilities or Debtors’ Intra-Group Receivables on behalf of the relevant Intra-Group Lenders and Debtors to which those
obligations are owed and on behalf of the Debtors which owe those obligations; and 

  

	 	(B)	to accept the transfer of all or part of the obligations in respect of those Intra-Group Liabilities or Debtors’ Intra-Group Receivables on behalf of the Receiving Entity or Receiving Entities to which the
obligations in respect of those Intra-Group Liabilities or Debtors’ Intra-Group Receivables are to be transferred. 

  

	17.2	Proceeds of Distressed Disposals and Debt Disposals 

 The net proceeds of each Distressed
Disposal and each Debt Disposal shall be paid, or distributed, to the Common Security Agent for application in accordance with Clause 19 (Application of proceeds) and, to the extent that any Liabilities Sale has occurred, as if that
Liabilities Sale had not occurred. 

  
 87 

	17.3	Fair value 

  

	 	(a)	In the case of: 

  

	 	(i)	a Distressed Disposal; or 

  

	 	(ii)	a Debt Disposal, 

 effected by, or at the request of, the Common Security Agent, the Common
Security Agent shall act in accordance with this Agreement, provided that the Parties instructing the Intercreditor Agent and/or the Common Security Agent shall take reasonable care to obtain a fair market price having regard to the
prevailing market conditions (though none of such Parties shall have any obligation to postpone (or request the postponement of) any Distressed Disposal or Debt Disposal in order to achieve a higher price). 

 

	 	(b)	The requirement in paragraph (a) above shall be satisfied (and as between the Creditors and the Debtors shall be conclusively presumed to be satisfied) and the Common Security Agent will be taken to have discharged all
its obligations in this respect under this Agreement, the other Debt Documents and generally at law if: 

  

	 	(i)	that Distressed Disposal or Debt Disposal is made pursuant to any process or proceedings approved or supervised by or on behalf of any court of law or any Government Authority of the Macau SAR; 

 

	 	(ii)	that Distressed Disposal or Debt Disposal is made by, at the direction of or under the control of, a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer (or any
analogous officer in any jurisdiction) appointed in respect of a member of the Group or the assets of a member of the Group; 

  

	 	(iii)	that Distressed Disposal or Debt Disposal is made pursuant to a Competitive Sales Process or a process contemplated under Services and Right to Use Direct Agreement; or 

 

	 	(iv)	if a Financial Adviser appointed by the Common Security Agent in accordance with Schedule 7 (Enforcement Principles) has delivered a Fairness Opinion to the Common Security Agent in respect of
that Distressed Disposal or Debt Disposal. 

  

	17.4	Restriction on Enforcement 

 If a Distressed Disposal, a Liabilities Sale or a Debt
Disposal is being effected: 
  

	 	(a)	the Common Security Agent is not authorised to release any Debtor, Subsidiary or Holding Company from any Borrowing Liabilities or Guarantee Liabilities owed to any Primary Creditor except in accordance with this
Clause 17 (Distressed Disposals); 

  

	 	(b)	no Distressed Disposal, Liabilities Sale or Debt Disposal may be made for consideration in a form other than cash except to the extent contemplated by Schedule 7 (Enforcement Principles); 

 

	 	(c)	the relevant Primary Creditors shall simultaneously effect the unconditional release (or unconditional transfer to the purchaser of the relevant member of the Group) of all Borrowing Liabilities, Guarantee Liabilities
and Other Liabilities owing to the Primary Creditors by the relevant Debtor and each of its direct and indirect Subsidiaries; 

  
 88 

	 	(d)	the Common Security Agent is not authorised to release any Debtor, Subsidiary or Holding Company from any Borrowing Liabilities or Guarantee Liabilities owed to the Rolled Loan Facility Lender in respect of the Rolled
Loan in connection with a Distressed Disposal unless the cash amount of the Enforcement Proceeds of such Distressed Disposal is equal to or in excess of the lower of (i) the amount standing to the credit of the Rolled Loan Cash Collateral Account or
(ii) the then principal amount of the Rolled Loan and, in such case, an amount of such Enforcement Proceeds in cash equal to the amount standing to the credit of the Rolled Loan Cash Collateral Account (or, if lower, the then principal amount of the
Rolled Loan) shall be treated for the purposes of Clause 19 (Application of proceeds) as a Recovery from the Transaction Security over the Rolled Loan Cash Collateral Account and not as a Recovery from the Common Transaction Security;
and 

  

	 	(e)	in the case that any Pari Passu Debt Liability is secured by any Credit-Specific Transaction Security, the Common Security Agent is not authorised to release any Debtor, Subsidiary or Holding Company from that Pari
Passu Debt Liability in connection with a Distressed Disposal unless the cash amount of the Enforcement Proceeds of such Distressed Disposal (less the amount, if any, to be first treated as a Recovery from the Transaction Security over the Rolled
Loan Cash Collateral Account) is equal to or in excess of the amount standing to the credit of the Pari Passu Notes Interest Accrual Account or Pari Passu Facility Debt Service Reserve Account (as applicable) (or, if lower, the amount of such Pari
Passu Liability) plus the equivalent amount relating to each other Pari Passu Debt Liability similarly affected, and, in such case, an amount of such Enforcement Proceeds in cash equal to the amount standing to the credit of the relevant Pari Passu
Notes Interest Accrual Account or Pari Passu Facility Debt Service Reserve Account (or, if lower, the then principal amount of such Pari Passu Debt Liability) shall be treated for the purposes of Clause 19 (Application of proceeds) as a
Recovery from the Transaction Security over that Pari Passu Notes Interest Accrual Account or Pari Passu Facility Debt Service Reserve Account (as applicable) and not as a Recovery from the Common Transaction Security. 

 

	17.5	Appointment of Financial Adviser 

 Without prejudice to Clause 21.8 (Rights
and discretions), the Intercreditor Agent may engage, or approve the engagement of, pay for and rely on the services of a Financial Adviser in accordance with Schedule 7 (Enforcement Principles). 

 

	17.6	Actions 

  

	 	(a)	For the purposes of Clause 17.1 (Facilitation of Distressed Disposals) the Common Security Agent shall act: 

  

	 	(i)	on the instructions of the Intercreditor Agent or the Instructing Group; or 

  

	 	(ii)	in the absence of any such instructions, as the Security Agent sees fit. 

  

	 	(b)	For the purposes of Clause 17.1 (Facilitation of Distressed Disposals) the Intercreditor Agent shall act: 

 

	 	(i)	on the instructions of the Instructing Group; or 

  

	 	(ii)	in the absence of any such instructions, as the Intercreditor Agent sees fit. 

  
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	18.	Further assurance – disposals and releases 

 Each Creditor and Debtor will: 

 

	 	(a)	do all things that the Intercreditor Agent or the Common Security Agent requests in order to give effect to Clause 16 (Non-Distressed Disposals) and Clause 17 (Distressed Disposals)
(which shall include, without limitation, the execution of any assignments, transfers, releases or other documents that the Intercreditor Agent or the Common Security Agent may consider to be necessary to give effect to the releases or disposals
contemplated by those Clauses); and 

  

	 	(b)	if the Intercreditor Agent or the Security Agent is not entitled to take any of the actions contemplated by those Clauses or if the Intercreditor Agent or the Common Security Agent requests that any Creditor or Debtor
take any such action, take that action itself in accordance with the instructions of the Intercreditor Agent or the Common Security Agent, 

provided that the proceeds of those disposals are applied in accordance with Clause 16 (Non-Distressed Disposals)
or Clause 17 (Distressed Disposals) as the case may be. 

  
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 Section 6 

Proceeds 
  

	19.	Application of proceeds 

  

	19.1	Order of application 

  

	 	(a)	In this Clause 19.1: 

 “Sale” has the meaning given to that term in the
Services and Right to Use Direct Agreement; and 
 “Purchase Right” has the meaning given to that term in the Services and
Right to Use Direct Agreement. 
  

	 	(b)	Subject to paragraphs (d) and (e) of Clause 17.4 (Restriction on Enforcement), Clause 19.2 (Prospective Liabilities) and Clause 19.3 (Treatment of Credit Facility
Cash Cover and Credit Facility Lender Cash Collateral), all amounts from time to time received or recovered by the Common Security Agent pursuant to the terms of any Debt Document or in connection with the realisation or Enforcement or a
transaction in lieu of Enforcement of all or any part of the Transaction Security (for the purposes of this Clause 19, the “Recoveries”) shall be held by the Common Security Agent on trust to apply them at any time as the
Intercreditor Agent (in its discretion) sees fit to direct or the Common Security Agent (in its discretion) sees fit (subject, in the case of paragraph (x) below, to the timing conditions specified therein), to the extent permitted by applicable law
(and subject to the provisions of this Clause 19), in the following order of priority: 

  

	 	(i)	other than any Recoveries from any Credit-Specific Transaction Security, in discharging any sums owing to the Common Security Agent (other than pursuant to Clause 21.2 (Parallel debt)), any Receiver or any
Delegate; 

  

	 	(ii)	other than any Recoveries from any Credit-Specific Transaction Security, in payment or reimbursement to: 

  

	 	(A)	where (A) a Secured Party (or Secured Parties) has (or have) paid or funded any amount referred to in clauses 5.3 (Non-payment by Studio City Entertainment of arrears under the Services and Right to Use
Agreement) to 5.5 (Termination rights in the Final Grace Period) of the Services and Right to Use Direct Agreement and (B) Melco Crown has not paid or funded any such amounts), to that Secured Party (or, as the case may be, on a pro
rata basis between such Secured Parties) on account of all such amounts; or 

  

	 	(B)	where a Secured Party (or Secured Parties) has (or have) paid or funded any amount referred to in clauses 5.3 (Non-payment by Studio City Entertainment of arrears under the Services and Right to Use Agreement) to
5.5 (Termination rights in the Final Grace Period) of the Services and Right to Use Direct Agreement (and Melco Crown has also, together with such Secured Party or Secured Parties, funded such amounts), on a pro rata basis to the
Secured Party (or, as the case may be, Secured Parties) and Melco Crown on account of all such amounts, save where a Sale is or has been made pursuant to the Purchase Right in which circumstances payment or reimbursement should be made to the
Secured Party (or, as the case may be, Secured Parties) only; or 

  

	 	(C)	where Melco Crown has paid or funded any amount referred to in clauses 5.3 (Non-payment by Studio City Entertainment of arrears under the Services and Right to Use Agreement) to 5.5 (Termination rights in the
Final Grace Period) of the Services and Right to Use Direct Agreement (and no Secured Party has paid or funded any such amounts) and provided that no Sale is or has been made pursuant to the Purchase Right, to Melco Crown on account of all such
amounts; 

  
 91 

	 	(iii)	other than any Recoveries from any Credit-Specific Transaction Security, in discharging any sums owing to the Intercreditor Agent, the POA Agent and in payment to the Creditor Representatives of the Creditor
Representative Amounts; 

  

	 	(iv)	other than any Recoveries from any Credit-Specific Transaction Security, in discharging all costs and expenses incurred by any Primary Creditor in connection with any realisation or enforcement of the Transaction
Security taken in accordance with the terms of this Agreement or any action taken at the request of the Intercreditor Agent or the Common Security Agent under Clause 12.6 (Further assurance – Insolvency Event); 

 

	 	(v)	other than any Recoveries from any Credit-Specific Transaction Security, in payment or distribution to: 

  

	 	(A)	the Credit Facility Agent on its own behalf and on behalf of the Credit Facility Creditors; and 

  

	 	(B)	the Super Senior Hedge Counterparties, 

 for application towards the discharge of: 

 

	 	(1)	the Credit Facility Liabilities (in accordance with the terms of the Credit Facility Documents); and 

  

	 	(2)	the Super Senior Hedging Liabilities up to an aggregate maximum amount equal to the Super Senior Hedging Amount (and, in the case of each Super Senior Hedging Liability, up to an aggregate maximum amount equal to the
portion of the Super Senior Hedging Amount allocated to that Liability in accordance with this Agreement) on a pro rata basis between the Super Senior Hedging Liabilities of each Super Senior Hedge Counterparty and with such pro rata
allocation to be determined by reference to each Super Senior Hedge Counterparty’s Allocated Super Senior Hedging Amount, 

on a pro rata basis between paragraph (1) and paragraph (2) above; 

 

	 	(vi)	other than any Recoveries from any Credit-Specific Transaction Security, in payment or distribution to: 

  

	 	(A)	the Creditor Representatives in respect of any Pari Passu Debt Liabilities on its own behalf and on behalf of the Pari Passu Debt Creditors for which it is the Creditor Representative; and 

 

	 	(B)	the Pari Passu Hedge Counterparties, 

  
 92 

 for application towards the discharge of: 

 

	 	(1)	the Pari Passu Debt Liabilities (in accordance with the terms of the relevant Pari Passu Debt Documents) on a pro rata basis between Pari Passu Debt Liabilities under separate Pari Passu Facility Agreements (such
pro rata calculation to be made without regard to any discharge of Pari Passu Debt Liabilities as a result of any application of Recoveries in accordance with paragraph (vii) below); 

 

	 	(2)	the Pari Passu Debt Liabilities (in accordance with the terms of the relevant Pari Passu Debt Documents) on a pro rata basis between Pari Passu Debt Liabilities under separate Pari Passu Note Indentures (such
pro rata calculation to be made without regard to any discharge of Pari Passu Debt Liabilities constituting interest obligations or obligations in respect of scheduled amortisation payments or redemptions (in each case other than at final
maturity) as a result of any application of Recoveries in accordance with paragraph (viii) below); and 

  

	 	(3)	the Pari Passu Hedging Liabilities on a pro rata basis between the Pari Passu Hedging Liabilities of each Pari Passu Hedge Counterparty, 

on a pro rata basis between paragraph (1), paragraph (2) and paragraph (3) above (such pro rata calculation to be made without
regard to any discharge of Pari Passu Debt Liabilities constituting interest obligations or obligations in respect of scheduled amortisation payments or redemptions (in each case other than at final maturity) as a result of any application of
Recoveries in accordance with paragraph (vii) or (viii) below); 
  

	 	(vii)	in case of Recoveries from any Credit-Specific Transaction Security over any Pari Passu Facility Debt Service Reserve Account, in payment or distribution to the Creditor Representative in respect of the Pari Passu
Facility to which that Pari Passu Facility Debt Service Reserve Account relates on behalf of the Pari Passu Lenders for which it is the Creditor Representative for application towards the discharge of the Pari Passu Debt Liabilities constituting
interest obligations or obligations in respect of scheduled amortisation payments or redemptions (in each case other than at final maturity) in respect of that Pari Passu Facility (in accordance with the terms of the relevant Pari Passu Debt
Documents) and, thereafter, in payment or distribution pursuant to paragraph (vi) above as if such Recoveries were not from a Credit-Specific Transaction Security; 

 

	 	(viii)	in case of Recoveries from any Credit-Specific Transaction Security over any Pari Passu Notes Interest Accrual Account, in payment or distribution to the Pari Passu Notes Trustee in respect of the Pari Passu Notes to
which that Pari Passu Notes Interest Accrual Account relates on behalf of the Pari Passu Noteholders for which it is the Creditor Representative for application towards the discharge of the Pari Passu Debt Liabilities constituting interest
obligations in respect of those Pari Passu Notes (in accordance with the terms of the relevant Pari Passu Debt Documents) and, thereafter, in payment or distribution pursuant to paragraph (vi) above as if such Recoveries were not from a
Credit-Specific Transaction Security; 

  
 93 

	 	(ix)	other than any Recoveries from any Credit-Specific Transaction Security, in payment or distribution to the Credit Facility Agent on behalf of the Rolled Loan Facility Lender for application in or towards the discharge
of the Liabilities in respect of the Rolled Loan (in accordance with the terms of the Credit Facility Agreement); 

  

	 	(x)	in case of Recoveries from any Credit-Specific Transaction Security over the Rolled Loan Cash Collateral Account, only on or after a Release Event has occurred, to the Credit Facility Agent on behalf of the Rolled Loan
Facility Lender for application in or towards the discharge of the Liabilities in respect of the Rolled Loan (in accordance with the terms of the Credit Facility Agreement); 

 

	 	(xi)	if none of the Debtors is under any further actual or contingent liability under any Credit Facility Document, Hedging Agreement or Pari Passu Debt Document, in payment or distribution to any person to whom the Common
Security Agent is obliged to pay or distribute in priority to any Debtor; and 

  

	 	(xii)	the balance, if any, in payment or distribution to the relevant Debtor. 

  

	19.2	Prospective Liabilities 

 Following a Distress Event the Common Security Agent may, in
its discretion hold any amount of the Recoveries in one or more interest bearing suspense or impersonal accounts in the name of the Common Security Agent with such financial institution (including itself) as the Common Security Agent shall think fit
(the interest being credited to the relevant account for so long as the Common Security Agent shall think fit for later application under Clause 19.1 (Order of application) in respect of: 

 

	 	(a)	any sum to the Common Security Agent, any Receiver or any Delegate; and 

  

	 	(b)	any part of the Liabilities, 

 that the Common Security Agent reasonably considers, in each
case, might become due or owing at any time in the future. 
  

	19.3	Treatment of Credit Facility Cash Cover and Credit Facility Lender Cash Collateral 

  

	 	(a)	Nothing in this Agreement shall prevent any Issuing Bank or Ancillary Lender taking any Enforcement Action in respect of any Credit Facility Cash Cover which has been provided for it in accordance with the Credit
Facility Agreement. 

  

	 	(b)	To the extent that any Credit Facility Cash Cover is not held with the Relevant Issuing Bank or Relevant Ancillary Lender, all amounts from time to time received or recovered in connection with the realisation or
enforcement of that Credit Facility Cash Cover shall be paid to the Common Security Agent and shall be held by the Common Security Agent on trust to apply them at any time as the Common Security Agent (in its discretion) sees fit, to the extent
permitted by applicable law, in the following order of priority: 

  

	 	(i)	to the Relevant Issuing Bank or Relevant Ancillary Lender towards the discharge of the Credit Facility Liabilities for which that Credit Facility Cash Cover was provided; and 

 

	 	(ii)	the balance, if any, in accordance with Clause 19.1 (Order of application). 

  

	 	(c)	To the extent that any Credit Facility Cash Cover is held with the Relevant Issuing Bank or Relevant Ancillary Lender, nothing in this Agreement shall prevent that Relevant Issuing Bank or Relevant Ancillary Lender
receiving and retaining any amount in respect of that Credit Facility Cash Cover. 

  

	 	(d)	Nothing in this Agreement shall prevent any Issuing Bank receiving and retaining any amount in respect of any Credit Facility Lender Cash Collateral provided for it in accordance with the Credit Facility Agreement.

  
 94 

	19.4	Investment of Cash Proceeds 

 Prior to the application of the proceeds of the Security
Property in accordance with Clause 19.1 (Order of application) the Common Security Agent may, in its discretion, hold all or part of any cash proceeds in one or more interest bearing suspense or impersonal accounts in the name of the Common
Security Agent with such financial institution (including itself) and for so long as the Common Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies in the
Common Security Agent’s discretion in accordance with the provisions of this Clause 19. 
  

	19.5	Currency Conversion 

  

	 	(a)	For the purpose of, or pending the discharge of, any of the Secured Obligations the Common Security Agent may: 

  

	 	(i)	convert any moneys received or recovered by the Common Security Agent (including, without limitation, any cash proceeds) from one currency to another, at the Common Security Agent’s Spot Rate of Exchange; and

  

	 	(ii)	notionally convert the valuation provided in any opinion or valuation from one currency to another, at the Common Security Agent’s Spot Rate of Exchange. 

 

	 	(b)	The obligations of any Debtor to pay in the due currency shall only be satisfied: 

  

	 	(i)	in the case of paragraph (a)(i) above, to the extent of the amount of the due currency purchased after deducting the costs of conversion; and 

 

	 	(ii)	in the case of paragraph (a)(ii) above, to the extent of the amount of the due currency which results from the notional conversion referred to in that paragraph. 

 

	19.6	Permitted deductions 

 The Common Security Agent shall be entitled, in its discretion,
(a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment
made by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions, or by
virtue of its capacity as Common Security Agent under any of the Debt Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement). 

 

	19.7	Good discharge 

  

	 	(a)	Any distribution or payment to be made in respect of the Secured Obligations by the Common Security Agent: 

  

	 	(i)	may be made to the relevant Creditor Representative on behalf of its Primary Creditors; 

  
 95 

	 	(ii)	may be made to the Relevant Issuing Bank or Relevant Ancillary Lender in accordance with paragraph (b)(i) of Clause 19.3 (Treatment of Credit Facility Cash Cover and Credit Facility Lender Cash Collateral); or

  

	 	(iii)	shall be made directly to the Hedge Counterparties. 

  

	 	(b)	Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Common Security Agent. 

 

	 	(c)	The Common Security Agent is under no obligation to make the payments to the Creditor Representatives or the Hedge Counterparties under paragraph (a) above in the same currency as that in which the Liabilities owing to
the relevant Primary Creditor are denominated pursuant to the relevant Debt Document. 

  

	19.8	Calculation of amounts 

  

	 	(a)	All pro rata calculations to be made in relation to this Clause 19 shall be made by the Intercreditor Agent. For the purpose of calculating any person’s share of any amount payable to or by it, the
Intercreditor Agent shall be entitled to: 

  

	 	(i)	notionally convert the Liabilities owed to any person into a common base currency (decided in its discretion by the Intercreditor Agent), that notional conversion to be made at the spot rate at which the Common Security
Agent is able to purchase the notional base currency with the actual currency of the Liabilities owed to that person at the time at which that calculation is to be made; and 

 

	 	(ii)	assume that all amounts received or recovered as a result of the enforcement or realisation of the Security Property are applied in discharge of the Liabilities in accordance with the terms of the Debt Documents under
which those Liabilities have arisen. 

  

	 	(b)	The Common Security Agent and each Primary Creditor shall assist the Intercreditor Agent by promptly providing the Intercreditor Agent with such information as Intercreditor Agent (acting reasonably) may require for the
purposes of making calculations in accordance with this Clause 19.8. 

  

	19.9	Consideration 

 In consideration of the covenants given to the Common Security Agent by
the Debtors in Clause 21.2 (Parallel debt), the Common Security Agent agrees with the Debtors to apply all moneys from time to time paid by the Debtors to the Common Security Agent in accordance with the provisions of this Clause 19. 

 

	19.10	Excluded Swap Obligations and keepwell 

  

	 	(a)	Notwithstanding anything to the contrary in this Agreement or any other Debt Document, in no circumstances shall proceeds of any Transaction Security constituting an asset of a Debtor or a Security Provider which is not
a Qualified ECP Guarantor be applied towards the payment of any Excluded Swap Obligations nor shall any guarantee provided by any Debtor or Security Provider pursuant to any Debt Document guarantee any obligations which are Excluded Swap
Obligations, notwithstanding the terms of such Debt Document (and in the case of any conflict between the terms of any Debt Document and this Clause, the terms of this Clause shall prevail). 

  
 96 

	 	(b)	The Parent absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Debtor or Security Provider to honour all of its obligations
under: 

  

	 	(i)	the Hedging Agreements; and 

  

	 	(ii)	any Hedge Counterparties’ guarantee and indemnity as set out in Schedule 9 (Hedge Counterparties’ guarantee and indemnity) of this Agreement in respect of each other Debtor’s obligations under the
Hedging Agreements, provided, however, that Parent shall only be liable under this Clause for the maximum amount of such liability that can hereby be incurred without rendering its obligations under this Clause, or otherwise under any
guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. 

  

	 	(c)	The obligations of the Parent under paragraph (b) above shall remain in full force and effect until each Debtor’s obligations under the Hedging Agreements and under any guarantee in respect of each other
Debtor’s obligations under the Hedging Agreements (including under any Hedge Counterparties’ guarantee and indemnity as set out in Schedule 9 (Hedge Counterparties’ guarantee and indemnity) of this Agreement) are fully
discharged in accordance with the terms of the relevant Debt Documents. 

  

	 	(d)	The Parent intends that this Clause constitutes, and this Clause shall be deemed to constitute, a “keepwell, support or other agreement” for the benefit of each other Debtor for all purposes of Section
1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  

	20.	Equalisation 

  

	20.1	Equalisation definitions 

 For the purposes of this Clause 20: 

“Enforcement Date” means the first date (if any) on which a Super Senior Creditor takes enforcement action of the type
described in paragraphs (a)(i), (a)(iii), (a)(iv) or (c) of the definition of “Enforcement Action” in accordance with the terms of this Agreement. 

“Exposure” means: 
  

	 	(a)	in relation to a Credit Facility Lender, the aggregate amount of its participation (if any, and without double counting) in all Utilisations outstanding under the Credit Facility Agreement at the Enforcement Date
(assuming all contingent liabilities which have become actual liabilities since the Enforcement Date to have been actual liabilities at the Enforcement Date (but not including, for these purposes only, any interest that would have accrued from the
Enforcement Date to the date of actual maturity in respect of those liabilities) and assuming any transfer of claims between Credit Facility Lenders pursuant to any loss-sharing arrangement in the Credit Facility Agreement which has taken place
since the Enforcement Date to have taken place at the Enforcement Date) together with the aggregate amount of all accrued interest, fees and commission owed to it under the Credit Facility Agreement and amounts owed to it by a Debtor in respect of
any Ancillary Facility but excluding: 

  

	 	(i)	any amount owed to it by a Debtor in respect of any Ancillary Facility to the extent (and in the amount) that Credit Facility Cash Cover has been provided by a Debtor in respect of that amount and is available to that
Credit Facility Lender pursuant to the relevant Credit Facility Cash Cover Document; 

  
 97 

	 	(ii)	any amount outstanding in respect of a Letter of Credit to the extent (and in the amount) that Credit Facility Cash Cover has been provided by a Debtor in respect of that amount and is available to the party it has been
provided for pursuant to the relevant Credit Facility Cash Cover Document; 

  

	 	(iii)	the principal amount of the Rolled Loan; and 

  

	 	(b)	in relation to a Hedge Counterparty: 

  

	 	(i)	if that Hedge Counterparty has terminated or closed out any hedging transaction under any Hedging Agreement in accordance with the terms of this Agreement on or prior to the Enforcement Date, the amount, if any, payable
to it under that Hedging Agreement in respect of that termination or close-out as of the date of termination or close-out (taking into account any interest accrued on that amount) to the extent that amount is unpaid at the Enforcement Date (that
amount to be certified by the relevant Hedging Counterparty and as calculated in accordance with the relevant Hedging Agreement) and to the extent that amount constitutes Super Senior Hedging Liabilities; and 

 

	 	(ii)	if that Hedge Counterparty has not terminated or closed out any hedging transaction under any Hedging Agreement on or prior to the Enforcement Date: 

 

	 	(A)	if the relevant Hedging Agreement is based on an ISDA Master Agreement the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction if the Enforcement Date was
deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); or 

 

	 	(B)	if the relevant Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction if the Enforcement Date
was deemed to be the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement for which the relevant Debtor is in
a position similar in meaning and effect (under that Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

to the extent that amount constitutes Super Senior Hedging Liabilities, such amount, in each case, to be certified by the relevant Hedging
Counterparty and as calculated in accordance with the relevant Hedging Agreement. 
 “Utilisation” means a
“Utilisation” under and as defined in the Credit Facility Agreement. 
  

	20.2	Implementation of equalisation 

  

	 	(a)	The provisions of this Clause 20 shall be applied at such time or times after the Enforcement Date as the Intercreditor Agent may consider appropriate. 

 

	 	(b)	Without prejudice to the generality of paragraph (a) above, if the provisions of this Clause 20 have been applied before all the Liabilities have matured and/or been finally quantified, the Intercreditor Agent may elect
to re-apply those provisions on the basis of revised Exposures and the relevant Creditors shall make appropriate adjustment payments among themselves. 

  
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	20.3	Equalisation 

 If, for any reason, any Super Senior Liabilities (other than in respect of
the Rolled Loan) remain unpaid after the Enforcement Date and the resulting losses in respect of any Super Senior Liabilities (other than in respect of the Rolled Loan) are not borne by the Credit Facility Lenders and the Hedge Counterparties in the
proportions which their respective Exposures at the Enforcement Date bore to the aggregate Exposures of all the Credit Facility Lenders and the Hedge Counterparties at the Enforcement Date, the Credit Facility Lenders and the Hedge Counterparties
will make such payments among themselves as the Intercreditor Agent shall require to put the Credit Facility Lenders and the Hedge Counterparties in such a position that (after taking into account such payments) those losses are borne in those
proportions. 
  

	20.4	Turnover of Enforcement Proceeds 

 If: 

 

	 	(a)	the Common Security Agent or a Creditor Representative is not entitled, for reasons of applicable law, to pay or distribute amounts received pursuant to the making of a demand under any guarantee, indemnity or other
assurance against loss or the enforcement of the Transaction Security to the relevant Super Senior Creditors but is entitled to pay or distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in
accordance with the terms of this Agreement, are subordinated in right and priority of payment to the relevant Super Senior Creditors; and 

  

	 	(b)	the Super Senior Discharge Date has not yet occurred (nor would occur after taking into account such payments), 

then the Receiving Creditors shall make such payments or distributions to the relevant Super Senior Creditors as the Intercreditor Agent shall
require to place the relevant Super Senior Creditors in the position they would have been in had such amounts been available for application against the Super Senior Liabilities. 

 

	20.5	Notification of Exposure 

 Before each occasion on which it intends to implement the
provisions of this Clause 20, the Intercreditor Agent shall send notice to each Hedge Counterparty and the Credit Facility Agent requesting that it notify the Intercreditor Agent of, respectively, its Exposure and that of each Credit Facility Lender
(if any). 
  

	20.6	Default in payment 

 If a Super Senior Creditor fails to make a payment due from it under
this Clause 20, the Intercreditor Agent shall be entitled (but not obliged) to take action on behalf of the Super Senior Creditor(s) to whom such payment was to be redistributed (subject to being indemnified to its satisfaction by such Super Senior
Creditor(s) in respect of costs) but shall have no liability or obligation towards such Super Senior Creditor(s) or any other Primary Creditor as regards such default in payment and any loss suffered as a result of such default shall lie where it
falls. 

  
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 Section 7 

The Parties 
  

	21.	The Common Security Agent 

  

	21.1	Common Security Agent as trustee 

  

	 	(a)	The Parties acknowledge that the role of Common Security Agent is a continuation of the role of Security Agent as conducted by the Common Security Agent up to and including the effectiveness of this Agreement under and
pursuant to the Credit Facility Agreement. 

  

	 	(b)	The Common Security Agent declares that it holds the Security Property on trust for the Secured Parties on the terms contained in this Agreement. The Common Security Agent and the Secured Parties acknowledge that such
declaration is simply a restatement of the declaration of trust by the Common Security Agent as originally declared by the Common Security Agent in the original form of the Credit Facility Agreement (which trust continues as restated in this
Agreement and for the benefit of the Secured Parties as defined in this Agreement, with appropriate adjustments to the terms of such trust as set out in this Agreement). 

 

	 	(c)	Each of the Primary Creditors authorises the Common Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Common
Security Agent under or in connection with the Debt Documents together with any other incidental rights, powers, authorities and discretions. 

  

	21.2	Parallel debt 

  

	 	(a)	Notwithstanding any other provision of this Agreement, each Debtor irrevocably and unconditionally undertakes to pay to the Common Security Agent, as creditor in its own right and not as representative of the other
Secured Parties, sums equal to and in the currency of each amount payable by each of them to each of the Secured Parties under each of the Debt Documents as and when that amount falls due for payment under the relevant Debt Document or would have
fallen due but for any discharge resulting from failure of another Secured Party to take appropriate steps, in insolvency proceedings affecting any Debtor, to preserve its entitlement to be paid that amount. 

 

	 	(b)	The Common Security Agent shall have its own independent right to demand payment of the amounts payable by the Debtors under paragraph (a), irrespective of any discharge of its obligation(s) to pay those amounts to the
other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting any Debtor, to preserve their entitlement to be paid those amounts. 

 

	 	(c)	Any amount due and payable by any Debtor to the Common Security Agent under this Clause 21.2 shall be decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full of the
corresponding amount under the other provisions of the Debt Documents. 

  

	 	(d)	Any amount paid by a Debtor to the Common Security Agent under this Clause 21.2 shall reduce the corresponding amount due and payable by such Debtor to the other Secured Parties to the extent that those Secured Parties
have received (and are able to retain) payment in full of such amount under the other provisions of the Debt Documents. 

  
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	21.3	Instructions 

  

	 	(a)	The Common Security Agent shall: 

  

	 	(i)	subject to paragraphs (d) and (e) below, exercise or refrain from exercising any right, power, authority or discretion vested in it as Common Security Agent in accordance with any instructions given to it by the
Intercreditor Agent; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Creditor or group of
Creditors, in accordance with instructions given to it by that Creditor or group of Creditors). 

  

	 	(b)	The Common Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Intercreditor Agent as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion and the Common Security Agent may refrain from acting unless and until it receives those instructions or that clarification. 

 

	 	(c)	Unless a contrary intention appears in this Agreement, any instructions given to the Common Security Agent by the Intercreditor Agent shall override any conflicting instructions given by any other Parties and will be
binding on all Secured Parties. 

  

	 	(d)	Paragraph (a) above shall not apply: 

  

	 	(i)	where a contrary indication appears in this Agreement; 

  

	 	(ii)	where this Agreement requires the Common Security Agent to act in a specified manner or to take a specified action; 

  

	 	(iii)	in respect of any provision which protects the Common Security Agent’s own position in its personal capacity as opposed to its role of Common Security Agent for the Secured Parties including, without limitation,
Clauses 21.6 (No duty to account) to Clause 21.11 (Exclusion of liability), Clause 21.14 (Confidentiality) to Clause 21.21 (Custodians and
nominees) and Clause 21.24 (Acceptance of title) to Clause 21.27 (Disapplication of Trustee Acts); 

  

	 	(iv)	in respect of the exercise of the Common Security Agent’s discretion to exercise a right, power or authority under any of: 

 

	 	(A)	Clause 16 (Non-Distressed Disposals); 

  

	 	(B)	Clause 19.1 (Order of application); 

  

	 	(C)	Clause 19.2 (Prospective liabilities); 

  

	 	(D)	Clause 19.3 (Treatment of Credit Facility Cash Cover and Credit Facility Lender Cash Collateral); and 

  

	 	(E)	Clause 19.6 (Permitted deductions). 

  

	 	(e)	If giving effect to instructions given by the Intercreditor Agent would (in the Common Security Agent’s opinion) have an effect equivalent to an Intercreditor Amendment, the Common Security Agent shall not act in
accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Common Security Agent) whose consent would have been required in respect of that Intercreditor Amendment. 

  
 101 

	 	(f)	In exercising any discretion to exercise a right, power or authority under the Debt Documents where either: 

  

	 	(i)	it has not received any instructions as to the exercise of that discretion; or 

  

	 	(ii)	the exercise of that discretion is subject to paragraph (d)(iv) above, 

 the Common Security
Agent shall do so having regard to the interests of all the Secured Parties. 
  

	 	(g)	The Common Security Agent may refrain from acting in accordance with any instructions of any Creditor or group of Creditors until it has received any indemnification and/or security that it may in its discretion require
(which may be greater in extent than that contained in the Debt Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable Indirect Tax) which it may incur in complying with those instructions.

  

	 	(h)	Without prejudice to the provisions of Clause 15 (Enforcement of Transaction Security) and the remainder of this Clause 21.3, in the absence of instructions, the Common
Security Agent may act (or refrain from acting) as it considers in its discretion to be appropriate. 

  

	 	(i)	The Common Security Agent shall be entitled to carry out all dealings with the Secured Parties through the Intercreditor Agent and may give to the Intercreditor Agent any notice or other communication required to be
given by the Common Security Agent to the Secured Parties. 

  

	21.4	Duties of the Common Security Agent 

  

	 	(a)	The Common Security Agent’s duties under the Debt Documents are solely mechanical and administrative in nature. 

  

	 	(b)	The Common Security Agent shall promptly: 

  

	 	(i)	forward to the Intercreditor Agent a copy of any document received by the Common Security Agent from any Debtor or Security Provider under any Debt Document; and 

 

	 	(ii)	forward to a Party the original or a copy of any document which is delivered to the Common Security Agent for that Party by any other Party. 

 

	 	(c)	Except where a Debt Document specifically provides otherwise, the Common Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(d)	Without prejudice to Clause 28.3 (Notification of prescribed events), if the Common Security Agent receives notice from a Party referring to any Debt Document, describing a Default and stating that the
circumstance described is a Default, it shall promptly notify the Intercreditor Agent. 

  

	 	(e)	To the extent that a Party (other than the Common Security Agent) is required to calculate a Common Currency Amount, the Common Security Agent shall upon a request by that Party, promptly notify that Party of the
relevant Common Security Agent’s Spot Rate of Exchange. 

  

	 	(f)	The Common Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Debt Documents to which it is expressed to be a party (and no others shall be implied).

  
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	21.5	No fiduciary duties to Debtors, Security Providers, Bondco or Subordinated Creditors 

Nothing in this Agreement constitutes the Common Security Agent as an agent, trustee or fiduciary of any Debtor, any Security Provider, Bondco
or any Subordinated Creditor. 
  

	21.6	No duty to account 

 The Common Security Agent shall not be bound to account to any other
Secured Party for any sum or the profit element of any sum received by it for its own account. 
  

	21.7	Business with the Group 

 The Common Security Agent may accept deposits from, lend money
to and generally engage in any kind of banking or other business with any member of the Group. 
  

	21.8	Rights and discretions 

  

	 	(a)	The Common Security Agent may: 

  

	 	(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; 

  

	 	(ii)	assume that: 

  

	 	(A)	any instructions received by it from the Intercreditor Agent, an Instructing Group, any Creditors or any group of Creditors are duly given in accordance with the terms of the Debt Documents; 

 

	 	(B)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Debt Documents for so acting have been satisfied; and 

 

	 	(iii)	rely on a certificate from any person: 

  

	 	(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

  

	 	(b)	The Common Security Agent may assume (unless it has received notice to the contrary in its capacity as security trustee for the Secured Parties) that:

  

	 	(i)	no Default has occurred; 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or any group of Creditors has not been exercised; and 

  

	 	(iii)	any notice made by the Parent is made on behalf of and with the consent and knowledge of all the Debtors and Security Providers. 

  
 103 

	 	(c)	The Common Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. 

 

	 	(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Common Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Common
Security Agent (and so separate from any lawyers instructed by any Primary Creditor) if the Common Security Agent in its reasonable opinion deems this to be desirable. 

 

	 	(e)	The Common Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Common Security Agent or by any other
Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

 

	 	(f)	The Common Security Agent, any Receiver and any Delegate may act in relation to the Debt Documents and the Security Property through its officers, employees and agents and shall not: 

 

	 	(i)	be liable for any error of judgement made by any such person; or 

  

	 	(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person, 

unless such error or such loss was directly caused by the Common Security Agent’s, Receiver’s or Delegate’s gross negligence or
wilful misconduct. 
  

	 	(g)	Unless this Agreement expressly specifies otherwise, the Common Security Agent may disclose to any other Party any information it reasonably believes it has received as security trustee under this Agreement.

  

	 	(h)	Notwithstanding any other provision of any Debt Document to the contrary, the Common Security Agent is not obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any
law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(i)	Notwithstanding any provision of any Debt Document to the contrary, the Common Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties,
obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured
to it. 

  

	21.9	Responsibility for documentation 

 None of the Common Security Agent, any Receiver nor
any Delegate is responsible or liable for: 
  

	 	(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Common Security Agent, a Debtor, a Security Provider or any other person in or in connection with any Debt Document or
the transactions contemplated in the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; 

 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Debt Document or the Security Property; or 

  

	 	(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to
insider dealing or otherwise. 

  
 104 

	21.10	No duty to monitor 

 The Common Security Agent shall not be bound to enquire: 

 

	 	(a)	whether or not any Default has occurred; 

  

	 	(b)	as to the performance, default or any breach by any Party of its obligations under any Debt Document; or 

  

	 	(c)	whether any other event specified in any Debt Document has occurred. 

  

	21.11	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Debt Document excluding or limiting the liability of the Common Security Agent, any Receiver or Delegate), none of the Common
Security Agent, any Receiver nor any Delegate will be liable for: 

  

	 	(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Debt Document or the Security
Property unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(ii)	exercising or not exercising any right, power, authority or discretion given to it by, or in connection with, any Debt Document, the Security Property or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Debt Document or the Security Property; 

  

	 	(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or 

  

	 	(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(A)	any act, event or circumstance not reasonably within its control; or 

  

	 	(B)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts
of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

  
 105 

	 	(b)	No Party (other than the Common Security Agent, that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the Common Security Agent, a Receiver or a Delegate in
respect of any claim it might have against the Common Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Debt Document or any Security Property and any
officer, employee or agent of the Common Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 

 

	 	(c)	Nothing in this Agreement shall oblige the Common Security Agent to carry out: 

  

	 	(i)	any “know your customer” or other checks in relation to any person; or 

  

	 	(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Primary Creditor, 

on behalf of any Primary Creditor and each Primary Creditor confirms to the Common Security Agent that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Common Security Agent. 
  

	 	(d)	Without prejudice to any provision of any Debt Document excluding or limiting the liability of the Common Security Agent, any Receiver or Delegate or the POA Agent, any liability of the Common Security Agent, any
Receiver or Delegate or the POA Agent arising under or in connection with any Debt Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by
reference to the date of default of the Common Security Agent, Receiver, Delegate or POA Agent (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or
circumstances known to the Common Security Agent, Receiver, Delegate or POA Agent (as the case may be) at any time which increase the amount of that loss. In no event shall the Common Security Agent, any Receiver or Delegate or the POA Agent be
liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Common Security Agent, Receiver, Delegate or POA Agent (as the case may
be) has been advised of the possibility of such loss or damages. 

  

	21.12	Primary Creditors’ indemnity to the Common Security Agent 

  

	 	(a)	Each Primary Creditor (other than any Creditor Representative) shall (in the proportion that the Liabilities due to it bear to the aggregate of the Liabilities due to all the Primary Creditors (other than any Creditor
Representative) for the time being (or, if the Liabilities due to the Primary Creditors (other than any Creditor Representative) are zero, immediately prior to their being reduced to zero)), indemnify the Common Security Agent and every Receiver and
every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Common Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful
misconduct) in acting as Security Agent, Receiver or Delegate under, or exercising any authority conferred under, the Debt Documents (unless the relevant Common Security Agent, Receiver or Delegate has been reimbursed by a Debtor pursuant to a Debt
Document). 

  

	 	(b)	For the purposes only of paragraph (a) above, to the extent that any hedging transaction under a Hedging Agreement has not been terminated or closed-out, the Hedging Liabilities due to any Hedge Counterparty in respect
of that hedging transaction will be deemed to be: 

  

	 	(i)	if the relevant Hedging Agreement is based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of those hedging transactions, if the date on which the
calculation is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); or 

 

	 	(ii)	if the relevant Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement for which the
relevant Debtor is in a position similar in meaning and effect (under that Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

  
 106 

 that amount, in each case as calculated in accordance with the relevant Hedging Agreement. 

 

	 	(c)	Subject to paragraph (d) below, the Parent shall within ten Business Days of demand in writing by the relevant Primary Creditor reimburse any Primary Creditor for any payment that Primary Creditor makes to the Common
Security Agent pursuant to paragraph (a) above. 

  

	 	(d)	Paragraph (c) above shall not apply to the extent that the indemnity payment in respect of which the Primary Creditor claims reimbursement relates to a liability of the Common Security Agent to a Debtor or Security
Provider. 

  

	21.13	Resignation of the Common Security Agent 

  

	 	(a)	The Common Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Primary Creditors and the Parent. 

 

	 	(b)	Alternatively the Common Security Agent may (after having consulted with the Parent) resign by giving 30 days’ notice to the Primary Creditors and the Parent, in which case the Majority Super Senior Creditors and
the Required Pari Passu Creditors may appoint a successor Common Security Agent. 

  

	 	(c)	If the Majority Super Senior Creditors and the Required Pari Passu Creditors have not appointed a successor Common Security Agent in accordance with paragraph (b) above within 20 days after notice of resignation was
given, the retiring Common Security Agent (after consultation with the Creditor Representatives and the Hedge Counterparties) may appoint a successor Common Security Agent. 

 

	 	(d)	The retiring Common Security Agent shall, at its own cost, make available to the successor Common Security Agent such documents and records and provide such assistance as the successor Common Security Agent may
reasonably request for the purposes of performing its functions as Common Security Agent under the Debt Documents. 

  

	 	(e)	The Common Security Agent’s resignation notice shall only take effect upon: 

  

	 	(i)	the appointment of a successor; and 

  

	 	(ii)	the transfer of all the Security Property to that successor. 

  
 107 

	 	(f)	Upon the appointment of a successor, the retiring Common Security Agent shall be discharged from any further obligation in respect of the Debt Documents (other than its obligations under paragraph (b) of Clause 21.25
(Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of this Clause 21 and Clause 27.1 (Indemnity to the Common Security Agent) (and any Common Security
Agent fees for the account of the retiring Common Security Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations among themselves as they would
have had if that successor had been an original Party. 

  

	 	(g)	The Majority Super Senior Creditors and the Required Pari Passu Creditors may (after having consulted with the Parent), by notice to the Common Security Agent, require it to resign in accordance with paragraph (b)
above. In this event, the Common Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Parent. 

 

	21.14	Confidentiality 

  

	 	(a)	In acting as trustee for the Secured Parties, the Common Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or
departments. 

  

	 	(b)	If information is received by another division or department of the Common Security Agent, it may be treated as confidential to that division or department and the Common Security Agent shall not be deemed to have
notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Debt Document to the contrary, the Common Security Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty. 

  

	21.15	Information from the Creditors 

 Each Creditor shall supply the Common Security Agent
with any information that the Common Security Agent may reasonably specify as being necessary or desirable to enable the Common Security Agent to perform its functions as Common Security Agent. 

 

	21.16	Credit appraisal by the Secured Parties 

 Without affecting the responsibility of any
Debtor or Security Provider for information supplied by it or on its behalf in connection with any Debt Document, each Secured Party confirms to the Common Security Agent that it has been, and will continue to be, solely responsible for making its
own independent appraisal and investigation of all risks arising under or in connection with any Debt Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Debt Document or the Security Property; 

  

	 	(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Debt Document, the Security Property, the
transactions contemplated by the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document or the Security Property; 

  
 108 

	 	(d)	the adequacy, accuracy or completeness of any information provided by the Common Security Agent, any Party or by any other person under or in connection with any Debt Document, the transactions contemplated by any Debt
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; and 

  

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged
Property. 

  

	21.17	Common Security Agent’s management time and additional remuneration 

  

	 	(a)	Any amount payable to the Common Security Agent under Clause 21.12 (Primary Creditors’ indemnity to the Common Security Agent), Clause 26 (Costs and expenses) or Clause 27.1 (Indemnity to the
Common Security Agent) shall include the cost of utilising the Common Security Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Common Security Agent may notify
to the Parent and the Primary Creditors, and is in addition to any other fee paid or payable to the Common Security Agent. 

  

	 	(b)	Without prejudice to paragraph (a) above, in the event of: 

  

	 	(i)	a Default; 

  

	 	(ii)	the Common Security Agent being requested by a Debtor, a Security Provider, the Intercreditor Agent, or the Instructing Group to undertake duties which the Common Security Agent and the Parent agree to be of an
exceptional nature or outside the scope of the normal duties of the Common Security Agent under the Debt Documents; 

  

	 	(iii)	the proposed accession of any Credit Facility Creditors or Pari Passu Debt Creditors pursuant to Clause 25.11 (Accession of Credit Facility Creditors under New Credit Facilities) or Clause 25.12
(Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities) respectively; or 

  

	 	(iv)	the Common Security Agent and the Parent agreeing that it is otherwise appropriate in the circumstances, 

the Parent shall pay to the Common Security Agent any additional remuneration (together with any applicable Indirect Tax) that may be agreed
between them or determined pursuant to paragraph (c) below. 
  

	 	(c)	If the Common Security Agent and the Parent fail to agree upon the nature of the duties or upon the additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the
circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Common Security Agent and approved by the Parent or, failing approval, nominated (on the application of the Common
Security Agent) by the President for the time being of the Law Society of Hong Kong (the costs of the nomination and of the investment bank being payable by the Parent) and the determination of any investment bank shall be final and binding upon the
Parties. 

  
 109 

	21.18	Reliance and engagement letters 

 The Common Security Agent may obtain and rely on any
certificate or report from any Debtor’s or Security Provider’s auditor and may enter into any reliance letter or engagement letter relating to that certificate or report on such terms as it may consider appropriate (including, without
limitation, restrictions on the auditor’s liability and the extent to which that certificate or report may be relied on or disclosed). 
  

	21.19	No responsibility to perfect Transaction Security 

 The Common Security Agent shall not
be liable for any failure to: 
  

	 	(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Debtor or Security Provider to any of the Charged
Property; 

  

	 	(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Debt Document or the Transaction Security; 

 

	 	(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Debt
Document or of the Transaction Security; 

  

	 	(d)	take, or to require any Debtor to take, any step to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or
regulation; or 

  

	 	(e)	require any further assurance in relation to any Security Document. 

  

	21.20	Insurance by Common Security Agent 

  

	 	(a)	The Common Security Agent shall not be obliged: 

  

	 	(i)	to insure any of the Charged Property; 

  

	 	(ii)	to require any other person to maintain any insurance; or 

  

	 	(iii)	to verify any obligation to arrange or maintain insurance contained in any Debt Document, 

 and
the Common Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance. 
  

	 	(b)	Where the Common Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Intercreditor Agent requests it to do so in writing and the Common Security Agent fails to do so within fourteen days after receipt of that
request. 

  

	21.21	Custodians and nominees 

 The Common Security Agent may appoint and pay any person to act
as a custodian or nominee on any terms in relation to any asset of the trust as the Common Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this
Agreement and the Common Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this
Agreement or be bound to supervise the proceedings or acts of any person. 

  
 110 

	21.22	Delegation by the Common Security Agent 

  

	 	(a)	Each of the Common Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it
in its capacity as such, except that no delegation may be made in respect of the Assignment of Services and Right to Use Agreement, the Assignment of Reimbursement Agreement, the Service and Right to Use Agreement Direct Agreement and the
Reimbursement Agreement Direct Agreement. 

  

	 	(b)	Any delegation permitted pursuant to paragraph (a) above may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Common Security Agent, that Receiver or
that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties. 

  

	 	(c)	No Common Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any
such delegate or sub-delegate unless caused by the gross negligence or wilful misconduct of the Common Security Agent or such Receiver or Delegate. 

  

	21.23	Additional Common Security Agents 

  

	 	(a)	The Common Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it: 

 

	 	(i)	if it considers that appointment to be in the interests of the Secured Parties; 

  

	 	(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Common Security Agent deems to be relevant; or 

 

	 	(iii)	for obtaining or enforcing any judgment in any jurisdiction, 

 and the Common Security Agent
shall give prior notice to the Parent and the Primary Creditors of that appointment. 
  

	 	(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Common Security Agent under or in connection with the Debt Documents) and the duties, obligations and
responsibilities that are given or imposed by the instrument of appointment. 

  

	 	(c)	The remuneration that the Common Security Agent may pay to that person, and any costs and expenses (together with any applicable Indirect Tax) incurred by that person in performing its functions pursuant to that
appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Common Security Agent. 

  

	21.24	Acceptance of title 

 The Common Security Agent shall be entitled to accept without
enquiry, and shall not be obliged to investigate, any right and title that any Debtor or Security Provider may have to any of the Charged Property and shall not be liable for, or bound to require any Debtor or Security Provider to remedy, any defect
in its right or title. 

  
 111 

	21.25	Winding up of trust 

 If the Common Security Agent, with the approval of the
Intercreditor Agent, determines that: 
  

	 	(a)	all of the Secured Obligations and all other obligations secured by the Security Documents have been fully and finally discharged; and 

 

	 	(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Debtor pursuant to the Debt Documents, 

then: 
  

	 	(i)	the trusts set out in this Agreement shall be wound up and the Common Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Common Security Agent under each of
the Security Documents and, at the reasonable cost of the Parent, execute all such further documents and instruments and do such further acts as the Parent may, in each case, reasonably request for the purpose of effecting such release; and

  

	 	(ii)	any Common Security Agent which has resigned pursuant to Clause 21.13 (Resignation of the Common Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

  

	21.26	Powers supplemental to Trustee Acts 

 The rights, powers, authorities and discretions
given to the Common Security Agent under or in connection with the Debt Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Common Security Agent by law or regulation or
otherwise. 
  

	21.27	Disapplication of Trustee Acts 

 Section 1 of the Trustee Act 2000 shall not apply to the
duties of the Common Security Agent in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this
Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 

 

	21.28	Intra-Group Lenders, Debtors and Security Providers: power of attorney 

 Each Intra-Group
Lender, Debtor and Security Provider by way of security for its obligations under this Agreement irrevocably appoints the Common Security Agent to be its attorney to do anything which that Intra-Group Lender, Debtor or Security Provider has
authorised the Common Security Agent or any other Party to do under this Agreement or is itself required to do under this Agreement but has failed to do (and the Common Security Agent may delegate that power on such terms as it sees fit). 

 

	21.29	Common Security Agent’s fee 

 The Borrower shall pay to the Common Security Agent
(for its own account) a security agent fee in the amount and at the times agreed in any Fee Letter. 
  

	21.30	Further assurance 

  

	 	(a)	Each Debtor shall (and the Parent shall procure that each Security Provider will) promptly do all such acts and execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions)
as the Common Security Agent may reasonably specify (and in such form as the Common Security Agent may reasonably require in favour of the Common Security Agent or its nominee(s)) having regard to the Agreed Security Principles:

  

	 	(i)	to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of
the assets which are, or are intended to be, the subject of the Transaction Security, including any assets acquired by any of the Debtors after the date of this Agreement) or for the exercise of any rights, powers and remedies of the Common Security
Agent or the Secured Parties provided by or pursuant to the Debt Documents or by law; 

  
 112 

	 	(ii)	to confer on the Common Security Agent and the Secured Parties Security over any property and assets of that Debtor or other person located in any jurisdiction equivalent or similar to the Security intended to be
conferred by or pursuant to the Transaction Security Documents; and/or 

  

	 	(iii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security after the Transaction Security has become enforceable under the terms hereof. 

 

	 	(b)	Each Debtor shall (and the Parent shall procure that each Security Provider will) from time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and
take all such other actions, as any of the Intercreditor Agent or the Common Security Agent may reasonably request (having regard to the Agreed Security Principles) for the purposes of implementing or effectuating the provisions of the Debt
Documents or of more fully perfecting or renewing the rights of the Secured Parties with respect to the Transaction Security (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other
assets acquired after the date of this Agreement by any Debtor, Group member or other person which may be deemed to be part of the Transaction Security) pursuant to the Debt Documents. Upon the exercise by the Intercreditor Agent, the Common
Security Agent or any other Secured Party of any power, right, privilege or remedy pursuant to any of the Debt Documents which requires any consent, approval, notification, registration or Authorisation of any Governmental Authority, the Company
shall execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Intercreditor Agent, the Common Security Agent or such Secured Party may reasonably be
required to obtain from any Debtor, Security Provider or other Group member for such consent, approval, notification, registration or Authorisation. 

  

	22.	The POA Agent 

  

	 	(a)	The Common Security Agent appoints the POA Agent to act as agent of the Common Security Agent under the Power of Attorney. 

  

	 	(b)	The POA Agent may not exercise any of its rights under the Power of Attorney without the instructions of the Common Security Agent, and the POA Agent shall act and exercise rights under the Power of Attorney only in
accordance with the instructions given to it by the Common Security Agent. 

  

	 	(c)	The Power of Attorney shall be held and kept by the Common Security Agent and the Common Security Agent shall deliver the Power of Attorney to the POA Agent if and when required for the exercising of rights by the POA
Agent under the Power of Attorney. 

  
 113 

	 	(d)	The POA Agent shall promptly inform the Common Security Agent of the contents of any notice or document received by it in its capacity as the POA Agent under or in connection with the Power of Attorney.

  

	 	(e)	All references to the Common Security Agent in Clauses 21.4 (Duties of the Common Security Agent) (other than paragraph (f)), 21.7 (Business with the Group),_21.5 (No fiduciary duties to Debtors,
Security Providers, Bondco or Subordinated Creditors) to 21.12 (Primary Creditors’ indemnity to the Common Security Agent), 21.14 (Confidentiality) to 21.20 (Insurance by the Common Security Agent) and 21.24
(Acceptance of title) shall include references to the POA Agent acting as agent under the Power of Attorney. 

  

	 	(f)	The POA Agent may resign by giving notice to the Common Security Agent and the Company, in which case the Common Security Agent may (after consultation with the Company) appoint a successor POA Agent which is a
financial institution operating in the Macau SAR. 

  

	 	(g)	Subject to paragraph (i) below, if the Common Security Agent has not appointed a successor POA Agent in accordance with paragraph (f) above within 30 days after notice of resignation was given, the POA Agent may (after
consultation with the Company) appoint, by a further power of attorney, a successor POA Agent which is (i) a financial institution operating in the Macau SAR and (ii) is acceptable to the Common Security Agent. 

 

	 	(h)	Subject to paragraph (i) below, at any time, the Common Security Agent may (after consultation with the Company), by not less than 7 days’ notice to the POA Agent, copied to the Company, replace the POA Agent with
a successor POA Agent appointed by it which is a financial institution operating in the Macau SAR. 

  

	 	(i)	The POA Agent’s resignation and replacement shall only take effect upon satisfaction of each of the following conditions: 

  

	 	(i)	the appointment of a successor POA Agent; and 

  

	 	(ii)	the Common Security Agent either: 

  

	 	(A)	procured the revocation of the Power of Attorney granted in favour of the POA Agent and procured a new Power of Attorney granted in favour of the successor POA Agent; or 

 

	 	(B)	is satisfied that the POA Agent has executed a power of attorney without reservation (in form and substance satisfactory to the Common Security Agent) in favour of the successor POA Agent in respect of all of its powers
and other rights and authority under the relevant Power of Attorney and has irrevocably and unconditionally divested itself in full of its powers, rights and authority thereunder. 

 

	 	(j)	Upon the appointment of a successor POA Agent and replacement of the existing POA Agent, the existing POA Agent shall be discharged from any further obligation in respect of the Power of Attorney. Its successor and each
of the other Parties hereto shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party hereto. 

 

	 	(k)	The Company agrees that it will pay the fees of any successor POA Agent which shall be on reasonable market terms applicable to a financial institution operating in the Macau SAR undertaking obligations and
responsibilities of the type contemplated herein and under the relevant Power of Attorney. 

  
 114 

	22.2	POA Agent’s fee 

 The Borrower shall pay to the POA Agent (for its own account) a
power-of-attorney agent fee in the amount and at the times agreed in any Fee Letter. 
  

	23.	The Intercreditor Agent 

  

	23.1	Intercreditor Agent as agent 

 Each of the Primary Creditors authorises the Intercreditor
Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Intercreditor Agent under or in connection with the Debt Documents together with any other
incidental rights, powers, authorities and discretions. 
  

	23.2	Instructions 

  

	 	(a)	The Intercreditor Agent shall: 

  

	 	(i)	subject to paragraphs (d) and (e) below, exercise or refrain from exercising any right, power, authority or discretion vested in it as Intercreditor Agent in accordance with any instructions given to it by the
Instructing Group; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Creditor or group of
Creditors, in accordance with instructions given to it by that Creditor or group of Creditors). 

  

	 	(b)	The Intercreditor Agent shall be entitled to request instructions, or clarification of any instruction, from the Instructing Group (or, if this Agreement stipulates the matter is a decision for any other Creditor or
group of Creditors, from that Creditor or group of Creditors) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Intercreditor Agent may refrain from acting unless and
until it receives those instructions or that clarification. 

  

	 	(c)	Save in the case of decisions stipulated to be a matter for any other Creditor or group of Creditors under this Agreement and unless a contrary intention appears in this Agreement, any instructions given to the
Intercreditor Agent by the Instructing Group shall override any conflicting instructions given by any other Parties and will be binding on all Primary Creditors. 

  

	 	(d)	Paragraph (a) above shall not apply: 

  

	 	(i)	where a contrary indication appears in this Agreement; 

  

	 	(ii)	where this Agreement requires the Intercreditor Agent to act in a specified manner or to take a specified action; 

  

	 	(iii)	in respect of any provision which protects the Intercreditor Agent’s own position in its personal capacity as opposed to its role of Intercreditor Agent for the Primary Creditors including, without limitation,
Clauses 23.5 (No duty to account) to Clause 23.10 (Exclusion of liability), and Clauses 23.13 (Confidentiality) to Clause 23.19 (Insurance by Intercreditor Agent);

  

	 	(iv)	in respect of the exercise of the Intercreditor Agent’s discretion to exercise a right, power or authority under Clause 19.1 (Order of application). 

  
 115 

	 	(e)	If giving effect to instructions given by the Instructing Group would (in the Intercreditor Agent’s opinion) have an effect equivalent to an Intercreditor Amendment, the Intercreditor Agent shall not act in
accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Intercreditor Agent) whose consent would have been required in respect of that Intercreditor Amendment. 

 

	 	(f)	In exercising any discretion to exercise a right, power or authority under the Debt Documents where either: 

  

	 	(i)	it has not received any instructions as to the exercise of that discretion; or 

  

	 	(ii)	the exercise of that discretion is subject to paragraph (d)(iv) above, 

 the Intercreditor
Agent shall do so having regard to the interests of all the Secured Parties. 
  

	 	(g)	The Intercreditor Agent may refrain from acting in accordance with any instructions of any Creditor or group of Creditors until it has received any indemnification and/or security that it may in its discretion require
(which may be greater in extent than that contained in the Debt Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable Indirect Tax) which it may incur in complying with those instructions.

  

	 	(h)	Without prejudice to the provisions of Clause 15 (Enforcement of Transaction Security) and the remainder of this Clause 23.2, in the absence of instructions, the Intercreditor Agent
may act (or refrain from acting) as it considers in its discretion to be appropriate. 

  

	23.3	Duties of the Intercreditor Agent 

  

	 	(a)	The Intercreditor Agent’s duties under the Debt Documents are solely mechanical and administrative in nature. 

  

	 	(b)	The Intercreditor Agent shall promptly: 

  

	 	(i)	forward to each Creditor Representative and to each Hedge Counterparty a copy of any document received by the Intercreditor Agent from any Debtor under any Debt Document; and 

 

	 	(ii)	forward to a Party the original or a copy of any document which is delivered to the Intercreditor Agent for that Party by any other Party. 

 

	 	(c)	Except where a Debt Document specifically provides otherwise, the Intercreditor Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(d)	Without prejudice to Clause 28.3 (Notification of prescribed events), if the Intercreditor Agent receives notice from a Party referring to any Debt
Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Primary Creditors. 

  

	 	(e)	The Intercreditor Agent shall have only those duties, obligations and responsibilities expressly specified in the Debt Documents to which it is expressed to be a party (and no others shall be implied).

  
 116 

	23.4	No fiduciary duties to Debtors, Security Providers, Bondco or Subordinated Creditors 

Nothing in this Agreement constitutes the Intercreditor Agent as an agent, trustee or fiduciary of any Debtor, any Security Provider, Bondco or
any Subordinated Creditor. 
  

	23.5	No duty to account 

 The Intercreditor Agent shall not be bound to account to any other
Secured Party for any sum or the profit element of any sum received by it for its own account. 
  

	23.6	Business with the Group 

 The Intercreditor Agent may accept deposits from, lend money to
and generally engage in any kind of banking or other business with any member of the Group. 
  

	23.7	Rights and discretions 

  

	 	(a)	The Intercreditor Agent may: 

  

	 	(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; 

  

	 	(ii)	assume that: 

  

	 	(A)	any instructions received by it from the Instructing Group, any Creditors or any group of Creditors are duly given in accordance with the terms of the Debt Documents; 

 

	 	(B)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Debt Documents for so acting have been satisfied; and 

 

	 	(iii)	rely on a certificate from any person: 

  

	 	(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

  

	 	(b)	The Intercreditor Agent may assume (unless it has received notice to the contrary in its capacity as intercreditor agent for the Secured Parties) that: 

 

	 	(i)	no Default has occurred; 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or any group of Creditors has not been exercised; and 

  

	 	(iii)	any notice made by the Parent is made on behalf of and with the consent and knowledge of all the Debtors. 

  

	 	(c)	The Intercreditor Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. 

  
 117 

	 	(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Intercreditor Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the
Intercreditor Agent (and so separate from any lawyers instructed by any Primary Creditor) if the Intercreditor Agent in its reasonable opinion deems this to be desirable. 

 

	 	(e)	The Intercreditor Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts
(whether obtained by the Intercreditor Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

 

	 	(f)	The Intercreditor Agent may act in relation to the Debt Documents and the Security Property through its officers, employees and agents and shall not: 

 

	 	(i)	be liable for any error of judgment made by any such person; or 

  

	 	(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person, 

unless such error or such loss was directly caused by the Intercreditor Agent’s gross negligence or wilful misconduct. 

 

	 	(g)	Unless this Agreement expressly specifies otherwise, the Intercreditor Agent may disclose to any other Party any information it reasonably believes it has received as Intercreditor Agent under this Agreement.

  

	 	(h)	Notwithstanding any other provision of any Debt Document to the contrary, the Intercreditor Agent is not obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any
law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(i)	Notwithstanding any provision of any Debt Document to the contrary, the Intercreditor Agent is not obliged to expend or risk its own funds or otherwise incur any
financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security
for, such risk or liability is not reasonably assured to it. 

  

	23.8	Responsibility for documentation 

 The Intercreditor Agent shall not be responsible or
liable for: 
  

	 	(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Intercreditor Agent, a Debtor or any other person in or in connection with any Debt Document or the transactions
contemplated in the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; 

 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Debt Document or the Security Property; or 

  

	 	(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to
insider dealing or otherwise. 

  
 118 

	23.9	No duty to monitor 

 The Intercreditor Agent shall not be bound to enquire: 

 

	 	(a)	whether or not any Default has occurred; 

  

	 	(b)	as to the performance, default or any breach by any Party of its obligations under any Debt Document; or 

  

	 	(c)	whether any other event specified in any Debt Document has occurred. 

  

	23.10	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Debt Document excluding or limiting the liability of the Intercreditor ), the Intercreditor Agent shall not be liable for:

  

	 	(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Debt Document or the Security
Property unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(ii)	exercising or not exercising any right, power, authority or discretion given to it by, or in connection with, any Debt Document, the Security Property or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Debt Document or the Security Property; 

  

	 	(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or 

  

	 	(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(A)	any act, event or circumstance not reasonably within its control; or 

  

	 	(B)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts
of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	 	(b)	No Party (other than the Intercreditor Agent) may take any proceedings against any officer, employee or agent of the Intercreditor Agent in respect of any claim it might have against the Intercreditor Agent or in
respect of any act or omission of any kind by that officer, employee or agent in relation to any Debt Document or any Security Property and any officer, employee or agent of the Intercreditor Agent may rely on this Clause subject to Clause 1.5
(Third party rights) and the provisions of the Third Parties Act. 

  
 119 

	 	(c)	Nothing in this Agreement shall oblige the Intercreditor Agent to carry out: 

  

	 	(i)	any “know your customer” or other checks in relation to any person; or 

  

	 	(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Primary Creditor, 

on behalf of any Primary Creditor and each Primary Creditor confirms to the Intercreditor Agent that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Intercreditor Agent. 
  

	 	(d)	Without prejudice to any provision of any Debt Document excluding or limiting the liability of the Intercreditor Agent, any liability of the Intercreditor Agent arising under or in connection with any Debt Document or
the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Intercreditor Agent or, if later, the date on which the
loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Intercreditor Agent at any time which increase the amount of that loss. In no event shall the Intercreditor Agent be liable for
any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Intercreditor Agent has been advised of the possibility of such loss or damages.

  

	23.11	Primary Creditors’ indemnity to the Intercreditor Agent 

  

	 	(a)	Each Primary Creditor (other than any Creditor Representative) shall (in the proportion that the Liabilities due to it bear to the aggregate of the Liabilities due to all the Primary Creditors (other than any Creditor
Representative) for the time being (or, if the Liabilities due to the Primary Creditors (other than any Creditor Representative) are zero, immediately prior to their being reduced to zero)), indemnify the Intercreditor Agent, within three Business
Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the Intercreditor Agent’s gross negligence or wilful misconduct) in acting as Intercreditor Agent under, or exercising any authority
conferred under, the Debt Documents (unless the Intercreditor Agent has been reimbursed by a Debtor pursuant to a Debt Document). 

  

	 	(b)	For the purposes only of paragraph (a) above, to the extent that any hedging transaction under a Hedging Agreement has not been terminated or closed-out, the Hedging Liabilities due to any Hedge Counterparty in respect
of that hedging transaction will be deemed to be: 

  

	 	(i)	if the relevant Hedging Agreement is based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of those hedging transactions, if the date on which the
calculation is made was deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which the relevant Debtor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); or 

 

	 	(ii)	if the relevant Hedging Agreement is not based on an ISDA Master Agreement, the amount, if any, which would be payable to it under that Hedging Agreement in respect of that hedging transaction, if the date on which the
calculation is made was deemed to be the date on which an event similar in meaning and effect (under that Hedging Agreement) to an Early Termination Date (as defined in any ISDA Master Agreement) occurred under that Hedging Agreement for which the
relevant Debtor is in a position similar in meaning and effect (under that Hedging Agreement) to that of a Defaulting Party (under and as defined in the same ISDA Master Agreement), 

  
 120 

 that amount, in each case as calculated in accordance with the relevant Hedging Agreement. 

 

	 	(c)	Subject to paragraph (d) below, the Parent shall immediately on demand reimburse any Primary Creditor for any payment that Primary Creditor makes to the Intercreditor Agent pursuant to paragraph (a) above.

  

	 	(d)	Paragraph (c) above shall not apply to the extent that the indemnity payment in respect of which the Primary Creditor claims reimbursement relates to a liability of the Intercreditor Agent to a Debtor.

  

	23.12	Resignation of the Intercreditor Agent 

  

	 	(a)	The Intercreditor Agent may resign and appoint one of its Affiliates as successor by giving notice to the Primary Creditors and the Parent. 

 

	 	(b)	Alternatively the Intercreditor Agent may resign by giving 30 days’ notice to the Primary Creditors and the Parent, in which case the Majority Super Senior Creditors and the Required Pari Passu Creditors may
appoint a successor Intercreditor Agent. 

  

	 	(c)	If the Majority Super Senior Creditors and the Required Pari Passu Creditors have not appointed a successor Intercreditor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was
given, the retiring Security Agent (after consultation with the Creditor Representatives and the Hedge Counterparties) may appoint a successor Intercreditor Agent. 

 

	 	(d)	The retiring Intercreditor Agent shall, at its own cost, make available to the successor Intercreditor Agent such documents and records and provide such assistance as the successor Intercreditor Agent may reasonably
request for the purposes of performing its functions as Intercreditor Agent under the Debt Documents. 

  

	 	(e)	The Intercreditor Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Intercreditor Agent shall be discharged from any further obligation in respect of the Debt Documents (other than its obligations under paragraph (d) above) but shall
remain entitled to the benefit of this Clause 23 and Clause 27.2 (Indemnity to the Intercreditor Agent) (and any Intercreditor Agent fees for the account of the retiring Intercreditor
Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.

  

	 	(g)	The Majority Super Senior Creditors and the Required Pari Passu Creditors may, by notice to the Intercreditor Agent, require it to resign in accordance with paragraph (b) above. In this event, the Intercreditor Agent
shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Parent. 

  
 121 

	23.13	Confidentiality 

  

	 	(a)	In acting as agent for the Secured Parties, the Intercreditor Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(b)	If information is received by another division or department of the Intercreditor Agent, it may be treated as confidential to that division or department and the Intercreditor Agent shall not be deemed to have
notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Debt Document to the contrary, the Intercreditor Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty. 

  

	23.14	Information from the Creditors 

 Each Creditor shall supply the Intercreditor Agent with
any information that the Intercreditor Agent may reasonably specify as being necessary or desirable to enable the Intercreditor Agent to perform its functions as Intercreditor Agent. 

 

	23.15	Credit appraisal by the Secured Parties 

 Without affecting the responsibility of any
Debtor for information supplied by it or on its behalf in connection with any Debt Document, each Secured Party confirms to the Intercreditor Agent that it has been, and will continue to be, solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with any Debt Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Debt Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Debt Document or the Security Property; 

  

	 	(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Debt Document, the Security Property, the
transactions contemplated by the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document or the Security Property; 

 

	 	(d)	the adequacy, accuracy or completeness of any information provided by the Common Security Agent, any Party or by any other person under or in connection with any Debt Document, the transactions contemplated by any Debt
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; and 

  

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged
Property. 

  

	23.16	Intercreditor Agent’s management time and additional remuneration 

  

	 	(a)	Any amount payable to the Intercreditor Agent under Clause 23.11 (Primary Creditors’ indemnity to the Intercreditor Agent), Clause 26 (Costs and expenses) or Clause 27.2 (Indemnity to the
Intercreditor Agent) shall include the cost of utilising the Intercreditor Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Intercreditor Agent may notify to the
Parent and the Primary Creditors, and is in addition to any other fee paid or payable to the Intercreditor Agent. 

  
 122 

	 	(b)	Without prejudice to paragraph (a) above, in the event of: 

  

	 	(i)	a Default; 

  

	 	(ii)	the Intercreditor Agent being requested by a Debtor, a Security Provider or the Instructing Group to undertake duties which the Intercreditor Agent and the Parent agree to be of an exceptional nature or outside the
scope of the normal duties of the Intercreditor Agent under the Debt Documents; 

  

	 	(iii)	the proposed accession of any Credit Facility Creditors or Pari Passu Debt Creditors pursuant to Clause 25.11 (Accession of Credit Facility Creditors under New Credit Facilities) or Clause 25.12 (Accession of
Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities) respectively; or 

  

	 	(iv)	the Intercreditor Agent and the Parent agreeing that it is otherwise appropriate in the circumstances, 

the Parent shall pay to the Intercreditor Agent any additional remuneration (together with any applicable Indirect Tax) that may be agreed
between them or determined pursuant to paragraph (c) below. 
  

	 	(c)	If the Intercreditor Agent and the Parent fail to agree upon the nature of the duties or upon the additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the
circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Intercreditor Agent and approved by the Parent or, failing approval, nominated (on the application of the
Intercreditor Agent) by the President for the time being of the Law Society of Hong Kong (the costs of the nomination and of the investment bank being payable by the Parent) and the determination of any investment bank shall be final and
binding upon the Parties. 

  

	23.17	Reliance and engagement letters 

 The Intercreditor Agent may obtain and rely on any
certificate or report from any Debtor’s auditor and may enter into any reliance letter or engagement letter relating to that certificate or report on such terms as it may consider appropriate (including, without limitation, restrictions on the
auditor’s liability and the extent to which that certificate or report may be relied on or disclosed). 
  

	23.18	No responsibility to perfect Transaction Security 

 The Intercreditor Agent shall not be
liable for any failure to: 
  

	 	(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Debtor to any of the Charged Property;

  

	 	(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Debt Document or the Transaction Security; 

 

	 	(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Debt
Document or of the Transaction Security; 

  
 123 

	 	(d)	take, or to require any Debtor to take, any step to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or
regulation; or 

  

	 	(e)	require any further assurance in relation to any Security Document. 

  

	23.19	Insurance by Intercreditor Agent 

  

	 	(a)	The Intercreditor Agent shall not be obliged: 

  

	 	(i)	to insure any of the Charged Property; 

  

	 	(ii)	to require any other person to maintain any insurance; or 

  

	 	(iii)	to verify any obligation to arrange or maintain insurance contained in any Debt Document, 

 and
the Intercreditor Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance. 
  

	23.20	Delegation by the Intercreditor Agent 

  

	 	(a)	The Intercreditor Agent may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.

  

	 	(b)	That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Intercreditor Agent may, in its discretion, think fit in the interests of the
Secured Parties. 

  

	 	(c)	The Intercreditor Agent shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any such delegate or
sub-delegate. 

  

	23.21	Winding up of trust 

 The Intercreditor Agent shall assist the Common Security Agent in
making any determination in connection with Clause 21.25 (Winding up of trust) that: 
  

	 	(a)	all of the Secured Obligations and all other obligations secured by the Security Documents have been fully and finally discharged; and 

 

	 	(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Debtor pursuant to the Debt Documents. 

 

	23.22	Intra-Group Lenders, Debtors and Security Providers: power of attorney 

 Each Intra-Group
Lender, Debtor and Security Provider by way of security for its obligations under this Agreement irrevocably appoints the Intercreditor Agent to be its attorney to do anything which that Intra-Group Lender, Debtor or Security Provider has authorised
the Intercreditor Agent or any other Party to do under this Agreement or is itself required to do under this Agreement but has failed to do (and the Intercreditor Agent may delegate that power on such terms as it sees fit). 

  
 124 

	23.23	Intercreditor Agent’s fee 

  

	 	(a)	The Borrower shall pay to the Intercreditor Agent (for its own account) an intercreditor agency fee in the amount and at the times agreed in any Fee Letter. 

 

	 	(b)	The Borrower shall pay to the Intercreditor Agent (for its own account) such further fee in respect of the accession of additional persons as Parties in the amount and at the times as may be agreed between the Borrower
and the Intercreditor Agent in any Fee Letter. 

  

	24.	Pari Passu Note Trustee Protections 

  

	24.1	Limitation of Pari Passu Note Trustee Liability 

 It is expressly understood and agreed
by the Parties that this Agreement is executed and delivered by each Pari Passu Note Trustee not individually or personally but solely in its capacity as a Pari Passu Note Trustee in the exercise of the powers and authority conferred and vested in
it under the relevant Pari Passu Debt Documents. It is further understood by the Parties that in no case shall a Pari Passu Note Trustee be (a) responsible or accountable in damages or otherwise to any other Party for any loss, damage or claim
incurred by reason of any act or omission performed or omitted by it in good faith in accordance with this Agreement and in a manner that the relevant Pari Passu Note Trustee believed to be within the scope of the authority conferred on the Pari
Passu Note Trustee by this Agreement and the relevant Pari Passu Debt Documents or by law, or (b) personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of any other
Party, all such liability, if any, being expressly waived by the Parties and any person claiming by, through or under such Party, provided however, that a Pari Passu Note Trustee shall be personally liable under this Agreement for its own
gross negligence or wilful misconduct. It is also acknowledged that a Pari Passu Note Trustee shall not have any responsibility for the actions of any individual Pari Passu Noteholder. 

 

	24.2	Note Trustee not fiduciary for other Creditors 

 The Pari Passu Note Trustee shall not be
deemed to owe any fiduciary duty to any of the Creditors (other than the Pari Passu Noteholders for which it is the Creditor Representative), any of the Subordinated Creditors or any member of the Group and shall not be liable to any Creditor (other
than the Pari Passu Noteholders for which it is the Creditor Representative) any Subordinated Creditor or any member of the Group if the Pari Passu Note Trustee shall in good faith mistakenly pay over or distribute to the Pari Passu Noteholders or
to any other person cash, property or securities to which any Creditor (other than the Pari Passu Noteholders for which it is the Creditor Representative) shall be entitled by virtue of this Agreement or otherwise. With respect to the Creditors
(other than the Pari Passu Noteholders for which it is the Creditor Representative) and any Subordinated Creditor, the Pari Passu Note Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set
forth in the relevant Pari Passu Debt Documents (including this Agreement) and no implied covenants or obligations with respect to Creditors (other than the Pari Passu Noteholders for which it is the Creditor Representative) and any Subordinated
Creditor shall be read into this Agreement against a Pari Passu Note Trustee. 
  

	24.3	Reliance on certificates 

 A Pari Passu Note Trustee may rely without enquiry on any
notice, consent or certificate of the Common Security Agent, the Intercreditor Agent, any other Creditor Representative or any Hedge Counterparty as to the matters certified therein. 

  
 125 

	24.4	Pari Passu Note Trustee 

 In acting under and in accordance with this Agreement a Pari
Passu Note Trustee shall act in accordance with the relevant Pari Passu Note Indenture and shall seek any necessary instruction from the relevant Pari Passu Noteholders, to the extent provided for, and in accordance with, the relevant Pari Passu
Note Indenture, and where it so acts on the instructions of the Pari Passu Noteholders, the Pari Passu Note Trustee shall not incur any liability to any person for so acting other than in accordance with the Pari Passu Note Indenture. Furthermore,
prior to taking any action under this Agreement or the relevant Pari Passu Debt Documents, as the case may be, the Pari Passu Note Trustee may reasonably request and rely upon an opinion of counsel or opinion of another qualified expert, at the
Parent’s expense, as applicable; provided, however, that any such opinions shall be at the expense of the relevant Pari Passu Noteholders, if such actions are on the instructions of the relevant Pari Passu Noteholders. 

 

	24.5	Turnover obligations 

 Notwithstanding any provision in this Agreement to the contrary, a
Pari Passu Note Trustee shall only have an obligation to turn over or repay amounts received or recovered under this Agreement by it (a) if it had actual knowledge that the receipt or recovery is an amount received in breach of a provision of this
Agreement (a “Turnover Receipt”) and (b) to the extent that, prior to receiving that knowledge, it has not distributed the amount of the Turnover Receipt to the Pari Passu Noteholders for which it is the Creditor Representative
in accordance with the provisions of the relevant Pari Passu Note Indenture. For the purpose of this Clause 24.5, (i) ”actual knowledge” of the Pari Passu Note Trustee shall be construed to mean the Pari Passu Note Trustee shall not be
charged with knowledge (actual or otherwise) of the existence of facts that would impose an obligation on it to make any payment or prohibit it from making any payment unless a responsible officer of such Pari Passu Note Trustee has received, not
less than two Business Days’ prior to the date of such payment, a written notice that such payments are required or prohibited by this Agreement; and (ii) ”responsible officer” when used in relation to the Pari Passu Note Trustee
means any person who is an officer within the corporate trust and agency department of the Pari Passu Note Trustee, including any director, associate director, vice president, assistance vice president, senior associate, assistant treasurer, trust
officer, or any other officer of the Pari Passu Note Trustee who customarily performs functions similar to those performed by such officers, or to whom any corporate trust matter is referred because of such individual’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Agreement. 
  

	24.6	Creditors and the Pari Passu Note Trustee 

 In acting pursuant to this Agreement and the
relevant Pari Passu Note Indenture, the Pari Passu Note Trustee is not required to have any regard to the interests of the Creditors (other than the Pari Passu Noteholders for which it is the Creditor Representative Creditors) or any Subordinated
Creditor. 
  

	24.7	Pari Passu Note Trustee; reliance and information 

  

	 	(a)	The Pari Passu Note Trustee may rely and shall be fully protected in acting or refraining from acting upon any notice or other document reasonably believed by it to be genuine and correct and to have been signed by, or
with the authority of, the proper person. 

  

	 	(b)	Without affecting the responsibility of any Debtor or Security Provider for information supplied by it or on its behalf in connection with any Debt Document, each Primary Creditor (other than the Pari Passu Noteholders
for which it is the Creditor Representative) confirms that it has not relied exclusively on any information provided to it by a Pari Passu Note Trustee in connection with any Debt Document. A Pari Passu Note Trustee is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another party. 

  
 126 

	 	(c)	A Pari Passu Note Trustee is entitled to assume that: 

  

	 	(i)	any payment or other distribution made in respect of the Liabilities, respectively, has been made in accordance with the provisions of this Agreement; 

 

	 	(ii)	any Security granted in respect of the Pari Passu Debt Liabilities is in accordance with Clause 4.2 (Security: Pari Passu Debt Creditors); 

 

	 	(iii)	no Default has occurred; and 

  

	 	(iv)	the Pari Passu Debt Discharge Date has not occurred, 

 unless it has actual notice to the
contrary. A Pari Passu Note Trustee is not obliged to monitor or enquire whether any such default has occurred. 
  

	24.8	No action 

 A Pari Passu Note Trustee shall not have any obligation to take any action
under this Agreement unless it is indemnified or secured to its satisfaction (whether by way of payment in advance or otherwise) by the Debtors or the Pari Passu Noteholders for which it is the Creditor Representative, as applicable, in accordance
with the terms of the relevant Pari Passu Note Indenture. A Pari Passu Note Trustee is not required to indemnify any other person, whether or not a Party in respect of the transactions contemplated by this Agreement. 

 

	24.9	Departmentalisation 

 In acting as a Pari Passu Note Trustee, a Pari Passu Note Trustee
shall be treated as acting through its agency division which shall be treated as a separate entity from its other divisions and departments. Any information received or acquired by a Pari Passu Note Trustee which is received or acquired by some
other division or department or otherwise than in its capacity as Pari Passu Note Trustee may be treated as confidential by that Pari Passu Note Trustee and will not be treated as information possessed by that Pari Passu Note Trustee in its capacity
as such. 
  

	24.10	Other Parties not affected 

 This Clause 24 is intended to afford protection to each Pari
Passu Note Trustee only and no provision of this Clause 24 shall alter or change the rights and obligations as between the other parties in respect of each other. 
  

	24.11	Common Security Agent, Intercreditor Agent and the Pari Passu Note Trustees 

  

	 	(a)	A Pari Passu Note Trustee is not responsible for the appointment or for monitoring the performance of the Common Security Agent or the Intercreditor Agent. 

 

	 	(b)	A Pari Passu Note Trustee shall be under no obligation to instruct or direct the Common Security Agent or the Intercreditor Agent to take any Security enforcement action unless it shall have been instructed to do so by
the Pari Passu Noteholders for which it is the Creditor Representative and indemnified and/or secured to its satisfaction. 

  

	 	(c)	The Common Security Agent and the Intercreditor Agent acknowledge and agree that it has no claims for any fees, costs or expenses from, or indemnification against, a Pari Passu Note Trustee. 

  
 127 

	24.12	Provision of information 

 A Pari Passu Note Trustee is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. A Pari Passu Note Trustee is not responsible for: 
  

	 	(a)	providing any Creditor with any credit or other information concerning the risks arising under or in connection with the Transaction Security Documents or Pari Passu Debt Documents (including any information relating to
the financial condition or affairs of any Debtor or Security Provider or their related entities or the nature or extent of recourse against any party or its assets) whether coming into its possession before, on or after the date of this Agreement;
or 

  

	 	(b)	obtaining any certificate or other document from any Creditor. 

  

	24.13	Disclosure of information 

 Each Debtor irrevocably authorises a Pari Passu Note Trustee
to disclose to any other Debtor any information that is received by that Pari Passu Note Trustee in its capacity as Pari Passu Note Trustee. 
  

	24.14	Illegality 

 A Pari Passu Note Trustee may refrain from doing anything (including
disclosing any information) which might, in its opinion, constitute a breach of any law or regulation and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation. 

 

	24.15	Resignation of Pari Passu Note Trustee 

 A Pari Passu Note Trustee may resign or be
removed in accordance with the terms of the relevant Pari Passu Note Indenture, provided that a replacement of such Pari Passu Note Trustee agrees with the Parties to become the replacement trustee under this Agreement by the execution of a
Creditor/Creditor Representative Accession Undertaking. 
  

	24.16	Agents 

 A Pari Passu Note Trustee may act through its attorneys and agents and shall not
be responsible for the misconduct or negligence of any attorney or agent appointed with reasonable care by it hereunder. 
  

	24.17	No requirement for bond or security 

 A Pari Passu Note Trustee shall not be required to
give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Agreement. 
  

	24.18	Provisions survive termination 

 The provisions of this Clause 24 shall survive any
termination or discharge of this Agreement or the resignation or replacement of the Pari Passu Note Trustee. 
  

	25.	Changes to the Parties 

  

	25.1	Assignments and transfers 

 No Party may: 

 

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer any of its rights and obligations, 

  
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 in respect of any Debt Documents or the Liabilities except as permitted by this Clause 25. 

 

	25.2	[Reserved] 

  

	25.3	Accession and change of Subordinated Creditor 

  

	 	(a)	Any direct or indirect shareholder (or affiliate who is not a member of the Group) of the Parent that makes any loan or financial accommodation to the Parent may (if not already a Party as a Subordinated Creditor)
accede to this Agreement as a Subordinated Creditor pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

 

	 	(b)	Subject to Clause 10.4 (No acquisition of Subordinated Liabilities), a Subordinated Creditor may: 

  

	 	(i)	assign any of its rights; or 

  

	 	(ii)	transfer any of its rights and obligations, 

 in respect of the Subordinated Liabilities owed
to it if any assignee or transferee has (if not already party to this Agreement as a Subordinated Creditor) acceded to this Agreement as a Subordinated Creditor pursuant to Clause 25.14 (Creditor/Creditor Representative Accession
Undertaking) and, to the extent that following such transfer it is no longer owed any Subordinated Liabilities, such transferring Subordinated Creditor shall cease to be a Subordinated Creditor under and in accordance with this Agreement. 

 

	25.4	Accession and change of Bondco 

  

	 	(a)	A person (other than a member of the Group) may accede to this Agreement as a Bondco pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking).

  

	 	(b)	A Bondco may: 

  

	 	(i)	assign any of its rights; or 

  

	 	(ii)	transfer any of its rights and obligations, 

 in respect of the Bondco Liabilities owed to it
to any person (other than a member fo the Group) if any assignee or transferee has (if not already party to this Agreement as a Bondco) acceded to this Agreement as a Bondco pursuant to Clause 25.14 (Creditor/Creditor Representative
Accession Undertaking) and, to the extent that following such transfer it is no longer owed any Bondco Liabilities, such transferring Bondco shall cease to be a Bondco under and in accordance with this Agreement. 

 

	25.5	Change of Credit Facility Lender or Pari Passu Lender under an Existing Credit Facility or Pari Passu Facility 

  

	 	(a)	A Credit Facility Lender or Pari Passu Lender under an existing Credit Facility or Pari Passu Facility may: 

  

	 	(i)	assign any of its rights; or 

  

	 	(ii)	transfer by novation any of its rights and obligations, 

  
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 in respect of any Debt Documents or the Liabilities if: 

 

	 	(A)	that assignment or transfer is in accordance with the terms of the Credit Facility Agreement or Pari Passu Facility Agreement to which it is a party; and 

 

	 	(B)	subject to paragraph (b) below, any assignee or transferee has (if not already a Party as a Credit Facility Lender or Pari Passu Lender, as applicable) acceded to this Agreement, as a Credit Facility Lender or Pari
Passu Lender, as applicable, pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

  

	 	(b)	Paragraph (a)(ii)(B) above shall not apply in respect of: 

  

	 	(i)	any Debt Purchase Transaction (as defined in the Credit Facility Agreement) in respect of a Pari Passu Facility permitted by any provision of the relevant Pari Passu Facility Agreement; and 

 

	 	(ii)	any Liabilities Acquisition of the Credit Facility Liabilities or Pari Passu Debt Liabilities by a member of the Group permitted under the Credit Facility Agreement or Pari Passu Facility Agreement (as applicable) and
pursuant to which the relevant Liabilities are discharged, 

 effected in accordance with the terms of the Debt Documents.

  

	25.6	Change of Pari Passu Noteholder 

 Any Pari Passu Noteholder may assign, transfer or
novate any of its rights and obligations to any person without the need for such person to execute and deliver to the Intercreditor Agent a Creditor / Creditor Representative Accession Undertaking. 

 

	25.7	Change of Hedge Counterparty 

 A Hedge Counterparty may (in accordance with the terms of
the relevant Hedging Agreement and subject to any consent required under that Hedging Agreement) transfer any of its rights or obligations in respect of the Hedging Agreements to which it is a party if any transferee has (if not already a Party as a
Hedge Counterparty) acceded to this Agreement pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking) as a Hedge Counterparty. 

 

	25.8	Change of Creditor Representative 

 No person shall become a Creditor Representative
unless at the same time, it accedes to this Agreement as a Creditor Representative pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

 

	25.9	Change of Intra-Group Lender 

 Subject to Clause 8.4 (Acquisition of Intra-Group
Liabilities) and to the terms of the other Debt Documents, any Intra-Group Lender may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer any of its rights and obligations, 

 in respect of the Intra-Group Liabilities to
another member of the Group if that member of the Group has (if not already a Party as an Intra-Group Lender) acceded to this Agreement as an Intra-Group Lender pursuant to Clause 25.14 (Creditor/Creditor Representative Accession
Undertaking) (provided that such member of the Group will not be required to accede to this Agreement as an Intra-Group Lender under this Clause 25.9 if it would otherwise not have been required to do so under the terms of Clause 25.10
(New Intra-Group Lender) if it had been the original creditor of such Intra-Group Liability) and, to the extent that following such transfer it is no longer owed any Intra-Group Liabilities, such transferring Intra-Group Lender shall cease to
be an Intra-Group Lender under and in accordance with this Agreement. 

  
 130 

	25.10	New Intra-Group Lender 

 If any Intra-Group Lender or any member of the Group makes any
loan to or grants any credit to or makes any other financial arrangement having similar effect with any Debtor, in an aggregate amount of USD 1,000,000 or more, the Parent will procure that the person giving that loan, granting that credit or making
that other financial arrangement (if not already a Party as an Intra-Group Lender) accedes to this Agreement as an Intra-Group Lender pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

 

	25.11	Accession of Credit Facility Creditors under New Credit Facilities 

 In order for any
credit facility (other than the Facilities in the Credit Facility Agreement on the date of this Agreement) to be a “Credit Facility” for the purposes of this Agreement: 

 

	 	(a)	the Parent shall designate that credit facility as a Credit Facility and confirm in writing to the Primary Creditors that the establishment of that credit facility as a Credit Facility under this Agreement will not
breach the terms of any of its existing Credit Facility Documents or Pari Passu Debt Documents; 

  

	 	(b)	each creditor in respect of that credit facility shall accede to this Agreement as a Credit Facility Lender; 

  

	 	(c)	each arranger in respect of that credit facility shall accede to this Agreement as a Credit Facility Arranger; 

  

	 	(d)	any additional remuneration for the Common Security Agent in connection with the accession shall have been determined pursuant to Clause 21.17 (Common Security Agent’s management time and additional
remuneration); and 

  

	 	(e)	any additional remuneration for the Intercreditor Agent in connection with the accession shall have been determined pursuant to Clause 23.16 (Intercreditor Agent’s management time and additional
remuneration). 

  

	25.12	Accession of Pari Passu Debt Creditors under New Pari Passu Notes or Pari Passu Facilities 

  

	 	(a)	In order for indebtedness in respect of any issuance of debt securities to constitute “Pari Passu Debt Liabilities” for the purposes of this Agreement: 

 

	 	(i)	the Parent shall designate that issuance of debt securities as Pari Passu Notes and confirm in writing to the Primary Creditors that the incurrence of those debt securities as Pari Passu Debt Liabilities under this
Agreement will not breach the terms of any of its existing Credit Facility Documents or Pari Passu Debt Documents; 

  

	 	(ii)	the trustee in respect of those debt securities shall accede to this Agreement as the Creditor Representative in relation to those Pari Passu Debt Liabilities pursuant to Clause 25.14 (Creditor/Creditor
Representative Accession Undertaking); 

  

	 	(iii)	any additional remuneration for the Common Security Agent in connection with the accession shall have been determined pursuant to Clause 21.17 (Common Security Agent’s management time and additional
remuneration); and 

  

	 	(iv)	any additional remuneration for the Intercreditor Agent in connection with the accession shall have been determined pursuant to Clause 23.16 (Intercreditor Agent’s management time and additional
remuneration). 

  
 131 

	 	(b)	In order for indebtedness under any credit facility to constitute “Pari Passu Debt Liabilities” for the purposes of this Agreement: 

 

	 	(i)	the Parent shall designate that credit facility as a Pari Passu Facility and confirm in writing to the Primary Creditors that the establishment of that Pari Passu Facility as Pari Passu Debt Liabilities under this
Agreement will not breach the terms of any of its existing Credit Facility Documents or Pari Passu Debt Documents; 

  

	 	(ii)	each creditor in respect of that credit facility shall accede to this Agreement as a Pari Passu Debt Creditor; 

  

	 	(iii)	each arranger in respect of that credit facility shall accede to this Agreement as a Pari Passu Arranger; 

  

	 	(iv)	the facility agent in respect of that credit facility shall accede to this Agreement as the Creditor Representative in relation to that credit facility pursuant to Clause 25.14 (Creditor/Creditor
Representative Accession Undertaking); 

  

	 	(v)	any additional remuneration for the Common Security Agent in connection with the accession shall have been determined pursuant to Clause 21.17 (Common Security Agent’s management time and additional
remuneration); and 

  

	 	(vi)	any additional remuneration for the Intercreditor Agent in connection with the accession shall have been determined pursuant to Clause 23.16 (Intercreditor Agent’s management time and additional
remuneration). 

  

	25.13	New Ancillary Lender 

 If any Affiliate of a Credit Facility Lender becomes an Ancillary
Lender in accordance with the Credit Facility Agreement, it shall not be entitled to share in any of the Transaction Security or in the benefit of any guarantee or indemnity in respect of any of the liabilities arising in relation to its Ancillary
Facilities unless it has (if not already a Party as a Credit Facility Lender) acceded to this Agreement as a Credit Facility Lender pursuant to Clause 25.14 (Creditor/Creditor Representative Accession Undertaking) and, to the extent
required by the Credit Facility Agreement, to the Credit Facility Agreement as an Ancillary Lender. 
  

	25.14	Creditor/Creditor Representative Accession Undertaking 

 With effect from the date of
acceptance by the Intercreditor Agent of a Creditor/Creditor Representative Accession Undertaking duly executed and delivered to the Intercreditor Agent by the relevant acceding party or, if later, the date specified in that Creditor/Creditor
Representative Accession Undertaking: 
  

	 	(a)	any Party ceasing entirely to be a Creditor shall be discharged from further obligations towards the Common Security Agent, the Intercreditor Agent and other
Parties under this Agreement and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to that date); 

 

	 	(b)	as from that date, the replacement or new Creditor shall assume the same obligations and become entitled to the same rights, as if it had been an original Party in the capacity specified in the Creditor/Creditor
Representative Accession Undertaking; and 

  

	 	(c)	to the extent envisaged by the relevant Credit Facility Agreement, any new Ancillary Lender (which is an Affiliate of a Credit Facility Lender shall also become party to the relevant Credit Facility Agreement as an
Ancillary Lender and shall assume the same obligations and become entitled to the same rights as if it had been an original party to the Credit Facility Agreement as an Ancillary Lender. 

  
 132 

	25.15	New Debtor 

  

	 	(a)	If any member of the Group: 

  

	 	(i)	incurs any Liabilities; or 

  

	 	(ii)	gives any Security, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities, 

the Debtors will procure that the person incurring those Liabilities or giving that assurance accedes to this Agreement as a Debtor in
accordance with paragraph (c) below no later than contemporaneously with the incurrence of those Liabilities or the giving of that assurance. 
  

	 	(b)	If any Affiliate of a Credit Facility Borrower becomes a borrower of an Ancillary Facility in accordance with the relevant Credit Facility Agreement, the relevant Credit Facility Borrower shall procure that such
Affiliate accedes to this Agreement as a Debtor no later than contemporaneously with the date on which it becomes a borrower. 

  

	 	(c)	With effect from the date of acceptance by the Intercreditor Agent of a Debtor Accession Deed duly executed and delivered to the Intercreditor Agent by the new Debtor or, if later, the date specified in the Debtor
Accession Deed, the new Debtor shall assume the same obligations and become entitled to the same rights as if it had been an original Party as a Debtor. 

  

	25.16	Additional Parties 

  

	 	(a)	Each of the Parties appoints the Intercreditor Agent to receive on its behalf each Debtor Accession Deed and Creditor/Creditor Representative Accession Undertaking delivered to the Intercreditor Agent and the
Intercreditor Agent shall, as soon as reasonably practicable after receipt by it, sign and accept the same if it appears on its face to have been completed, executed and, where applicable, delivered in the form contemplated by this Agreement or,
where applicable, by the relevant Debt Document. Each of the Secured Parties authorises the Common Security Agent to sign and accept each Debtor Accession Deed delivered to the Common Security Agent and the Common Security Agent shall, as soon as
reasonably practicable after receipt by it, sign and accept the same if it appears on its face to have been completed, executed and, where applicable, delivered in the form contemplated by this Agreement or, where applicable, by the relevant Debt
Document. 

  

	 	(b)	The Intercreditor Agent shall only be obliged to execute a Creditor/Creditor Representative Accession Undertaking delivered to it by a person intending to accede as a Creditor or Creditor Representative once it is
satisfied that it has complied with all necessary “know your customer” or other similar other checks under all applicable laws and regulations in relation to that person’s accession. 

 

	 	(c)	Neither the Intercreditor Agent nor the Common Security Agent shall be obliged to execute a Debtor Accession Deed delivered to it by a person intending to accede as a Debtor unless and until it is satisfied that it has
complied with all necessary “know your customer” or other similar other checks under all applicable laws and regulations in relation to that person’s accession. 

  
 133 

	 	(d)	In the case of a Creditor/Creditor Representative Accession Undertaking delivered to the Intercreditor Agent by any new Ancillary Lender (which is an Affiliate of a Credit Facility Lender): 

 

	 	(i)	the Intercreditor Agent shall, as soon as practicable after signing and accepting that Creditor/Creditor Representative Accession Undertaking in accordance with paragraph (a) above, deliver that Creditor/Creditor
Representative Accession Undertaking to the relevant Creditor Representative; and 

  

	 	(ii)	the relevant Creditor Representative shall, as soon as practicable after receipt by it, sign and accept that Creditor/Creditor Representative Accession Undertaking if it appears on its face to have been completed,
executed and delivered in the form contemplated by this Agreement. 

  

	25.17	Resignation of a Debtor 

  

	 	(a)	No relevant Debtor may cease to be party to a Credit Facility Agreement or a Pari Passu Debt Document in accordance with those agreements unless each Hedge Counterparty has notified the Intercreditor Agent:

  

	 	(i)	that no payment is due from that Debtor to that Hedge Counterparty under those agreements; or 

  

	 	(ii)	that it otherwise consents to that Debtor ceasing to be a Debtor under those agreements. 

 The
Intercreditor Agent shall, upon receiving that notification, notify the Creditor Representative in respect of that Credit Facility or that Pari Passu Debt Document (as applicable). 

 

	 	(b)	The Parent may request that a Debtor ceases to be a Debtor by delivering to the Intercreditor Agent a Debtor Resignation Request. 

  

	 	(c)	The Intercreditor Agent shall accept a Debtor Resignation Request and notify the Parent and each other Party of its acceptance if: 

  

	 	(i)	the Parent or the Borrower has confirmed that no Event of Default is continuing or would result from the acceptance of the Debtor Resignation Request;

  

	 	(ii)	to the extent that the Credit Facility Lender Discharge Date has not occurred, the Credit Facility Agent notifies the Intercreditor Agent that that Debtor is not, or has ceased to be, a Credit Facility Borrower or a
Credit Facility Guarantor; 

  

	 	(iii)	to the extent that the Rolled Loan Discharge Date has not occurred, the Credit Facility Agent notifies the Intercreditor Agent that that Debtor is not, or has ceased to be, a Credit Facility Borrower or a Credit
Facility Guarantor; 

  

	 	(iv)	each Hedge Counterparty notifies the Intercreditor Agent that that Debtor is under no actual or contingent obligations to that Hedge Counterparty in respect of the
Hedging Liabilities; 

  
 134 

	 	(v)	to the extent that the Pari Passu Debt Discharge Date has not occurred, each Pari Passu Note Trustee notifies the Intercreditor Agent that the Debtor is not, or has ceased to be, an issuer or guarantor of the Pari Passu
Debt Liabilities for which it is the Creditor Representative; and 

  

	 	(vi)	the Parent confirms that that Debtor is under no actual or contingent obligations in respect of the Intra-Group Liabilities. 

  

	 	(d)	Upon notification by the Intercreditor Agent to the Parent of its acceptance of the resignation of a Debtor, that member of the Group shall cease to be a Debtor and shall have no further rights or obligations under this
Agreement as a Debtor. 

  
 135 

 Section 8 

Additional payment obligations 
  

	26.	Costs and expenses 

  

	26.1	Transaction expenses 

 The Parent shall pay (or shall procure that another member of the
Group pays) the Common Security Agent, the POA Agent or the Intercreditor Agent (as applicable) within five (5) Business Days of demand the amount of all costs and expenses (including legal fees) (together with any applicable Indirect Tax)
reasonably incurred by the Common Security Agent, the POA Agent or the Intercreditor Agent (or by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution and perfection of: 

 

	 	(a)	this Agreement and any other documents referred to in this Agreement and the Transaction Security; and 

  

	 	(b)	any other Debt Documents executed after the date of this Agreement. 

  

	26.2	Amendment costs 

 If a Debtor or a Security Provider requests an amendment, waiver or
consent, the Parent shall, within five (5) Business Days of demand, reimburse (or shall procure that another member of the Group reimburses) the Common Security Agent, the POA Agent or the Intercreditor Agent (as applicable) for the amount of all
costs and expenses (including legal fees) (together with any applicable Indirect Tax) reasonably incurred by the Common Security Agent, the POA Agent or the Intercreditor Agent (or by any Receiver or Delegate) in responding to, evaluating,
negotiating or complying with that request or requirement. 
  

	26.3	Enforcement and preservation costs 

 The Parent shall, within five (5) Business Days of
demand, pay (or shall procure that another member of the Group pays) to the Common Security Agent, the POA Agent or the Intercreditor Agent (as applicable) the amount of all costs and expenses (including legal fees and together with any applicable
Indirect Tax) incurred by the Common Security Agent, the POA Agent or the Intercreditor Agent (or by any Receiver or Delegate) in connection with the enforcement of or the preservation of any rights under any Debt Document and the Transaction
Security and any proceedings instituted by or against the Common Security Agent, the POA Agent or the Intercreditor Agent (or any Receiver or Delegate) as a consequence of taking or holding the Transaction Security or enforcing these rights. 

 

	26.4	Stamp taxes 

 The Parent shall pay and, within five (5) Business Days of demand,
indemnify the Common Security Agent, the POA Agent or the Intercreditor Agent (as applicable) against any cost, loss or liability the Common Security Agent, the POA Agent or the Intercreditor Agent incurs in relation to all stamp duty, registration
and other similar Taxes payable in respect of any Debt Document. 
  

	26.5	Interest on demand 

 If any Creditor or Debtor fails to pay any amount payable by it
under this Agreement on its due date, interest shall accrue on the overdue amount (and be compounded with it) from the due date up to the date of actual payment (both before and after judgment and to the extent interest at a default rate is not
otherwise being paid on that sum) at the rate which is 2.0 per cent. per annum over the rate at which the Intercreditor Agent would be able to obtain by placing on deposit with a leading bank an amount comparable to the unpaid amounts in the
currencies of those amounts for any period(s) that the Intercreditor Agent may from time to time select, provided that if any such rate is below zero, that rate will be deemed to be zero. 

  
 136 

	27.	Other indemnities 

  

	27.1	Indemnity to the Common Security Agent 

  

	 	(a)	Each Debtor jointly and severally shall promptly indemnify the Common Security Agent, the POA Agent and every Receiver and Delegate against any cost, loss or liability (together with any applicable Indirect Tax)
incurred by any of them as a result of: 

  

	 	(i)	any failure by the Parent to comply with its obligations under Clause 26 (Costs and expenses); 

  

	 	(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(iii)	the taking, holding, protection or enforcement of the Transaction Security; 

  

	 	(iv)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Common Security Agent, each Receiver and each Delegate and the POA Agent by the Debt Documents or by law; 

 

	 	(v)	any default by any Debtor or Security Provider in the performance of any of the obligations expressed to be assumed by it in the Debt Documents; 

 

	 	(vi)	instructing lawyers, accountants, tax advisers, surveyors, a Financial Adviser or other professional advisers or experts as permitted under this Agreement; or 

 

	 	(vii)	acting as Common Security Agent, Receiver or Delegate under the Debt Documents or which otherwise relates to any of the Security Property (otherwise, in each case, than by reason of the relevant Common Security
Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct). 

  

	 	(b)	Each Debtor expressly acknowledges and agrees that the continuation of its indemnity obligations under this Clause 27.1 will not be prejudiced by any release or disposal under Clause 17 (Distressed Disposals)
taking into account the operation of that Clause 17. 

  

	 	(c)	The Common Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to
give effect to the indemnity in this Clause 27.1 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it. 

 

	27.2	Indemnity to the Intercreditor Agent 

  

	 	(a)	Each Debtor jointly and severally shall promptly indemnify the Intercreditor Agent against any cost, loss or liability (together with any applicable Indirect Tax) incurred by the Intercreditor Agent as a result of:

  

	 	(i)	any failure by the Parent to comply with its obligations under Clause 26 (Costs and expenses); 

  

	 	(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

  
 137 

	 	(iii)	the taking, protection or enforcement of the Transaction Security; 

  

	 	(iv)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Intercreditor Agent by the Debt Documents or by law; 

 

	 	(v)	any default by any Debtor or Security Provider in the performance of any of the obligations expressed to be assumed by it in the Debt Documents; 

 

	 	(vi)	instructing lawyers, accountants, tax advisers, surveyors, a Financial Adviser or other professional advisers or experts as permitted under this Agreement; or 

 

	 	(vii)	acting as Intercreditor Agent under the Debt Documents or which otherwise relates to any of the Security Property (otherwise, in each case, than by reason of the relevant Intercreditor Agent’s gross negligence or
wilful misconduct). 

  

	 	(b)	Each Debtor expressly acknowledges and agrees that the continuation of its indemnity obligations under this Clause 27.2 will not be prejudiced by any release or disposal under Clause 17 (Distressed Disposals)
taking into account the operation of that Clause 17. 

  

	 	(c)	The Common Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify the Intercreditor Agent out of the Charged Property in respect of, and pay and retain, all sums
necessary to give effect to the indemnity in this Clause 27.2 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to the Intercreditor Agent. 

 

	27.3	Parent’s indemnity to Primary Creditors 

 The Parent shall promptly and as principal
obligor indemnify each Primary Creditor against any cost, loss or liability (together with any applicable Indirect Tax), whether or not reasonably foreseeable, incurred by any of them in relation to or arising out of the operation of Clause 17
(Distressed Disposals). 

  
 138 

 Section 9 

Administration 
  

	28.	Information 

  

	28.1	Dealings with Common Security Agent, Intercreditor Agent and Creditor Representatives 

  

	 	(a)	Subject to clause 33.5 (Communication when Agent is Impaired Agent) of the Credit Facility Agreement and to any Equivalent Provision of any Pari Passu Facility Agreement, each Credit Facility Lender, Pari Passu
Noteholder and Pari Passu Lender shall deal with the Common Security Agent and Intercreditor Agent exclusively through its Creditor Representative and the Hedge Counterparties shall deal directly with the Common Security Agent and Intercreditor
Agent and shall not deal through any Creditor Representative. 

  

	 	(b)	No Creditor Representative shall be under any obligation to act as agent or otherwise on behalf of any Hedge Counterparty except as expressly provided for in, and for the purposes of, this Agreement. 

 

	28.2	Disclosure between Primary Creditors, Common Security Agent and Intercreditor Agent 

Notwithstanding any agreement to the contrary, each of the Debtors, Bondcos and Subordinated Creditors consents, until the Final Discharge
Date, to the disclosure by any Primary Creditor, the Common Security Agent and Intercreditor Agent to each other (whether or not through a Creditor Representative or the Common Security Agent) of such information concerning the Debtors, Security
Providers, Bondcos and the Subordinated Creditors as any Primary Creditor or the Common Security Agent or the Intercreditor Agent shall see fit. 
  

	28.3	Notification of prescribed events 

  

	 	(a)	If an Event of Default or Default under the Credit Facility Agreement or a Pari Passu Debt Document either occurs or ceases to be continuing the relevant Creditor Representative shall, upon becoming aware of that
occurrence or cessation, notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification, notify each other Primary Creditor and the Common Security Agent. 

 

	 	(b)	If a Credit Facility Acceleration Event occurs the Credit Facility Agent shall notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification, notify each other Party.

  

	 	(c)	If a Pari Passu Debt Acceleration Event occurs the relevant Creditor Representative(s) shall notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification, notify each other Party.

  

	 	(d)	If the Common Security Agent enforces, or takes formal steps to enforce, any of the Transaction Security it shall notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification,
notify each other Party of that action. 

  

	 	(e)	If any Primary Creditor exercises any right it may have to enforce, or to take formal steps to enforce, any of the Transaction Security it shall notify the Intercreditor Agent and the Intercreditor Agent shall, upon
receiving that notification, notify each Party of that action. 

  

	 	(f)	If a Debtor defaults on any Payment due under a Hedging Agreement, the Hedge Counterparty which is party to that Hedging Agreement shall, upon becoming aware of that default, notify the Intercreditor Agent and the
Intercreditor Agent shall, upon receiving that notification, notify the Creditor Representatives and each other Hedge Counterparty and the Common Security Agent. 

  
 139 

	 	(g)	If a Hedge Counterparty terminates or closes-out, in whole or in part, any hedging transaction under any Hedging Agreement under Clause 5.9 (Permitted Enforcement: Hedge Counterparties) it shall notify the
Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification, notify each Creditor Representative and each other Hedge Counterparty and the Common Security Agent. 

 

	 	(h)	If any of the Floating Rate Term Outstandings or the Other Currency Term Outstandings are to be reduced (whether by way of repayment, prepayment, cancellation or otherwise) the Parent shall notify each Hedge
Counterparty of: 

  

	 	(i)	the date and amount of that proposed reduction; 

  

	 	(ii)	any Interest Rate Hedge Excess that would result from that proposed reduction and that Hedge Counterparty’s Interest Rate Hedging Proportion (if any) of that Interest Rate Hedge Excess; and 

 

	 	(iii)	any Exchange Rate Hedge Excess that would result from that proposed reduction and that Hedge Counterparty’s Exchange Rate Hedging Proportion (if any) of that Exchange Rate Hedge Excess. 

 

	 	(i)	If the Intercreditor Agent receives a notice under paragraph (a) of Clause 6.1 (Option to Purchase: Pari Passu Debt Creditors) it shall upon receiving that notice, notify, and send a copy of that notice to, the
Credit Facility Agent. If the Intercreditor Agent receives a similar notice in connection with paragraph (h) of Clause 3.2 (Rolled Loan – restrictions), it shall upon receiving that notice, notify, and send a copy of that notice
to, the Rolled Loan Facility Lender. 

  

	 	(j)	If the Intercreditor Agent receives a notice under paragraph (a) of Clause 6.2 (Hedge Transfer: Pari Passu Debt Creditors) it shall upon receiving that notice, notify, and send a copy of that notice to, each
Hedge Counterparty. 

  

	 	(k)	If any Sponsor Affiliate acquires an interest in the Rolled Loan, the Parent shall immediately notify the Intercreditor Agent and the Intercreditor Agent shall, upon receiving that notification, notify each other
Secured Party. 

  

	29.	Notices 

  

	29.1	Communications in writing 

 Any communication to be made under or in connection with this
Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	29.2	Common Security Agent’s and Intercreditor Agent’s communications with Primary Creditors 

The Common Security Agent and the Intercreditor Agent shall be entitled to carry out all dealings: 

 

	 	(a)	with the Credit Facility Lenders, Pari Passu Noteholders and Pari Passu Lenders through their respective Creditor Representatives and may give to the Creditor Representatives, as applicable, any notice or other
communication required to be given by the Common Security Agent or the Intercreditor Agent to a Credit Facility Lender, Pari Passu Noteholder or Pari Passu Lender; and 

 

	 	(b)	with each Hedge Counterparty directly with that Hedge Counterparty. 

  
 140 

	29.3	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is: 
  

	 	(a)	in the case of the Parent or the Company, that identified with its name below; 

  

	 	(b)	in the case of the Common Security Agent, that identified with its name below; 

  

	 	(c)	in the case of the POA Agent, that identified with its name below; 

  

	 	(d)	in the case of the Intercreditor Agent, that identified with its name below; and 

  

	 	(e)	in the case of each other Party, that notified in writing to the Intercreditor Agent on or prior to the date on which it becomes a Party, 

or any substitute address, fax number or department or officer which that Party may notify to the Intercreditor Agent (or the Intercreditor
Agent may notify to the other Parties, if a change is made by the Intercreditor Agent) by not less than five Business Days’ notice. 
  

	29.4	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with this Agreement will only be effective: 

 

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

  

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

and, if a particular department or officer is specified as part of its address details provided under Clause 29.3 (Addresses), if
addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Common Security Agent will be effective only when actually received by the Common Security Agent and then only if it is expressly marked for the attention of
the department or officer identified with the Common Security Agent’s signature below (or any substitute department or officer as the Common Security Agent shall specify for this purpose). Any communication or document to be made or delivered
to the Intercreditor Agent will be effective only when actually received by the Intercreditor Agent and then only if it is expressly marked for the attention of the department or officer identified with the Intercreditor Agent’s signature below
(or any substitute department or officer as the Intercreditor Agent shall specify for this purpose). 

  

	 	(c)	Any communication or document made or delivered to the Parent in accordance with this Clause 29.4 will be deemed to have been made or delivered to each of the Debtors and Security Providers. 

 

	 	(d)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (c) above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

  

	29.5	Notification of address and fax number 

 Promptly upon receipt of notification of an
address and fax number or change of address or fax number pursuant to Clause 29.3 (Addresses) or changing its own address or fax number, the Intercreditor Agent shall notify the other Parties. 

  
 141 

	29.6	Electronic communication 

  

	 	(a)	Any communication to be made between any two Parties under or in connection with this Agreement may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure
website) if those two Parties: 

  

	 	(i)	notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and 

 

	 	(ii)	notify each other of any change to their address or any other such information supplied by them by not less than five Business Days’ notice. 

 

	 	(b)	Any such electronic communication as specified in paragraph (a) above to be made between a Subordinated Creditor, a Bondco, a Debtor or an Intra-Group Lender and the Common Security Agent, the Intercreditor Agent or a
Primary Creditor may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 

 

	 	(c)	Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication made by a Party to the Common Security Agent or the Intercreditor Agent only if it is addressed in such a manner as the Common Security Agent or the Intercreditor Agent (as applicable) shall specify for this purpose. 

 

	 	(d)	Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5:00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address
for the purpose of this Agreement shall be deemed only to become effective on the following day. 

  

	 	(e)	Any reference in this Agreement to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 29.6. 

 

	29.7	English language 

  

	 	(a)	Any notice given under or in connection with this Agreement must be in English. 

  

	 	(b)	All other documents provided under or in connection with this Agreement must be: 

  

	 	(i)	in English; or 

  

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

  

	30.	Preservation 

  

	30.1	Partial invalidity 

 If, at any time, any provision of a Debt Document is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision under the law of any
other jurisdiction will in any way be affected or impaired. 

  
 142 

	30.2	No impairment 

 If, at any time after its date, any provision of a Debt Document
(including this Agreement) is not binding on or enforceable in accordance with its terms against a person expressed to be a party to that Debt Document, neither the binding nature nor the enforceability of that provision or any other provision of
that Debt Document will be impaired as against the other party(ies) to that Debt Document. 
  

	30.3	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Party, any right or remedy under a Debt Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Debt Document. No election to affirm any Debt Document on the part of a Secured Party shall be
effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Debt Document are cumulative
and not exclusive of any rights or remedies provided by law. 
  

	30.4	Waiver of defences 

 The provisions of this Agreement or any Transaction Security will
not be affected by an act, omission, matter or thing which, but for this Clause 30.4, would reduce, release or prejudice the subordination and priorities expressed to be created by this Agreement including (without limitation and whether or not
known to any Party): 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any Debtor, Security Provider or other person; 

  

	 	(b)	the release of any Debtor, Security Provider or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Debtor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Debtor, Security Provider or other person; 

 

	 	(e)	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of whatsoever nature, and whether or not more onerous) or replacement of a Debt
Document or any other document or security; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Debt Document or any other document or security; 

 

	 	(g)	any intermediate Payment of any of the Liabilities owing to the Primary Creditors in whole or in part; or 

  

	 	(h)	any insolvency or similar proceedings. 

  

	30.5	Priorities not affected 

 Except as otherwise provided in this Agreement the priorities
referred to in Clause 2 (Ranking and priority) will: 
  

	 	(a)	not be affected by any reduction or increase in the principal amount secured by the Transaction Security in respect of the Liabilities owing to the Primary Creditors or by any intermediate reduction or increase in,
amendment or variation to any of the Debt Documents, or by any variation or satisfaction of, any of the Liabilities or any other circumstances; 

  
 143 

	 	(b)	apply regardless of the order in which or dates upon which this Agreement and the other Debt Documents are executed or registered or notice of them is given to any person; and 

 

	 	(c)	secure the Liabilities owing to the Primary Creditors in the order specified, regardless of the date upon which any of the Liabilities arise or of any fluctuations in the amount of any of the Liabilities outstanding.

  

	31.	Consents, amendments and override 

  

	31.1	Required consents 

  

	 	(a)	Subject to paragraph (b) below, to Clause 31.4 (Exceptions), to Clause 31.5 (Excluded Super Senior Credit Participations) and to Clause 31.6
(Disenfranchisement of Sponsor Affiliates): 

  

	 	(i)	Clause 20.1 (Equalisation Definitions) to Clause 20.3 (Equalisation) may be amended or waived with the consent of the Credit Facility Agent, the Super Senior Creditors, the Intercreditor Agent and the
Common Security Agent to the extent that that amendment or waiver does not affect the Pari Passu Creditors or the Parent; 

  

	 	(ii)	Schedule 7 (Enforcement Principles) may be amended or waived with the consent of the Majority Super Senior Creditors and the Required Pari Passu Creditors, the Intercreditor Agent and the Common Security Agent
and without the consent of the Parent, any Debtor, any Intra-Group Lender, any Bondco or any Subordinated Creditor to the extent that that amendment or waiver does not impose obligations on and does not materially and adversely affect the Parent,
any Debtor, any Intra-Group Lender, any Bondco or any Subordinated Creditor; 

  

	 	(iii)	Schedule 9 (Hedge Counterparties’ guarantee and indemnity) may be amended or waived with the consent of the Parent and each Hedge Counterparty to the extent
that that amendment or waiver does not affect the Pari Passu Debt Creditors or the Credit Facility Lenders; and 

  

	 	(iv)	subject to paragraphs (i) to (iii) above, this Agreement may be amended or waived only with the consent of the Parent, each Creditor Representative, the Majority Super Senior Creditors and the Required Pari Passu
Creditors, the Intercreditor Agent and the Common Security Agent. 

  

	 	(b)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	Clause 14 (Redistribution), Clause 15 (Enforcement of Transaction Security), Clause 19 (Application of proceeds) or this Clause 31 (Consents, amendments and override); 

 

	 	(ii)	paragraphs (d)(iii), (e) and (f) of Clause 21.3 (Instructions); 

  

	 	(iii)	paragraphs (d)(iii), (e) and (f) of Clause 23.2 (Instructions); 

  

	 	(iv)	the order of priority or subordination under this Agreement; or 

  
 144 

	 	(v)	paragraphs (m) and (n) of Clause 1.2 (Construction) or Schedule 5 (Continuing Documents), 

shall not be made without the consent of: 
  

	 	(A)	the Creditor Representatives; 

  

	 	(B)	the Credit Facility Lenders; 

  

	 	(C)	each Pari Passu Note Trustee on behalf of the Pari Passu Noteholders in respect of which it is the Creditor Representative; 

  

	 	(D)	the Pari Passu Lenders; 

  

	 	(E)	each Hedge Counterparty (to the extent that the amendment or waiver would adversely affect the Hedge Counterparty); 

  

	 	(F)	the Common Security Agent; 

  

	 	(G)	the Intercreditor Agent; 

  

	 	(H)	the POA Agent; and 

  

	 	(I)	the Parent. 

  

	31.2	Amendments and waivers: Transaction Security Documents 

  

	 	(a)	Subject to paragraph (b) below and to Clause 31.4 (Exceptions) and unless the provisions of any Debt Document expressly provide otherwise, the Intercreditor Agent may (or may direct the Common
Security Agent to), if authorised by the Majority Super Senior Creditors and the Required Pari Passu Creditors, and if the Parent consents, amend the terms of, waive any of the requirements of or grant consents under, any of the Transaction Security
Documents (other than the Transaction Security Documents creating Credit-Specific Transaction Security) which shall be binding on each Party. 

  

	 	(b)	Subject to paragraph (c) of Clause 31.4 (Exceptions), any amendment or waiver of, or consent under, any Transaction Security Document which has the effect of changing or which relates to: 

 

	 	(i)	the nature or scope of the Charged Property; 

  

	 	(ii)	the manner in which the proceeds of enforcement of the Transaction Security are distributed; or 

  

	 	(iii)	the release of any Transaction Security, 

 shall not be made without the prior consent of the
Credit Facility Lenders, each Pari Passu Note Trustee on behalf of the Pari Passu Noteholders in respect of which it is the Creditor Representative, the Pari Passu Lenders and the Hedge Counterparties, provided that: 

 

	 	(A)	in the case of such an amendment or waiver of, or consent under, any Transaction Security Document in respect of the release of any Transaction Security in relation to a Pari Passu Notes Interest Accrual Account, such
amendment, waiver or consent shall not require the consent of any Credit Facility Lender, Pari Passu Lender or Hedge Counterparty and shall only require the consent of the Pari Passu Note Trustee in respect of the Pari Passu Notes to which that Pari
Passu Notes Interest Accrual Account relates; and 

  

	 	(B)	in the case of such an amendment or waiver of, or consent under, any Transaction Security Document in respect of the release of any Transaction Security in relation to a Pari Passu Facility Debt Service Reserve Account,
such amendment, waiver or consent shall not require the consent of any Credit Facility Lender, Pari Passu Note Trustee or Hedge Counterparty and shall only require the consent of the Creditor Representative in respect of the Pari Passu Facility to
which that Pari Passu Facility Debt Service Reserve Account relates. 

  
 145 

	31.3	Effectiveness 

  

	 	(a)	Any amendment, waiver or consent given in accordance with this Clause 31 will be binding on all Parties and the Intercreditor Agent may effect, on behalf of any Primary Creditor, any amendment, waiver or consent
permitted by this Clause 31. 

  

	 	(b)	Without prejudice to the generality of Clause 21.8 (Rights and discretions) the Intercreditor Agent may engage, pay for and rely on the services of lawyers in determining the
consent level required for and effecting any amendment, waiver or consent under this Agreement. 

  

	31.4	Exceptions 

  

	 	(a)	Subject to paragraphs (c) and (d) below, if the amendment, waiver or consent may impose new or additional obligations on or withdraw or reduce the rights of any Party other than: 

 

	 	(i)	in the case of a Primary Creditor (other than any Creditor Representative or any Arranger), in a way which affects or would affect Primary Creditors of that Party’s class generally; or 

 

	 	(ii)	in the case of a Debtor, to the extent consented to by the Parent under paragraph (a) of Clause 31.2 (Amendments and waivers: Transaction Security Documents), 

the consent of that Party is required. 
  

	 	(b)	Subject to paragraphs (c) and (d) below, an amendment, waiver or consent which relates to the rights or obligations of a Creditor Representative, an Arranger, the Common Security Agent (including, without limitation,
any ability of the Common Security Agent to act in its discretion under this Agreement), the Intercreditor Agent, the POA Agent or a Hedge Counterparty may not be effected without the consent of that Creditor Representative or, as the case may be,
that Arranger, the Common Security Agent, the Intercreditor Agent, the POA Agent or that Hedge Counterparty. 

  

	 	(c)	Neither paragraph (a) nor (b) above, nor paragraph (b) of Clause 31.2 (Amendments and waivers: Transaction Security Documents) shall apply: 

 

	 	(i)	to any release of Transaction Security, claim or Liabilities; or 

  

	 	(ii)	to any amendment, waiver or consent, 

 which, in each case, the Common Security Agent gives in
accordance with Clause 16 (Non-Distressed Disposals) or Clause 17 (Distressed Disposals). 
  

	 	(d)	Paragraphs (a) and (b) above shall apply to an Arranger only to the extent that Liabilities are then owed to that Arranger. 

  

	 	(e)	An amendment, waiver or consent that has the effect of changing or which relates to Clause 3.2 (Rolled Loan – restrictions), Clause 15.4 (Enforcement of Transaction Security – Rolled Loan Cash
Collateral) or any requirement that any other provision is subject to Clause 3.2 (Rolled Loan – restrictions) may not be effected without the consent of each Pari Passu Note Trustee on behalf of the Pari Passu Noteholders in respect
of which it is the Creditor Representative, the Pari Passu Lenders, the Intercreditor Agent and the Rolled Loan Facility Lender. 

  
 146 

	31.5	Excluded Super Senior Credit Participations 

  

	 	(a)	Subject to paragraph (b) below, if in relation to: 

  

	 	(i)	a request for a Consent in relation to any of the terms of this Agreement; 

  

	 	(ii)	a request to participate in any other vote of Super Senior Creditors under the terms of this Agreement; 

  

	 	(iii)	a request to approve any other action under this Agreement; 

  

	 	(iv)	a request to provide any confirmation or notification under this Agreement; or 

  

	 	(v)	a request to provide details of an Exposure, 

 any Super Senior Creditor: 

 

	 	(A)	fails to respond to that request within 10 Business Days of that request being made; or 

  

	 	(B)	(in the case of paragraphs (i) to (iii) above), fails to provide details of its Super Senior Credit Participation to the Intercreditor Agent or Common Security Agent (as applicable) within the timescale specified by the
Intercreditor Agent or Common Security Agent (as applicable); 

  

	 	(vi)	in the case of paragraphs (i) to (iii) above, that Super Senior Creditor’s Super Senior Credit Participation (as the case may be) shall be deemed to be zero for the purpose of calculating the Super Senior Credit
Participations when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Super Senior Credit Participations has been obtained to give that Consent, carry that vote or approve that action;

  

	 	(vii)	in the case of paragraphs (i) to (iii) above, that Super Senior Creditor’s status as a Super Senior Creditor shall be disregarded for the purposes of ascertaining whether the agreement of any specified group of
Super Senior Creditors has been obtained to give that Consent, carry that vote or approve that action; 

  

	 	(viii)	in the case of paragraph (iv) above, that confirmation or notification shall be deemed to have been given; and 

  

	 	(ix)	in the case of paragraph (v) above, that Super Senior Creditor’s Exposure shall be deemed to be zero. 

  

	 	(b)	Paragraph (a)(v)(A) above shall not apply to an amendment or waiver referred to in paragraphs (b)(i), (b)(ii), (b)(iii), (b)(iv) or (b)(v) of Clause 31.1 (Required consents). 

 

	31.6	Disenfranchisement of Sponsor Affiliates 

  

	 	(a)	For so long as a Sponsor Affiliate (i) beneficially owns a Super Senior Credit Participation or Pari Passu Credit Participation or (ii) has entered into a sub-participation agreement relating to a Super Senior Credit
Participation or Pari Passu Credit Participation or other agreement or arrangement having a substantially similar economic effect and such agreement or arrangement has not been terminated, in ascertaining: 

 

	 	(i)	the Majority Super Senior Creditors; 

  
 147 

	 	(ii)	the Majority Pari Passu Creditors; or 

  

	 	(iii)	whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Super Senior Credit Participation or Pari Passu Credit Participation, or the agreement of any specified group of Primary Creditors,

 has been obtained to approve any request for a Consent or to carry any other vote or approve any action under this
Agreement, that Super Senior Credit Participation or Pari Passu Credit Participation shall be deemed to be zero and, subject to paragraph (ii) below, that Sponsor Affiliate (or the person with whom it has entered into that sub-participation, other
agreement or arrangement (a “Counterparty”)) shall be deemed not to be a Credit Facility Lender or Pari Passu Creditor. 
  

	 	(b)	Each Sponsor Affiliate that is a Credit Facility Lender or Pari Passu Creditor agrees that: 

  

	 	(i)	in relation to any meeting or conference call to which all the Super Senior Creditors, all the Pari Passu Creditors, all the Primary Creditors, or any combination of those groups of Primary Creditors are invited to
attend or participate, it shall not attend or participate in the same if so requested by the Intercreditor Agent or, unless the Security Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and 

 

	 	(ii)	it shall not, unless the Intercreditor Agent otherwise agrees, be entitled to receive any report or other document prepared at the behest of, or on the instructions of, the Intercreditor Agent or one or more of the
Primary Creditors. 

  

	31.7	Disenfranchisement of Defaulting Lenders 

  

	 	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining: 

  

	 	(i)	the Majority Super Senior Creditors or Majority Pari Passu Creditors; or 

  

	 	(ii)	whether: 

  

	 	(A)	any relevant percentage (including, for the avoidance of doubt, unanimity) of Super Senior Credit Participations or Pari Passu Credit Participations; or 

 

	 	(B)	the agreement of any specified group of Primary Creditors, 

 has been obtained to approve any
request for a Consent or to carry any other vote or approve any action under this Agreement, that Defaulting Lender’s Commitments will be reduced by the amount of its Available Commitments and, to the extent that that reduction results in that
Defaulting Lender’s Commitments being zero, that Defaulting Lender shall be deemed not to be a Credit Facility Lender or Pari Passu Creditor. 
  

	 	(b)	For the purposes of this Clause 31.7, the Intercreditor Agent may assume that the following Primary Creditors are Defaulting Lenders: 

 

	 	(i)	any Credit Facility Lender or Pari Passu Lender which has notified the Intercreditor Agent that it has become a Defaulting Lender; 

  
 148 

	 	(ii)	any Credit Facility Lender or Pari Passu Lender to the extent that the relevant Creditor Representative has notified the Intercreditor Agent that that Credit Facility Lender or Pari Passu Lender is a Defaulting Lender;
and 

  

	 	(iii)	any Credit Facility Lender or Pari Passu Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a) or (b) of the definition of “Defaulting Lender” in
the relevant Credit Facility Agreement or Pari Passu Facility Agreement has occurred,

 unless it has received notice to the
contrary from the Credit Facility Lender or Pari Passu Lender concerned (together with any supporting evidence reasonably requested by the Intercreditor Agent) or the Intercreditor Agent is otherwise aware that the Credit Facility Lender or Pari
Passu Lender has ceased to be a Defaulting Lender. 
  

	31.8	Calculation of Super Senior Credit Participations and Pari Passu Credit Participations 

For the purpose of ascertaining whether any relevant percentage of Super Senior Credit Participations or Pari Passu Credit Participations has
been obtained under this Agreement, the Intercreditor Agent may notionally convert the Super Senior Credit Participations and/or Pari Passu Creditor Participations into their Common Currency Amounts. 

 

	31.9	Deemed Consent 

 If, at any time prior to the Super Senior Discharge Date, the Credit
Facility Lenders, the Pari Passu Note Trustees (to the extent required under the Senior Secured Note Documents) and the Pari Passu Debt Creditors (to the extent required under the Pari Passu Debt Documents) give a Consent in respect of their
respective Debt Documents then, if that action was permitted by the terms of this Agreement, the Intra-Group Lenders, the Parent, each Bondco and each Subordinated Creditor will (or will be deemed to): 

 

	 	(a)	give a corresponding Consent in equivalent terms in relation to each of the Debt Documents to which they are a party; and 

  

	 	(b)	do anything (including executing any document) that the Primary Creditors may reasonably require to give effect to this Clause 31.9. 

 

	31.10	Excluded Consents 

 Clause 31.9 (Deemed Consent) does not apply to any Consent
which has the effect of: 
  

	 	(a)	increasing or decreasing the Liabilities; 

  

	 	(b)	changing the basis upon which any Permitted Payments are calculated (including the timing, currency or amount of such Payments); or 

  

	 	(c)	changing the terms of this Agreement or of any Security Document. 

  

	31.11	No liability 

 None of the Primary Creditors will be liable to any other Creditor, or
Debtor for any Consent given or deemed to be given under this Clause 31. 
  

	31.12	Agreement to override 

  

	 	(a)	Subject to paragraph (b) below and Clause 31.13 (Inconsistency), unless expressly stated otherwise in this Agreement, this Agreement overrides anything in the Debt Documents to the contrary. 

 

	 	(b)	Notwithstanding anything to the contrary in this Agreement, paragraph (a) above will not cure, postpone, waive or negate in any manner any default or event of default (however described) under any Debt Document as
between any Creditor and any Debtor that are party to that Debt Document. 

  
 149 

	31.13	Inconsistency 

 In the event of any inconsistency between the terms contained in this
Agreement or any other Debt Document and those contained in Services and Right to Use Direct Agreement (or the Services and Right to Use Agreement or the Authorisation of the Government of the Macau SAR (as defined in the Services and Right to Use
Direct Agreement), the terms of such documents shall prevail in the following order of priority: 
  

	 	(a)	any Authorisation of the Government of the Macau SAR; 

  

	 	(b)	the Services and Right to Use Direct Agreement; 

  

	 	(c)	the Services and Right to Use Agreement; 

  

	 	(d)	the Reimbursement Agreement; and 

  

	 	(e)	subject to clause 31.12 (Agreement to override), any other Debt Document. 

  

	32.	Services and Right to Use Direct Agreement 

  

	 	(a)	The Credit Facility Agent shall (as soon as reasonably practicable) deliver to the Intercreditor Agent a copy of any document received by it in connection with clause 13.5.1 (BVI Entity Articles of Association),
13.6.1 (Macau Obligor Articles of Association) or 16.1 (Grant of MacauCo Preference Rights) of the Services and Right to Use Direct Agreement. 

  

	 	(b)	The Credit Facility Agent shall (as soon as reasonably practicable) deliver to the Intercreditor Agent a copy of any request from a Debtor or SCH5 for the consent of the Credit Facility Agent under the Services and
Right to Use Direct Agreement. Other than as expressly set out in this Agreement, neither the Credit Facility Agent nor any other Credit Facility Creditor shall be required to seek or obtain the consent of any Pari Passu Creditor in connection with
giving or not giving a consent (or giving or not giving an instruction to the Credit Facility Agent to give or not give a consent) under the Services and Right to Use Direct Agreement, provided that the Credit Facility Agent agrees to not
provide its consent under clause 13.7.4 (Transfers by Golden Shareholder), clause 13.9 (Amendments to articles of association) or clause 16.2.2 (Transfers by the Preference Holder of Preference Rights) of the Services and
Right to Use Direct Agreement, except (x) if, in the judgement of the Credit Facility Agent, the giving of such consent would not be materially prejudicial to the interest of the Secured Parties (taken as a whole), or (y) the Required Pari Passu
Creditors have consented to the giving of such consent. 

  

	 	(c)	The Credit Facility Lenders agree for the benefit of the other Secured Parties that any directions they give to the Common Security Agent under or in connection with paragraph (c) of clause 18.2.2 (IE Subordination
in Insolvency) or paragraph (c) of clause 18.2.4 (IE Subordination in Insolvency) of the Services and Right to Use Direct Agreement shall not be inconsistent with the arrangements contemplated by Clauses 12 (Effect of Insolvency
Event), 13 (Turnover or receipts) and 19 (Application of proceeds). 

  
 150 

	 	(d)	Each Creditor Representative and each Hedge Counterparty (by its entry into or accession to this Agreement) acknowledges that the Credit Facility Agent is required under the terms of the Services and Right to Use Direct
Agreement to deliver to the Company a statement of account on the same day (the “Notice Date”) as the Common Security Agent delivers a Transfer Notice or a Sponsor Option Notice (each as defined in the Services and Right to Use
Direct Agreement). Each Creditor Representative and each Hedge Counterparty shall promptly (and in any case no later than two (2) Business Day immediately prior to the Notice Date) deliver to the Intercreditor Agent a statement confirming (i) in the
case of a Hedge Counterparty, the aggregate amount of the Hedging Liabilities owed to it (assuming that the date falling two Business Days prior to the date on which such statement of account is to be delivered was the early termination date in
respect of each hedging transaction under the Hedging Agreements which (x) had not terminated or been terminated prior to such date or (y) did not terminate or was not terminated on such date); and (ii) in the case of each Creditor Representative,
the aggregate amount of the Secured Obligations owed to the Secured Parties in respect of which it is a Creditor Representative (assuming that the date falling two Business Days prior to the date on which such statement of account is to be delivered
was the date on which such Secured Obligations were to be repaid, redeemed, defeased and/or discharged in full), and the Intercreditor Agent shall promptly deliver to the Credit Facility Agent a statement of the aggregate of such amounts (and the
currency or currencies thereof) so as to enable the Credit Facility Agent to deliver the completed statement of account on the Notice Date. 

  

	 	(e)	Each Creditor Representative and each Hedge Counterparty (by its entry into or accession to this Agreement) acknowledges that the Credit Facility Agent is required under the terms of the Services and Right to Use Direct
Agreement to deliver to the Company a statement of Secured Obligations on the date (“Statement Date”) falling one (1) Business Day prior to any proposed completion date of any purchase by SCH5 or any Sponsor Affiliate (or any of
their respective nominees) in respect of the Purchase Rights (as defined in the Services and Right to Use Direct Agreement) pursuant to or contemplated by the Services and Right to Use Direct Agreement (each, a “Completion Date”).
Each Creditor Representative and each Hedge Counterparty shall promptly (and in any case no later than two (2) Business Days immediately prior to each Statement Date) deliver to the Intercreditor Agent all information necessary to calculate the
aggregate amount (and the currency or currencies thereof) of the Secured Obligations (as at the proposed Completion Date) and the Intercreditor Agent shall promptly deliver to the Credit Facility Agent a statement of the aggregate amount (and the
currency or currencies thereof) of the Secured Obligations (as at the proposed Completion Date) so as to enable the Credit Facility Agent to deliver the completed statement of Secured Obligations on to the Company on each Statement Date.

  

	 	(f)	Each Secured Party acknowledges that the Common Security Agent and the POA Agent may be required to take certain remedial or other actions in relation to ensuring that any Enforcement Action (or action in connection
with any Enforcement Action) in respect of the Transaction Security Documents does not directly or indirectly (i) prevent Melco Crown’s operation of the Gaming Area (or any other gaming area comprised in the Property) (or its ability to do so)
in accordance with the requirements of the Services and Right to Use Agreement (all terms as defined in the Services and Right to Use Direct Agreement) or prevents it from doing so on terms no more onerous or subject to costs, expenses, liabilities
or claims no greater than those to which it, or as the case may be, SCE, was previously subject immediately prior to the action which gives rise to the suspension of operation by Melco Crown, (ii) prevent Melco Crown’s performance of any or all
of its material obligations under the Services and Right to Use Agreement or prevents it from doing so on terms no more onerous or subject to costs, expenses, liabilities or claims no greater than those to which it, or as the case may be, SCE, was
previously subject immediately prior to the action which gives rise to the suspension of operation by Melco Crown, and/or (iii) give rise to an inability on the part of Melco Crown to operate in accordance with the Services and Right to Use
Agreement, and hereby authorises and instructs each of the Common Security Agent and the POA Agent to take such remedial or other actions. 

  
 151 

	 	(g)	The Credit Facility Agent’s duties under the Services and Right to Use Direct Agreement are solely mechanical and administrative in nature and each Secured Party that is not a party to the Credit Facility Agreement
acknowledges and agrees that nothing (i) in this Agreement or in the Services and Right to Use Direct Agreement or (ii) relating to the Credit Facility Agent’s conduct with respect to the Services and Right to Use Direct Agreement constitutes
or shall give rise to the Credit Facility Agent’s being a trustee or fiduciary of any other person and, save as expressly set out in this Agreement, the Credit Facility Agent may act (or refrain from acting) in accordance with and rely on
clause 28 (Role of the Agent and others) of the original form of the Credit Facility Agreement in connection with the Services and Right to Use Direct Agreement and its performance of any actions in connection therewith. 

 

	33.	Acknowledgments 

 Each of the Secured Parties authorises the Intercreditor Agent and the
Common Security Agent to sign and accept the deed of acknowledgment in respect of this Agreement to be executed and delivered by Melco Crown to the Intercreditor Agent and the Common Security Agent on the date of this Agreement. Each of the
Intercreditor Agent and the Common Security Agent shall, as soon as reasonably practicable after receipt by it, sign and accept the same. 
  

	34.	Contractual recognition of bail-in 

  

	34.1	Contractual recognition of bail-in 

 Notwithstanding any other term of any Debt Document
or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with any Debt Document governed by the laws of any non-EEA
jurisdiction may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:
  

	 	(a)	any Bail-In Action in relation to any such liability, including (without limitation): 

  

	 	(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; 

 

	 	(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and 

 

	 	(iii)	a cancellation of any such liability; and 

  

	 	(b)	a variation of any term of any such Debt Document governed by the laws of any non-EEA jurisdiction to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  
 152 

	34.2	Definitions 

 For the purposes of this Clause 34: 

“Bail-In Action” means the exercise of any Write-down and Conversion Powers; 

“Bail-In Legislation” means, in relation to an EEA Member Country which has implemented, or which at any time implements,
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to
time. 
 “EEA Member Country” means any member state of the European Union from time to time, Iceland, Liechtenstein and
Norway; 
 “EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market
Association (or any successor person) from time to time; 
 “Resolution Authority” means any body which has authority to
exercise any Write-down and Conversion Powers; and 
 “Write-down and Conversion Powers” means, in relation to any Bail-In
Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule. 

 

	35.	Counterparts 

 This Agreement may be executed in any number of counterparts, and this has
the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
  

	36.	Governing law 

 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 
  

	37.	Enforcement 

  

	37.1	Jurisdiction 

  

	 	(a)	The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement
or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	(c)	This Clause 37.1 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions. 

  
 153 

	37.2	Service of process 

  

	 	(a)	Without prejudice to any other mode of service allowed under any relevant law: 

  

	 	(i)	each Debtor, Security Provider, Bondco and Subordinated Creditor: 

  

	 	(A)	irrevocably appoints Law Debenture Corporate Service Limited as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement; and 

 

	 	(B)	agrees that failure by a process agent to notify the relevant Debtor, Security Provider, Bondco or Subordinated Creditor of the process will not invalidate the proceedings concerned. 

 

	 	(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Parent (in the case of an agent for service of process for a Debtor), the relevant Security
Provider, the relevant Bondco or the relevant Subordinated Creditor must immediately (and in any event within three (3) days of such event taking place) appoint another agent on terms acceptable to each Creditor Representative and each Hedge
Counterparty. Failing this, the relevant Creditor Representative or Hedge Counterparty (as the case may be) may appoint another agent for this purpose. 

This Agreement has been entered into on the date stated at the beginning of this Agreement and executed as a deed by the Intra-Group Lenders, the
Debtors, the Security Providers and the Original Bondco and is intended to be and is delivered by them as a deed on the date specified above. 

  
 154 

 Schedule 1

Form of Debtor Accession Deed 
 This Agreement is
made on [●] and made 
 Between: 
  

	(1)	[Insert full name of new Debtor] (the “Acceding Debtor”); and 

  

	(2)	[Insert full name of current Intercreditor Agent] (the “Intercreditor Agent”), for itself and each of the other parties to the intercreditor agreement referred to below; and 

 

	(3)	[Insert full name of current Common Security Agent] (the “Common Security Agent”), for itself and each of the other parties to the intercreditor agreement referred to below; 

This agreement is made on [date] by the Acceding Debtor in relation to an intercreditor agreement (the “Intercreditor Agreement”)
dated 1 December 2016 between, among others, Studio City Investments Limited as parent, Studio City Company Limited as company, Industrial and Commercial Bank of China (Macau) Limited as common security agent, Bank of China Limited, Macau
Branch as credit facility agent, Deutsche Bank Trust Company Americas as senior secured 2019 note trustee, Deutsche Bank Trust Company Americas as senior secured 2021 note trustee, the other Creditors and the other Debtors (each as defined in the
Intercreditor Agreement). 
 The Acceding Debtor intends to give a guarantee, indemnity or other assurance against loss in respect of Liabilities under the
following documents: 
 [Insert details (date, parties and description) of relevant documents] 

the “Relevant Documents”. 
 It is agreed
as follows: 
  

	1.	Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Agreement, bear the same meaning when used in this Agreement. 

 

	2.	The Acceding Debtor and the Common Security Agent agree that the Common Security Agent shall hold: 

  

	 	(a)	[any Security in respect of Liabilities created or expressed to be created pursuant to the Relevant Documents; 

  

	 	(b)	all proceeds of that Security; and]* 

  

	 	(c)	all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Liabilities to the Common Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and
secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Common Security Agent as trustee for the Secured Parties,

 on trust for the Secured Parties on the terms and conditions contained in the Intercreditor Agreement. 

 

	3.	The Acceding Debtor confirms that it intends to be party to the Intercreditor Agreement as a Debtor, undertakes to perform all the obligations expressed to be assumed by a Debtor under the Intercreditor Agreement
and agrees that it shall be bound by all the provisions of the Intercreditor Agreement as if it had been an original party to the Intercreditor Agreement. 

 

	*	Include to the extent that the Security created in the Relevant Documents is expressed to be granted to the Security Agent as trustee for the Secured Parties. 

  
 155 

	4.	[In consideration of the Acceding Debtor being accepted as an Intra-Group Lender for the purposes of the Intercreditor Agreement, the Acceding Debtor also confirms that it intends to be party to the Intercreditor
Agreement as an Intra-Group Lender, and undertakes to perform all the obligations expressed in the Intercreditor Agreement to be assumed by an Intra-Group Lender and agrees that it shall be bound by all the provisions of the Intercreditor Agreement,
as if it had been an original party to the Intercreditor Agreement].** 

  

	[4.]/[5.]	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by, English law. 

This Agreement has been signed on behalf of the Intercreditor Agent and the Common Security Agent and executed as a deed by the Acceding Debtor and is
delivered on the date stated above. 
  

	**	Include this paragraph in the relevant Debtor Accession Deed if the Acceding Debtor is also to accede as an Intra-Group Lender to the Intercreditor Agreement. 

  
 156 

					
	The Acceding Debtor	 		 	
	[Executed as a Deed 	 	

	 	
	By: [Full name of Acceding Debtor]	 	 	
		 	 	
		 	 	  

		 	 	Director
		 		 	
		 	

	 	
		 	 	
		 	 	
		 	 	  

		 	 	Director/Secretary]
		 		 	
		 		 	
		 	or	 	
		 		 	
		 		 	
	[Executed as a Deed 	 	

	 	
	By: [Full name of Acceding Debtor]	 	 	
		 	 	
		 	 	  

		 	 	Signature of Director
		 		 	
		 	

	 	
		 	 	
		 	 	
		 	 	  

		 	 	Name of Director

  

					
	In the presence of:	 		 	
			
	  
	 		 	
	Signature of witness:	 		 	
			
	Name of witness:	 		 	
			
	Address of witness:	 		 	
			
	Occupation of witness]:	 		 	
			
	Address for notices:	 		 	
			
	Address:	 		 	
			
	Fax:	 		 	

  
 157 

			
	 The Intercreditor Agent

[Full name of current Intercreditor Agent]

	
	  

	By:	 	
		
	Date:	 	
	
	 The Common Security Agent

[Full name of current Common Security Agent]

	
	  

	By:	 	
		
	Date:	 	

  
 158 

 Schedule 2

Form of Creditor/Creditor Representative Accession Undertaking 
  

			
	To:	 	[Insert full name of current Intercreditor Agent] for itself and each of the other parties to the Intercreditor Agreement referred to below.
		
	From:	 	[Acceding Creditor]

 This Undertaking is made on [date] by [insert full name of new Credit Facility Lender/Pari Passu
Lender/Hedge Counterparty/Creditor Representative/Credit Facility Arranger/Pari Passu Arranger/Intra-Group Lender/Subordinated Creditor/Bondco] (the “Acceding Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor
Representative/Credit Facility Arranger/Pari Passu Arranger/Intra-Group Lender/Subordinated Creditor/Bondco”) in relation to the intercreditor agreement (the “Intercreditor Agreement”)
dated 1 December 2016 between, among others, Studio City Investments Limited as parent, Studio City Company Limited as company, Industrial and Commercial Bank of China (Macau) Limited as common security agent, Bank of China Limited, Macau
Branch as credit facility agent, Deutsche Bank Trust Company Americas as senior secured 2019 note trustee, Deutsche Bank Trust Company Americas as senior secured 2021 note trustee, the other Creditors and the other Debtors (each as defined in the
Intercreditor Agreement).. Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Undertaking, bear the same meanings when used in this Undertaking. 

In consideration of the Acceding [Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor Representative/Credit Facility Arranger/Pari Passu
Arranger/Intra-Group Lender/Subordinated Creditor/Bondco] being accepted as a [Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor Representative/Credit Facility Arranger/Pari Passu Arranger/Intra-Group Lender/Subordinated
Creditor/Bondco] for the purposes of the Intercreditor Agreement, the Acceding [Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor Representative/Credit Facility Arranger/Pari Passu Arranger/Intra-Group Lender/Subordinated
Creditor/Bondco] confirms that, as from [date], it intends to be party to the Intercreditor Agreement as a [Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor Representative/Credit Facility Arranger/Pari Passu Arranger/Intra-Group
Lender/Subordinated Creditor/Bondco] and undertakes to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a [Credit Facility Lender/Pari Passu Lender/Hedge Counterparty/Creditor Representative/Credit Facility
Arranger/Pari Passu Arranger/Intra-Group Lender/Subordinated Creditor/Bondco] and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement. 

[The Acceding Lender is an Affiliate of a Credit Facility Lender and has become a provider of an Ancillary Facility. In consideration of the Acceding Lender
being accepted as an Ancillary Lender for the purposes of the relevant Credit Facility Agreement, the Acceding Lender confirms, for the benefit of the parties to the Credit Facility Agreement, that, as from [date], it intends to be party to the
Credit Facility Agreement as an Ancillary Lender, and undertakes to perform all the obligations expressed in the Credit Facility Agreement to be assumed by a Finance Party (as defined in the Credit Facility Agreement) and agrees that it shall be
bound by all the provisions of the Credit Facility Agreement, as if it had been an original party to the Credit Facility Agreement as an Ancillary Lender.]** 

[The Acceding Hedge Counterparty has become a provider of hedging arrangements to the Company. In consideration of the Acceding Hedge Counterparty being
accepted as a Hedge Counterparty for the purposes of the relevant Credit Facility Agreement, the Acceding Hedge Counterparty confirms, for the benefit of the parties to the Credit Facility Agreement, that, as from [date], it intends to be party to
the Credit Facility Agreement as a Hedge Counterparty, and undertakes to perform all the obligations expressed in the Credit Facility Agreement to be assumed by a Hedge Counterparty and agrees that it shall be bound by all the provisions of the
Credit Facility Agreement, as if it had been an original party to the Credit Facility Agreement as a Hedge Counterparty.]*** 
  

	**	Include only in the case of an Ancillary Lender which is an Affiliate of a Credit Facility Lender which is using this undertaking to accede to the relevant Credit Facility Agreement in accordance with paragraph (c) of
Clause 25.14 (Creditor/Creditor Representative Accession Undertaking). 

  
 159 

 This Undertaking and any non-contractual obligations arising out of or in connection with it are governed by
English law. 
 This Undertaking has been entered into on the date stated above [and is executed as a deed by the Acceding Creditor, if it is
acceding as an Intra-Group Lender [or an Investor] and is delivered on the date stated above]. 
  

					
	 Acceding [Creditor]

Executed as a Deed 
 [insert full name of
Acceding Creditor]
	 		 	
	 	

	 	
	 	 	
	 	 	  

		 	 	By:
		 		 	Address:
		 		 	Fax:

  

					
	Accepted by the Intercreditor Agent	 		 	[Accepted by the Credit Facility Agent
			
	  
	 		 	  

	for and on behalf of	 		 	for and on behalf of
	[Insert full name of current Intercreditor Agent]	 		 	[Insert full name of current Credit Facility Agent]
			
	Date:	 		 	Date:]****

  

	***	Include only in the case of a Hedge Counterparty which is using this undertaking to accede to the Credit Facility Agreement in accordance with paragraph (c) of Clause 25.14 (Creditor/Creditor Representative Accession
Undertaking). 

	****	Include only in the case of (a) a Hedge Counterparty or (b) an Ancillary Lender which is an Affiliate of a Credit Facility Lender which is using this undertaking to accede to the relevant Credit Facility Agreement.

  
 160 

 Schedule 3

Form of Debtor Resignation Request 
  

			
	To:	 	[●] as Intercreditor Agent
		
	From:	 	[resigning Debtor] and Studio City Investments Limited
		
	Dated:	 	

 Dear Sirs 

Studio City Investments Limited—Intercreditor Agreement 

dated 1 December 2016 (the “Intercreditor Agreement”) 

 

	1.	We refer to the Intercreditor Agreement. This is a Debtor Resignation Request. Terms defined in the Intercreditor Agreement have the same meaning in this Debtor Resignation Request unless given a different
meaning in this Debtor Resignation Request. 

  

	2.	Pursuant to Clause 25.17 (Resignation of a Debtor) of the Intercreditor Agreement we request that [resigning Debtor] be released from its obligations as a Debtor under the Intercreditor Agreement.

  

	3.	We confirm that: 

  

	 	(a)	no Event of Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	[resigning Debtor] is under no actual or contingent obligations in respect of the Intra-Group Liabilities. 

  

	4.	This letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  

					
	Studio City Investments Limited	 		 	
		 	

	 	
		 	 	
		 	 	  

		 	 	By:
		 		 	
	[Resigning Debtor]	 		 	
		 	

	 	
		 	 	
		 	 	  

		 	 	By:

  
 161 

 Schedule 4

Transaction Security Documents 
  

	1.	English law share charges 

  

	 	(a)	The charge over all present and future shares of Studio City Company Limited held by Studio City Investments Limited, granted by Studio City Investments Limited dated 26 November 2013. 

 

	 	(b)	The charge over all present and future shares of Studio City Holdings Two Limited held by Studio City Company Limited, granted by Studio City Company Limited dated 26 November 2013. 

 

	 	(c)	The charge over all present and future shares in Studio City Holdings Three Limited held by Studio City Holdings Two Limited, granted by Studio City Holdings Two Limited dated 26 November 2013. 

 

	 	(d)	The charge over all present and future shares in Studio City Holdings Four Limited held by Studio City Holdings Two Limited, granted by Studio City Holdings Two Limited dated 26 November 2013. 

 

	 	(e)	The charge over all present and future shares in SCP Holdings Limited held by Studio City Holdings Two Limited, granted by Studio City Holdings Two Limited dated 26 November 2013. 

 

	 	(f)	The charge over all present and future shares in SCIP Holdings Limited held by Studio City Holdings Two Limited, granted by Studio City Holdings Two Limited dated 26 November 2013. 

 

	 	(g)	The charge over all present and future shares in SCP One Limited held by SCP Holdings Limited, granted by SCP Holdings Limited dated 26 November 2013. 

 

	 	(h)	The charge over all present and future shares in SCP Two Limited held by SCP Holdings Limited, granted by SCP Holdings Limited dated 26 November 2013. 

 

	 	(i)	The composite deed of confirmatory security dated on or about the date of this Agreement between Studio City Company Limited, Studio City Investments Limited, Studio City Holdings Two Limited, SCP Holdings Limited and
the Common Security Agent with respect to the share charges (each as amended, novated, supplemented, extended, replaced or restated from time to time) as referred to in paragraphs (a) to (h) above. 

 

	2.	English law debentures

  

	 	(a)	The debenture dated 26 November 2013 entered into between, among others, Studio City Company Limited, Studio City Investments Limited, Studio City Holdings Two Limited, Studio City Holdings Three Limited, Studio
City Holdings Four Limited, Studio City Entertainment Limited, Studio City Hotels Limited, Studio City Services Limited, SCP Holdings Limited, SCP One Limited, SCP Two Limited, Studio City Hospitality and Services Limited, Studio City Retail
Services Limited, Studio City Developments Limited and SCIP Holdings Limited and the Security Agent. 

  

	 	(b)	The deed of confirmatory security dated on or about the date of this Agreement between (among others) by Studio City Company Limited, Studio City Investments Limited, Studio City Holdings Two Limited, Studio City
Holdings Three Limited, Studio City Holdings Four Limited, Studio City Entertainment Limited, Studio City Hotels Limited, Studio City Services Limited, SCP Holdings Limited, SCP One Limited, SCP Two Limited, Studio City Hospitality and Services
Limited, Studio City Retail Services Limited, Studio City Developments Limited, SCIP Holdings Limited and the Common Security Agent with respect to the debenture as referred to in paragraph (a) above. 

  
 162 

	 	(c)	The debenture dated 18 September 2015 entered into between, among others, Studio City Holdings Five Limited and the Security Agent. 

 

	 	(d)	The deed of confirmatory security dated on or about the date of this Agreement between (among others) Studio City Holdings Five Limited and the Common Security Agent in respect of the debenture as referred to in
paragraph (c) above. 

  

	3.	Hong Kong law account charge 

  

	 	(a)	The charge over certain accounts of Studio City Company Limited held in the Hong Kong SAR, granted by Studio City Company Limited dated 26 November 2013. 

 

	 	(b)	The charge over certain accounts of Studio City Investments Limited held in the Hong Kong SAR, granted by Studio City Investments Limited dated 26 November 2013. 

 

	 	(c)	The charge over certain accounts of Studio City Developments Limited held in the Hong Kong SAR, granted by Studio City Developments Limited dated 26 November 2013. 

 

	 	(d)	The charge over certain accounts of Studio City Entertainment Limited held in the Hong Kong SAR, granted by Studio City Entertainment Limited dated 26 November 2013. 

 

	 	(e)	The charge over certain accounts of Studio City Hotels Limited held in the Hong Kong SAR, granted by Studio City Hotels Limited dated 26 November 2013. 

 

	 	(f)	The charge over certain accounts of Studio City Services Limited held in the Hong Kong SAR, granted by Studio City Services Limited dated 26 November 2013. 

 

	 	(g)	The charge over certain accounts of Studio City Hospitality and Services Limited held in the Hong Kong SAR, granted by Studio City Hospitality and Services Limited dated 26 November 2013. 

 

	 	(h)	The charge over certain accounts of Studio City Retail Services Limited held in the Hong Kong SAR, granted by Studio City Retail Services Limited dated 26 November 2013. 

 

	 	(i)	The charge over certain accounts of SCIP Holdings Limited held in the Hong Kong SAR, granted by SCIP Holdings Limited dated 26 November 2013. 

 

	 	(j)	The composite deed of confirmatory security dated on or about the date of this Agreement between (among others) Studio City Company Limited, Studio City Investments Limited, Studio City Developments Limited, Studio City
Entertainment Limited, Studio City Hotels Limited, Studio City Services Limited, Studio City Hospitality and Services Limited, Studio City Retail Services Limited and SCIP Holdings Limited and the Common Security Agent with respect to the charges
over accounts (each as amended, novated, supplemented, extended, replaced or restated from time to time) as referred to in paragraphs (a) to (i) above. 

  
 163 

	4.	Macau law mortgage 

  

	 	(a)	The Mortgage; 

  

	 	(b)	Power of attorney dated 26 November 2013 granted by Studio City Developments Limited in favour of the Common Security Agent; 

  

	 	(c)	Livrança dated 26 November 2013 issued by Studio City Company Limited to the Common Security Agent, endorsed by Studio City Investments Limited, Studio City Holdings Two Limited, Studio City Holdings Three
Limited, Studio City Holdings Four Limited, Studio City Entertainment Limited, Studio City Services Limited, Studio City Hotels Limited, SCP Holdings Limited, Studio City Hospitality and Services Limited, SCP One Limited, SCP Two Limited, Studio
City Developments Limited, Studio City Retail Services Limited and SCIP Holdings Limited; and 

  

	 	(d)	Livrança covering letter dated 26 November 2013 between Studio City Company Limited and the Common Security Agent, acknowledged by Studio City Investments Limited, Studio City Holdings Two Limited, Studio
City Holdings Three Limited, Studio City Holdings Four Limited, Studio City Entertainment Limited, Studio City Services Limited, Studio City Hotels Limited, SCP Holdings Limited, Studio City Hospitality and Services Limited, SCP One Limited, SCP Two
Limited, Studio City Developments Limited, Studio City Retail Services Limited and SCIP Holdings Limited. 

  

	5.	Macau law floating charges 

  

	 	(a)	Floating charge dated 26 November 2013 between Studio City Developments Limited and the Common Security Agent; 

  

	 	(b)	Floating charge dated 26 November 2013 between Studio City Retail Services Limited and the Common Security Agent; 

  

	 	(c)	Floating charge dated 26 November 2013 between Studio City Hotels Limited and the Common Security Agent; 

  

	 	(d)	Floating charge dated 26 November 2013 between Studio City Hospitality and Services Limited and the Common Security Agent; 

  

	 	(e)	Floating charge dated 26 November 2013 between Studio City Services Limited and the Common Security Agent; and 

  

	 	(f)	Floating charge dated 26 November 2013 between Studio City Entertainment Limited and the Common Security Agent. 

  

	6.	Macau law share pledges 

  

	 	(a)	Share pledge agreement with respect to shares of Studio City Services Limited dated 26 November 2013 between Studio City Company Limited as first pledgor, Studio City Holdings Two Limited as second pledgor, the
Common Security Agent and Studio City Services Limited as company; 

  

	 	(b)	Share pledge agreement with respect to shares of Studio City Hospitality and Services Limited dated 26 November 2013 between Studio City Services Limited as pledgor, the Common Security Agent and Studio City
Hospitality and Services Limited as company; 

  

	 	(c)	Share pledge agreement with respect to shares of Studio City Retail Services Limited dated 26 November 2013 between Studio City Services Limited as first pledgor, Studio City Hospitality and Services Limited as
second pledgor, the Common Security Agent and Studio City Retail Services Limited as company; 

  
 164 

	 	(d)	Share pledge agreement with respect to shares of Studio City Developments Limited between SCP One Limited as first pledgor, SCP Two Limited as second plegdor, SCP Holdings Limited as third pledgor, the Common Security
Agent and Studio City Developments Limited as company; 

  

	 	(e)	Share pledge agreement with respect to shares of Studio City Entertainment Limited between Studio City Holdings Three Limited as first pledgor, Studio City Holdings Four Limited as second plegdor, the Common Security
Agent and Studio City Entertainment Limited as company; and 

  

	 	(f)	Share pledge agreement with respect to shares of Studio City Hotels Limited between Studio City Holdings Three Limited as first pledgor, Studio City Holdings Four Limited as second plegdor, the Common Security Agent and
Studio City Hotels Limited as company. 

  

	7.	Macau law Golden Share pledges 

  

	 	(a)	Studio City Developments Limited Golden Share share pledge dated 18 September 2015, entered into between Studio City Holdings Five Limited as pledgor, Studio City Developments Limited as company and the Common
Security Agent; 

  

	 	(b)	Studio City Entertainment Limited Golden Share share pledge dated 18 September 2015, entered into between Studio City Holdings Five Limited as pledgor, Studio City Entertainment Limited as company and the Common
Security Agent; and 

  

	 	(c)	Studio City Hotels Limited Golden Share share pledge dated 18 September 2015, entered into between Studio City Holdings Five Limited as pledgor, Studio City Hotels Limited as company and the Common Security Agent.

  

	8.	Macau law Services and Right to Use Agreement and Reimbursement Agreement security documents 

  

	 	(a)	Assignment of the Services and Right to Use Agreement dated 26 November 2013 between Studio City Entertainment Limited and the Common Security Agent; 

 

	 	(b)	Assignment of the Reimbursement Agreement dated 26 November 2013 between Studio City Entertainment Limited and the Common Security Agent; and 

 

	 	(c)	The Services and Right to Use Direct Agreement. 

  

	9.	Macau law pledge over Services and Right to Use Agreement accounts and trust account 

Pledge over accounts dated 26 November 2013 in respect of (a) accounts established in accordance with the Services and Right to Use
Agreement and (b) the trust account, granted by Melco Crown (Macau) Limited, Studio City Entertainment Limited and the Common Security Agent. 
  

	10.	Macau law power of attorney with regard to preference right agreements over shares, over land and over enterprises 

Power of attorney dated 18 September 2015 issued by Studio City Holdings Five Limited in favour of the Common Security Agent with regard
to preference right agreements over shares, over land and over enterprises. 

  
 165 

	11.	Macau law powers of attorney to amend articles of association 

  

	 	(a)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Five Limited in favour of the Common Security Agent to amend Studio City Developments Limited articles of association; 

 

	 	(b)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Five Limited in favour of the Common Security Agent to amend Studio City Entertainment Limited articles of association; 

 

	 	(c)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Five Limited in favour of the Common Security Agent to amend Studio City Hotels Limited articles of association; 

 

	 	(d)	Power of attorney dated 18 September 2015 issued by SCP Holdings Limited in favour of the Common Security Agent to amend Studio City Developments Limited; 

 

	 	(e)	Power of attorney dated 18 September 2015 issued by SCP One Limited in favour of the Common Security Agent to amend Studio City Developments Limited articles of association; 

 

	 	(f)	Power of attorney dated 18 September 2015 issued by SCP Two Limited in favour of the Common Security Agent to amend Studio City Developments Limited articles of association; 

 

	 	(g)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Three Limited in favour of the Common Security Agent to amend Studio City Entertainment Limited articles of association; 

 

	 	(h)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Three Limited in favour of the Common Security Agent to amend Studio City Hotels Limited articles of association; 

 

	 	(i)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Four Limited in favour of the Common Security Agent to amend Studio City Entertainment Limited articles of association; and

  

	 	(j)	Power of attorney dated 18 September 2015 issued by Studio City Holdings Four Limited in favour of the Common Security Agent to amend Studio City Hotels Limited articles of association. 

 

	12.	Macau law assignments of leases and right to use agreements 

  

	 	(a)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Developments Limited and the Common Security Agent; 

 

	 	(b)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Entertainment Limited and the Common Security Agent; 

 

	 	(c)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Hotels Limited and the Common Security Agent; 

 

	 	(d)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Services Limited and the Common Security Agent; 

 

	 	(e)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Hospitality and Services Limited and the Common Security Agent; and 

 

	 	(f)	Assignment of leases and right to use agreements dated 26 November 2013 between Studio City Retail Services Limited and the Common Security Agent. 

  
 166 

	13.	Macau law pledges over onshore accounts 

  

	 	(a)	Pledge over onshore accounts dated 26 November 2013 between Studio City Developments Limited and the Common Security Agent; 

  

	 	(b)	Pledge over onshore accounts dated 26 November 2013 between Studio City Entertainment Limited and the Common Security Agent; 

  

	 	(c)	Pledge over onshore accounts dated 26 November 2013 between Studio City Hotels Limited and the Common Security Agent; 

  

	 	(d)	Pledge over onshore accounts dated 26 November 2013 between Studio City Services Limited and the Common Security Agent; 

  

	 	(e)	Pledge over onshore accounts dated 26 November 2013 between Studio City Hospitality and Services Limited and the Common Security Agent; 

 

	 	(f)	Pledge over onshore accounts dated 26 November 2013 between Studio City Retail Services Limited and the Common Security Agent; 

  

	 	(g)	Pledge over onshore accounts dated 26 November 2013 between Studio City Company Limited and the Common Security Agent; and 

  

	 	(h)	Pledge over onshore accounts dated 26 November 2013 between SCIP Holdings Limited and the Common Security Agent. 

  

	14.	Macau law Rolled Loan Cash Collateral 

 Pledge over the Rolled Loan Cash Collateral
Account dated 1 December 2016 (30 November 2016, New York time) between Studio City Company Limited and Bank of China Limited, Macau Branch. 
  

	15.	Macau law security amendments and confirmations 

  

	 	(a)	Confirmation of Studio City mortgage deed dated 1 December 2016 (30 November 2016, New York time) between Studio City Developments Limited and the Common Security Agent; 

 

	 	(b)	Composite confirmation of Macau security documents dated 1 December 2016 (30 November 2016, New York time) between Studio City Developments Limited, Studio City Retail Services Limited, Studio City Hotels
Limited, Studio City Hospitality and Services Limited, Studio City Services Limited, Studio City Entertainment Limited, Studio City Company Limited, Studio City Investments Limited, SCIP Holdings Limited, SCP Holdings Limited, SCP One Limited, SCP
Two Limited, Studio City Holdings Two Limited, Studio City Holdings Three Limited, Studio City Holdings Four Limited, Studio City Holdings Five Limited, Melco Crown (Macau) Limited and the Common Security Agent; 

 

	 	(c)	Composite amendment and confirmation of assignments of leases and right to use agreements dated 1 December 2016 (30 November 2016, New York time) between Studio City Developments Limited, Studio City
Entertainment Limited, Studio City Hotels Limited, Studio City Services Limited, Studio City Hospitality and Services Limited, Studio City Retail Services Limited and the Common Security Agent; and 

 

	 	(d)	Composite amendment and confirmation of pledges over onshore accounts dated 1 December 2016 (30 November 2016, New York time) between Studio City Developments Limited, Studio City Entertainment Limited, Studio
City Hotels Limited, Studio City Services Limited, Studio City Hospitality and Services Limited, Studio City Retail Services Limited, Studio City Company Limited, SCIP Holdings Limited and the Common Security Agent. 

  
 167 

 Schedule 5

Continuing Documents 
 Part 1

Definitions and clauses 
  

	1.	In the case of the Continuing Macau Floating Charges: 

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Floating Charges as having the meanings set out in that
section (as if set out in the Credit Facilities Agreement);

  

	 	(b)	references in the Continuing Macau Floating Charges to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Floating Charges as references
to Clause 21.25 (Winding up of trust) of this Agreement, where this agreement has been restated; 

  

	 	(c)	references in the Continuing Macau Floating Charges to clause 34.4 (Disposals by Obligors) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Floating Charges as references
to Clause 16.2 (Facilitation of Non-Distressed Disposals) of this Agreement, where this agreement has been restated; 

  

	 	(d)	references in the Continuing Macau Floating Charges to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Floating Charges as references
to Clause 19 (Application of proceeds) of this Agreement, where this agreement has been restated; and 

  

	 	(e)	references in the Continuing Macau Floating Charges to clause 39 (Notices) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Floating Charges as references to Clause 29
(Notices) of this Agreement, where this agreement has been restated. 

  

	2.	In the case of the Continuing Macau Accounts Pledges:

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Accounts Pledges as having the meanings set out in that
section (as if set out in the Credit Facilities Agreement); and 

  

	 	(b)	references in the Continuing Macau Accounts Pledges to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Accounts Pledges as references
to Clause 19 (Application of proceeds) of this Agreement, where this agreement has been restated. 

  

	3.	In the case of the Continuing Macau Share Pledges:

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Share Pledges as having the meanings set out in that
section (as if set out in the Credit Facilities Agreement) and the words and expressions listed in section 2 of Part 2 (Reserved meanings) of this Schedule 5 shall be given the meanings set out in that section (as if set out in the Credit
Facilities Agreement) in such Continuing Macau Share Pledges;

  

	 	(b)	clause 2.4 (Restriction on Security Agent) of each Continuing Macau Share Pledge entered into by Studio City Holdings Five Limited shall be read and construed for the purposes of such Continuing Macau Share
Pledge as set out in section 2 of Part 2 (Reserved meanings) of this Schedule 5; 

  
 168 

	 	(c)	references in the Continuing Macau Share Pledges to clause 12.3 (Default interest) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Share Pledges as references to Clause
26.5 (Interest on demand) of this Agreement, where this agreement has been restated; 

  

	 	(d)	references in the Continuing Macau Share Pledges to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Share Pledges as references to
Clause 21.25 (Winding up of trust) of this Agreement, where this agreement has been restated; 

  

	 	(e)	references in the Continuing Macau Share Pledges to clause 34.4 (Disposals by Obligors) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Share Pledges as references to
Clause 16.2 (Facilitation of Non- Distressed Disposals) of this Agreement, where this agreement has been restated; 

  

	 	(f)	references in the Continuing Macau Share Pledges to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Share Pledges as references to
Clause 19 (Application of proceeds) of this Agreement, where this agreement has been restated; and 

  

	 	(g)	references in the Continuing Macau Share Pledges to clause 39 (Notices) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Share Pledges as references to Clause 29
(Notices) of this Agreement, where this agreement has been restated. 

  

	4.	In the case of the Continuing Macau Mortgage: 

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Mortgage as having the meanings set out in that section (as
if set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing Macau Mortgage to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Mortgage as references to Clause 21.25
(Winding up of trust) of this Agreement, where this agreement has been restated; and 

  

	 	(c)	references in the Continuing Macau Mortgage to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Mortgage as references to Clause 19
(Application of proceeds) of this Agreement, where this agreement has been restated. 

  

	5.	In the case of the Continuing Macau Onshore Accounts Pledges: 

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Onshore Accounts Pledges as having the meanings set out in
that section (as if set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing Macau Onshore Accounts Pledges to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Onshore Account Pledges
as references to Clause 21.25 (Winding up of trust) of this Agreement, where this agreement has been restated; 

  
 169 

	 	(c)	references in the Continuing Macau Onshore Accounts Pledges to clause 34.4 (Disposals by obligors) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Onshore Account
Pledges as references to Clause 16.2 (Facilitation of Non-Distressed Disposals) of this Agreement, where this agreement has been restated; 

  

	 	(d)	references in the Continuing Macau Onshore Accounts Pledges to clause 37 (Applications of proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Onshore Account
Pledges as references to Clause 19 (Application of proceeds) of this Agreement, where this agreement has been restated; and 

  

	 	(e)	references in the Continuing Macau Onshore Accounts Pledges to clause 39 (Notices) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Onshore Accounts Pledges as references
to Clause 29 (Notices) of this Agreement, where this agreement has been restated. 

  

	6.	In the case of the Continuing Macau Assignments: 

  

	 	(a)	the words and expressions listed in section 1 of Part 2 (Reserved meanings) of this Schedule 5 shall be treated for the purposes of the Continuing Macau Assignments as having the meanings set out in that section
(as if set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing Macau Assignments to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Assignments as references to Clause
21.25 (Winding up of trust) of this Agreement, where this agreement has been restated; 

  

	 	(c)	references in the Continuing Macau Assignments to clause 34.4 (Disposals by obligors) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Assignments as references to Clause
16.2 (Facilitation of Non- Distressed Disposals) of this Agreement, where this agreement has been restated; 

  

	 	(d)	references in the Continuing Macau Assignments to clause 37 (Application of proceeds) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Assignments as references to Clause
19 (Application of proceeds) of this Agreement, where this agreement has been restated; and 

  

	 	(e)	references in the Continuing Macau Assignments to clause 39 (Notices) of the Credit Facility Agreement shall be treated for the purposes of the Continuing Macau Assignments as references to Clause 29
(Notices) of this Agreement, where this agreement has been restated. 

  

	7.	In the case of the Continuing English Share Charges: 

  

	 	(a)	the words and expressions listed in section 3 of Part 2 (Reserved meanings) of this Schedule 5 shall have the corresponding meanings in the Continuing English Share Charges as set out in that section (as if set
out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing English Share Charges to the first day of each Interest Period include references to the first day of any interest period that applies under any Pari Passu Facility Agreement;

  

	 	(c)	references in the Continuing English Share Charges to the provisions of the Credit Facility Agreement for the assignment of the Common Security Agent’s rights and transfer of the Common Security Agent’s
obligations shall be references to the corresponding provisions in this Agreement, where these agreements have been restated; 

  
 170 

	 	(d)	it is acknowledged that none of the Secured Parties has or shall have any obligations under the Continuing English Share Charges; 

  

	 	(e)	references in the Continuing English Share Charges to clause 12.3 (Default interest) of the Credit Facility Agreement shall be references to Clause 26.5 (Interest on demand) of this Agreement, where this
agreement has been restated; 

  

	 	(f)	references in the Continuing English Share Charges to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this Agreement, where
this agreement has been restated; 

  

	 	(g)	references in the Continuing English Share Charges to clause 34.4 (Disposals by Obligors) of the Credit Facility Agreement shall be references to Clause 16.2 (Facilitation of Non-Distressed Disposals) of
this Agreement, where this agreement has been restated; 

  

	 	(h)	references in the Continuing English Share Charges to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be references to Clause 19 (Application of proceeds) of this Agreement,
where this agreement has been restated; 

  

	 	(i)	references in the Continuing English Share Charges to clause 39 (Notices) of the Credit Facility Agreement shall be references to Clause 29 (Notices) of this Agreement, where this agreement has been
restated; and 

  

	 	(j)	references in the Continuing English Share Charges to paragraph 3.31 (Further assurance) of schedule 6 (Covenants) of the Credit Facility Agreement shall be references to Clause 21.30 (Further
assurance) of this Agreement, where this agreement has been restated. 

  

	8.	In the case of the Continuing English Debenture (General): 

  

	 	(a)	the words and expressions listed in section 4 of Part 2 (Reserved meanings) of this Schedule 5 shall have the corresponding meanings in the Continuing English Debenture (General) as set out in that section (as if
set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing English Debenture (General) to the provisions of the Credit Facility Agreement for the assignment of the Common Security Agent’s rights and transfer of the Common Security Agent’s
obligations shall be references to the corresponding provisions in this Agreement, where these agreements have been restated; 

  

	 	(c)	references in the Continuing English Debenture (General) to clause 12.3 (Default interest) of the Credit Facility Agreement shall be references to Clause 26.5 (Interest on demand) of this Agreement, where
this agreement has been restated; 

  

	 	(d)	references in the Continuing English Debenture (General) to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this Agreement,
where this agreement has been restated; 

  

	 	(e)	references in the Continuing English Debenture (General) to clause 34.4 (Disposals by Obligors) of the Credit Facility Agreement shall be references to Clause 16.2 (Facilitation of Non-Distressed
Disposals) of this Agreement, where this agreement has been restated; 

  
 171 

	 	(f)	references in the Continuing English Debenture (General) to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be references to Clause 19 (Application of proceeds) of this
Agreement, where this agreement has been restated; 

  

	 	(g)	references in the Continuing English Debenture (General) to clause 39 (Notices) of the Credit Facility Agreement shall be references to Clause 29 (Notices) of this Agreement, where this agreement has been
restated; 

  

	 	(h)	references in the Continuing English Debenture (General) to paragraph 3.14 (Negative Pledge) of Schedule 6 (Covenants) of the Credit Facility Agreement shall be references to section 7 (Liens) of
scheduled 10 (Covenants) of the Credit Facility Agreement, section 4.12 (Liens) of the Senior Secured 2019 Note Indenture, section 4.12 (Liens) of the Senior Secured 2021 Note Indenture and any Equivalent Provision of any Pari
Passu Note Indenture or Pari Passu Facility Agreement, where this agreement has (or would be) been variously restated; and 

  

	 	(i)	references in the Continuing English Debenture (General) to paragraph 3.31 (Further assurance) of schedule 6 (Covenants) of the Credit Facility Agreement shall be references to Clause 21.30 (Further
assurance) of this Agreement, where this agreement has been restated. 

  

	9.	In the case of the Continuing English Debenture (SCH5): 

  

	 	(a)	the words and expressions listed in section 5 of Part 2 (Reserved meanings) of this Schedule 5 shall have the corresponding meanings in the Continuing English Debenture (SCH5) as set out in that section (as if
set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing English Debenture (SCH5) to the provisions of the Credit Facility Agreement for the assignment of the Common Security Agent’s rights and transfer of the Common Security Agent’s
obligations shall be references to the corresponding provisions in this Agreement, where these agreements have been restated; 

  

	 	(c)	references in the Continuing English Debenture (SCH5) to clause 12.3 (Default interest) of the Credit Facility Agreement shall be references to Clause 26.5 (Interest on demand) of this Agreement, where
this agreement has been restated; 

  

	 	(d)	references in the Continuing English Debenture (SCH5) to clause 24.2 (Acceleration) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this Agreement, where this
agreement has been restated; 

  

	 	(e)	references in the Continuing English Debenture (SCH5) to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this Agreement,
where this agreement has been restated; 

  

	 	(f)	references in the Continuing English Debenture (SCH5) to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be references to Clause 19 (Application of proceeds) of this Agreement,
where this agreement has been restated; and 

  

	 	(g)	references in the Continuing English Debenture (SCH5) to clause 39 (Notices) of the Credit Facility Agreement shall be references to Clause 29 (Notices) of this Agreement, where this agreement has been
restated. 

  
 172 

	10.	In the case of the Continuing Hong Kong Accounts Charges: 

  

	 	(a)	the words and expressions listed in section 6 of Part 2 (Reserved meanings) of this Schedule 5 shall have the corresponding meanings in the Continuing Hong Kong Account Charges as set out in that section (as if
set out in the Credit Facilities Agreement); 

  

	 	(b)	references in the Continuing Hong Kong Accounts Charges to the provisions of the Credit Facility Agreement for the assignment of the Common Security Agent’s rights and transfer of the Common Security Agent’s
obligations shall be references to the corresponding provisions in this Agreement, where these agreements have been restated; 

  

	 	(c)	references in the Continuing Hong Kong Accounts Charges to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this Agreement,
where this agreement has been restated; 

  

	 	(d)	references in the Continuing Hong Kong Accounts Charges to clause 34.4 (Disposals by Obligors) of the Credit Facility Agreement shall be references to Clause 16.2 (Facilitation of Non-Distressed Disposals)
of this Agreement, where this agreement has been restated; 

  

	 	(e)	references in the Continuing Hong Kong Accounts Charges to clause 37 (Application of Proceeds) of the Credit Facility Agreement shall be references to Clause 19 (Application of proceeds) of this Agreement,
where this agreement has been restated; 

  

	 	(f)	references in the Continuing Hong Kong Accounts Charges to clause 39 (Notices) of the Credit Facility Agreement shall be references to Clause 29 (Notices) of this Agreement, where this agreement has been
restated; and 

  

	 	(g)	references in the Continuing Hong Kong Accounts Charges to paragraph 3.31 (Further assurance) of schedule 6 (Covenants) of the Credit Facility Agreement shall be references to Clause 21.30 (Further
assurance) of this Agreement, where this agreement has been restated. 

  

	11.	In the case of the Continuing English Powers of Attorney, references in the Continuing English Powers of Attorney to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to
Clause 21.25 (Winding up of trust) of this Agreement, where this agreement has been restated. 

  

	12.	In the case of the Services and Right to Use Direct Agreement: 

  

	 	(a)	(i) references to “Secured Obligations” in the Services and Right to Use Direct Agreement shall have the meaning given to that term in the original form of the Credit Facility Agreement and shall not have the
meaning given to that term in any subsequently amended or amended and restated form of the Credit Facility Agreement and (ii) the terms “Outstanding Facility Debt” and “Asset Consideration” as used in the Services and Right to
Use Direct Agreement shall be read and construed accordingly; 

  

	 	(b)	(i) references to “Secured Parties” in the Services and Right to Use Direct Agreement shall have the meaning given to that term in the original form of the Credit Facility Agreement and shall not have the
meaning given to that term in any subsequently amended or amended and restated form of the Credit Facility Agreement, (ii) references to “Obligors” in the Services and Right to Use Direct Agreement shall have the meaning given to the term
“Debtor” in this Agreement and (iii) references to “Grantors” in the Services and Right to Use Direct Agreement shall include the meaning given to the term “Security Provider” in this Agreement; 

  
 173 

	 	(c)	subject to paragraphs (a) and (b) above, the words and expressions listed in section 7 of Part 2 (Reserved meanings) of this Schedule 5 shall have the corresponding meanings in the Services and Right to Use
Direct Agreement as set out in that section (as if set out in the Credit Facilities Agreement); 

  

	 	(d)	references at clauses 3.2.10 (Consent and Acknowledgement of the Company) and 29.1.1 (Surviving Provisions) of the Services and Right to Use Direct Agreement to “a Change of Control Event of Default
under paragraphs (c), (d) or (e) of the definition of Change of Control” shall be treated for the purposes of the Services and Right to Use Direct Agreement as references to paragraphs (2), (4), (5) and (6) of the definition of “Change of
Control” in the original form of the Credit Facility Agreement, where these parameters have been restated; 

  

	 	(e)	references in the Services and Right to Use Direct Agreement to clause 29.23 (Winding up of trust) of the Credit Facility Agreement shall be references to Clause 21.25 (Winding up of trust) of this
Agreement, where this agreement has been restated; 

  

	 	(f)	references at clause 5.6 (Reimbursement) of the Services and Right to Use Direct Agreement to clause 37.1 and clause 37.1(a) of the Credit Facility Agreement shall be treated for the purposes of the Services and
Right to Use Direct Agreement as references to Clause 19.1 (Order of application) of this Agreement and paragraph (b)(i) of Clause 19.1 (Order of application) of this Agreement (respectively), where these agreements have been restated;

  

	 	(g)	references in the Services and Right to Use Direct Agreement to clause 44 (Confidentiality) of the Credit Facility Agreement shall be treated for the purposes of the Services and Right to Use Direct Agreement as
references to clause 38 (Disclosure of information) of the Credit Facility Agreement, where this agreement has been restated; 

  

	 	(h)	references in the Services and Right to Use Direct Agreement to paragraphs (1)-(3) (each inclusive) of Section 11.08(c) of the High Yield Note Indenture shall include references to any equivalent provision that is
similar in meaning and effect in any indenture (or other document or instrument) which relates to any Additional High Yield Notes, any Additional High Yield Note Refinancing and any High Yield Note Refinancing; 

 

	 	(i)	references in the Services and Right to Use Direct Agreement to rights under any Transaction Security Document being exercised by the Security Agent shall be treated for the purposes of the Services and Right to Use
Direct Agreement as including the exercise by Bank of China Limited, Macau Branch of its rights under the Rolled Loan Cash Collateral; and 

  

	 	(j)	references in the in the Services and Right to Use Direct Agreement to paragraph 2 (Financial covenants) of schedule 6 (Covenants) to the Credit Facility Agreement shall have no meaning, such that any
condition of compliance shall be considered satisfied (in recognition that the obligations of the Debtors under that covenant no longer apply). 

  
 174 

 Part 2

Reserved meanings 
  

	1.	For the purposes of each Continuing Macau Document, as applicable: 

“Accounts” shall have no specified meaning and shall denote any account; 

“Agent” means the Intercreditor Agent (as defined in the Intercreditor Agreement); 

“Event of Default” has the meaning given to that term in the Intercreditor Agreement; 

“Facilities”, whenever used in the Continuing Macau Mortgage or in the recitals of any other Continuing Macau Document (each
as defined in the Intercreditor Agreement), has the meaning given to such term in this Agreement prior to its being amended and restated by the 2016 Amendment and Restatement Agreement; 

“Finance Documents” means the Secured Obligations Documents;

“Lenders”, whenever used in the recital of such Continuing Macau Document (as defined in the Intercreditor Agreement), has the
meaning given to such term in this Agreement prior to its being amended and restated by the 2016 Amendment and Restatement Agreement; and 

“Major Project Documents” shall have no specified meaning. 

 

	2.	For the purposes of each Continuing Macau Share Pledge entered into by Studio City Holdings Five Limited pursuant to which any shares are pledged in Propco, SCE or Studio City Hotels Limited: 

 

	 	(a)	the following definitions shall apply: 

 “Intercreditor Agreement” means the
intercreditor agreement dated 1 December 2016 (November 30, 2016, New York time) entered into by, among others, Studio City Company Limited as the company, Studio City Investments Limited as the parent, Bank of China Limited, Macau Branch as
credit facility agent, Deutsche Bank Trust Company Americas as senior secured 2019 note trustee and senior secured 2021 note trustee, DB Trustees (Hong Kong) Limited as intercreditor agent and Industrial and Commercial Bank of China (Macau) Limited
as common security agent; and 
 “Special Enforcement Notice” means a notice of enforcement action delivered by the
Intercreditor Agent (as defined in the Intercreditor Agreement) or the Common Security Agent (as defined in the Intercreditor Agreement) to the Pledgor after receipt by the Intercreditor Agent (as defined in the Intercreditor Agreement) of an
instruction from any Instructing Group (as defined in the Intercreditor Agreement): 
  

	 	(a)	stating that an Event of Default has occurred and is continuing; 

  

	 	(b)	stating that the conditions referred to in paragraphs (a) and (b) in clause 10 (Enforcement Conditions) have been satisfied; and

 

	 	(c)	directing the Intercreditor Agent and/or the Common Security Agent (each as defined in the Intercreditor Agreement) to take such enforcement action, and which has not been withdrawn; and 

 

	 	(b)	clause 2.4 (Restriction on Security Agent) shall be read and construed as if it were set out in such Continuing Macau Share Pledge as follows: 

Notwithstanding the terms of this Debenture or any Finance Document, no Secured Party shall take any step, in respect of the Secured
Obligations, to initiate (or to join in initiating), in relation to the Pledgor and/or any of its assets: 
  

	 	(a)	any such proceeding (or an event which under any applicable laws of any jurisdiction, has an analogous effect to any such proceeding) as is referred to in paragraph (d) or (e) of the definition of Insolvency Event (as
defined in the Services and Right to Use Direct Agreement) in respect of the Pledgor; or 

  
 175 

	 	(b)	in respect of any property that is not Charged Property, any execution, attachment or sequestration or similar legal process, 

in each case subject to clause 11.2 (Non-petition) of the Services and Right to Use Direct Agreement. 

 

	3.	For the purposes of the Continuing English Share Charges:

 “Agent” means
the Intercreditor Agent (as defined in the Intercreditor Agreement); 
 “Finance Documents” means the Secured Obligations
Documents;
 “Finance Party” means each Secured Party; and 

“Lender” means, where used in clause 4.2 (Charge) of each Continuing English Share Charge, each Credit Facility Lender
and each Pari Passu Facility Lender. 
  

	4.	For the purposes of the Continuing English Debenture (General): 

“Agent” means the Intercreditor Agent (as defined in the Intercreditor Agreement); 

“Finance Documents” means the Secured Obligations Documents;

“Finance Party” means each Secured Party; 

“Group Insured” has no specified meaning;

“Lender” means, where used in clause 5.4 (Further Advances) of each Continuing English Debenture, each Credit Facility
Lender and each Pari Passu Facility Lender;
 “Major Project Documents” has no specified meaning; and 

“Pledge of Enterprise” has no specified meaning. 
  

	5.	For the purposes of the Continuing English Debenture (SCH5): 

 “Agent”
means the Intercreditor Agent (as defined in the Intercreditor Agreement); 
 “Event of Default” has the meaning given to
that term in the Intercreditor Agreement; 
 “Finance Documents” means the Secured Obligations Documents; 

“Finance Party” means each Secured Party; and 

“Lender” means, where used in clause 5.2 (Further Advances) of the Continuing English Debenture (SCH5), each Credit
Facility Lender and each Pari Passu Facility Lender. 
  

	6.	For the purposes of the Hong Kong Accounts Charges: 

 “Finance
Documents” means the Secured Obligations Documents;
 “Finance Party” means each Secured Party; and 

  
 176 

 “Lender” means: 

 

	 	(a)	where used in clause 5.5 (Further Advances) of each Hong Kong Accounts Charge entered into by a member of the Group incorporated in the British Virgin Islands, each Credit Facility Lender and each Pari Passu
Facility Lender; and 

  

	 	(b)	where used in clause 5.4 (Further Advances) of each Hong Kong Accounts Charge entered into by a member of the Group incorporated in the Macau SAR, each Credit Facility Lender and each Pari Passu Facility Lender.

  

	7.	For the purposes of the Services and Right to Use Direct Agreement: 

“Agent” means (i) for the purposes of clause 16.2.2 (Transfers by the Preference Holder of Preference Rights) of the
Services and Right to Use Direct Agreement, the Common Security Agent and (ii) for all other purposes, the Agent; 
 “Debt Service
Accrual Account” means each Pari Passu Notes Interest Accrual Account; 
 “Debt Service Reserve Account” means each
Pari Passu Facility Debt Service Reserve Account; 
 “Direct Agreement” means the Services and Right to Use Direct
Agreement. 
 “Equity” means: 
  

	 	(a)	New Shareholder Injections; and 

  

	 	(b)	any amount accrued in the Liquidity Account prior to the date of the 2016 Amendment and Restatement Effective Date or any other cash proceeds received by the Parent prior to the date of the 2016 Amendment and
Restatement Effective Date that would constitute New Shareholder Injections if they had been received after the date of the 2016 Amendment and Restatement Effective Date. 

“Event of Default”: 
  

	 	(a)	for the purpose of clause 13.7.1 (Transfers by Golden Shareholder) and clause 16.2.1 (Transfers by the Preference Holder of Preference Rights) of the Services and Right to Use Direct Agreement, has the
meaning given to that term in the Intercreditor Agreement; 

  

	 	(b)	for the purpose of the definition of “Permitted Subordinated SCE Obligations” and “Permitted Subordinated IE Obligations” in the Services and Right to Use Direct Agreement, means an Event of Default
under this Agreement; 

  

	 	(c)	for the purposes of the definition of “Funding Date” and clause 28.1.3 (Override) means an Event of Default under this Agreement; 

 

	 	(d)	for the purposes of clause 3.2.10 (Consent and Acknowledgement of the Company) and 29.1.1 (Surviving Provisions) of the Services and Right to Use Direct Agreement, shall be construed in accordance with
paragraph 12(d) of Part 1 (Definitions and clauses) of this Schedule 5; and 

  

	 	(e)	for the purposes of the references to “Default” in clause 11.6.1 (Appointment of Realisation Adviser(s)) of the Services and Right to Use Direct Agreement, has the meaning given to that term in the
Intercreditor Agreement. 

 “Excess Cashflow” means: 

 

	 	(a)	in relation to any period, cashflow generated for that period (before taking into account (i) any deductions for principal, interest payments or other debt service amounts; (ii) depositing of any amounts in any Debt
Service Accrual Account or any Debt Service Reserve Account; and (iii) any Phase I maintenance capital expenditure) as specified in any cashflow statement in the consolidated financial statements of the Group; and

  
 177 

	 	(b)	cashflow from any period prior to the date of the 2016 Amendment and Restatement Effective Date calculated on the same basis as in paragraph (a) above. 

“Facilities” has the meaning given to such term in this Agreement prior to its being amended and restated by the 2016
Amendment and Restatement Agreement; 
 “Facilities Agreement” means (i) for the purpose of the requirements referred to in
limb (a)(iii) of the definition of Permitted Subordinated IE Obligation and limb (a)(iii) of the definition of Permitted Subordinated SCE Obligation, the Secured Obligations Documents and (ii) for all other purposes, the Credit Facilities Agreement;

 “Finance Documents” means the Secured Obligations Documents, provided that where the Services and Right to Use
Direct Agreement refers to “permitted under the terms of the Finance Documents”, “permitted in accordance with the terms of the Finance Documents”, “permitted by the Finance Documents” and other like expressions, this
shall be treated as a reference to “expressly permitted or not prohibited (as applicable) by each of the Facilities Agreement, the Pari Passu Facility Agreements (as defined in the Intercreditor Agreement, as defined in the Facilities
Agreement) (if any), the Pari Passu Note indentures (as defined in the Intercreditor Agreement, as defined in the Facilities Agreement) (if any) and the Intercreditor Agreement (as defined in the Facilities Agreement”, or its equivalent in
meaning in the given context; 
 “Finance Parties” means the Secured Parties (save where used in the recitals to, and
clauses 18.2.2 and 18.2.4 (IE Subordination in Insolvency), clause 20.2.3 (Disclosure of Confidential Information), clause 29.1.3 (Surviving provisions) of the Services and Right to Use Direct Agreement, where such term
shall mean the Finance Parties); 
 “Hedging Agreements” has the meaning given to it in the Intercreditor Agreement; 

“Hedging Liabilities” has the meaning given to it in the Intercreditor Agreement; 

“Lenders”: 
  

	 	(a)	for the purposes of the recitals to the Services and Right to Use Direct Agreement, has the meaning given to such term in this Agreement prior to its being amended and restated by the 2016 Amendment and Restatement
Agreement; and 

  

	 	(b)	for the purposes of clause 10.1 (Information: Notices) of the Services and Right to Use Direct Agreement, means each Lender, each Pari Passu Facility Lender (as defined in the Intercreditor Agreement), each Pari
Passu Note Trustee (as defined in the Intercreditor Agreement) and each Hedge Counterparty (as defined in the Intercreditor Agreement); 

“Permitted Distributions” means amounts that could, at the time of such payment (and on a pro forma basis as if such
payment were a Restricted Payment), be paid as a Restricted Payment in accordance with Section 2 (Limitation on Restricted Payments) of Schedule 10 (Covenants) of this Agreement pursuant to Clause 23.1 (Notes covenants) of this
Agreement; 
 “Project” means the Property; and 

“Repayment Instalment” shall have no specified meaning, such that any condition relating to its payment shall be treated as
having been satisfied.

  
 178 

 Schedule 6

Agreed Security Principles 
  

	1.	Considerations 

  

	1.1	The guarantees and Security to be provided in support of the Secured Obligations will be given in accordance with these Agreed Security Principles.

 

	1.2	The overriding principle of these Agreed Security Principles is that the terms of any guarantee or any Transaction Security Document entered into after the date of this Agreement shall be no more onerous than the terms
of the Transaction Security Documents that exist as at the date of this Agreement (the “Existing Transaction Security Documents”) and, where applicable, the Transaction Security Documents shall be substantially similar in scope and
nature to the terms of any Existing Transaction Security Document. 

  

	1.3	In the event of a conflict between the terms of a Transaction Security Document and the Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail and, in the event of a conflict between the terms
of a Transaction Security Document and the Credit Facility Agreement or a Pari Passu Debt Document, the terms of the Credit Facility Agreement or that Pari Passu Debt Document shall prevail. Subject to these Agreed Security Principles and other than
in respect of any Credit-Specific Transaction Security, the obligations to be secured by the Transaction Security are the Secured Obligations. 

  

	1.4	In relation to any guarantee and/or Transaction Security provided or to be provided pursuant to the Credit Facility Agreement or a Pari Passu Debt Document, such guarantee and/or Transaction Security shall:

  

	 	(a)	not be required to be created or perfected to the extent that it would: 

  

	 	(i)	result in any breach of any legal or regulatory requirement beyond the control of any member of the Group (or, if applicable, the relevant Security Provider) or result in any breach of corporate benefit, financial
assistance, fraudulent preference or thin capitalisation laws or regulations (or analogous restrictions) of any applicable jurisdiction; 

  

	 	(ii)	result in a significant risk to the officers of the relevant grantor of Security of contravention of their fiduciary duties and/or of civil or criminal liability; or 

 

	 	(iii)	require the consent of any shareholder (that is not wholly-owned directly or indirectly by the Parent or that is not SCH5) or would breach any restriction or provision contained in any joint venture agreement or
shareholders’ agreement or require (other than agreements solely between members of the Group and/or Affiliates of members of the Group), provided that such restriction or provision was not included primarily so that such guarantee or
Transaction Security would be exempted pursuant to this exception; 

  

	 	(b)	shall only be given (if at all) after taking into account: 

  

	 	(i)	the practicality and costs involved in taking or perfecting any such guarantee or Transaction Security and (in the case of Transaction Security) the extent to which such Transaction Security may be unduly burdensome on
the relevant member of the Group or interfere with the operation of its business; 

  

	 	(ii)	the provisions of each Transaction Security Document will be limited to those obligations required by local law to create or maintain effective Transaction Security and will not impose commercial obligations;

  
 179 

	 	(iii)	any adverse taxation implications for the Group as a whole; 

  

	 	(iv)	any such guarantee or Transaction Security and extent of its perfection will be agreed taking into account the costs to the Group of providing such guarantee or Transaction Security so as to ensure that it is
proportionate to the benefit accruing to the Secured Parties and the principle that the Transaction Security granted in favour of the Secured Parties in respect of the Secured Obligations shall in its nature and scope remain substantially consistent
with the Transaction Security created pursuant to the Existing Transaction Security Documents (and to the extent that such costs are disproportionate to the benefit accruing to the Secured Parties and such guarantee or Transaction Security is not
required to satisfy such principle, such guarantee or Transaction Security or the extent of perfection shall not be given or made); and 

  

	 	(v)	any assets subject to any arrangements with third parties (which arrangements are permitted under the Credit Facility Agreement or a Pari Passu Debt Document) which prevent those assets from being secured will be
excluded from any Transaction Security and any Transaction Security Document, provided that reasonable endeavours for a period of 30 Business Days to obtain consent to the creation of Transaction Security over any such asset shall be used by
the relevant Obligor or Group Member if such asset is material (and provided that if that Obligor or Group Member has used its reasonable endeavours but has not been able to obtain such consent, its obligation to obtain such consent shall
cease on the expiry of that 30 Business Days period), and provided further that such arrangements with third parties were not entered into primarily so that such guarantee or Transaction Security would be exempted pursuant to this exception.

  

	1.5	For the avoidance of doubt, in these Agreed Security Principles, “cost” includes, but is not limited to, income tax cost, registration taxes payable on the creation or enforcement or for the continuance of any
Security, stamp duties, out-of-pocket expenses, and other fees and expenses directly incurred by the relevant grantor of Security or any of its direct or indirect owners, subsidiaries or Affiliates. 

 

	2.	Obligations to be Secured 

  

	2.1	Subject to 1 (Considerations) and to paragraph 2.2 below and other than in respect of any Credit-Specific Transaction Security, the obligations to be secured are the Secured Obligations and are to be granted in
favour of the Common Security Agent on behalf of each of the Secured Parties. 

  

	2.2	The secured obligations will be limited: 

  

	 	(a)	to avoid any breach of corporate benefit, financial assistance, fraudulent preference, thin capitalisation rules or the laws or regulations (or analogous restrictions) of any applicable jurisdiction; and

  

	 	(b)	to avoid any risk to officers of the relevant member of the Group that is granting Transaction Security of contravention of their fiduciary duties and/or civil or criminal or personal liability. 

 

	3.	General 

 The terms of any guarantee or any Transaction Security Document entered into
after the date of this Agreement shall be in accordance with the following principles: 
  

	 	(a)	where appropriate, defined terms in this Agreement shall be incorporated by reference into each Transaction Security Document; 

  
 180 

	 	(b)	the parties to this Agreement agree to negotiate the form of each Transaction Security Document in good faith; 

  

	 	(c)	any guarantee is subject to any limitations relating to that Additional Debtor set out in any relevant Debtor Accession Deed; 

  

	 	(d)	the guarantees and Transaction Security shall only be enforceable upon or following the delivery of an Enforcement Notice to the relevant Debtor or Security Provider; 

 

	 	(e)	any representations, warranties or undertakings which are required to be included in any Transaction Security Document shall reflect (to the extent to which the subject matter of such representation, warranty and
undertaking is the same as the corresponding representation, warranty and undertaking in this Agreement, the Credit Facility Agreement and the Pari Passu Debt Documents) the commercial deal set out in this Agreement (save to the extent that Secured
Parties’ local counsel deem it necessary to include any further provisions (or deviate from those contained in this Agreement, the Credit Facility Agreement and the Pari Passu Debt Documents) in order to protect or preserve the Security granted
to the Secured Parties) and will not impose additional commercial obligations; 

  

	 	(f)	unless otherwise required under applicable law for the creation or perfection of Transaction Security in accordance with these Agreed Security Principles, the Transaction Security Documents will not contain any
repetition of provisions of this Agreement or of the Credit Facility Agreement or the Pari Passu Debt Documents, such as notices, costs and expenses, indemnities, Tax gross up and distribution of proceeds (but may, in circumstances where that
Transaction Security Document is to be registered, replicate certain covenants contained in this Agreement, the Credit Facility Agreement or the Pari Passu Debt Documents where to do so would be in the interests of the Secured Parties); and

  

	 	(g)	information, such as lists of assets (or classes or assets, if customary under local law), will be provided if, and only to the extent, required by local law to be provided in order to perfect or register the applicable
Transaction Security and, when requested by the Common Security Agent (acting reasonably), shall be provided annually (unless required more frequently under local law) or, whilst an Event of Default is continuing, on the Common Security Agent’s
reasonable request. 

  
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 Schedule 7

Enforcement Principles 
  

	1.	In this Schedule 7: 

 “Enforcement Objective” means maximising, to the
extent consistent with a prompt and expeditious realisation of value, the value realised from Enforcement. 
 “Fairness
Opinion” means, in respect of any Enforcement, an opinion from a Financial Adviser that the proceeds received or recovered in connection with that Enforcement are fair from a financial point of view taking into account all relevant
circumstances. 
 “Financial Adviser” means any: 
  

	 	(a)	independent, reputable, internationally recognised investment bank; 

  

	 	(b)	independent, internationally recognised accountancy firm; or 

  

	 	(c)	other independent, reputable, internationally recognised, third-party professional services firm which is regularly engaged in providing valuations of businesses or financial assets or, where applicable, advising on
competitive sales processes. 

  

	2.	Any Enforcement of the Common Transaction Security shall be consistent with the Enforcement Objective and, if applicable, the Services and Right to Use Direct Agreement. 

 

	3.	The Common Transaction Security will be enforced and other action as to Enforcement in respect of the Common Transaction Security will be taken such that either: 

 

	 	(a)	to the extent the Instructing Group is the Majority Super Senior Creditors, all proceeds of Enforcement are received by the Common Security Agent in cash for distribution in accordance with Clause 19 (Application of
proceeds); or 

  

	 	(b)	to the extent the Instructing Group is the Majority Pari Passu Creditors, either: 

  

	 	(i)	all proceeds of enforcement are received by the Common Security Agent in cash for distribution in accordance with Clause 19 (Application of proceeds); or 

 

	 	(ii)	sufficient proceeds from Enforcement will be received by the Common Security Agent in cash to ensure that, when the proceeds are applied in accordance with Clause 19 (Application of proceeds), the Super Senior
Discharge Date will occur (unless the Majority Super Senior Creditors agree otherwise). 

  

	4.	On: 

  

	 	(a)	a proposed Enforcement of the Common Transaction Security in relation to assets comprising Charged Property other than shares in a member of the Group over which Transaction Security exists, where the aggregate book
value of such assets exceeds US$5,000,000 (or its equivalent in any other currency or currencies); or 

  

	 	(b)	a proposed Enforcement of the Common Transaction Security in relation to Charged Property comprising some or all of the shares in a member of the Group over which Transaction Security exists, 

  
 182 

 which, in either case, is not being effected through a public auction or court process, the
Intercreditor Agent shall, if requested by the Majority Super Senior Creditors or the Majority Pari Passu Creditors, appoint a Financial Adviser to provide a Fairness Opinion in relation to that Enforcement, provided that the Intercreditor
Agent shall not be required to appoint a Financial Adviser nor obtain a Fairness Opinion if a proposed Enforcement: 
  

	 	(i)	would result in the receipt of sufficient Enforcement Proceeds in cash by the Common Security Agent to ensure that, after application in accordance with Clause 19 (Application of proceeds): 

 

	 	(A)	in the case of an Enforcement requested by the Majority Super Senior Creditors, the Final Discharge Date would occur; or 

  

	 	(B)	in the case of an Enforcement requested by the Majority Pari Passu Creditors, the Super Senior Discharge Date would occur, 

  

	 	(ii)	is in accordance with any applicable law; and 

  

	 	(iii)	complies with Clause 17 (Distressed Disposals). 

  

	5.	The Intercreditor Agent shall be under no obligation to appoint a Financial Adviser or to seek the advice of a Financial Adviser unless expressly required to do so by this Schedule 7 or any other provision of
this Agreement. 

  

	6.	In any public or private auction or other competitive sales process, each Pari Passu Creditor may, at its reasonable request, receive the same information, have the same access to management and have the same
rights to participate, at the same time and on the same basis, as each other potential bidder in such process. 

  

	7.	The Fairness Opinion will be conclusive evidence that the Enforcement Objective has been met. 

  

	8.	The Common Security Agent shall be under no obligation to take any action that would be contrary to its agreements in the Services and Right to Use Direct Agreement. 

  
 183 

 Schedule 8

Form of Super Senior Hedging Certificate 
  

			
	To:	  	[●] as Intercreditor Agent
		
	From:	  	[new Super Senior Hedge Counterparty]/[existing Super Senior Hedge Counterparty] and Studio City Investments Limited
		
	Dated:	  	

 Dear Sirs 

Studio City Investments Limited—Intercreditor Agreement 

dated 1 December 2016 (the “Intercreditor Agreement”) 
  

	1.	We refer to the Intercreditor Agreement. This is a Super Senior Hedging Certificate. Terms defined in the Intercreditor Agreement have the same meaning in this Super Senior Hedging Certificate. 

 

	2.	Pursuant to Clause 5.14 (Allocation of Super Senior Hedging Liabilities) of the Intercreditor Agreement we request that with effect from the date of your acknowledgement of this Super Senior Hedging
Certificate: 

  

	 	(a)	[the Hedging Liabilities owed to [name of new Super Senior Hedge Counterparty] under [details of Hedging Agreement and/or trade confirmation or other equivalent documentation to be inserted] shall be
designated and treated as Super Senior Hedging Liabilities with an Allocated Super Senior Hedging Amount equal to [insert amount in HKD][.][; and/or  

 

	 	(b)	the Hedging Liabilities owed to [name of existing Super Senior Hedge Counterparty] under [details of Hedging Agreement and/or trade confirmation or other equivalent documentation to be inserted] shall no
longer be designated as Super Senior Hedging Liabilities and the corresponding Allocated Super Senior Hedging Amount of [insert amount in HKD] shall be released and be available for designation towards other Hedging Liabilities as Super
Senior Hedging Liabilities under the Intercreditor Agreement.] 

  

	3.	This letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  

					
	Studio City Investments Limited	 	

	 	
		 	 	  
 By:

  
 184 

					
	[Existing Super Senior Hedge Counterparty]	 		 	
		 	

	 	
		 	 	  
 By:

			
	[New Super Senior Hedge Counterparty]	 		 	
		 	

	 	
		 	 	  
 By:

			
	Acknowledged and accepted on [insert date]:	 		 	
			
	[Intercreditor Agent]	 		 	
			
	  
	 		 	
	By:	 		 	

  
 185 

 Schedule 9

Hedge Counterparties’ guarantee and indemnity 
  

	1.	Guarantee 

 Each Debtor irrevocably and unconditionally jointly and severally: 

 

	 	(a)	guarantees to each Hedge Counterparty punctual performance by each other Debtor of all that Debtor’s obligations under the Hedging Agreements; 

 

	 	(b)	undertakes with each Hedge Counterparty that whenever another Debtor does not pay any amount when due under or in connection with any Hedging Agreement, that Debtor shall immediately on demand pay that amount as if it
was the principal Debtor; and 

  

	 	(c)	agrees with each Hedge Counterparty that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Hedge Counterparty
immediately on demand against any cost, loss or liability it incurs as a result of a Debtor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Hedging Agreement on the date
when it would have been due. The amount payable by a Debtor under this indemnity will not exceed the amount it would have had to pay under this Schedule 9 if the amount claimed had been recoverable on the basis of a guarantee. 

 

	2.	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Debtor under the Hedging Agreements, regardless of any intermediate payment or discharge in whole or in part. 
  

	3.	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Debtor or any security for those obligations or otherwise) is made by a Hedge Counterparty in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of each Debtor under this Schedule 9 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	4.	Waiver of defences 

 The obligations of each Debtor under this Schedule 9 will not be
affected by an act, omission, matter or thing which, but for this Schedule 9, would reduce, release or prejudice any of its obligations under this Schedule 9 (without limitation and whether or not known to it or any Hedge Counterparty) including:

  

	 	(a)	any time, waiver or consent granted to, or composition with, any Debtor or other person; 

  

	 	(b)	the release of any other Debtor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Debtor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  
 186 

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Debtor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Hedging Agreement or any other document or security including, without limitation, any
change in the purpose of, any extension of or increase in any hedging arrangements or the addition of any new hedging arrangements under any Hedging Agreement or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Hedging Agreement or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	5.	Debtor intent 

 Without prejudice to the generality of paragraph 4 (Waiver of
defences), each Debtor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Hedging Agreements and/or any hedging made
available for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities;
refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses
associated with any of the foregoing. 
  

	6.	Immediate recourse 

 Each Debtor waives any right it may have of first requiring any
Hedge Counterparty (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Debtor under this Schedule 9. This waiver applies irrespective of any
law or any provision of a Hedging Agreement to the contrary. 
  

	7.	Appropriations 

 Until all amounts which may be or become payable by the Debtors under or
in connection with the Hedging Agreements have been irrevocably paid in full, each Hedge Counterparty (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Hedge Counterparty (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in
such manner and order as it sees fit (whether against those amounts or otherwise) and no Debtor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Debtor or on account of any Debtor’s liability under this Schedule 9. 

 

	8.	Deferral of Debtors’ rights 

 Until all amounts which may be or become payable by
the Debtors under or in connection with the Hedging Agreements have been irrevocably paid in full, no Debtor will exercise any rights which it may have by reason of performance by it of its obligations under the Hedging Agreements or by reason of
any amount being payable, or liability arising, under this Schedule 9: 
  

	 	(a)	to be indemnified by a Debtor; 

  
 187 

	 	(b)	to claim any contribution from any other guarantor of any Debtor’s obligations under the Hedging Agreements; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Hedge Counterparties under the Hedging Agreements or of any other guarantee or security taken pursuant to, or
in connection with, the Hedging Agreements by any Hedge Counterparty; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Debtor to make any payment, or perform any obligation, in respect of which any Debtor has given a guarantee, undertaking or indemnity under paragraph 1
(Guarantee); 

  

	 	(e)	to exercise any right of set-off against any Debtor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Debtor in competition with any Hedge Counterparty. 

 If a
Debtor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Hedge Counterparties by the
Debtors under or in connection with the Hedging Agreements to be repaid in full on trust for the Hedge Counterparties and shall promptly pay or transfer the same to the Relevant Hedge Counterparty. 

 

	9.	Release of Debtors’ right of contribution 

 If any Debtor (a “Retiring
Debtor”) ceases to be a Debtor in accordance with the terms of the Hedging Agreements for the purpose of any sale or other disposal of that Retiring Debtor then on the date such Retiring Debtor ceases to be a Debtor: 

 

	 	(a)	that Retiring Debtor is released by each other Debtor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Debtor arising by reason of the performance
by any other Debtor of its obligations under the Hedging Agreements; and 

  

	 	(b)	each other Debtor waives any rights it may have by reason of the performance of its obligations under the Hedging Agreements to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
any rights of the Hedge Counterparties under any Hedging Agreement or of any other security taken pursuant to, or in connection with, any Hedging Agreement where such rights or security are granted by or in relation to the assets of the Retiring
Debtor. 

  

	10.	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Hedge Counterparty. 
  

	11.	Additional Debtor limitations 

 The guarantee of any Additional Debtor is subject to any
limitations relating to that Additional Debtor set out in any relevant Debtor Accession Deed. 

  
 188 

 Signatures 
  

			
	The Credit Facility Agent
	
	BANK OF CHINA LIMITED, MACAU BRANCH
	
	 /s/ Wong Iao Kun

	By:	 	Wong Iao Kun

			
		
	Address:	  	13/F, Bank of China Building
		  	Avenida Doutor Mario Soares
		  	Macau
		
	Attn:	  	Mr. James Wong / Ms. Jade Gan
	Facsimile:	  	(853) 8792 1659
	Email:	  	wong_iaokun@bocmacau.com / gan_qianyu@bocmacau.com

			
	
	The Credit Facility Lender
	
	BANK OF CHINA LIMITED, MACAU BRANCH
	
	 /s/ Wong Iao Kun

	By:	 	Wong Iao Kun

			
		
	Address:	  	13/F, Bank of China Building
		  	Avenida Doutor Mario Soares
		  	Macau
		
	Attn:	  	Mr. James Wong / Ms. Jade Gan
	Facsimile:	  	(853) 8792 1659
	Email:	  	wong_iaokun@bocmacau.com / gan_qianyu@bocmacau.com

  
 Signature page to
Asgard Intercreditor Agreement 

			
	The Senior Secured 2019 Note Trustee
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	By:	 	Deutsche Bank National Trust Company
	
	 /s/ Chris Niesz

	By:	 	Chris Niesz
		 	Assistant Vice President
	
	 /s/ Kathryn Fischer

	By:	 	Kathryn Fischer
		 	Assistant Vice President
	
	 Deutsche Bank Trust Company Americas

Trust and Agency Services
 60 Wall Street, 16th Floor

Mail Stop: NYC60-1630
 New York, New York 10005

Attn: Corporates Team, Studio City
 Facsimile: (732)
578-4635

	
	With a copy to:
	
	 Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas
 Trust and Agency
Services
 100 Plaza One – 6th Floor
 Mail Stop:
JCY03-0699
 Jersey City, NJ 07311-3901
 Attn: Corporates Team,
Studio City
 Facsimile: (732) 578-4635

  
 Signature page to
Asgard Intercreditor Agreement 

			
	The Senior Secured 2021 Note Trustee
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	By:	 	Deutsche Bank National Trust Company
	
	 /s/ Chris Niesz

	By:	 	Chris Niesz
		 	Assistant Vice President
	
	 /s/ Kathryn Fischer

	By:	 	Kathryn Fischer
		 	Assistant Vice President
	
	 Deutsche Bank Trust Company Americas

Trust and Agency Services
 60 Wall Street, 16th Floor

Mail Stop: NYC60-1630
 New York, New York 10005

Attn: Corporates Team, Studio City
 Facsimile: (732)
578-4635

	
	With a copy to:
	
	 Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas
 Trust and Agency
Services
 100 Plaza One – 6th Floor
 Mail Stop:
JCY03-0699
 Jersey City, NJ 07311-3901
 Attn: Corporates Team,
Studio City
 Facsimile: (732) 578-4635

  
 Signature page to
Asgard Intercreditor Agreement 

					
	The Original Debtors	 		 	
			
	The Parent	 		 	
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY INVESTMENTS LIMITED 	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place, Wickhams Cay I

Road Town, Tortola
 British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium, 60 Wyndham Street
 Central, Hong Kong SAR

		
	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

							
	The Borrower	 		 		 	
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY COMPANY LIMITED	 	 	
		 	 	
		 	 	 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name:	 	Timothy Green NAUSS
		 	 		 	
		 	 	

  

			
	in the presence of:
	
	 /s/ CHARISA YEUNG

	Signature of witness:	 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

 

			
	Notice details
		
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS TWO LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	

  

			
	in the presence of:
	
	 /s/ Charisa Yeung

	Signature of witness:	 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

 

			
	Notice details
		
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS THREE LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	

  

			
	in the presence of:
	
	 /s/ Charisa Yeung

	Signature of witness:	 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

 

			
	Notice details
		
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS FOUR LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	

  

			
	in the presence of:
	
	 /s/ Charisa Yeung

	Signature of witness:	 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

 

			
	Notice details
		
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
			
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: SCP ONE LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: SCP TWO LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: SCIP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY ENTERTAINMENT LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY SERVICES LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY HOTELS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY HOSPITALITY AND SERVICES LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY DEVELOPMENTS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY RETAIL SERVICES LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	 The Intra-Group Lenders
  

Executed as a Deed
	 	 

	 	
	By: STUDIO CITY INVESTMENTS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY COMPANY LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS TWO LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS THREE LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS FOUR LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
			
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP ONE LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP TWO LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCIP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY ENTERTAINMENT LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY SERVICES LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOTELS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOSPITALITY AND SERVICES LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY DEVELOPMENTS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ Charisa Yeung
	 		 	
	Signature of witness:	 		 	

 Name of witness: Charisa Yeung 

Address of witness: 26th Floor, Gloucester Tower, The Landmark 

                          
      15 Queen’s Road Central, Hong Kong 
 Occupation of witness: Solicitor 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY RETAIL SERVICES LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEEN’S ROAD, CENTRAL, HONG KONG 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	 The Original Bondco
  

Executed as a Deed
	 	 

	 	
	By: STUDIO CITY FINANCE LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS ROAD CENTRAL, CENTRAL HONG KONG 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	 The Existing Subordination Parties
  

Executed as a Deed
	 	 

	 	
	By: STUDIO CITY INVESTMENTS LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR GLOUCESTER TOWER, LANDMARK, 15 QUEENS ROAD, CENTRAL, HONG KONG 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY COMPANY LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS ROAD, CENTRAL, HONG KONG 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS TWO LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS ROAD, CENTRAL, HONG KONG 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS THREE LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS ROAD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY HOLDINGS FOUR LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, QUEENS ROAD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
			
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH GLOUCESTER TOWER, LANDMARK, QUEENS ROAD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP ONE LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
	Fax:	  	+1 284 494 7279
	With a copy to:
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
	Fax:	  	+852 2537 3618
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCP TWO LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26 GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: SCIP HOLDINGS LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26 GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY ENTERTAINMENT LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26 GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY SERVICES LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26 FR, GLOUCESTER TOWER, 15 QUEENS RD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
  

			
	 Notice details
  

 

	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY HOTELS LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD
CENTRAL, HK 
 Occupation of witness: SOLICITOR 
  

			
	 Notice details
  

 

	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY HOSPITALITY AND SERVICES LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, LANDMARK, 15 QUEENS RD, CENTRAL, HK 

Occupation of witness: SOLICITOR 
 Notice details 

 

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	

	 	
	By: STUDIO CITY DEVELOPMENTS LIMITED	 	 	
		 	 	  
 /s/ Timothy Green NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: Timothy Green NAUSS
		 	 	
		 	 	
		 	 	
		 		 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, THE LANDMARK 

                          
      15 QUEEN’S ROAD CENTRAL, HONG KONG 
 Occupation of witness: SOLICITOR 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

  
 Signature page to
Asgard Intercreditor Agreement 

					
	Executed as a Deed	 	 

	 	
	By: STUDIO CITY RETAIL SERVICES LIMITED	 	 	
		 	 	  
 /s/ TIMOTHY GREEN NAUSS

		 	 	Signature of Director/Authorised Representative
		 	 	Name: TIMOTHY GREEN NAUSS
		 	 	
		 	 	
		 	 	
			
	in the presence of:	 		 	
			
	 /s/ CHARISA YEUNG
	 		 	
	Signature of witness:	 		 	

 Name of witness: CHARISA YEUNG 

Address of witness: 26TH FLOOR, GLOUCESTER TOWER, THE LANDMARK 

                          
      15 QUEEN’S ROAD CENTRAL, HONG KONG 
 Occupation of witness: SOLICITOR 

Notice details 
  

			
	Address:	  	 Studio City Investments Limited
 Appleby
Corporate Services (BVI) Limited
 Jayla Place
 Wickhams Cay
I
 Road Town
 Tortola

British Virgin Islands

	Attention:	  	Company Secretary
		
	Fax:	  	+1 284 494 7279
	
	With a copy to:
		
	Address:	  	 Melco Crown Entertainment Limited
 36/F, The
Centrium
 60 Wyndham Street
 Central

Hong Kong SAR

	Attention:	  	Ms. Stephanie Cheung, Executive Vice President and Chief Legal Officer
		
	Fax:	  	+852 2537 3618
		
	Telephone:	  	+852 2598 3600

 Signature page to Asgard Intercreditor Agreement 

			
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED
	
	 /s/ Yang Peng

	By:	 	Yang Peng
	
	 /s/ Lui Kwok Tai

	By:	 	Lui Kwok Tai

 Notice details for loan administration matters 

 

			
	Address:	  	 18/F, ICBC Tower, Macau Landmark
 555 Avenida da
Amizade
 Macau

	Attention:	  	Linda Chan / Selene Ren / Stephanie Guo
	Telephone:	  	+853 8398 2452 / 8398 2499 / 8398 2503
	Fax:	  	+853 2858 4496

 Notice details for credit matters 

 

			
	Address:	  	 11/F, ICBC Tower, Macau Landmark
 555 Avenida da
Amizade
 Macau

	Attention:	  	Alex Li / Eric Chan
	Telephone:	  	+853 8398 7313 / 8398 2118
	Fax:	  	+853 8398 2160

 Signature page to Asgard Intercreditor Agreement 

			
	The Intercreditor Agent
	
	DB TRUSTEES (HONG KONG) LIMITED
	
	 /s/ Howard Hao-Jan Yu

	By:	 	Howard Hao-Jan Yu
		 	Authorised Signatory
	
	 /s/ James Connell

	By:	 	James Connell
		 	Vice President

			
		
	Address:	 	 52/F, International Commerce Centre
 1 Austin
Road West, Kowloon
 Hong Kong

		
	Attn:	 	The Directors
	Facsimile:	 	(852) 2203 7320
	Email:	 	loanagency.hkcsg@list.db.com

 Signature page to Asgard Intercreditor Agreement 

			
	The Common Security Agent
	
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED
	
	 /s/ Yang Peng

	By:	 	Yang Peng
	
	 /s/ Lui Kwok Tai

	By:	 	Lui Kwok Tai

  

			
	Notice details for loan administration matters
		
	Address:	 	 18/F, ICBC Tower, Macau Landmark 555 Avenida da Amizade

Macau

	Attention:	 	Linda Chan / Selene Ren / Stephanie Guo
	Telephone:	 	+853 8398 2452 / 8398 2499 / 8398 2503
	Fax:	 	+853 2858 4496
	
	Notice details for credit matters
		
	Address:	 	 11/F, ICBC Tower, Macau Landmark 555 Avenida da Amizade

Macau

	Attention:	 	Alex Li / Eric Chan
	Telephone:	 	+853 8398 7313 / 8398 2118
	Fax:	 	+853 8398 2160

  
 Signature page to
Asgard Intercreditor Agreement 

			
	The POA Agent
	
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED
	
	 /s/ Yang Peng

	By:	 	Yang Peng
	
	 /s/ Lui Kwok Tai

	By:	 	Lui Kwok Tai

  

			
	Notice details for loan administration matters
		
	Address:	 	 18/F, ICBC Tower, Macau Landmark 555 Avenida da Amizade

Macau

	Attention:	 	Linda Chan / Selene Ren / Stephanie Guo
	Telephone:	 	+853 8398 2452 / 8398 2499 / 8398 2503
	Fax:	 	+853 2858 4496
	
	Notice details for credit matters
		
	Address:	 	 11/F, ICBC Tower, Macau Landmark 555 Avenida da Amizade

Macau

	Attention:	 	Alex Li / Eric Chan
	Telephone:	 	+853 8398 7313 / 8398 2118
	Fax:	 	+853 8398 2160

  
 Signature page to
Asgard Intercreditor AgreementEX-4.17

 Exhibit 4.17 
 EXECUTION VERSION 
  

 
 MCE Cotai Investments Limited 

 
  
 New Cotai, LLC 
  

 
 and Others 

 
  
 Shareholders’ 
 Agreement 

									
	 Contents
  
	  			
	1	  	Interpretation	  	 	1	 
		  	1.1	  	Definitions	  	 	1	 
		  	1.2	  	Construction	  	 	16	 
		  	1.3	  	Headings	  	 	17	 
			
	2	  	Shareholders	  	 	17	 
			
	3	  	Directors	  	 	17	 
		  	3.1	  	Number of Directors	  	 	17	 
		  	3.2	  	MCE Directors	  	 	17	 
		  	3.3	  	Minority Directors	  	 	18	 
		  	3.4	  	Minority Shareholder Observers	  	 	18	 
		  	3.5	  	Eligibility and rights of Observers	  	 	18	 
		  	3.6	  	Chairperson	  	 	19	 
		  	3.7	  	Vacation of office	  	 	19	 
		  	3.8	  	Removal of Directors	  	 	19	 
		  	3.9	  	Alternate directors	  	 	20	 
		  	3.10	  	Director duties	  	 	20	 
		  	3.11	  	Fees and expenses of Directors	  	 	20	 
		  	3.12	  	D&O Policy	  	 	20	 
		  	3.13	  	Indemnity deed	  	 	21	 
			
	4	  	Board meetings	  	 	21	 
		  	4.1	  	Board meetings	  	 	21	 
		  	4.2	  	Minimum notice of meetings of Directors	  	 	21	 
		  	4.3	  	Provision of information for Board meeting	  	 	21	 
		  	4.4	  	Delay in meetings of Directors	  	 	22	 
		  	4.5	  	Quorum for meetings of Directors	  	 	22	 
		  	4.6	  	Voting entitlements	  	 	22	 
		  	4.7	  	Block voting	  	 	22	 
		  	4.8	  	Decisions of Directors	  	 	23	 
		  	4.9	  	Frequency of meeting of Directors	  	 	23	 
		  	4.10	  	Interested Directors	  	 	23	 
		  	4.11	  	Conduct of meetings of Directors	  	 	24	 
			
	5	  	Shareholder meetings	  	 	24	 
		  	5.1	  	Shareholder meetings	  	 	24	 
		  	5.2	  	Notice of meetings	  	 	24	 
		  	5.3	  	Quorum	  	 	24	 
		  	5.4	  	Decisions of Shareholders	  	 	24	 
		  	5.5	  	Chairperson	  	 	24	 
		  	5.6	  	Conduct of meetings of Shareholders	  	 	25	 
			
	6	  	Resolutions without a meeting	  	 	25	 
		  	6.1	  	Resolutions	  	 	25	 
		  	6.2	  	Execution	  	 	25	 

									
			
	7	  	Corporate Governance	  	 	26	 
		  	7.1	  	General management	  	 	26	 
		  	7.2	  	Shareholder approval matters	  	 	26	 
		  	7.3	  	Disagreement	  	 	27	 
		  	7.4	  	Material Contracts	  	 	29	 
		  	7.5	  	Conduct of the business of the Group	  	 	30	 
			
	8	  	Company Subsidiaries and Committees	  	 	30	 
		  	8.1	  	Incorporation of Company Subsidiaries	  	 	30	 
		  	8.2	  	Subsidiaries	  	 	30	 
		  	8.3	  	Committees	  	 	31	 
		  	8.4	  	Obligation	  	 	31	 
			
	9	  	Land Grant	  	 	31	 
		  	9.1	  	Acknowledgement	  	 	31	 
		  	9.2	  	Board powers	  	 	32	 
		  	9.3	  	Co-operation	  	 	32	 
			
	10	  	Senior Management	  	 	32	 
		  	10.1	  	President and Project Director	  	 	32	 
		  	10.2	  	Finance Director	  	 	33	 
		  	10.3	  	Performance reviews	  	 	34	 
		  	10.4	  	Steering Committee and Supervisory Board	  	 	34	 
			
	11	  	Related Party Transactions and Conflicts	  	 	35	 
		  	11.1	  	Related Party Transactions and Conflicts	  	 	35	 
		  	11.2	  	Variation	  	 	35	 
		  	11.3	  	Implementation of Policy on Related Party Transactions	  	 	35	 
		  	11.4	  	Post IPO	  	 	36	 
			
	12	  	Shared Vendor Contracts	  	 	36	 
		  	12.1	  	Shared Vendor Contracts	  	 	36	 
		  	12.2	  	Obligation	  	 	36	 
		  	12.3	  	Application	  	 	36	 
		  	12.4	  	Gaming Promoters	  	 	37	 
		  	12.5	  	Audit rights	  	 	37	 
			
	13	  	Development and Pre-Opening	  	 	37	 
		  	13.1	  	Development and Pre-Opening Services Agreement	  	 	37	 
		  	13.2	  	Entertainment Agreement	  	 	38	 
			
	14	  	Casino operation	  	 	39	 
		  	14.1	  	Casino operation	  	 	39	 
		  	14.2	  	Casino Management Agreement	  	 	39	 
		  	14.3	  	Gaming tables	  	 	39	 
		  	14.4	  	MCE Casinos	  	 	41	 
			
	15	  	Project Plan and other administrative matters	  	 	41	 
		  	15.1	  	Project Plan	  	 	41	 

									
		  	15.2	  	Amendments	  	 	41	 
		  	15.3	  	Milestones	  	 	41	 
		  	15.4	  	Other administrative matters	  	 	41	 
			
	 16
	  	Restrictions on issue of Securities	  	 	41	 
		  	16.1	  	Restriction on issue of Securities	  	 	41	 
		  	16.2	  	Exclusions	  	 	42	 
		  	16.3	  	Prohibitions	  	 	42	 
		  	16.4	  	Upstream Securities	  	 	42	 
			
	 17
	  	Capital Calls	  	 	42	 
		  	17.1	  	Power to make a Capital Call	  	 	42	 
		  	17.2	  	Making a Capital Call	  	 	42	 
		  	17.3	  	Call Notice	  	 	43	 
		  	17.4	  	Capital Call amount	  	 	44	 
		  	17.5	  	Cap on all Capital Calls	  	 	44	 
		  	17.6	  	Date for payment of a Capital Call	  	 	44	 
		  	17.7	  	Payment of a Capital Call	  	 	44	 
		  	17.8	  	Failure to pay a Capital Call	  	 	44	 
		  	17.9	  	Revocation	  	 	44	 
		  	17.10	  	Expiration	  	 	44	 
		  	17.11	  	Related Party Transactions	  	 	45	 
		  	17.12	  	Securities	  	 	45	 
		  	17.13	  	Amendment	  	 	45	 
			
	 18
	  	Failure to contribute capital	  	 	45	 
		  	18.1	  	Failure to contribute	  	 	45	 
		  	18.2	  	Clause 21 applies	  	 	46	 
		  	18.3	  	Defaulting Loans	  	 	46	 
		  	18.4	  	Related Party Transactions	  	 	46	 
		  	18.5	  	Election of remedies	  	 	47	 
		  	18.6	  	Company action in respect of MCE Shareholder default	  	 	47	 
			
	 19
	  	Additional capital	  	 	47	 
		  	19.1	  	Requirement for additional capital	  	 	47	 
		  	19.2	  	Determination	  	 	47	 
		  	19.3	  	Additional Capital Notice	  	 	48	 
		  	19.4	  	Loan funds	  	 	48	 
		  	19.5	  	Additional Securities	  	 	48	 
		  	19.6	  	Requirement to advance funds	  	 	49	 
		  	19.7	  	Related Party Transactions	  	 	49	 
			
	 20
	  	Project Financing	  	 	49	 
		  	20.1	  	Project financing	  	 	49	 
		  	20.2	  	Financial Support	  	 	50	 
		  	20.3	  	Financial Support Fee	  	 	50	 
		  	20.4	  	Financial Support is called on	  	 	50	 
		  	20.5	  	Securities Issue Notice	  	 	51	 

									
		  	20.6	  	Issue of Securities	  	 	51	 
		  	20.7	  	Securities not taken up	  	 	51	 
		  	20.8	  	Cessation of Financial Support	  	 	52	 
		  	20.9	  	Related Party Transactions	  	 	52	 
		  	20.10	  	No obligation	  	 	52	 
			
	 21
	  	Pre-emptive rights on issue	  	 	52	 
		  	21.1	  	Pro rata offer	  	 	52	 
		  	21.2	  	Offer Notice	  	 	53	 
		  	21.3	  	Response to Offer	  	 	53	 
		  	21.4	  	Failure to respond	  	 	53	 
		  	21.5	  	Subscription by accepting Offerees	  	 	53	 
		  	21.6	  	Disposal to third parties	  	 	53	 
			
	 22
	  	Transfers	  	 	54	 
		  	22.1	  	Shareholders	  	 	54	 
		  	22.2	  	MCE Shareholders	  	 	54	 
		  	22.3	  	Prohibition on Transfers	  	 	54	 
		  	22.4	  	Credit worthiness	  	 	55	 
		  	22.5	  	Transfers of Financial Interests	  	 	55	 
		  	22.6	  	Encumbrances	  	 	55	 
			
	 23
	  	Permitted Transfers	  	 	56	 
		  	23.1	  	Permitted Transfers	  	 	56	 
			
	 24
	  	Minority Shareholders	  	 	56	 
		  	24.1	  	Right of first offer	  	 	56	 
		  	24.2	  	Offer	  	 	56	 
		  	24.3	  	Sale Notice	  	 	57	 
		  	24.4	  	Response to Sale Offer	  	 	57	 
		  	24.5	  	Failure to respond	  	 	58	 
		  	24.6	  	Purchase by MCE Shareholders	  	 	58	 
		  	24.7	  	Disposal to third parties	  	 	58	 
		  	24.8	  	Transferor must provide details	  	 	58	 
			
	 25
	  	Tag along	  	 	59	 
		  	25.1	  	Tag along right	  	 	59	 
		  	25.2	  	Proposed Sale Notice	  	 	59	 
		  	25.3	  	Exercise of tag along right	  	 	60	 
		  	25.4	  	Transfer of Securities to Proposed Purchaser	  	 	60	 
		  	25.5	  	Completion of the sale	  	 	61	 
		  	25.6	  	Lapsing of Tag Along Notice	  	 	61	 
		  	25.7	  	Warranties on Transfer of the Tagging Securities	  	 	61	 
		  	25.8	  	Liability and other terms	  	 	61	 
			
	 26
	  	Drag along	  	 	62	 
		  	26.1	  	Drag Along Right	  	 	62	 
		  	26.2	  	Proposed Drag Notice	  	 	62	 
		  	26.3	  	Fairness Opinion	  	 	62	 

									
		  	26.4	  	Exercise of Drag Right	  	 	63	 
		  	26.5	  	Lapsing of Drag Along Notice	  	 	63	 
		  	26.6	  	Completion of the sale	  	 	63	 
		  	26.7	  	Application to New Shareholders	  	 	63	 
		  	26.8	  	Consideration for Dragged Securities	  	 	64	 
		  	26.9	  	Related Agreements	  	 	64	 
		  	26.10	  	Warranties on Transfer of the Dragged Securities	  	 	65	 
		  	26.11	  	Liability and other terms	  	 	65	 
			
	 27
	  	Compulsory Transfer	  	 	66	 
		  	27.1	  	Competitor or Unsuitable Person	  	 	66	 
		  	27.2	  	Governmental Agency	  	 	66	 
		  	27.3	  	Existing holders	  	 	68	 
		  	27.4	  	Specific performance	  	 	68	 
			
	 28
	  	Shareholders	  	 	68	 
		  	28.1	  	Deed of Accession	  	 	68	 
		  	28.2	  	Accession by holders of Upstream Securities	  	 	68	 
		  	28.3	  	Minimum transaction size	  	 	69	 
				
	 29
	  	IPO	  		  	 	69	 
		  	29.1	  	Right to demand an IPO	  	 	69	 
		  	29.2	  	Revocation	  	 	69	 
		  	29.3	  	Condition to IPO	  	 	69	 
		  	29.4	  	Call by the Board	  	 	70	 
		  	29.5	  	Recognised Stock Exchange	  	 	70	 
		  	29.6	  	Requirement to negotiate	  	 	70	 
		  	29.7	  	Structure of the IPO	  	 	70	 
		  	29.8	  	Obligations of the parties	  	 	70	 
			
	 30
	  	Information	  	 	71	 
		  	30.1	  	Shareholder holding 1%	  	 	71	 
		  	30.2	  	Shareholder holding 15%	  	 	72	 
		  	30.3	  	Gaming	  	 	72	 
		  	30.4	  	Access	  	 	73	 
		  	30.5	  	Shareholder information	  	 	73	 
			
	 31
	  	Confidentiality and disclosure	  	 	73	 
		  	31.1	  	Disclosure by Directors	  	 	73	 
		  	31.2	  	Restrictions on disclosure	  	 	74	 
		  	31.3	  	Disclosure by Shareholders and holders of Upstream Securities	  	 	74	 
		  	31.4	  	Disclosure generally	  	 	74	 
		  	31.5	  	Exceptions	  	 	75	 
		  	31.6	  	Conditions to disclosure	  	 	75	 
		  	31.7	  	Prospective Purchaser	  	 	75	 
		  	31.8	  	Information to be held confidential	  	 	76	 
		  	31.9	  	Prohibition	  	 	76	 
		  	31.10	  	Disclosure document	  	 	76	 

									
	32	  	Ethical screen	  	 	76	 
		  	32.1	  	Acknowledgement	  	 	76	 
		  	32.2	  	Ethical screen	  	 	76	 
		  	32.3	  	Sharing otherwise permissible	  	 	77	 
			
	33	  	Warranties	  	 	77	 
		  	33.1	  	Warranties	  	 	77	 
		  	33.2	  	Warranties independent	  	 	77	 
		  	33.3	  	Liability	  	 	77	 
			
	34	  	Fair Market Value	  	 	77	 
		  	34.1	  	Determination of Fair Market Value	  	 	77	 
		  	34.2	  	Process	  	 	77	 
		  	34.3	  	Methodology	  	 	78	 
		  	34.4	  	Valuation Expert Report	  	 	78	 
			
	35	  	Shareholder Loan Agreement	  	 	78	 
			
	36	  	Tax Matters	  	 	80	 
		  	36.1	  	Tax Treatment	  	 	80	 
		  	36.2	  	Tax Information	  	 	80	 
		  	36.3	  	Tax Allocations	  	 	81	 
		  	36.4	  	Amendment	  	 	81	 
			
	37	  	Dispute	  	 	81	 
		  	37.1	  	Dispute	  	 	81	 
		  	37.2	  	Proper exercise of rights not a Dispute	  	 	82	 
			
	38	  	Termination	  	 	82	 
		  	38.1	  	Term	  	 	82	 
		  	38.2	  	Certain provisions continue	  	 	82	 
			
	39	  	Notices	  	 	82	 
		  	39.1	  	General	  	 	82	 
		  	39.2	  	How to give a communication	  	 	82	 
		  	39.3	  	Particulars for delivery of notices	  	 	83	 
		  	39.4	  	Communications by post	  	 	85	 
		  	39.5	  	Communications by fax	  	 	85	 
		  	39.6	  	After hours communications	  	 	85	 
		  	39.7	  	Receipt of notice	  	 	85	 
			
	40	  	Duties, costs and expenses	  	 	85	 
		  	40.1	  	Fees and costs	  	 	85	 
		  	40.2	  	Duties	  	 	86	 
			
	41	  	General	  	 	86	 
		  	41.1	  	Amendment	  	 	86	 
		  	41.2	  	Several obligations	  	 	86	 
		  	41.3	  	Counterparts	  	 	86	 

											
		 		 	41.4	  	Assignment	  	 	86	 
		 		 	41.5	  	Entire understanding	  	 	87	 
		 		 	41.6	  	Further steps	  	 	87	 
		 		 	41.7	  	Attorneys	  	 	87	 
		 		 	41.8	  	Inconsistency with Memorandum and Articles of Association	  	 	87	 
		 		 	41.9	  	Relationship of parties	  	 	87	 
		 		 	41.10	  	Rights cumulative	  	 	87	 
		 		 	41.11	  	Survival of obligations after termination	  	 	88	 
		 		 	41.12	  	Waiver and exercise of rights	  	 	88	 
		 		 	41.13	  	Consent	  	 	88	 
		 		 	41.14	  	Equitable relief	  	 	88	 
		 		 	41.15	  	Governing law and jurisdiction	  	 	88	 
		 		 	41.16	  	Ownership thresholds	  	 	88	 

  

					
	 Schedule 1 – Financial Interest
	  	 	92	 
	 Schedule 2 – Warranties
	  	 	93	 
	 Schedule 3 – Reserved matters
	  	 	94	 
	 Schedule 4 – Valuation Expert list
	  	 	97	 
	 Annexure A – Amended and Restated Memorandum and Articles of Association
	  			
	 Annexure B – Deed of Accession
	  	 	99	 
	 Annexure C – Confidentiality Deed
	  			
	 Annexure D – Shareholder Loan Agreement
	  			
	 Annexure E – Registration Rights Agreement
	  			
	 Annexure F-1 – MCE Commitment Letter
	  			
	 Annexure F-2 – Silver Point Funds Commitment Letter
	  			
	 Annexure F-3 – Oaktree Funds Commitment Letter
	  			
	 Annexure G – Other administrative matters
	  	 	107	 
	 1     Definitions
	  	 	107	 
	 2     Acknowledgment
	  	 	107	 
	 3     Fees
	  	 	107	 
	 Annexure H – Additional administrative matters
	  	 	109	 
	 1     Definitions
	  	 	109	 
	 2     Facility Operation Fees
	  	 	109	 

 Date 
 Parties 
 MCE Cotai Investments Limited, a company incorporated in the Cayman Islands, of
Walker House, 87 Mary Street, George Town, Grand Cayman KY1 – 9005, Cayman Islands (MCE Cotai) 
 New Cotai, LLC, a limited
liability company formed in Delaware, United States of America, c/o New Cotai Holdings, LLC, of Two Greenwich Plaza, Greenwich, Connecticut 06830, United States of America (New Cotai) 
 Melco Crown Entertainment Limited, a company incorporated in the Cayman Islands, of Walker House, 87 Mary Street, George Town, Grand Cayman KY1 – 9005, Cayman Islands (MCE) 

Cyber One Agents Limited, a company incorporated in the British Virgin Islands, with its registered office at Offshore Incorporations Centre, P.O.
Box 957, Road Town, Tortola, British Virgin Islands (Company) 
 Background 

 

	A	MCE Cotai and New Cotai have agreed to enter into this document to govern their relationship in connection with, and the conduct and operations of, the Group.

  

	B	MCE Cotai and New Cotai have agreed to invest further capital in the Company on the terms of this document. 

Agreed terms 
  

	1	Interpretation 

  

	1.1	Definitions 

 In this
document:  
 Accounting Standards means the applicable accounting standards under US GAAP or such other accounting
standards (including Hong Kong IFRS and IFRS) as may be implemented by the Board from time to time.  
 Additional
Capital Notice has the meaning given to that term in clause 19.3(b). 

 Affiliate means in relation to a person (First Person), any other person:

  

	 	(a)	directly or indirectly controlling, controlled by, or under direct or indirect common control with, the First Person; 

 

	 	(b)	who is a director or officer of the First Person or any Subsidiary of the First Person or of any person referred to in paragraph (a) of this definition; or

  

	 	(c)	who is a spouse or any person cohabiting as a spouse, child or stepchild, parent or step-parent,
parent-in-law, grandchild, and grandparent of the First Person or of a person described in paragraph (b) of this definition. 

Appointing Shareholder means a Minority Shareholder from time to time that: 

 

	 	(a)	is the Largest Minority Shareholder; and 

  

	 	(b)	holds at least 20% of the Securities on issue. 

 Appointment Date has the meaning given to that term in clause 10.2(a). 
 Audited Accounts means the annual audited accounts for the Group incorporating: 
  

	 	(a)	a statement of financial performance for the Financial Year; 

  

	 	(b)	a statement of financial position as at the last day of the Financial Year; 

 

	 	(c)	a statement of cash flows for the Financial Year; and 

  

	 	(d)	any notes, statements and reports attached to and forming part of those statements, including the certification of independent certified public accountants of
recognized international standing selected by the Board, to the effect that, except as set forth therein, such statements have been prepared in accordance with Accounting Standards, applied on a basis consistent with prior years and fairly present
in all material respects the financial condition of the Company as of the dates thereof and the results of its operations and changes in its cash flows for the periods covered thereby. 

Authorisation means: 
  

	 	(a)	any consent, permit, license, or authorisation; or 

  

	 	(b)	exemption, 

 from, by, or with, a
Governmental Agency. 
 Board means the board of Directors from time to time. 

Business Day means a day which is not a Saturday, Sunday or bank or public holiday in Hong Kong or New York, nor a day on which a
tropical cyclone warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9.00am and 5.00pm. 
 Business Plan means the Group business plan as set out in section II of the Project Plan and as amended from time to time subject to clause 7.2(a). 

  
 2 

 Call Notice has the meaning given to that term in clause 17.3(a). 

Calling Shareholder has the meaning given to that term in clause 17.2(c). 

Capital Call means a call on the Shareholders to contribute capital to the Company in exchange for Securities under clause
17. 
 Capital Issue Notice has the meaning given to that term in clause 20.7. 

Casino Management Agreement means the services and right to use agreement between Melco Crown Gaming (Macau) Limited, New Cotai
Entertainment, LLC and New Cotai Entertainment (Macau) Limited dated 11 May 2007. 
 Cause means, in respect of a
person, the person’s: 
  

	 	(a)	conviction for fraud, embezzlement, any other serious criminal act or any other actions subject to serious civil or administrative actions by any Governmental Agency;
or 

  

	 	(b)	gross misconduct, willful act or omission not done in good faith or done without reasonable belief that the action was in furtherance of the interests or business of
the relevant Group Company. 

 Chairperson means the chairperson of the Board appointed from time to time
pursuant to clause 3.6. 
 Commitment Letters means the letter agreements from MCE, the Silver Point Funds, and the
Oaktree Funds to the Company attached to this document as Annexures F-1, F-2, and F-3. 

Company Subsidiary means any company which is or becomes a Subsidiary of the Company from time to time. 

Competitor means: 
  

	 	(a)	any person or entity (other than MCE and its Affiliates (under clause (a) of that definition, but not clause (b) or (c) thereof)) holding a gaming
concession or subconcession to operate games of fortune and chance in a casino in Macau; 

  

	 	(b)	any person or entity holding a direct or indirect interest in any person specified in paragraph (a) of this definition and having the right to appoint a
director on the board of any such entity; or 

  

	 	(c)	any subsidiary of any person specified in paragraph (a) of this definition. 

Confidential Information means: 
  

	 	(a)	any confidential, non-public or proprietary information relating to the business, assets or affairs of the Group (and includes
any information provided under clauses 30.1, 30.2 or 30.4); and 

  

	 	(b)	any information relating to this document and the transactions contemplated by it including the existence of this document and the transactions contemplated by it and
of the negotiations which preceded it; 

  
 3 

 provided, however, that Confidential Information shall not include information that:

  

	 	(a)	is or becomes generally available to the public other than as a result of disclosure in violation of this document; 

 

	 	(b)	is or becomes available to the receiving person on a non-confidential basis prior to its disclosure to such person;

  

	 	(c)	is or has been independently developed or conceived by the receiving person without use of Confidential Information; or 

 

	 	(d)	becomes available to the receiving person on a non-confidential basis from a source other than the Company; provided, that such
source is not known by such person to be bound by a confidentiality agreement with the Company. 

Confidentiality Deed means the confidentiality deed attached to this document as Annexure C. 

Conflicts Committee means a committee to approve certain transactions between any Group Company and any of the Shareholders, their
Affiliates or Connected Persons. 
 Conflicts Committee Charter means guidelines for the membership and operations of the
Conflicts Committee. 
 Connected Person has the meaning given to that term in the Rules. 

Contracts means agreements, contracts, arrangements or understandings, whether formal or informal, written or oral. 

control means, in relation to a person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of the person, whether through the ownership of voting securities, by contract, or otherwise. 

Covered Persons means any Shareholder, any holder of Upstream Securities in that Shareholder, and any of their Affiliates
(respectively), and in the case of any such persons that are investment funds, any funds managed by them or by any of their Affiliates. 
 D&O Policy means a directors and officers insurance policy taken out by the Company from time to time with a reputable insurer. 

Deed of Accession means a deed of accession substantially in the form contained in Annexure B. 

Defaulting Loan has the meaning given to that term in clause 18.1(b). 

Defaulting Securities has the meaning given to that term in clause 18.2(a). 

Defaulting Shareholder has the meaning given to that term in clause 18.1. 

	

  
 4 

 Demanding Shareholder has the meaning given to that term in clause 29.1(a).

 Development and Pre-Opening Services Agreement means an agreement proposed to
be entered into between MCE and one or more of its Affiliates, on the one hand, and one or more of the Group Companies, on the other, in relation to provision of services to the Group Companies related to the development, construction, design, fit-out, and completion of the MSC 
 Property, and the Opening, and the payment and the
reimbursement of Development and Pre-Opening Services Costs. 
 Development and Pre-Opening Services Costs means the following categories of service fees to be charged by MCE to the Company and the costs and expenses incurred by MCE on behalf of the Company in relation to the development,
construction, design, fit-out, installation, completion and pre-opening of the MSC Property, and the Opening including: 

 

	 	(a)	supervisory and project management costs directly involved with the development, construction, design, fit-out, installation,
completion and pre-opening of the MSC Property and the Opening which are contained in the Project Budget; 

  

	 	(b)	development capital expenditures; 

  

	 	(c)	out of pocket costs & expenses under construction contracts; 

  

	 	(d)	design and construction consultancy fees; 

  

	 	(e)	other advisory fees and out of pocket costs and expenses in relation to MCE service fees; 

 

	 	(f)	costs and expenses incurred in relation to the operations of the MSC Property prior to the Opening or in connection with the Opening; 

 

	 	(g)	payroll costs including costs related to: payroll processing, management labour, City of Dreams employee dining room usage, employee shuttle usage, investigation cost
for new employees, relocation accommodation for senior expatriate employees or corporate hotel room rates, and procurement costs; 

  

	 	(h)	MCE recruitment services fees and out of pocket costs and expenses; 

  

	 	(i)	marketing fees and out of pocket costs and expenses related to: pre-opening event,
pre-opening launch (marketing and advertising), initial photography, website development, branding development, premium customer entertainment and visits; 

 

	 	(j)	rental costs including preopening offices if required and shared space; 

  

	 	(k)	office supplies; 

  

	 	(l)	travel and entertainment including: factory visits, key market launches and regulatory meetings; 

 

	 	(m)	transportation costs to site including MCE vehicle fleet; 

  

	 	(n)	external legal fees and expenses and in-house legal costs; and 

	

  
 5 

	 	(o)	accounting services including accounts payable and other finance processing. 

 Development Plan means the plan for the construction and development of the MSC Property as set out in section I of the Project Plan and as amended from time to time subject to clause
7.2(a). 
 Director means a member of the Board of the Company from time to time. 

Disagreement has the meaning given to that term in clause 7.3(a). 

Disagreement Notice has the meaning given to that term in clause 7.3(a). 

Disclosing Shareholder has the meaning given to that term in clause 31.7(a). 

Dispute has the meaning given to that term in clause 37.1(a). 

Dispute Notice has the meaning given to that term in clause 37.1(b). 

Disputing Parties has the meaning given to that term in clause 37.1(c). 

Drag Along Notice has the meaning given to that term in clause 26.4. 

Drag Along Right has the meaning given to that term in clause 26.1. 

Dragged Securities has the meaning given to that term in clause 26.1. 

Dragged Shareholders has the meaning given to that term in clause 26.1. 

Dragging Shareholder has the meaning given to that term in clause 26.1. 

Duty means any stamp, transaction or registration duty or similar charge imposed by any Governmental Agency and includes any
interest, fine, penalty, charge or other amount in respect of the above. 
 Effective Interest in Securities means the
interest of a person or entity (the Person) in Securities calculated as the sum of: 
  

	 	(a)	the number of Securities on issue for which the Person is the registered holder; plus 

 

	 	(b)	the product of: 

  

	 	(i)	the fraction that is determined by multiplying the economic interest in the equity of an entity (the First Entity) held by the Person (expressed as a fraction of
all the economic interests in the equity of the First Entity) by the economic interest in the equity of each other entity within the chain of entities between the First Entity and the Registered Holder (in each case expressed as a fraction of all
the economic interests in the equity of each such entity) and, where the Person has an interest in Securities through more than one First Entity, the interest that is obtained by aggregating such Person’s fractional interest in all such First
Entities, and 

  

	 	(ii)	the number of Securities on issue that are held by registered holders of Securities in which the Person holds an interest through the chain or chains of entities in
paragraph (b)(i) (Registered Holder); and 

 expressed as a percentage of all the Securities
on issue. 

  
 6 

 For the purposes of this definition, “economic interest in the equity of an
entity” excludes any derivative or synthetic security that represents an interest in the underlying equity securities of such entity. 
 Encumbrance means an interest or power: 
  

	 	(a)	reserved in or over an interest in any asset; or 

  

	 	(b)	created or otherwise arising in or over any interest in any asset under any mortgage, charge, pledge, lien, hypothecation, trust or bill of sale,

 by way of security for the payment of a debt or other monetary obligation or the performance of any other
obligation. 
 Entertainment Agreement has the meaning given to that term in clause 13.2(a). 

Entertainment Service Provider means eSun or any of its Affiliates. 

eSun means eSun Holdings Limited. 
 Expert means an expert appointed under clause 7.3 or 26.3, as applicable. 
 Expert Request has the meaning given to that term in clause 7.3(e).  
 Fair Market Value is the value determined in accordance with clause 34. 
 Fairness Opinion has the meaning given to that term in clause 26.3(d). 
 Finance Director means the most senior finance executive of the Group from time to time and having whatever title or designation as the Company may confer from time to time. 

Financial Interest means: 
  

	 	(a)	in respect of an initial Shareholder, that number set out opposite the Shareholder’s name in column 2 of the table in schedule 1 as may
be increased or decreased under clause 22.5; and 

  

	 	(b)	in respect of any successor Shareholder who has entered into a Deed of Accession, the interest specified in that deed as may be increased or decreased under clause
22.5. 

 Financial Support has the meaning given to that term in clause 20.1(b). 

 Financial Supporter has the meaning given to that term in clause 20.4(a).  

Financial Support Fee has the meaning given to that term in clause 20.3(a).  

Financial Support Loan has the meaning given to that term in clause 20.4(a). 

Financial Year means: 
  

	 	(a)	the period commencing on the date of this document and ending on 31 December; and 

 

	 	(b)	each subsequent 12 month period. 

  
 7 

 Financing and Funding Schedule means the funding and financing schedule of the Group
as set out in sections V and VI (respectively) of the Project Plan and as amended from time to time subject to clause 7.2(a). 
 Force Majeure means: 
  

	 	(a)	any change in Law or rules or regulations of a Governmental Agency; or 

  

	 	(b)	any of the following (but only to the extent outside the control of the Group): 

 

	 	(i)	any act of God; 

  

	 	(ii)	any political conditions, including acts or war, armed hostilities or terrorism; 

 

	 	(iii)	any conditions resulting from natural disasters; 

  

	 	(iv)	any deterioration in global market conditions or the market conditions in Hong Kong, Macau or the People s Republic of China (except to the extent such deterioration
has a significantly disproportionate impact on MCE and its Affiliates when taken as a whole relative to other participants in the gaming industry in Macau); 

 

	 	(v)	any crisis or material disruption in the global financial system or the financial systems of Hong Kong, Macau or the People s Republic of China;

  

	 	(vi)	any pandemic; 

  

	 	(vii)	any labour shortage, or any labour or industrial action of any kind (stoppage, strike, slowdown or interruption of any kind) not specific to the MSC Property; or

  

	 	(viii)	any failure to obtain any Authorisation, despite the Company having used commercially reasonable endeavours to obtain any such Authorisation. 

Further Capital Notice has the meaning given to that term in clause 19.6. 

Future Funding Date has the meaning given to that term in clause 19.6(b). 

Gaming Authorisation means any gaming concession, subconcession, licensing or regulatory Authorisation to conduct gaming business
in any jurisdiction. 
 Gaming Promoter means any gaming promoter duly licensed by the Macau government to act in any such
capacity, and whose activity is to promote gaming in casinos in Macau by providing (among other things) amenities such as transport, lodgement, food and beverage and entertainment to patrons. 

Gaming Regulator means any Governmental Agency responsible for the regulation of gaming, wagering or betting in any jurisdiction.

  
 8 

 Governmental Agency means: 

 

	 	(a)	a government, whether foreign, federal, state, territorial or local; 

  

	 	(b)	a department, office, or minister of a government acting in that capacity; or 

 

	 	(c)	a commission, delegate, instrumentality, agency, board or other governmental or semi-governmental, judicial, administrative, monetary, regulatory, fiscal or tax
authority, whether statutory or not. 

 Group means the Company and the Company Subsidiaries from time to
time and the expressions member of the Group or Group member or Group Company mean any one of them. 

HKIAC has the meaning given to that term in clause 7.3(f)(iii). 

Hong Kong means the Hong Kong Special Administrative Region of the People’s Republic of China. 

Implementation Agreement means the agreement entered into between MCE, MCE Cotai, New Cotai and New Cotai Holdings, LLC dated
    June, 2011. 
 IPO means an initial public offering of any class of equity securities by the
Company (or a new holding company formed as a special purpose vehicle for the initial public offering (IPO HoldCo) provided that, as part of, or immediately after such offering, a Shareholder has the right, at its sole option, to cause the
Company to exchange any or all of its Securities for equity securities of the class offered in such offering) in conjunction with a listing or quotation of those equity securities on a Recognised Stock Exchange. 

Land means a plot of land situated in Macau, at the Cotai reclaimed land area, with gross area of 140,789 square meters, described
at the Macau Immovable Property Registry under n.o 23059, comprised by lots G300, G310 and G400, denoted by the letter “A” on map no. 5899/2000 issued by Macao Cartography and Cadastre Bureau on 22 January 2001. 

Land Grant means the land concession by way of lease, for the Land, for a period of 25 years as of 17 October 2001, renewable
for successive periods of ten years up to 19 December 2049, registered with the Macau Immovable Property Registry in PropCo’s name under inscription no. 26642 of Book F, titled by Dispatch of the Secretary for Public Works and
Transportation no. 100/2001 of 9 October 2001. 
 Largest Minority Shareholder means: 

 

	 	(a)	the Minority Shareholder holding the most Securities of all Minority Shareholders; or 

 

	 	(b)	if there is more than one Minority Shareholder holding the same number of Securities and more Securities than any other Minority Shareholder, each such Minority
Shareholder. 

  
 9 

 Law means any law or legal requirement, including at common law, in equity, under any
statute, regulation or by-law and any decision, directive, guidance, guideline or requirement of any Governmental Agency. 
 Macau means the Macau Special Administrative Region of the People’s Republic of China. 
 Majority of the Minority Shareholders means the holders of a majority of the Securities on issue held by all of the Minority Shareholders. 

Management Accounts means the monthly unaudited management accounts for the Group which must include: 

 

	 	(a)	a statement of financial performance; 

  

	 	(b)	a statement of financial position; 

  

	 	(c)	cash flow statement; and 

  

	 	(d)	a statement of the source and application of funds for the Financial Year to date. 

MCE Casino(s) means the casino(s) and gaming area(s) owned directly or indirectly (in whole or in majority) or operated (or both)
by MCE, the MCE Subconcessionaire or any of their respective Affiliates. 
 MCE Director means a Director appointed by the
MCE Shareholders under clauses 3.2(a) or 3.2(b) (as applicable). 
 MCE Shareholders means MCE and any
Affiliate (under clause (a) of that definition, but not clause (b) or (c) thereof) of MCE to whom Securities are issued or Transferred under this document. 
 MCE Shareholder Valuation Expert means the Valuation Expert MCE notifies to the Company pursuant to the Implementation Agreement, provided that Shareholders holding a majority of the Securities on
issue held by all of the MCE Shareholders may from time to time (but not more than once per year) change the MCE Shareholder Valuation Expert by selecting a different person from the list set out in schedule 4 and notifying the Company and
each Minority Shareholder within 3 Business Days following such change. 
 MCE Subconcession means the trilateral
agreement dated 8 September 2006 entered into by and among the Macau government, Wynn Resorts (Macau), S.A. (Wynn Macau) (as concessionaire for the operation of casino games of chance and other casino games in Macau, under the terms of a
concession contract dated 24 June 2002 between Macau and Wynn Macau, as amended on 8 September 2006) and the MCE Subconcessionaire, comprising a set of instruments from which shall flow an integrated web of rights, duties and obligations
by and for all and each of Macau, Wynn Macau and the MCE Subconcessionaire, pursuant to the terms of which the MCE Subconcessionaire shall be entitled to operate casino games of chance and other casino games in Macau as an autonomous
subconcessionaire in relation to Wynn Macau, including any supplemental letters or agreements entered into or issued by the Macau government and the MCE Subconcessionaire from time to time, and including any replacement concession or subconcession
for the operation of casino games of chance and other casino games in Macau. 

  
 10 

 MCE Subconcessionaire means Melco Crown Gaming (Macau) Limited, a company
incorporated in Macau, or any other Affiliate of MCE holding the MCE Subconcession from time to time. 
 Memorandum and
Articles of Association means the memorandum and articles of association of the Company attached to this document as Annexure A as may be amended from time to time in accordance herewith. 

Minority Director means a Director appointed by the Minority Shareholders under clause 3.3(a). 

Minority Shareholders means any Shareholder as at the date of this document (other than any MCE Shareholder) and any person (other
than any MCE Shareholder) to whom a Shareholder (other than, with respect to Transfers of Securities to persons who are not Minority Shareholders at the time of such Transfer, any MCE Shareholder) Transfers Securities. 

Minority Shareholder Valuation Expert means the Valuation Expert New Cotai notifies to the Company pursuant to the Implementation
Agreement, provided that the Majority of the Minority Shareholders may from time to time (but not more than once per year) change the Minority Shareholder Valuation Expert by selecting a different person from the list set out in schedule 4
and notifying the Company and MCE within 3 Business Days following such change. 
 Minority Transferor has the meaning
given to that term in clause 24.2. 
 MSC Casino means the casino and gaming area to be constructed or operated
within the MSC Property. 
 MSC Property means the Macau Studio City project to be developed and operated on the Land.

 New Shareholder has the meaning given to that term in clause 26.7. 

Non Defaulting Shareholders has the meaning given to that term in clause 18.1. 

Notified Party has the meaning given to that term in clause 27.2(b). 

Oaktree Funds means each of OCM Opportunities Fund V, L.P., OCM Asia Principal Opportunities Fund, L.P., and OCM Opportunities Fund
VI, L.P. 
 Observer means an observer appointed to the Board in accordance with clause 3.4(a). 

Offer has the meaning given to that term in clause 21.1. 

Offer Notice has the meaning given to that term in clause 21.2.  

Offeree has the meaning given to that term in clause 21.1. 

Opening means the opening of the MSC Property to the public. 

  
 11 

 Performance Failure means, in respect of any employee of a Group Company: 

 

	 	(a)	continued failure to perform the duties and responsibilities described herein or in the person’s employment agreement for his or her position in any Group Company
to the standard reasonably required by the Group Company (including the employee’s supervisor) or continued failure to follow a reasonable and lawful order or direction of the relevant Group Company (including that from the employee’s
supervisor), other than any such failure resulting from employee’s sickness or disability; 

  

	 	(b)	misconduct, such conduct being inconsistent with the due and faithful discharge of his or her duties under his or her employment agreement with such Group Company; or

  

	 	(c)	continued failure, habitual neglect of his or her duties and responsibilities under his employment agreement with such Group Company. 

Permitted Transferee means: 
  

	 	(a)	in the case of an MCE Shareholder, any Affiliate of MCE; 

  

	 	(b)	in the case of a Minority Shareholder (i) any Affiliate of that Minority Shareholder or (ii) any holder of Upstream Securities in that Minority Shareholder or
any Affiliate of that holder of Upstream Securities; 

  

	 	(c)	in the case of a holder of Upstream Securities in a Minority Shareholder, (I) any holder of Upstream Securities in that holder of Upstream Securities or in that
Minority Shareholder or (II) any Affiliate of the holder of Upstream Securities or of any person in clause (I); 

  

	 	(d)	in the case of a natural person, any spouse or any other person cohabitating as a spouse, child or step-child, parent or step-parent, parent-in-law, grandchild or grandparent of that person; and 

  

	 	(e)	any Project Lender in accordance with clause 22.6. 

 A person who becomes a holder of Upstream Securities by purchasing such securities in a primary issuance shall not, as a result, become a Permitted Transferee. As used in this definition, Affiliate shall
include clause (a) of that definition, but shall not include clause (b) or (c) of the definition thereof. 

Policy on Related Party Transactions means a policy regulating the entry by Group Companies into certain transactions with
Shareholders, their Affiliates and Connected Parties as initially approved by all of the Directors on the date of this document, and as amended from time to time in accordance with clause 11.2. 

President means the most senior executive officer of the Company from time to time or the person holding substantially the same
position and having whatever title or designation as the Company may confer from time to time. 
 Project Budget means the
budget for the development and construction of the MSC Property (including pre-opening expenses) as set out in the subsection entitled “Development Budget” in section I of the Project Plan and in
section III of the Project Plan, in each case as amended from time to time subject to clause 7.2(a). 

  
 12 

 Project Director means the most senior project development officer of the Group from
time to time with the responsibility to manage the design, development, construction and completion of the MSC Property. 

Project Lenders has the meaning given to that term in clause 20.1(b). 

Project Plan means the plans and budget for the construction and development of the MSC Property as agreed to, and initialled by,
each of New Cotai, MCE Cotai and MCE prior to the date of this document and amended from time to time subject to clause 7.2(a). 
 PropCo means East Asia-Televisão Por Satélite, Limitada, a company incorporated in Macau (also known as East Asia Satellite Television Limited). 

Proposed Drag Notice has the meaning given to that term in clause 26.2.  

Proposed Purchaser has the meaning given to that term in clause 25.2(d).  

Proposed Sale Notice has the meaning given to that term in clause 25.2.  

Proposed Seller has the meaning given to that term in clause 25.1. 

Prospective Purchaser has the meaning given to the term in clause 31.7. 

Qualified IPO means an IPO in which the total aggregate value of the Securities or shares of IPO HoldCo publicly sold (including
any Securities or shares of IPO HoldCo on issue to be Transferred in the IPO) is not less than US$150 million. 
 Quarter
means the: 
  

	 	(a)	the period commencing on the date of this document and ending on the immediately succeeding Quarter Date; and 

 

	 	(b)	each 3 month period after the period in (a) and ending on 31 December, 31 March, 30 June and 30 September of each calendar year (each such
date, a Quarter Date). 

 Recognised Stock Exchange means the Stock Exchange of Hong Kong Limited,
the Singapore Exchange, the New York Stock Exchange and the NASDAQ and such other exchange jointly designated as such by the MCE Shareholders and the Majority of the Minority Shareholders. 

Registration Rights Agreement means the registration rights agreement attached to this document as Annexure E. 

Related Agreement has the meaning given to that term in clause 26.9(a). 

Reorganisation Event means: 
  

	 	(a)	a pro rata dividend of Securities; 

  

	 	(b)	a sub-division or consolidation of Securities; or 

 

	 	(c)	any other reorganisation or reconstruction of shares the Company is authorised to issue where the Company does not pay or receive cash. 

  
 13 

 Respective Proportion means the proportion the number of Securities on issue held by
a Shareholder bears to the total number of Securities on issue held by all Shareholders. 
 Rules means the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time). 
 Sale Offer
has the meaning given to that term in clause 24.2.  
 Sale Notice has the meaning given to that term in
clause 24.3.  
 Sale Securities has the meaning given to that term in clause 25.2. 

Securities Issue Notice has the meaning given to that term in clause 20.5. 

Security means a fully paid share in the capital of the Company carrying the rights and obligations set out in this document and in
the Memorandum and Articles of Association. 
 Share Sale means the Transfer of all of the Securities in the Company.

 Shareholder means a holder of Securities from time to time. 

Shareholder Group means each of the MCE Shareholders, on the one hand, and the Minority Shareholders, on the other hand, or either
one of them (as the context requires). 
 Shareholder Loan Agreement means the agreement in the form set out in
Annexure D as amended in accordance with clause 35 from time to time. 
 Shared Vendor Contracts has the
meaning given to the term in clause 12.1. 
 Shared Vendors has the meaning given to the term in clause
12.1. 
 Silver Point Funds means each of Silver Point Capital Fund, L.P. and Silver Point Capital Offshore Master
Fund, L.P. 
 Steering Committee has the meaning given to that term in clause 10.4(a). 

Subsidiary has the meaning given to that term in the Companies Ordinance of Hong Kong (Cap 32 of the Laws of Hong Kong).

 Supervisory Board has the meaning given to the term in clause 10.4(c).  

Tag Along Notice has the meaning given to that term in clause 25.3.  

Tagging Shareholders has the meaning given to that term in clause 25.4. 

Tagging Securities has the meaning given to that term in clause 25.3. 

Tax means tax, levy, impost, duty or other charge or withholding of a similar nature imposed by any Governmental Agency (including
any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 Third Party
Casino means those casinos or gaming areas operated but not majority owned or controlled by MCE or any of its Affiliates. 

Third Party Purchaser has the meaning given to that term in clause 26.1. 

Tier 1 Reserved Matters means the matters set out in Part A of schedule 3. 

  
 14 

 Tier 2 Reserved Matters means the matters set out in Part B of schedule 3. 

 Tier 3 Reserved Matter means the matter set out in Part C of schedule 3.  

Tier 4 Reserved Matter means the matter set out in Part D of schedule 3. 

Transaction Documents means this document, the Implementation Agreement, the Registration Rights Agreement, the Commitment Letters
and the Memorandum and Articles of Association. 
 Transfer means to transfer, sell, assign, convey, or otherwise dispose
of. 
 Unsubscribed Securities has the meaning given to that term in clause 21.3(b). 

Unsuitable Person means a person or entity whose direct or indirect ownership of Securities could (on the facts then known):

  

	 	(a)	based on the written advice of outside legal counsel to a Shareholder or MCE (as applicable); or 

 

	 	(b)	based on an objection received from a Gaming Regulator, 

 be reasonably expected to adversely impact the suitability or entitlement of: 
 (x)
any member of the Group; 
 (y) any MCE Shareholder, any holder of Upstream Securities in any MCE Shareholder, or any of their
respective Affiliates (under clause (a) of that definition, but not clause (b) or (c) thereof), in each case, in the case of a Transfer of any Securities or Upstream Securities by any person other than those persons; or 

(z) any Minority Shareholder, any holder of Upstream Securities in any Minority Shareholder, or any of their respective Affiliates (under
clause (a) of that definition, but not clause (b) or (c) thereof), in each case, in the case of a Transfer of any Securities or Upstream Securities by any person other than those persons, 

to maintain any Gaming Authorisation. 
 Upstream Securities means, in respect of a Shareholder, any equity securities or interests in equity securities issued by that Shareholder or by any person that directly, or indirectly through one
or more interposed entities (whether legally or beneficially) holds an Effective Interest in Securities held by that Shareholder, but does not include any equity securities or interests in equity securities: 

 

	 	(a)	in any investment fund or account managed by any investment fund, or in any successors or Affiliates of the foregoing, or in any person that, directly or indirectly
through one or more interposed entities (whether legally or beneficially) holds equity securities or interests in equity securities in any such person; 

  

	 	(b)	in MCE, or any of its shareholders or any person that directly, or indirectly through one or more interposed entities (whether legally or beneficially) holds equity
securities or interests in equity securities in those shareholders; or 

  
 15 

	 	(c)	in any other Shareholder or holder of Upstream Securities whose shares are listed on an internationally recognised stock exchange. 

Valuation Expert means each of the MCE Shareholder Valuation Expert, on the one hand, and the Minority Shareholder Valuation
Expert, on the other hand, or either one of them (as the context requires). 
 Valuation Expert Report has the meaning
given to the term in clause 34.4(a). 
 Warranties means the warranties in schedule 2 and Warranty
means any of them. 
  

	1.2	Construction 

 Unless
expressed to the contrary, in this document: 
  

	 	(a)	words in the singular include the plural and vice versa; 

  

	 	(b)	any gender includes the other genders; 

  

	 	(c)	if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	includes means includes without limitation; 

  

	 	(e)	no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause; 

 

	 	(f)	a reference to: 

  

	 	(i)	a person includes a partnership, individual, limited liability company, trust, joint venture, unincorporated association, corporation and a Governmental Agency;

  

	 	(ii)	a person or a party includes the person’s legal personal representatives, successors, assigns and persons substituted by novation; 

 

	 	(iii)	any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced; 

 

	 	(iv)	an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;

  

	 	(v)	a right includes a benefit, remedy, discretion or power; 

  

	 	(vi)	time is to local time in Hong Kong; 

  

	 	(vii)	“US$” or US dollars is a reference to the currency of the United States of America; 

 

	 	(viii)	“HK$” or HK dollars is a reference to the currency of Hong Kong; 

  
 16 

	 	(ix)	this or any other document includes the document as novated, varied or replaced in accordance with the terms hereof and thereof and despite any change in the identity
of the parties; 

  

	 	(x)	this document includes all schedules, annexures and exhibits to it; 

  

	 	(xi)	a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this document; 

 

	 	(xii)	a reference to a meeting is a meeting in person, by conference telephone or similar equipment, so long as all of the participants can hear each other; and

  

	 	(xiii)	if the number of Securities the Effective Interest in Securities represents is required to be calculated, if the number is not a whole number, that number will rounded
up or down, as appropriate, with .5 or greater rounded up; 

  

	 	(g)	if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day;

  

	 	(h)	where time is to be calculated by reference to a day or event, that day or the day of that event is excluded; and 

 

	 	(i)	the schedules and annexures to this document shall be incorporated by reference herein and constitute a part hereof. 

 

	1.3	Headings 

 Headings do not
affect the interpretation of this document. 
  

	2	Shareholders 

 As at the date of
this document the only Shareholders are New Cotai and MCE Cotai. 
  

	3	Directors 

  

	3.1	Number of Directors 

  

	 	(a)	The number of Directors must not be less than one or more than five (excluding alternate directors). 

 

	 	(b)	On the date of this document the number of Directors will be five. 

  

	3.2	MCE Directors 

  

	 	(a)	Subject to clause 3.2(b), the MCE Shareholders may, from time to time, appoint one Director for every 20% of the Securities on issue held by them in aggregate,
including to fill vacancies created by removals under clause 3.2(c) or vacancies created as a result of the application of clauses 3.7(b) or 3.7(c). 

  
 17 

	 	(b)	Despite clause 3.2(a), the MCE Shareholders may, from time to time, by notice to the Company, appoint up to three Directors for so long as they hold in
aggregate: 

  

	 	(i)	more than 40% of the Securities on issue; and 

  

	 	(ii)	more Securities on issue than any other Shareholder and its Affiliates to whom Securities have been issued or Transferred in accordance with this document, in the
aggregate. 

  

	 	(c)	Subject to clause 3.2(d), the MCE Shareholders may remove any Director appointed by them under clauses 3.2(a) or 3.2(b) (as applicable) by notice
to the Company. 

  

	 	(d)	Any notice under clause 3.2(c) must be signed by Shareholders holding a majority of the Securities on issue held by all of the MCE Shareholders as at the date of
the notice. 

  

	3.3	Minority Directors 

  

	 	(a)	The Minority Shareholders may, by action of the Majority of the Minority Shareholders, for so long as they hold in aggregate: 

 

	 	(i)	20% or more of the Securities on issue, appoint two Directors; and 

  

	 	(ii)	10% or more, but less than 20% of the Securities on issue, appoint one Director, including in each case to fill vacancies created by removals under clause 3.3(c)
or vacancies created as a result of the application of clauses 3.7(b) or 3.7(c), in each case by written notice to the Company. 

  

	 	(b)	Subject to clause 3.3(c), the Minority Shareholders may, by action of the Majority of the Minority Shareholders, remove any Director appointed by them under
clause 3.3(a) by notice to the Company. 

  

	 	(c)	Any notice under clause 3.3(b) must be signed by the Majority of the Minority Shareholders as at the date of the notice. 

 

	3.4	Minority Shareholder Observers 

  

	 	(a)	The Majority of the Minority Shareholders may, for so long as the Minority Shareholders hold, in aggregate, an Effective Interest in Securities of 5% or more but less
than 20%, designate by notice to the Company one Observer. 

  

	 	(b)	The Majority of the Minority Shareholders may change any Observer designated by them under clause 3.4(a) by notice to the Company. 

 

	 	(c)	Any notice under clauses 3.4(a) or 3.4(b) must be signed by the Majority of the Minority Shareholders as at the date of the notice.

  

	 	(d)	No more than one Observer may be designated under this clause 3.4. 

 

	3.5	Eligibility and rights of Observers 

  

	 	(a)	An Observer is entitled to attend each meeting of the Board. 

  
 18 

	 	(b)	An Observer must be given the same notice of each meeting of the Board, at the same time and in the same form, as given to the Directors. 

 

	 	(c)	An Observer must be provided with all of the information provided to Directors at the same time as such information is provided to the Directors, including all board
packs, agendas and any information to be presented to the Board. 

  

	 	(d)	An Observer is not entitled to vote at meetings of the Board. 

  

	 	(e)	It is a condition of the designation of an Observer under clause 3.4(a) that the Observer enters into, or is already covered by, a confidentiality deed with the
Company on terms substantially the same as the Confidentiality Deed or otherwise acceptable to the Company. 

  

	3.6	Chairperson 

  

	 	(a)	For so long as clauses 3.2(b)(i) and 3.2(b)(ii) are satisfied, the MCE Shareholders may from time to time by notice to the Company appoint an MCE Director
as the Chairperson and may remove from office any person so appointed and appoint another MCE Director as the Chairperson in their place. 

  

	 	(b)	If clause 3.2(b)(i) or 3.2(b)(ii) is not satisfied, the holders of a majority of the Securities then on issue may from time to time by notice to the
Company appoint a Director as the Chairperson and may remove from office any person so appointed and appoint another Director as the Chairperson in their place. 

 

	3.7	Vacation of office 

 The
office of a Director will be vacated if: 
  

	 	(a)	the Director is removed under clause 3.2(c) or 3.3(b) (as applicable); 

 

	 	(b)	the Director gives notice to the Company that he or she resigns as a Director; or 

 

	 	(c)	the Director dies. 

  

	3.8	Removal of Directors 

  

	 	(a)	If the number of Directors appointed by a person under clause 3.2 or 3.3 is greater than the number of Directors entitled to be appointed by that person
under the relevant clause, then that person must, within two Business Days of ceasing to be so entitled, give notice to the Company removing that number of Directors in excess of its entitlement. 

 

	 	(b)	If any person to whom clause 3.8(a) applies does not give notice removing the required number of Directors within the period specified in that clause, any person
entitled to appoint a Director under clauses 3.2 or 3.3 may give such a notice removing any such Directors. 

  
 19 

	3.9	Alternate directors 

  

	 	(a)	A Director may, with the prior written approval of the Board, appoint an alternate director by notice to the Company. 

 

	 	(b)	An alternate director may attend any Board meeting and vote on any resolution of the Board provided the Director that appointed the alternate is not present at the
meeting and is a Director at the time of the meeting. 

  

	 	(c)	An alternate director is entitled to a separate vote for each Director the alternate director represents in addition to any vote that alternate director may have as a
Director if that alternate director is also a Director. 

  

	3.10	Director duties 

 Each
Director and director of a Company Subsidiary shall be required to have regard to, and act in the best interests of, the Company and all of its Shareholders; provided that, to the maximum extent permitted by law and without detracting from or
limiting the foregoing obligation, Directors and directors of Company Subsidiaries shall be permitted to also have regard to the interests of the Shareholder Group that appointed that Director in carrying out his or her duties as a Director or a
director of any Company Subsidiary to the extent that those interests are consistent with the best interests of the Company and all of its Shareholders. 
  

	3.11	Fees and expenses of Directors 

  

	 	(a)	The Company must: 

  

	 	(i)	pay the reasonable expenses properly incurred by Directors and members of the Supervisory Board in relation to the business of the Group, including accommodation
expenses in travelling to and from meetings of the Board, any Group Company, or any committee of any such Company, and any meeting of the Supervisory Board, and provided such expenses are supported by valid receipts; and 

 

	 	(ii)	pay the cost of any insurance policies taken out by the Company in respect of the Directors. 

 

	 	(b)	No Director is entitled to be paid any fees in connection with his or her appointment or role as a Director. 

 

	3.12	D&O Policy 

 The
Company must: 
  

	 	(a)	maintain a D&O Policy in respect of each Director and each director of a Company Subsidiary that provides a level of coverage consistent with that maintained by
similarly sized companies that engage in activities similar to those undertaken by the Company and the Company Subsidiaries; and 

  
 20 

	 	(b)	pay the premiums in respect of that D&O Policy in relation to the Director s term in office and for six years after the expiry of the Director s term (to the
maximum extent permitted by Law). 

  

	3.13	Indemnity deed 

 Each
Group member must enter into a deed of access and indemnity with each director of such a company (on terms acceptable to the Board) under which it indemnifies the directors to the maximum extent permitted by law and gives each director a right
(subject to certain limitations) to have access to and make copies of board papers and minutes in respect of the period during which the relevant director is or was a director of such a company. 

 

	4	Board meetings 

  

	4.1	Board meetings 

 This
clause 4 applies to each meeting of Directors. 
  

	4.2	Minimum notice of meetings of Directors 

  

	 	(a)	Unless agreed to the contrary by all the Directors, each Director must receive: 

 

	 	(i)	in the case of an emergency, not less 48 hours notice; and 

  

	 	(ii)	in all other cases, not less than five days’ notice, of a meeting of the Directors. 

 

	 	(b)	Any notice of a meeting of Directors must specify the resolutions to be voted on and the location, date and time of the meeting. 

 

	 	(c)	Minority Directors (if there are any) shall be permitted to include additional items for discussion at the Board meeting. 

 

	 	(d)	Notice of any meeting that is determined by the Company to be an emergency meeting shall specify that determination, which must be reasonable, the nature of the
emergency in reasonable detail and information for participating telephonically or by video-conferencing. 

  

	4.3	Provision of information for Board meeting 

 After the notice referred to in clauses 4.2(a) and 4.2(b) , the Company must: 
  

	 	(a)	in the case of an emergency, not less than 24 hours prior to the meeting; and 

 

	 	(b)	in all other cases, not less than 2 days prior to the meeting, 

 deliver to each of the Directors the materials to be discussed at the Board meeting the subject of the notice in clause 4.2(a) (including board packs, agendas and other information to be presented
to the Board). 

  
 21 

	4.4	Delay in meetings of Directors 

  

	 	(a)	A Director may, on receipt of a notice of a meeting of the Directors under clause 4.2(a), by notice to the Company and each other Director, require the meeting
to be delayed: 

  

	 	(i)	in the case of an emergency meeting, for up to 24 hours; and 

  

	 	(ii)	in the case of all other meetings, for up to 48 hours. 

  

	 	(b)	Any notice under clause 4.4(a) must specify the date and time the delayed meeting is to be held (but not the place, which will be the same place as the meeting
notified under clause 4.2(a)). 

  

	 	(c)	Any particular meeting may not be delayed by the Minority Directors as a group and the MCE Directors as a group under clause 4.4(a) more than once each and, in
any event, for more than 24 hours in the case of an emergency meeting, and 48 hours in all other cases. 

  

	4.5	Quorum for meetings of Directors 

  

	 	(a)	A quorum for a meeting of Directors is one MCE Director, provided that clauses 4.2(a), 4.2(b) and 4.4 have been complied with.

  

	 	(b)	An alternate director who is present at a meeting of the Directors in place of his or her appointor will count for the purposes of determining whether a quorum is
constituted. 

  

	4.6	Voting entitlements 

  

	 	(a)	Subject to clause 4.7, each Director is entitled to one vote. 

  

	 	(b)	The Chairperson does not have a casting vote in addition to the vote the Chairperson has as a Director. 

 

	4.7	Block voting 

 If at a
meeting of the Directors: 
  

	 	(a)	there are Directors (or their alternates) present who comprise less than the total number of Directors then appointed by the relevant Shareholder Group (as applicable)
and who are otherwise entitled to attend and vote on a resolution at such meeting; or 

  

	 	(b)	a Shareholder Group has not exercised its rights to appoint all of the Directors entitled to be appointed by it under clause 3.2(a) , 3.2(b) or 3.3(a)
(as the case may be), 

 then in each case the Directors appointed by the relevant Shareholder Group present at
the meeting will be entitled to cast (in aggregate) the number of votes all the Directors appointed by the Shareholder Group (whether appointed or not) would have been entitled to cast had all the Directors entitled to be appointed by that
Shareholder Group been appointed and present at the meeting. 

  
 22 

	4.8	Decisions of Directors 

  

	 	(a)	Subject to clause 4.8(b), a properly noticed meeting of Directors at which a quorum is present is competent to exercise powers and discretions vested in or
exercisable by the Directors under this document or the Memorandum and Articles of Association. 

  

	 	(b)	Except as set out in clauses 6.2(a)(i)(B), 8.3(b), 13.1(a) and 18.6, any question, matter or issue arising at a meeting of Directors and all
resolutions must be decided by a simple majority of votes cast. 

  

	4.9	Frequency of meeting of Directors 

  

	 	(a)	A meeting of the Directors will be held at least once every three months. 

  

	 	(b)	Subject to clause 4.9(c), any Director may call a meeting of Directors. 

 

	 	(c)	The Minority Directors may not call more than six meetings of Directors (in aggregate) in any calendar year. 

 

	4.10	Interested Directors 

  

	 	(a)	Subject to clause 4.10(b), a Director who has a material personal interest in a matter being considered by the Board must not consider the matter in question,
vote on the matter or sign any written resolution of the Directors concerning the matter, unless: 

  

	 	(i)	that Director has disclosed in sufficient detail the general nature and extent of that interest to the Board at a meeting of the Directors prior to that matter being
considered or voted on or written resolution signed; and 

  

	 	(ii)	the Board has resolved to permit the Director to consider the matter in question, vote on the matter or sign any written resolution of the Directors concerning the
matter (and for the purposes of any such resolution, the interested Director will not have a vote (including as an alternate director or on behalf of any other Director) nor may any vote be cast under clause 4.7 in respect of such Director).

  

	 	(b)	A Director will not be deemed to have a material personal interest under clause 4.10(a) solely because that Director: 

 

	 	(i)	is a director, officer, employee or agent of any Shareholder, of any holder of Upstream Securities (and for this purpose
sub-paragraphs (a) and (b) of that definition will be disregarded) in that Shareholder, or of any Affiliate of any such person; or 

 

	 	(ii)	is, or any of his or her Affiliates is, a holder of Securities or Upstream Securities (and for this purpose sub-paragraphs
(a) and (b) of that definition will be disregarded) in a Shareholder. 

  
 23 

	4.11	Conduct of meetings of Directors 

 Directors shall be entitled to participate in meetings by telephone, video-conferencing or similar equipment, such participation will be as effective as if the Directors had met in person, and the Company
must use reasonable efforts to accommodate time zone differences when scheduling such meetings. 
  

	5	Shareholder meetings 

  

	5.1	Shareholder meetings 

This clause 5 applies to each meeting of the Shareholders and the shareholders of each Company Subsidiary (with defined terms being
adjusted to apply to such Company Subsidiary, as appropriate). 
  

	5.2	Notice of meetings 

  

	 	(a)	Subject to any express provision of this document or the Memorandum and Articles of Association to the contrary, unless an MCE Shareholder (for so long as there is an
MCE Shareholder) and the Majority of the Minority Shareholders consent in writing to shorter notice, at least seven days’ notice in writing must be given to all Shareholders entitled to receive notice of any meeting of Shareholders.

  

	 	(b)	Any notice of a meeting of Shareholders must specify the matters to be voted on and include all other materials to be discussed (including agendas and any other
information to be presented to the Shareholders) at that meeting, the location, date and time of the meeting and information for participating telephonically. 

 

	5.3	Quorum 

 The quorum for a
meeting of Shareholders is one Shareholder (which must be a representative of an MCE Shareholder for so long as the MCE Shareholder holds at least 40.1% of the Securities on issue), and provided clause 5.2 has been complied with, otherwise a
quorum is holders of a majority of the Securities on issue. 
  

	5.4	Decisions of Shareholders 

Subject to any special majority required as a matter of Law and any other express provision of this document (including clause
7.2(a)) or the Memorandum and Articles of Association to the contrary, questions arising at a general meeting are to be decided by affirmative vote of the holders of a simple majority of votes cast by Shareholders on a poll entitled to vote on
the resolution and present in person or by proxy or attorney and voting and any such decision is for all purposes a decision of all of the Shareholders. 
  

	5.5	Chairperson 

  

	 	(a)	The Chairperson must be the chairperson of the meeting of Shareholders or, if the Chairperson is not present in person or by telephone, video-conferencing or other
similar equipment, any Director notified by the Chairperson to the Company prior to commencement of the meeting must be the chairperson of the meeting. 

  
 24 

	 	(b)	If at any meeting of the Shareholders neither the Chairperson nor his or her nominee is present, the Directors present must elect one of their number as chairperson of
that meeting and if no Director is present then holders of a majority of the Securities on issue present in person or by telephone, video-conferencing or other similar equipment at that meeting must elect one of their number as chairperson of that
meeting. 

  

	5.6	Conduct of meetings of Shareholders 

 Shareholders shall be entitled to participate in meetings by telephone or video conference or similar equipment, and such participation will be as effective as if the Shareholders had met in person.

  

	6	Resolutions without a meeting 

  

	6.1	Resolutions 

 Subject to
clause 6.2, if Shareholders holding the requisite number of Securities or if the requisite number of Directors (as the case may be) sign a document which: 
  

	 	(a)	was sent to all Shareholders or to all Directors (as the case may be); and 

 

	 	(b)	contains a statement to the effect that they are in favour of a particular resolution set out in the document, 

then for the purpose of this document a resolution in those terms is to be taken as having been passed at a Shareholder meeting or Board
meeting (as the case may be), which meeting is taken to have been held on the day and at the time at which the document was last signed. 
  

	6.2	Execution 

  

	 	(a)	For the purposes of clause 6.1: 

  

	 	(i)	a document is signed by the requisite number of: 

  

	 	(A)	Shareholders, if it is signed by the Shareholders entitled to vote on the resolution at a Shareholder meeting (including the quorum requirements in clause 5.3)
holding a majority of Securities then on issue and held by all of the Shareholders entitled to vote on that resolution, or as otherwise required by applicable Law, this document or the Memorandum and Articles of Association; and

  

	 	(B)	Directors, if it is signed by all Directors entitled to vote on the resolution; and 

  
 25 

	 	(ii)	two or more separate documents in identical terms, each of which is signed by one or more Shareholders or Directors (as the case may be), are to be taken to constitute
one document. 

  

	 	(b)	The MCE Directors, on the one hand, and Minority Directors, on the other hand, may, by prior written notice to the Company and each of the other Directors, to the
extent permitted by Law, authorise any one or more of their number to sign a resolution under clause 6.2(a) and such resolution, if signed by that person will be as if it was signed by all of the MCE Directors or Minority Directors (as
applicable) who gave such an authority. 

  

	7	Corporate Governance 

  

	7.1	General management 

  

	 	(a)	Without limiting clause 7.2, the Board is responsible for the overall management of the Group. 

 

	 	(b)	The Board may, without limiting clause 7.2, delegate to management of members of the Group or any committee of the Board some or all matters relating to the day
to day affairs of the Group. 

  

	7.2	Shareholder approval matters 

  

	 	(a)	The Company must not undertake, and must procure that the other members of the Group do not undertake: 

 

	 	(i)	any Tier 1 Reserved Matter without the prior written consent of each Minority Shareholder holding more than 20% of the Securities on issue; 

 

	 	(ii)	any Tier 2 Reserved Matter without the prior written consent of each Minority Shareholder holding 20% or more of the Securities on issue; 

 

	 	(iii)	the Tier 3 Reserved Matter without the prior written consent of each Minority Shareholder holding 20% or more of the Securities on issue, if the suitability or
entitlement of such Minority Shareholder, or any holder of Upstream Securities in any such Minority Shareholder, or any of their respective Affiliates, to hold Gaming Authorisations could reasonably be expected to be adversely affected by the taking
of any action which is the subject of the Tier 3 Reserved Matter; or 

  

	 	(iv)	the Tier 4 Reserved Matter without the prior written consent of each Minority Shareholder holding more than 2% of the Securities on issue. 

 

	 	(b)	Each Shareholder must exercise all of its rights as a Shareholder to procure that the Company does not undertake any Tier 1 Reserved Matter, Tier 2 Reserved Matter or
Tier 3 Reserved Matter unless approved under clause 7.2(a). 

  
 26 

	 	(c)	The Shareholders must, if required by the Company, do all things reasonably required by the Company (including vote in favour of any Shareholder resolution) to give
effect to the relevant matter if the relevant matter has been approved under clause 7.2(a). 

  

	 	(d)	A notice (i) signed by a Minority Shareholder (or its duly authorised agent or representative) having approval rights in respect of a particular matter referred to
in clause 7.2(a) and (ii) specifically referencing such matter shall be deemed to constitute such Minority Shareholder s written consent when such notice is delivered to the Company. 

 

	 	(e)	Clauses 5 and 6 shall not apply to this clause 7.2. 

  

	 	(f)	Clause 7.2(a) does not apply to issuances of Securities or the making of loans to the Company under clauses 17 through 21, except to the extent
expressly set out in such clauses. 

  

	 	7.3	Disagreement 

  

	 	(a)	If any Shareholder having approval rights under clause 7.2(a) is, or becomes, aware that a Group Company proposes to undertake any matter:

  

	 	(i)	which, in the reasonable opinion of that Shareholder, relates to any of the matters specified in item 2 of the Tier 1 Reserved Matters, or item 8 of the Tier 2 Reserved
Matters; and 

  

	 	(ii)	in respect of which consent has not been, or is not proposed to be, sought under clause 7.2(a) in respect of that matter, 

that Shareholder may, by notice to the Company with a copy to each other Shareholder (Disagreement Notice), refer the matter as to
whether consent must be sought under clause 7.2(a) (Disagreement) to the representative of such Shareholder and MCE under clauses 7.3(b) and 7.3(c) (as applicable). 

 

	 	(b)	A Disagreement Notice must: 

  

	 	(i)	specify in reasonable detail, the reasons why, in the reasonable opinion of the relevant Shareholder, consent is required under clause 7.2(a); and

  

	 	(ii)	except in the case of MCE, designate a representative of such Shareholder for the purposes of this clause 7.3. 

 

	 	(c)	The representative of MCE for the purposes of this clause 7.3 is the person MCE notifies to the Company pursuant to the Implementation Agreement or such other
person as MCE may notify to the Company and each Shareholder from time to time. 

  

	 	(d)	The representatives of the applicable Shareholder(s) and MCE must meet and attempt in good faith to resolve the Disagreement within three Business Days of receiving a
Disagreement Notice. 

  

	 	(e)	If the representatives of the applicable Shareholder(s) and MCE do not resolve the Disagreement within three Business Days after the delivery of the Disagreement
Notice, either the applicable Shareholder(s) or MCE may refer the matter for resolution under clause 7.3(f) by serving on the other party a request for expert determination (Expert Request). 

  
 27 

	 	(f)	Any Disagreement referred by the applicable Shareholder(s) or MCE to expert determination under clause 7.3(e) must be determined in accordance with the following
provisions: 

  

	 	(i)	an Expert appointed under this clause is to resolve the matters set out in the Disagreement Notice served under clause 7.3(a); 

 

	 	(ii)	the applicable parties shall agree on the appointment of an independent Expert and shall agree with the Expert the terms of his appointment within 7 days of the receipt
of the Expert Request by the receiving party; 

  

	 	(iii)	if the applicable parties are unable to agree on an Expert or the terms of his appointment within the period under clause 7.3(f)(ii), either party shall then be
entitled to request the Hong Kong International Arbitration Centre (HKIAC) to appoint an independent Expert who is a member of good standing at the Hong Kong Bar Association with at least 20 years of experience of civil practice and for the
HKIAC to agree with the Expert the terms of his appointment; 

  

	 	(iv)	the Expert is required to prepare a written decision and give notice (including a copy) of the decision to the applicable parties within a maximum of 30 days of the
written agreement by the Expert of the terms of his appointment; 

  

	 	(v)	if the Expert dies or becomes unwilling or incapable of acting, or does not deliver the decision within the time required by this clause, then (x) either
applicable party may apply to the HKIAC to discharge the Expert and to appoint a replacement independent Expert with the required background, and (y) this clause applies in relation to the new Expert as if he were the first Expert appointed;

  

	 	(vi)	all matters under this clause must be conducted, and the Expert’s decision shall be written, in English; 

 

	 	(vii)	the applicable parties are entitled to make brief written submissions to the Expert in such manner and within such time as the Expert may direct, and will provide the
Expert with such assistance and documents as the Expert reasonably requires for the purpose of reaching a decision; 

  

	 	(viii)	to the extent not provided for by this clause, the Expert may in his reasonable discretion determine such other procedures to assist with the conduct of the
determination as he considers just or appropriate; 

  

	 	(ix)	each party shall with reasonable promptness supply each other with all information and give each other access to all documentation as the other party reasonably
requires to make a submission under this clause; 

  
 28 

	 	(x)	the Expert shall act as an expert and not an arbitrator and the Expert shall determine the matters set out in the Disagreement Notice, which may include any issue
involving the interpretation of any provision of this document, his jurisdiction to determine the matters and issues referred to him or his terms of reference; 

 

	 	(xi)	if the Expert decides as a preliminary question that he has jurisdiction following a challenge by either party, any party may request, within seven days after having
received notice of that decision, that the jurisdictional issue be decided by way of arbitration in accordance with clauses 37.1(d) to 37.1(g), and the decision of the arbitral tribunal shall not be subject to appeal (except in the
case of fraud or manifest error); while such a request is pending, the Expert may continue the expert determination proceedings and make a determination on the substantive issues; 

 

	 	(xii)	the Expert’s written decision on the matters referred to him shall be final and binding on the parties in the absence of manifest error or fraud;

  

	 	(xiii)	each party shall bear its own costs in relation to the reference to the Expert, and the fees of the Expert and any costs properly incurred by him in arriving at his
determination shall be allocated among the parties by the Expert having regard to his or her decision in clause 7.3(f)(xii); and 

  

	 	(xiv)	all matters concerning the process and result of the determination by the Expert shall be kept confidential among the applicable parties and the Expert.

  

	 	(g)	After a Disagreement Notice is deemed given in accordance with clauses 7.3(b) and 39, no Group Company may undertake the applicable matter until the
Disagreement has been resolved in accordance with this clause 7.3. 

  

	7.4	Material Contracts 

 The
Company must, and must procure that each Group Company must, use commercially reasonable endeavours to ensure that each material Contract entered into by a Group Company contains a provision permitting the relevant Group Company to terminate the
Contract if the failure to terminate the Contract could reasonably be expected to adversely impact the suitability or entitlement of any Shareholder holding at least 5% of the Securities on issue, any holder of Upstream Securities having an
Effective Interest in Securities of at least 5%, or any of their respective Affiliates, to maintain any Gaming Authorisation. 

  
 29 

	7.5	Conduct of the business of the Group 

 The Company must procure and each Shareholder must, to the maximum extent of its rights hereunder, exercise all its rights as a Shareholder to procure, that each other member of the Group complies with
this document and the other Transaction Documents (to the extent applicable). 
  

	8	Company Subsidiaries and Committees 

  

	8.1	Incorporation of Company Subsidiaries 

  

	 	(a)	In addition to the rights and powers of the Company at Law, the parties acknowledge and agree that the Company may, or may instruct a Company Subsidiary to, from time
to time, but subject to clause 8.1(b) and without limitation of clause 36, incorporate one or more Company Subsidiaries. 

  

	 	(b)	It is a condition of the incorporation of any Company Subsidiary under clause 8.1(a) that the memorandum and articles of association (or similar constituent
documents) of the relevant Company Subsidiary include (and, as to any Company Subsidiary existing immediately after the date of this document, its constituent documents must be revised as soon as practicable to include) a requirement that any action
of the Company Subsidiary which, if undertaken by the Company, would require approval under clause 7.2(a) or approval of the Board, also require approval under that clause and, if applicable, by the Board to be valid (unless such requirement
cannot be implemented due to the Laws of the jurisdiction in which the Company Subsidiary is incorporated, in which case the Company will implement such alternative arrangements as would, as closely as possible, give effect to that requirement).

  

	8.2	Subsidiaries 

  

	 	(a)	The parties acknowledge and agree that the Board may, from time to time: 

  

	 	(i)	subject to clause 8.1 and without limitation of clause 36, incorporate one or more Company Subsidiaries; 

 

	 	(ii)	to the extent permitted by applicable Law and subject to approval under clause 7.2(a) (if applicable): 

 

	 	(A)	procure the Company Subsidiaries to do any act (including execute any documents), or omit to do any act as required by the Board; 

 

	 	(B)	delegate to any Company Subsidiary the authority to do any act (including execute any documents), or omit to do any act, as may be done by the Company; and

  

	 	(C)	authorise any person to do any thing (including execute any document) on behalf of any Company Subsidiary; and 

  
 30 

	 	(iii)	subject to clauses 8.1(b) and 8.2(d), appoint such directors to the boards of each Company Subsidiary as it determines. 

 

	 	(b)	Without limiting clause 7.2(a), the binding form of any document executed by a Company Subsidiary will require the signature of one director appointed by the MCE
Shareholders or any other person authorised by the Board from time to time for so long as the MCE Shareholders are entitled to appoint three Directors. 

  

	 	(c)	The parties agree that the Board may require that the Company Subsidiaries (including any Company Subsidiaries incorporated by the Board under clause 8.2(a))
have only the minimum number of directors required by the Law of the jurisdiction in which the Company Subsidiary is incorporated. 

  

	 	(d)	The parties acknowledge that PropCo will for so long as it is required by Law to have a minimum of three directors have a board of three directors, two of which will be
appointed by the MCE Shareholders and one of which will be appointed by the Minority Shareholders (in each case, for so long as the MCE Shareholders and Minority Shareholders are entitled to appoint three Directors and at least one Director
(respectively)). 

  

	8.3	Committees 

  

	 	(a)	Subject to clause 8.3(b), the Board may, from to time, establish any one or more committees of the Board. 

 

	 	(b)	The Board must not establish any committee under clause 8.3(a) or amend such committee’s charter without the prior approval of a Minority Director (for so
long as the Minority Shareholders are entitled to appoint a Director). 

  

	 	(c)	The Board may determine the membership of, powers of, and the practices and procedures of any committee established by it under this clause. 

 

	8.4	Obligation 

 The parties
agree to do all things reasonably required to give effect to this clause 8 (including exercising all their rights as Shareholders, if applicable). 
  

	9	Land Grant 

  

	9.1	Acknowledgement 

 The
parties acknowledge and agree that the Company intends, as soon as practicable, to cause PropCo to seek: 
  

	 	(a)	an amendment to the Land Grant consistent in all material respects with the development of the MSC Property as set out in the Project Plan; 

  
 31 

	 	(b)	the approval of the Macau government to the amendment of the Land Grant; and 

 

	 	(c)	publication of the Land Grant amendment in the Macau Official Gazette. 

  

	9.2	Board powers 

 Despite
anything to the contrary in this document and without limiting the powers of the Board, the parties agree that the Board has the sole and exclusive authority to: 
  

	 	(a)	seek the modification of the Land Grant as contemplated by clause 9.1(a); and 

 

	 	(b)	procure that PropCo does all things (including the payment of fees and premiums to the Macau government, take all other actions, and execute all documents) required in
connection with the modification of the Land Grant as contemplated by clause 9.1(a) (including grant all authorisation letters and powers of attorney by or on behalf of PropCo). 

 

	9.3	Co-operation 

 The Minority Shareholders agree to reasonably co-operate with and not interfere with, and despite anything to the contrary in this document (but without limiting
their rights under clause 7.2(a) (if applicable)) do all things reasonably required by the Board including take all reasonable actions and execute all documents) in connection with, or related to, the modification of the Land Grant as
contemplated by clause 9.1(a). 
  

	10	Senior Management 

  

	10.1	President and Project Director 

  

	 	(a)	The Board may, after consultation with the Appointing Shareholder, appoint and, except where clause 10.1(b) applies, remove the President and Project Director
from time to time. 

  

	 	(b)	The Board will not be required to consult with the Appointing Shareholder under clause 10.1(a) prior to removing the President or Project Director for:

  

	 	(i)	Cause; or 

  

	 	(ii)	a Performance Failure. 

  

	 	(c)	The Board must give the Appointing Shareholder a reasonable opportunity to meet any person proposed to be appointed as the President or Project Director prior to that
person being appointed (it being agreed that notice and an opportunity to meet a candidate at least 25 Business Days prior to such candidate's appointment will be deemed reasonable for such purpose). 

  
 32 

	 	(d)	The form and amount of compensation of the President and Project Director will be solely determined by the Board but in each case not less than a majority of each
person’s total compensation, and substantially all of that person’s cash compensation, must be determined having sole regard to: 

  

	 	(i)	in the case of the President, the performance of the Company; and 

  

	 	(ii)	in the case of the Project Director, the timely development of the MSC Property having regard to the Development Plan and Project Budget. 

 

	 	(e)	For the avoidance of doubt, subject only to the consultation rights in clause 10.1(a), the appointment and removal of the President and the Project Director will
be within the sole control of, and the responsibilities and reporting line of the President and Project Director will be solely determined by, the Board from time to time. 

 

	10.2	Finance Director 

  

	 	(a)	The Appointing Shareholder, if any, may from time to time, nominate a person to be the Finance Director by giving notice to the Company and the MCE Shareholders:

  

	 	(i)	specifying the name of the proposed Finance Director; 

  

	 	(ii)	attaching the resume of, and all reports prepared by or on behalf of the Company in relation to, the proposed Finance Director; and 

 

	 	(iii)	specifying the proposed date of appointment (which must be no earlier than the date 25 Business Days from the date of receipt of the notice (Appointment Date)).

  

	 	(b)	The MCE Shareholders may veto the appointment of a proposed Finance Director by giving notice to the Appointing Shareholder (with a copy to the Company) no later than
25 Business Days after receipt of the notice in clause 10.2(a). 

  

	 	(c)	The Appointing Shareholder must, if requested by the MCE Shareholders, give the MCE Shareholders reasonable opportunity to meet the proposed appointee, assess the
proposed appointee’s work references and conduct any executive assessment and any other due diligence process as may be required during the period 25 Business Days after receipt of the notice in clause 10.2(a). 

 

	 	(d)	If the appointment of the proposed Finance Director is not vetoed by the MCE Shareholders under clause 10.2(b), that person will be deemed to be appointed on the
Appointment Date unless the proposed appointment is withdrawn prior to that date by notice by the Appointing Shareholder to the Company and the MCE Shareholders. 

 

	 	(e)	The Finance Director may be removed at any time by: 

  

	 	(i)	the Appointing Shareholder, after consultation with the MCE Shareholders; 

  
 33 

	 	(ii)	the Board for Cause; or 

  

	 	(iii)	under clause 10.3(c). 

  

	 	(f)	Subject to clause 10.2(g), the terms of employment of the Finance Director will be determined by the Board provided that his or her responsibilities will include
oversight over the Company’s expenses, receipts and disbursements, maintenance of books and records related thereto, financial reporting, operating and capital budgeting, oversight of the Company’s financial systems and controls,
supervisory authority over all other finance and accounting employees, and such other responsibilities not inconsistent therewith as determined by the Board from time to time. 

 

	 	(g)	The form and amount of compensation of the Finance Director will be solely determined by the Appointing Shareholder (subject to the Company’s annual budget as
approved by the Board) after consultation with the MCE Shareholders and having regard to the terms then applicable to employees having similar positions in comparable companies. 

 

	 	(h)	The Finance Director will report to the President, or as otherwise determined by the Board from time to time. 

 

	10.3	Performance reviews 

  

	 	(a)	The employment contract of the Finance Director must provide for regular performance reviews (such reviews to occur at the end of his or her probation period and, after
that, at least once every calendar year). 

  

	 	(b)	The performance reviews under clause 10.3(a) will be conducted by the President having regard to the terms of the Finance Director’s employment and after
consultation with the Appointing Shareholder. 

  

	 	(c)	Subject to the approval of the Conflicts Committee and the outcome of the performance reviews conducted under clause 10.3(b), in addition to its right to
terminate the Finance Director under clause 10.2(e)(ii), the Board may terminate the employment of the Finance Director for Performance Failure. 

  

	10.4	Steering Committee and Supervisory Board 

  

	 	(a)	The parties agree that it is the intent of the Board to establish a steering committee (Steering Committee) as soon as practicable. 

 

	 	(b)	The Steering Committee will: 

  

	 	(i)	consist of such persons as may be appointed by the Board from time to time (which will include the Project Director and the Finance Director); and

  

	 	(ii)	serve as a working committee of the Company’s project development team to facilitate the development and construction and completion of the MSC Property.

  
 34 

	 	(c)	The Steering Committee will be supervised and directed by a supervisory body (Supervisory Board). 

 

	 	(d)	The Supervisory Board will be appointed by the Board and will consist of: 

  

	 	(i)	a representative of the Minority Shareholders (for so long as the Minority Shareholders are entitled to appoint a Director) with such representative to be appointed and
removed from time to time by the Majority of the Minority Shareholders; and 

  

	 	(ii)	such other persons as determined by the Board. 

  

	 	(e)	The Steering Committee and Supervisory Board will: 

  

	 	(i)	meet periodically as and when determined by the Board; and 

  

	 	(ii)	be subject to the direction of the Board. 

  

	 	(f)	For the avoidance of doubt, the Steering Committee and Supervisory Board will not be committees of the Board. 

 

	11	Related Party Transactions and Conflicts 

  

	11.1	Related Party Transactions and Conflicts 

 The parties agree that subject to the approval by all of the Directors, the Company proposes to: 
  

	 	(a)	adopt a Conflicts Committee Charter; and 

  

	 	(b)	establish a Conflicts Committee. 

  

	11.2	Variation 

  

	 	(a)	The parties agree that the Conflicts Committee may, subject to clause 11.2(b), amend the Policy on Related Party Transactions from time to time.

  

	 	(b)	The Conflicts Committee must not amend any of the criteria for the approval of related party transactions under the Policy on Related Party Transactions or any of the
material provisions of that policy without the prior written consent of holders of a majority of Securities on issue held by Minority Shareholders holding at least 10% of the Securities on issue. 

 

	11.3	Implementation of Policy on Related Party Transactions 

  

	 	(a)	The Company must implement the Policy on Related Party Transactions and must use reasonable efforts (including putting in place appropriate internal procedures) with
the objective of procuring that employees of each Group Company comply with that policy. 

  

	 	(b)	Without limiting clause 11.3(a), the Company must comply, and the Company shall procure that each Group member shall comply, with Sections IV. (4) and V.
(C) of the Policy on Related Party Transactions as if it were set forth herein and constituted a part hereof. 

  
 35 

	11.4	Post IPO 

 Following an
IPO, Related Party Transactions must be approved by an audit committee of independent Directors, unless the rules of the relevant exchange require an alternative approval process by independent Directors (in which case that process will apply).

  

	12	Shared Vendor Contracts 

  

	12.1	Shared Vendor Contracts 

The parties acknowledge that MCE and its Affiliates may from time to time enter into Contracts with a supplier, vendor or other party or
its Affiliates or Connected Persons (Shared Vendors) for the provision of various goods and services to more than one MCE Casino (Shared Vendor Contracts). 

 

	12.2	Obligation 

 Subject to
clause 12.3, MCE must, for so long as any Minority Shareholder holds 10% or more of the Securities on issue, use commercially reasonable endeavours: 
  

	 	(a)	to obtain on behalf of the Group, to the extent possible, economic and other terms at least as favourable (when taken as a whole and after taking into account, among
other things, the passing of time, inflation and the then prevailing economic conditions) to the Group as the economic and other terms it obtains from the applicable Shared Vendor for any of the other MCE Casinos in respect of similar goods and
services; and 

  

	 	(b)	to utilise the services of, and obtain goods from, the Shared Vendors and to obtain volume and pricing discounts on such services and goods from such Shared Vendors for
the benefit of the Group. 

  

	12.3	Application 

  

	 	(a)	The parties agree that clause 12.2 will not apply in respect of any the following Shared Vendors: 

 

	 	(i)	any utility operators (water, electricity, gas and telephone and whether public or private) in Hong Kong or Macau; 

 

	 	(ii)	a financier or lender to MCE or any of its Affiliates; 

  

	 	(iii)	a Governmental Agency; 

  

	 	(iv)	a Gaming Promoter; or 

  

	 	(v)	a Third Party Casino. 

  

	 	(b)	The parties agree that clause 12.2(b) does not apply to any Shared Vendor Contract which is the subject of any dispute, claim, or other proceedings or the
performance of which, or the goods provided under which, do not in the reasonable opinion of MCE or any of its Affiliates, meet appropriate standards of performance. 

  
 36 

	12.4	Gaming Promoters 

 MCE
will use commercially reasonable efforts to ensure that there is no bias or discrimination by or at the direction of MCE or any of its Affiliates against the Group with respect to: 

 

	 	(a)	the use or selection of Gaming Promoters; 

  

	 	(b)	the allocation of customers by Gaming Promoters (to the extent it is within the control of MCE); or 

 

	 	(c)	the commissions, commission rate policies or extensions of credit in respect of Gaming Promoters for the Group as compared to commissions, commission rate policies or
extensions of credit in respect of Gaming Promoters for any of the other MCE Casinos (excluding Third Party Casinos). 

  

	12.5	Audit rights 

  

	 	(a)	If clause 12.2 applies, the Majority of the Minority Shareholders may on an annual basis jointly request the Company to instruct the Company’s auditors to
audit the compliance by MCE with its obligations under clause 12.2 and to share the results thereof with the Directors appointed by the Minority Shareholders. 

 

	 	(b)	The parties agree that any audit conducted under clause 12.5(a) will be limited to a review of a random sample of Shared Vendor Contracts of an appropriate size
to be determined by the auditor to verify compliance by MCE with clause 12.2(a). 

  

	 	(c)	Any work conducted by the Company’s auditors in respect of clause 12.5(a) will be at the expense of the Company. 

 

	 	(d)	MCE must instruct the auditors of the other MCE Casinos (other than Third Party Casinos) to reasonably cooperate with the Company’s auditors in connection with any
work conducted by the Company’s auditors under clause 12.5(a) (but subject to clause 12.5(b)). 

  

	13	Development and Pre-Opening 

  

	13.1	Development and Pre-Opening Services Agreement 

 

	 	(a)	The parties acknowledge and agree that the Company intends to enter into the Development and Pre-Opening Services Agreement and
that entry into that document will require the approval of all of the Directors. 

  

	 	(b)	The parties acknowledge and agree that prior to the Opening the Company intends to enter into a services agreement with MCE and certain of its Affiliates in relation to
the provisions of services to the Company during the operational phase of the MSC Property and that the Policy on Related Party Transactions will apply to the entry into that agreement and any services to be provided thereunder.

  
 37 

	13.2	Entertainment Agreement 

  

	 	(a)	The parties acknowledge and agree that one or more of MCE and its Affiliates propose to enter into an agreement with the Entertainment Service Provider under which that
person will provide certain entertainment and related services to or at the direction of one or more of MCE and its Affiliates (Entertainment Agreement). The final version of the Entertainment Agreement has been provided to the Minority
Shareholders prior to execution of this document. 

  

	 	(b)	Subject to the entry into the Entertainment Agreement by each of the parties to that agreement, the Company may, from time to time by written notice to MCE, request
that the services to be provided under that agreement are provided to a Group Company. 

  

	 	(c)	Any notice under clause 13.2(b) must specify, in reasonable detail, the services to be provided and the time for providing such services.

  

	 	(d)	Subject to the receipt by MCE of a notice under clause 13.2(b) and subject to clause 13.2(f), MCE must use commercially reasonable endeavours to procure
that (so far as it is able to do so and is permitted under the Entertainment Agreement to do so) the services specified in the notice are provided by the Entertainment Service Provider to the relevant Group Company when required.

  

	 	(e)	The Company must, on the relevant Group Company being provided with the services requested by the Company under clause 13.2(c), promptly pay to MCE (and in any
event prior to any amounts owed by MCE for any such services to the Entertainment Service Provider becoming delinquent) the amount payable by MCE or its Affiliates in respect of such services. 

 

	 	(f)	The total amount payable by the Company for services provided by the Entertainment Service Provider under this clause 13.2 may not exceed US$5 million and the
parties agree that MCE will be under no obligation to procure any services are provided if the total amount payable in respect of all services provided to the Group is, at that time, greater than, or will following the provision of such services, be
greater than, that amount. 

  

	 	(g)	So long as clause 13.2(d) is satisfied, the Company agrees (on behalf of itself and each Company Subsidiary to whom services are provided under the Entertainment
Agreement) that MCE and its Affiliates have no liability to any Group Company in respect of any services provided by any person to any Group Company under or in connection with the Entertainment Agreement. 

 

	 	(h)	MCE agrees that it will promptly provide to the Company a copy of the Entertainment Agreement and any amendments to that agreement (from time to time).

  
 38 

	 	(i)	For the avoidance of doubt, the Policy on Related Party Transactions will not apply to any services provided under this clause 13.2. 

 

	14	Casino operation 

  

	14.1	Casino operation 

  

	 	(a)	The MCE Subconcessionaire is the holder of the MCE Subconcession under which the MCE Subconcessionaire is authorised by the Macau government to conduct the operation of
casino games of chance and other casino games in Macau. 

  

	 	(b)	The parties acknowledge that the MCE Subconcessionaire shall operate the MSC Casino within the MCE Subconcession on terms substantially similar to the Casino Management
Agreement (as amended under clause 14.2 and any other contractual arrangements referenced in annexure G of the Implementation Agreement). 

  

	 	(c)	The MCE Subconcessionaire must apply for an extension of the MCE Subconcession prior to any expiration from time to time and, in any event, continue to operate the MSC
Casino for as long as the MCE Subconcession is in effect. 

  

	14.2	Casino Management Agreement 

  

	 	(a)	The parties agree that the Company and MCE shall use commercially reasonable efforts to procure, so far as they are able to, that the Casino Management Agreement is
amended as set forth in the Implementation Agreement and that the other matters set forth in annexure G of the Implementation Agreement are implemented. 

  

	 	(b)	None of the Company, any Company Subsidiary or the MCE Subconcessionaire may cause (by action or inaction) a breach of the Casino Management Agreement (as amended under
this clause 14.2 and any other contractual arrangements referenced in annexure G of the Implementation Agreement). 

  

	 	(c)	The parties acknowledge that any amendment to the Casino Management Agreement will be subject to the approval of the Macau government. 

 

	14.3	Gaming tables 

  

	 	(a)	The parties agree that: 

  

	 	(i)	after consultation, the MCE Shareholders and the Majority of the Minority Shareholders will agree (and any such agreement will be binding notwithstanding any change in
the composition of the Minority Shareholders, absent subsequent agreement by the MCE Shareholders and the Majority of the Minority Shareholders) on the initial number of gaming tables to be applied for in relation to the MSC Casino; and

  
 39 

	 	(ii)	the initial number of gaming tables included in the MSC Casino on Opening will be determined by the Macau government, and may be less than the number applied for in
accordance with clause 14.3(a)(i). 

  

	 	(b)	Any additional gaming tables authorised by the Macau government to be utilised by the MCE Subconcessionaire after initial allocation of gaming tables by the Macau
government to the MSC Casino will (to the extent permitted by the Macau government) be allocated by the MCE Subconcessionaire to the MSC Casino and the other MCE Casinos: 

 

	 	(i)	in proportion to the number of tables the MSC Casino and the other MCE Casinos have (or have allocated to them) at that time; and 

 

	 	(ii)	if the number of additional gaming tables authorised by the Macau government to be utilised by the MCE Subconcession is disproportionately more than the number of
gaming tables authorised to other concession and subconcession holders in Macau (based on the number of gaming tables held by each of them and including circumstances in which the percentage of additional gaming tables allocated to the MCE
Subconcessionaire exceeds the percentage of gaming tables allocated to other gaming concession or subconcession holders in Macau under the table cap regime implemented by the Macau government from time to time), the amount of the excess will (to the
extent permitted by the Macau government) be allocated by the MCE Subconcessionaire between the MSC Casino and the other MCE Casinos based on: 

  

	 	(A)	the relative gaming expansion plans approved by the Macau government; or 

  

	 	(B)	if no such plans exist, pro rated based on the respective number of tables at (or allocated to) the MSC Casino and the other MCE Casinos. 

 

	 	(c)	In the event that, after initial allocation of gaming tables by the Macau government to the MSC Casino, the number of gaming tables authorised by the Macau government
to be utilized by the MCE Subconcession is reduced, MCE and the Majority of the Minority Shareholders must discuss in good faith whether there is to be any reduction in the number of gaming tables at the MSC Casino having regard to (among other
things) a fair and appropriate allocation of gaming tables to all MCE Casinos and after taking into account any Macau government requirement and the capital expenditures of each of the MCE Casinos and, in any event, the number of gaming tables at
the MSC Casino must not be disproportionately reduced relative to the reduction of gaming tables at other MCE Casinos (unless the MCE Shareholders and a Majority of the Minority Shareholders agree otherwise). 

  
 40 

	14.4	MCE Casinos 

 Despite any
other clause of this document, but without limitation of clause 14.3(b) , the parties agree that if the Macau government approves less gaming tables than applied for in clause 14.3(a)(i), MCE and its Affiliates are under no obligation
to allocate additional gaming tables to the MSC Casino to make up for any gaming tables applied for under clause 14.3(a)(i) but not allocated by the Macau government. 

 

	15	Project Plan and other administrative matters 

  

	15.1	Project Plan 

 The Project
Plan is incorporated by reference herein and constitutes a part hereof. 
  

	15.2	Amendments 

  

	 	(a)	The Company may make any amendment to the Project Plan other than the matters in respect of which approval is required under clause 7.2(a).

  

	 	(b)	Except as contemplated in clause 15.2(a), nothing in this clause 15.2 limits any of the rights of the Minority Shareholders under clause 7.2 to
approve any changes to the Project Plan. 

  

	15.3	Milestones 

 The parties
shall act in good faith in connection with the design, development and construction of the MSC Property and shall procure, to the extent they are able to do so, the Company to use commercially reasonable endeavours to meet project milestones and to
commence significant commercial operations in respect of the MSC Property in accordance with the Development Plan as may be amended from time to time in accordance with the approval rights described in clause 7.2. 

 

	15.4	Other administrative matters 

 The parties agree to be bound by and comply with annexures G and H. 
  

	16	Restrictions on issue of Securities 

  

	16.1	Restriction on issue of Securities 

 The Company must not issue any Securities except: 
  

	 	(a)	under clauses 17, 18, 19, or 20; 

  

	 	(b)	under clause 21 but subject to the Company having first complied with the Policy on Related Party Transactions except where such issue occurs after Opening; or

  

	 	(c)	in connection with an IPO in accordance with clause 29. 

  
 41 

	16.2	Exclusions 

 The
restrictions in clause 16.1, do not apply to any issue of Securities: 
  

	 	(a)	under a Reorganisation Event approved by the Minority Shareholders (if required under clause 7.2(a) or applicable Law), provided that the Reorganisation Event
does not dilute any Shareholders’ interests in Securities or otherwise adversely affect any Shareholder's economic interest in the Company; or 

  

	 	(b)	to an employee pursuant to the Group’s employee incentive plan as approved by the Board from time to time, subject to clause 7.2(a) , or to the President,
Project Director or Finance Director under clauses 10.1(d) or 10.2(f) (as applicable). 

  

	16.3	Prohibitions 

 The Company
must not, and must procure that each Company Subsidiary does not, issue any Securities, or securities in any Company Subsidiary, to any Competitor or Unsuitable Person. 

 

	16.4	Upstream Securities 

 A
Shareholder must not, and must procure that each of the holders of Upstream Securities in that Shareholder do not: 
  

	 	(a)	issue any Upstream Securities to any Competitor or Unsuitable Person; or 

  

	 	(b)	enter into any arrangement with any person other than another Shareholder or, in the case of a holder of Upstream Securities, another holder of Upstream Securities in
the same entity or with the entity in which the Upstream Securities were issued, in respect of the voting of any Securities or Upstream Securities (as the case may be) or that otherwise has the effect of defeating the purposes or intent of
clause 24. 

  

	17	Capital Calls 

  

	17.1	Power to make a Capital Call 

  

	 	(a)	A Capital Call may only be made by the Board, or if clause 17.2(c) applies, a Calling Shareholder. 

 

	 	(b)	So long as any Capital Calls may still be made by the Board, the Company may not issue or sell Securities to any person other than pursuant to clauses 17 and
18 or in the case of an IPO under clause 29. 

  

	17.2	Making a Capital Call 

  

	 	(a)	In determining when to make, and the amount of, a Capital Call, the Board must subject to clause 17.2(b) act in a manner consistent with the funding requirements
of the Group for the pre-Opening development of the MSC Project as set out in the Financing and Funding Schedule. 

  
 42 

	 	(b)	The Board may, if it determines that, despite the Financing and Funding Schedule, capital is not required to be called at the time contemplated by the Financing and
Funding Schedule, defer calling that capital to a future date prior to the Opening by notice to the Shareholders. 

  

	 	(c)	If the Board does not make a Capital Call on or before the date three months after the last date for the making of that Capital Call as set out in the Financing and
Funding Schedule and: 

  

	 	(i)	the failure to make that Capital Call would reasonably be expected to result in a delay in the completion of the development, construction and Opening; and

  

	 	(ii)	making that Capital Call and the amount of the Capital Call is, in the circumstances, commercially reasonable and consistent with the Development Plan and the Project
Budget, 

 then any Minority Shareholder holding more than 20% of the Securities on issue may, after consultation
with MCE, give a Call Notice (Calling Shareholder) unless clause 17.2(d) applies. 
  

	 	(d)	A Calling Shareholder may not give a Call Notice if the failure of the Board to make a Capital Call is a result of Force Majeure which has a material adverse effect on
the Group and the timely development of the MSC Property. 

  

	 	(e)	The issue price for Securities must be Fair Market Value. 

  

	17.3	Call Notice 

  

	 	(a)	If the Board or Calling Shareholder wishes to make a Capital Call it must serve a notice on each of the Shareholders (Call Notice) specifying:

  

	 	(i)	a Capital Call is being made; 

  

	 	(ii)	the aggregate amount of the Capital Call in US$; 

  

	 	(iii)	the amount in US$ required to be contributed by each Shareholder and the number of Securities that amount corresponds to (determined under clause 17.2(e)); and

  

	 	(iv)	subject to clause 17.6, the date and time for payment of the Capital Call. 

 

	 	(b)	A Capital Call is made on the date the Call Notice is deemed given in accordance with clause 39. 

 

	 	(c)	A Capital Call must be made on all Shareholders and not some only and must be on the same terms for each Shareholder (other than as to the amount and number of
Securities). 

  
 43 

	17.4	Capital Call amount 

 The
proportion of any Capital Call required to be contributed by a Shareholder is equal to the proportion the Financial Interest of that Shareholder bears to the aggregate Financial Interests held by all Shareholders at the time of the relevant Capital
Call. 
  

	17.5	Cap on all Capital Calls 

The maximum amount payable on all Capital Calls under this clause 17 by all Shareholders in the aggregate is US$800 million (less any
amounts subscribed for or advanced to the Company under clause 18 and the amount of Financial Support provided under clause 20.2(a)), and in no event shall more than US$150 million be called prior to receipt by the Company of (and
subject to the continued effectiveness and availability of) definitive project financing or other debt commitments (together with funded debt) from third party lenders for at least US$1.4 billion in the aggregate. 

 

	17.6	Date for payment of a Capital Call 

  

	 	(a)	A Call Notice may not be given any earlier than the Quarter immediately preceding the Quarter to which the use of capital relates. 

 

	 	(b)	The date for payment of a Capital Call must be at least 25 Business Days after the date the Call Notice is deemed made under clause 17.3(b) and must be
consistent with the Financing and Funding Schedule. 

  

	17.7	Payment of a Capital Call 

Each Shareholder must pay the amount of the Capital Call set out in the Call Notice in immediately available funds to an account notified
by the Company from time to time to the Shareholders. 
  

	17.8	Failure to pay a Capital Call 

 Clause 18 will apply on a failure by any Shareholder to pay the amount of a Capital Call in full on or before the date required for payment. 

 

	17.9	Revocation 

  

	 	(a)	A Call Notice may be revoked by the party that gave the Call Notice by notice to the Shareholders at any time before the date that is 15 Business Days prior to the date
for payment of a Capital Call. 

  

	 	(b)	Any amendment or modification to a Call Notice shall be deemed a revocation thereof and issuance of a new Call Notice subject to the terms of this clause 17.

  

	17.10	Expiration 

  

	 	(a)	No Shareholder will be required to contribute any capital to the Company under this clause 17 on or after the earlier of Opening and the date five years after
the date of this document: 

  

	 	(i)	unless clause 17.10(b) applies; or 

  
 44 

	 	(ii)	except, as to any Shareholder, to the extent that Shareholder has failed to contribute capital when required under this clause 17 (except to the extent such
Shareholder’s liability and obligation in respect thereof has been eliminated as provided in clause 18.5). 

  

	 	(b)	The Board may, by notice to each of the Shareholders, prior to expiry of the period in clause 17.10(a) (as extended under this clause 17.10(b)), extend
the date by which Capital Calls may be made for an additional period of up to 12 months (in aggregate) if the Opening has not occurred as a result of Force Majeure. 

 

	 	(c)	The Board may give one or more notices under clause 17.10(b) but may not extend the period in which Capital Calls may be made by more than 12 months (in
aggregate). 

  

	17.11	Related Party Transactions 

The Policy on Related Party Transactions will not apply to any issue of Securities under this clause 17. 

 

	17.12	Securities 

 Upon receipt
by the Company of payment of the amount of the Capital Call the Company must issue to the Shareholder the Securities subscribed for by that Shareholder, update the share register and issue share certificates for the Securities. 

 

	17.13	Amendment 

 Clauses
17.4, 17.5, 17.6, and 17.10 may not be amended or modified except with the prior written consent of each Shareholder who is to be bound thereby. 
  

	18	Failure to contribute capital 

  

	18.1	Failure to contribute 

 If
any Shareholder (Defaulting Shareholder) fails to subscribe for Securities required to be subscribed by it under clause 17 on or before the date specified in the Call Notice, the Defaulting Shareholder will have no further right to
subscribe for such Securities and the Company must offer to each of the Shareholders other than the Defaulting Shareholders (Non Defaulting Shareholders) under this clause 18 the right to either: 

 

	 	(a)	purchase those Securities (together with certain additional Securities contemplated by this clause 18) under clause 18.2 ; or 

 

	 	(b)	advance to the Company a shareholder loan on the terms set out in the Shareholder Loan Agreement (Defaulting Loan) under clause 18.3.

  
 45 

	18.2	Clause 21 applies 

Clause 21 will apply to an issue of Securities under this clause 18, except that: 

 

	 	(a)	the number of Securities offered to be issued will be 1.3 times the number of Securities failed to be subscribed for by the Defaulting Shareholders (Defaulting
Securities); 

  

	 	(b)	the Defaulting Securities will be offered to each of the Non Defaulting Shareholders only; 

 

	 	(c)	each Non Defaulting Shareholder is entitled to subscribe for the proportion of the Defaulting Securities equal to the proportion of the Securities on issue held by it
to the total number of Securities held by all the Non Defaulting Shareholders immediately prior to the relevant Capital Call; 

  

	 	(d)	the total issue price for the Defaulting Securities offered must be, in aggregate, the same amount that would have been payable by the Defaulting Shareholders under
clause 17 in respect of the Call Notice (Default Amount) and the issue price of each Defaulting Security must be the same for all of the Defaulting Securities of the same class being offered; and 

 

	 	(e)	the time periods specified in clauses 21.2 and 21.3 shall be shortened to 30 and 15 Business Days, respectively. 

 

	18.3	Defaulting Loans 

  

	 	(a)	Instead of purchasing Defaulting Securities under clause 18.2, a Non Defaulting Shareholder may elect to advance a loan to the Company in an amount equal to the
product of the Default Amount multiplied by a fraction, the numerator of which is the number of Securities on issue held by such Non Defaulting Shareholder, and the denominator of which is the total number of Securities on issue held by all Non
Defaulting Shareholders immediately prior to the relevant Capital Call. 

  

	 	(b)	If a Non-Defaulting Shareholder wishes to advance a loan to the Company under this clause 18.3 it must give notice of its
intent to do so to the Company within 20 Business Days after the date the Offer Notice is deemed to be given in accordance with clauses 18.2 and 39. 

 

	 	(c)	Any such Non Defaulting Shareholder electing to advance a loan under this clause 18.3 must advance such loan no later than the date the Securities are required
to be purchased under clause 18.2 and deliver to the Company the Shareholder Loan Agreement duly executed by such Non Defaulting Shareholder. 

  

	 	(d)	The Company must deliver to any such Non Defaulting Shareholder the Shareholder Loan Agreement duly executed by the Company on the date such loan is made.

  

	18.4	Related Party Transactions 

The Policy on Related Party Transactions will not apply to any issue of Securities or making of Defaulting Loans under this clause
18. 

  
 46 

	18.5	Election of remedies 

 The
liability and obligation of a Defaulting Shareholder in respect of a particular Capital Call shall be eliminated to the extent that the Default Amount has been subscribed for by any Non Defaulting Shareholder under clause 18.2. If the Default
Amount is not subscribed for, the Defaulting Shareholder will remain liable for such amount and this clause does not affect the rights that the Company or Non Defaulting Shareholder may have against the Defaulting Shareholder. In the event that
there are two or more Defaulting Shareholders in respect of the same Capital Call and some, but not all, of the Default Amount is subscribed for by any Non Defaulting Shareholders, the amount of the liability and obligation of each Defaulting
Shareholder that is eliminated thereby shall be in proportion to their respective portions of the Default Amount. Upon elimination of the liability and obligation of a Defaulting Shareholder under the foregoing provisions, no claims for damages or
otherwise may be made or continued against that Defaulting Shareholder, or any other person who may have made guarantees or commitments, in each case in respect of the applicable Default Amount. 

 

	18.6	Company action in respect of MCE Shareholder default 

 In the event an MCE Shareholder is a Defaulting Shareholder, the Minority Directors shall have the power to direct the Company to pursue all appropriate remedies, subject to clause 18.5, against
the Defaulting Shareholder and against any party that has made an equity commitment to the Company in respect of the obligations of that Defaulting Shareholder and the Company shall be required to act in accordance with any such direction. Any such
act that requires approval of the Board may be taken with the approval of all of the Minority Directors notwithstanding any contrary action by the MCE Directors. 
  

	19	Additional capital 

  

	19.1	Requirement for additional capital 

 If, after the maximum amount payable in respect of all Capital Calls has been subscribed for or advanced (less any amounts called under clause 17 and which have not been subscribed for or advanced
under that clause or clause 18), the Board determines that additional capital is currently required or imminently likely to be required to fund the construction and development of the MSC Property, then the Board may (i) seek the
required capital from third parties either in the form of a loan (subject to clause 7.2(a)) or through the issuance of additional securities in accordance with clause 21 or (ii) serve a notice to MCE and the Shareholders under
clause 19.3(a) . 
  

	19.2	Determination 

 Any Board
determination that additional capital is required under clause 19.1 must be consistent with the Project Plan. 

  
 47 

	19.3	Additional Capital Notice 

  

	 	(a)	If the Board determines that additional capital is required under clauses 19.1 and 19.2, it may serve a notice on MCE and the Shareholders stating that
additional capital is required and the amount of that capital. 

  

	 	(b)	Upon receipt of the notice in clause 19.3(a), MCE may serve notice on the Company and the Shareholders (Additional Capital Notice):

  

	 	(i)	stating the amount (if any) of such capital it will advance to the Company in the form of a loan (Loan Amount) under clause 19.4 and the amount (if any)
of such capital it requires the Company to issue additional Securities to fund under clause 19.5 (which may be less than the amount notified in clause 19.3(a)); and 

 

	 	(ii)	specifying the date the additional capital will be provided (which may be no earlier than the date 20 Business Days and no later than 40 Business Days after the date
the notice is deemed given in accordance with clause 39). 

  

	19.4	Loan funds 

  

	 	(a)	If MCE notifies the Company and the Shareholders under clause 19.3 that it will advance funds to the Company in the form of a loan, it must on the date specified
in the Additional Capital Notice: 

  

	 	(i)	advance to the Company the amount notified under clause 19.3(b)(i); and 

 

	 	(ii)	deliver to the Company the Shareholder Loan Agreement duly executed by MCE. 

 

	 	(b)	The Company must deliver to MCE the Shareholder Loan Agreement duly executed by the Company on the date specified in the Additional Capital Notice.

  

	19.5	Additional Securities 

 If
MCE notifies the Company and the Shareholders under clause 19.3 that additional Securities are required to be issued, clauses 21.1 to 21.5 will apply to that issue of Securities, and the Company must comply with those clauses,
except that: 
  

	 	(a)	the issue price for the Securities must be Fair Market Value; 

  

	 	(b)	the proposed subscription date is the date specified in the Additional Capital Notice; and 

 

	 	(c)	each Shareholder (including each MCE Shareholder) is not entitled to subscribe for more than its Respective Proportion of the Securities proposed to be issued.

  
 48 

	19.6	Requirement to advance funds 

  

	 	(a)	If any Securities are not taken up under clause 19.5, then the Company must, within five Business Days after the date the Securities are required to be
taken up, give a notice to MCE and each Shareholder (Further Capital Notice): 

  

	 	(i)	specifying the aggregate amount, in US$, which has not been subscribed for under clause 19.5 (excluding any amounts not subscribed for as a result of a breach of
this clause 19); and 

  

	 	(ii)	notifying MCE that it or its Affiliates must advance to the Company by way of a loan (or arrange for an unrelated third party to so advance) the amount specified in
clause 19.6(a)(i) (Further Loan Amount). 

  

	 	(b)	Within 15 Business Days of the date the Further Capital Notice is given (Future Funding Date), MCE or one of its Affiliates must, or an unrelated third party
arranged by MCE must: 

  

	 	(i)	advance to the Company the Further Loan Amount; and 

  

	 	(ii)	deliver to the Company the Shareholder Loan Agreement duly completed and executed by MCE or, in the case of a loan by an unrelated third party, deliver such form of
loan agreement that may be acceptable to the Board and the third party in relation to the Further Loan Amount. 

  

	 	(c)	The Company must deliver to MCE (or its Affiliate or an unrelated third party, as applicable) the Shareholder Loan Agreement (or in the case of a loan by an unrelated
third party, such form of loan agreement that may be acceptable to the Board and the third party in relation to the Further Loan Amount) duly completed and executed by it on the Future Funding Date. 

 

	19.7	Related Party Transactions 

The Policy on Related Party Transactions will not apply to any issue of Securities or the advance of any amounts by way of loan under this
clause 19. 
  

	20	Project Financing 

  

	20.1	Project financing 

 The
parties acknowledge and agree that: 
  

	 	(a)	it is the intent of the Company to seek non-recourse debt financing from third party lenders to enable the development and
construction of the MSC Property; and 

  

	 	(b)	the third party lenders to the MSC Property (Project Lenders) may, as a condition of, or in connection with, providing the financing referred to in clause
20.1(a), require that the Shareholders provide, procure or arrange a guarantee, letter of credit, or other form of financial support to either or both of the Project Lenders and the MSC Property (Financial Support).

  
 49 

	20.2	Financial Support 

  

	 	(a)	If the Project Lenders require Financial Support, the Shareholders will, if requested by the Board, not unreasonably refuse to provide support up to a total amount of
(in aggregate) US$800 million minus the aggregate equity contribution set out in the applicable financing scenario in the Financing and Funding Schedule. 

  

	 	(b)	Subject to clause 20.2(a), each Shareholder must provide that proportion of the aggregate amount of Financial Support to be provided under that clause equal to
the proportion that the Financial Interest of that Shareholder bears to the aggregate Financial Interests held by all Shareholders at the time requested by the Board under that clause. 

 

	 	(c)	If the Project Lenders require additional Financial Support (in addition to the Financial Support provided under clause 20.2(a)) each of the Shareholders agree
to negotiate in good faith as to the form, terms, and amount of additional Financial Support (if any) that Shareholder or its Affiliates is prepared to provide. 

 

	20.3	Financial Support Fee 

  

	 	(a)	If the Project Lenders require Financial Support, the parties agree that the Shareholder providing, procuring or arranging the Financial Support may charge the Company
a fee (Financial Support Fee), to be determined under clause 20.3(b). 

  

	 	(b)	The parties agree that the Financial Support Fee charged by each Shareholder will be equal to two percent per annum of the aggregate amount of the non-recourse debt supported by that Shareholder. 

  

	 	(c)	The Financial Support Fee (or portion of that amount) will be charged to the Company each Quarter of each year in which the Financial Support is provided.

  

	 	(d)	In addition to the Financial Support Fee, each Shareholder may charge to the Company all reasonable costs incurred by the Shareholder in providing the Financial Support
(including all establishment and administration fees and reasonable legal fees and expenses and, in the case of a letter of credit, all interest, fees and charges) from time to time. 

 

	 	(e)	If two or more persons provide support in respect of the same facility, the fees in respect of that facility and the payment of those fees will be proportionate to the
amount of support provided by each such person but in no event will the fee exceed two percent of the amount supported in aggregate. 

  

	 	(f)	The Financial Support Fee must be paid prior to any dividends or other distributions in respect of Securities. 

 

	20.4	Financial Support is called on 

  

	 	(a)	If for whatever reason, the Financial Support provided by a Shareholder or former Shareholder (Financial Supporter) is called on, or will be imminently called
on, the Financial Supporter may advance the amount called on to the Company in the form of a loan (Financial Support Loan). 

  
 50 

	 	(b)	Any loan made under clause 20.4(a) must be on the terms of the Shareholder Loan Agreement. 

 

	20.5	Securities Issue Notice 

If at any time after providing the Financial Support Loan, a Financial Supporter wishes to convert that loan into Securities, the
Financial Supporter may serve a notice on the Company (Securities Issue Notice): 
  

	 	(a)	stating that it requires the Company to issue additional Securities; 

  

	 	(b)	specifying the issue price of the Securities (which must be Fair Market Value); 

 

	 	(c)	specifying the number of Securities to be issued having an aggregate subscription price up to the principal plus accrued and unpaid interest on the Financial Support
Loan; and 

  

	 	(d)	specifying the date the Securities are required to be subscribed for (which may be no earlier than the date 20 Business Days and no later than 40 Business Days after
the date the notice is deemed given in accordance with clause 39). 

  

	20.6	Issue of Securities 

Clause 21 will apply to the issue of any Securities under clause 20.5, except that: 

 

	 	(a)	the issue price for the Securities must be Fair Market Value; 

  

	 	(b)	the proposed subscription date is the date specified in the notice in the Securities Issue Notice; 

 

	 	(c)	each Shareholder is not entitled to subscribe for more than its Respective Proportion of the Securities proposed to be issued; and 

 

	 	(d)	the time periods specified in clauses 21.2 and 21.3 shall be shortened to 30 and 15 Business Days, respectively. 

 

	20.7	Securities not taken up 

If any Securities are not taken up under clause 20.6 then the Company must within five Business Days after the date the Securities
are required to be taken up serve a notice on each Shareholder (Capital Issue Notice): 
  

	 	(a)	specifying the aggregate amount, in US$, which has not been subscribed for under clause 20.6; and 

 

	 	(b)	that amount of the Financial Support Loan made by the Financial Supporter that was seeking to convert its Financial Support Loan into Securities representing the
portion of the Securities not taken up shall automatically convert into Securities at Fair Market Value. 

  
 51 

	20.8	Cessation of Financial Support 

 Each Financial Supporter agrees that if advised by the Project Lenders that Financial Support is no longer required, and subject to being released from the obligation to provide Financial Support by the
Project Lenders, that Financial Supporter will stop providing that support as soon as practicable and any break fees, early termination fees or similar fees payable by the Financial Supporter to the Project Lenders in connection with that cessation
will be charged to the Company. 
  

	20.9	Related Party Transactions 

The Policy on Related Party Transactions will not apply to the making of any loan or the issue of any Securities or the payment of the
Financial Support Fee under this clause 20, but it will apply to payment by the Company of any other fees in connection with, or the granting of any priorities, encumbrances or other economic benefits in respect of, the provision of Financial
Support. 
  

	20.10	No obligation 

 Except as
expressly provided for in this clause 20, no Shareholder or any of their respective Affiliates is required to provide Financial Support or, except as expressly set out in this document (and in particular clause 17), under any
obligation to provide any other financial accommodation, guarantee or other similar commitment or comfort in relation to any Group Company. 
  

	21	Pre-emptive rights on issue 

  

	21.1	Pro rata offer 

  

	 	(a)	If the Board resolves to issue any Securities, the Securities must, subject to the Policy on Related Party Transactions being complied with (except where such
Securities are issued after Opening in which case the Policy on Related Party Transactions will not apply), be offered to all the Shareholders (each an Offeree) on the following terms (Offer): 

 

	 	(i)	each Offeree is entitled to subscribe for up to its Respective Proportion of the Securities proposed to be issued; 

 

	 	(ii)	the Offeree, if it accepts the Offer, must subscribe for the Securities it applies for; and 

 

	 	(iii)	the issue price of the Securities must be the same for all of the Securities of the same class being offered. 

 

	 	(b)	Despite clause 21.1(a), in the case of clauses 17, 18, 19, 20 and 29, this clause 21 shall only apply as provided in
such clauses, with such changes as are provided therein. 

  

	 	(c)	After Opening, Securities proposed to be issued under this clause 21 must be issued at Fair Market Value which shall be determined in accordance with the
procedures in clause 34, except that references to each Quarter in such clause shall instead be deemed to refer to the date of the applicable Offer Notice under clause 21.2. 

  
 52 

	21.2	Offer Notice 

 The Company
must make the Offer to each Offeree by giving a notice in writing (Offer Notice) to each Offeree specifying: 
  

	 	(a)	the total number of Securities proposed to be issued; 

  

	 	(b)	the number of Securities the Offeree is entitled to subscribe for (up to its Respective Proportion of the aggregate of all Securities to be issued); and

  

	 	(c)	the terms of issue of the Securities (including the issue price, which must, after Opening, be at Fair Market Value, and the proposed subscription date which must be no
earlier than the date 40 Business Days after the date the notice is deemed given in accordance with clause 39). 

  

	21.3	Response to Offer 

 Within
20 Business Days after the date the Offer Notice is deemed given in accordance with clause 39, each Offeree must give notice to the Company stating: 
  

	 	(a)	that the Offeree accepts all or any portion of the Securities offered to it in the Offer Notice or declines the Offer in full; and 

 

	 	(b)	if the Offeree wants to subscribe for a greater number of Securities than offered to it in the Offer Notice, the Offeree offers to subscribe for a specified number of
additional Securities if not applied for by other Offerees under their Offers (Unsubscribed Securities). 

  

	21.4	Failure to respond 

 If an
Offeree does not give a notice to the Company within the period stated in clause 21.3, the Offeree is deemed to have declined its Offer. 
  

	21.5	Subscription by accepting Offerees 

 If an Offeree accepts all or any portion of the Securities offered to it in the Offer, the Offeree must subscribe for the number of Securities specified in its notice of acceptance of its Offer on the
terms specified in the Offer Notice. 
  

	21.6	Disposal to third parties 

If any Securities are not taken up under the Offers (or any of the Offerees default in respect of any such subscription obligation) then
the Company may issue any Securities not taken up (on the same terms as specified in the Offer Notice): 
  

	 	(a)	firstly, to any Offerees that have offered to subscribe for Unsubscribed Securities under clause 21.3(b) (and, if there is competition between them, on a pro
rata basis to their acceptances under clause 21.3(a) ) but on the basis that no Offeree will be required to subscribe for more than the number of additional Securities specified in its notice under clause 21.3(b); and

  
 53 

	 	(b)	secondly, to any person (other than any Shareholder), at any time within 180 days after the end of the period referred to in clause 21.3 (subject to the
extension of such 180 day period for a reasonable time not to exceed 90 days to the extent reasonably necessary to obtain any required Authorisation) on terms no more favourable to such person than those offered to the Offerees.

  

	22	Transfers 

  

	22.1	Shareholders 

Shareholders (other than MCE Shareholders) must not Transfer any Securities, and must procure that no holder of Upstream Securities
Transfers any Upstream Securities, in each case except: 
  

	 	(a)	under clauses 23 or 24; 

  

	 	(b)	on exercise of a tag along right under clause 25.3; 

  

	 	(c)	in the case of Securities, on exercise of a Drag Along Right under clause 26.4; 

 

	 	(d)	as required under clause 27; or 

  

	 	(e)	in the case of an IPO, in accordance with clause 29. 

  

	22.2	MCE Shareholders 

 MCE
Shareholders may Transfer any Securities, and any holder of Upstream Securities in the MCE Shareholders may Transfer any Upstream Securities to any person, in each case only in compliance with clause 23, 25, or 27 or, in the
case of an IPO, clause 29, except: 
  

	 	(a)	if, following that Transfer, MCE would have an Effective Interest in Securities less than or equal to 40%, such Transfer may only be made pursuant to clause 26
in a transaction in which the Dragging Shareholders have required all of the Dragged Shareholders to Transfer their Dragged Securities to the Third Party Purchaser (or to such person as the Third Party Purchaser directs) in accordance with, and
provided the Dragging Shareholders have complied with, clause 26. 

  

	 	(b)	no such Transfer may be made to eSun or any of its Affiliates without the prior written consent of the Majority of the Minority Shareholders. 

 

	22.3	Prohibition on Transfers 

  

	 	(a)	A Shareholder must not, and must procure that each of the holders of Upstream Securities in that Shareholder do not, Transfer any Securities or Upstream Securities to
any Competitor or Unsuitable Person. 

  
 54 

	 	(b)	A Transfer of any Securities or Upstream Securities in breach of this document will be void and of no force or effect and, where applicable, the Shareholder in whom the
applicable holder of Upstream Securities holds a direct or indirect interest must procure that the transferee of Upstream Securities Transferred in breach of this document re-transfers those securities. 

 

	22.4	Credit worthiness 

 A
Shareholder must not Transfer any Securities under clauses 23, 24 or 27 unless: 
  

	 	(a)	the person to whom the Securities are proposed to be Transferred or other suitably creditworthy entity: 

 

	 	(i)	proves to the reasonable satisfaction of MCE (in the case of a Transfer by a Minority Shareholder) or the Majority of the Minority Shareholders (in the case of a
Transfer by an MCE Shareholder) that it has sufficient financial resources to meet the funding requirements of the proposed transferee (including making all Capital Calls) and otherwise comply with the obligations of Shareholders under this
document; and 

  

	 	(ii)	if required by MCE or the Majority of the Minority Shareholders, as the case may be, provides an undertaking to the Company to meet the funding requirements of the
proposed transferee (including to making all Capital Calls) on similar terms to that provided by the person, if any, currently undertaking to meet the transferor funding obligations under this document; or 

 

	 	(b)	the Shareholder that proposes to Transfer Securities (and, if applicable, the person then undertaking to meet that Shareholder's obligations to meet its funding
requirements (including making all Capital Calls)) undertakes to meet those obligations should the transferee fail to do so when required. 

  

	22.5	Transfers of Financial Interests 

 So long as any Capital Calls may still be made by the Board, any Transfer of Securities by a Shareholder to a person in accordance with this document must be accompanied by a Transfer of that proportion
of the Financial Interests held by that Shareholder equal to the proportion that the Securities on issue transferred by that Shareholder bears to the total number of Securities on issue held by that Shareholder immediately prior to the transfer. For
the avoidance of doubt, a Transfer of Financial Interests by a Shareholder as provided by this clause 22.5 shall relieve that Shareholder of any further liability or obligation in respect of the Financial Interests subject to such Transfer.

  

	22.6	Encumbrances 

 A
Shareholder must not grant or create an Encumbrance over any of its Securities except in favour of any Project Lender and must, if required by any Project Lender, grant or create such Encumbrance on such terms as may reasonably be requested by the
Project Lenders. 

  
 55 

	23	Permitted Transfers 

  

	23.1	Permitted Transfers 

 A
Shareholder may Transfer some or all of its Securities to a Permitted Transferee without complying with, and a holder of Upstream Securities in that Shareholder may Transfer some or all of its Upstream Securities to a Permitted Transferee without
the relevant Shareholder being required to comply with, clauses 24 or 25. 
  

	24	Minority Shareholders 

  

	24.1	Right of first offer 

  

	 	(a)	If a Minority Shareholder proposes to Transfer any Securities it must, or if a holder of Upstream Securities in any Minority Shareholder proposes to Transfer any
Upstream Securities the Minority Shareholder must, ensure this clause 24 is complied with prior to such Transfer, except: 

  

	 	(i)	where the Transfer involves a primary issuance of Upstream Securities; 

  

	 	(ii)	where the Transfer is permitted under clause 23; 

  

	 	(iii)	on exercise of a Tag Along Right under clause 25.3; 

  

	 	(iv)	where the Transfer is required under clause 26.4; 

  

	 	(v)	where the Transfer is required under clause 27; or 

  

	 	(vi)	in the case of an IPO in accordance with clause 29. 

  

	 	(b)	If a Shareholder to whom any MCE Shareholder has Transferred any Securities proposes to Transfer any Securities it must, or if a holder of Upstream Securities of any
such Shareholder proposes to transfer any Upstream Securities that Shareholder must, ensure this clause 24.1 is complied with, except in circumstances where clauses 24.1(a)(i) to 24.1(a)(vi) applies, and for that purpose all
references in this clause 24 to Minority Shareholder will be interpreted to refer to that Shareholder, all references to an MCE Shareholder will be interpreted to refer to the Minority Shareholders and the Sale Offer must be made to all
Minority Shareholders based on their respective proportions of the Securities subject to such Sale Offer, provided that any Minority Shareholder shall have the right to purchase any such Securities not taken up by any other Minority Shareholder.

  

	24.2	Offer 

 If: 

 

	 	(a)	a Minority Shareholder wishes to Transfer any Securities; or 

  
 56 

	 	(b)	a holder of Upstream Securities in any Minority Shareholder wishes to Transfer any Upstream Securities, 

not covered by an exception in clause 24.1(a)(i) to 24.1(a)(vi) , the applicable Minority Shareholder (Minority
Transferor) must offer to the MCE Shareholders the right to purchase Securities held by the Minority Transferor on the following terms (Sale Offer): 
  

	 	(A)	the MCE Shareholders are entitled to purchase the number of Securities held by the Minority Transferor equal to: 

 

	 	(i)	in the case of a sale of Securities, that number of Securities proposed to be Transferred; and 

 

	 	(ii)	in the case of a sale of Upstream Securities, the Effective Interest in Securities the relevant Upstream Securities proposed to be Transferred correspond to;

  

	 	(B)	the MCE Shareholders must, if they accept the Sale Offer, purchase all and not some only of the Securities offered for sale; and 

 

	 	(C)	the price of the Securities must be the same for each Security and, in the case of a Transfer of Upstream Securities, the same, in aggregate, as the amount payable for
those Upstream Securities. 

  

	24.3	Sale Notice 

 The Minority
Transferor must make the offer to the MCE Shareholders under clause 24.2 by giving a notice in writing to the MCE Shareholders (Sale Notice): 
  

	 	(a)	in the case of a sale of Securities, specifying the number of Securities proposed to be Transferred; 

 

	 	(b)	in the case of a sale of Upstream Securities, specifying: 

  

	 	(i)	the Effective Interest in Securities the relevant Upstream Securities proposed to be Transferred correspond to; and 

 

	 	(ii)	the number of Securities that the Effective Interest in Securities in clause 24.3(b)(i) corresponds to; and 

 

	 	(c)	specifying the terms of the Transfer (including the purchase price) and the proposed completion date of the Transfer. 

 

	24.4	Response to Sale Offer 

Within 20 Business Days after the date the Sale Notice is deemed to be given in accordance with clause 39, the MCE Shareholders
must give notice to the Minority Transferor stating: 
  

	 	(a)	the MCE Shareholders accept all (but not some only) of the Securities offered to them in the Sale Notice or reject the Sale Offer in full; and 

 

	 	(b)	if the MCE Shareholders so accept, the number of Securities to be purchased by each MCE Shareholder (which must be no less, in aggregate, than all of the Securities
offered to them in the Sale Notice). 

  
 57 

	24.5	Failure to respond 

 If
the MCE Shareholders do not give a notice to the Minority Transferor within the period stated in clause 24.4 of the MCE Shareholders’ acceptance or rejection of the Sale Offer in its entirety under clause 24.2, the MCE
Shareholders are deemed to have rejected the Sale Offer in its entirety. 
  

	24.6	Purchase by MCE Shareholders 

 If the MCE Shareholders accept the Sale Offer in its entirety, the MCE Shareholders must purchase those Securities referred to in the Sale Notice on the terms specified therein. 

 

	24.7	Disposal to third parties 

If the Securities are not taken up under the Sale Offer then: 

 

	 	(a)	the Minority Transferor may, in the case of a proposed sale of Securities under clause 24.2, Transfer those Securities; or 

 

	 	(b)	in the case of a Transfer of Upstream Securities under clause 24.2, the holder of those Upstream Securities may Transfer those Upstream Securities,

 on the same terms as specified in the Sale Notice to any person (including any Shareholder, at any time within
180 days after the end of the period referred to in clause 24.4 (which 180 day period may be extended for a reasonable time not to exceed 90 days to the extent reasonably necessary to obtain any required Authorisation) on terms not
substantially less favourable, in aggregate, to the Minority Transferor or the holder of Upstream Securities, as the case may be, than those offered to MCE Shareholders (other than to price which may be not less than 85% of the price, on a per
security basis, specified in the Sale Notice). 
  

	24.8	Transferor must provide details 

  

	 	(a)	If a holder of Upstream Securities proposes to Transfer some or all of its Upstream Securities other than pursuant to one of the exceptions in clause 24.1(a),
the Shareholder in relation to whom the Upstream Securities are proposed to be Transferred must, prior to that Transfer, provide to the MCE Shareholders details of (Relevant Information): 

 

	 	(i)	the terms applicable to the sale; and 

  

	 	(ii)	details of all of the assets and liabilities of the entity in respect of which Upstream Securities are to be Transferred. 

 

	 	(b)	If, following receipt of the Relevant Information the Shareholder in respect of whom the Upstream Securities are proposed to be Transferred and MCE Shareholders cannot
agree on the value of the Securities that correspond to the Effective Interest in Securities to be Transferred by the holder of Upstream Securities, then despite the other provisions of this clause 24, the Shareholder must procure that the
holder of the Upstream Securities does not Transfer those securities. 

  
 58 

	 	(c)	This clause 24.8 shall apply equally to a Transfer by holders of Upstream Securities in any MCE Shareholder under clause 25.1, except that reference to
MCE Shareholders (i) in clause 24.8(a) shall instead be deemed to refer to the Minority Shareholders and (ii) in clause 24.8(b) shall instead be deemed to refer to the Minority Shareholders, by action of the Majority of the
Minority Shareholders. 

  

	25	Tag along 

  

	25.1	Tag along right 

 If any
MCE Shareholder wishes to Transfer Securities, or any holder of Upstream Securities in any MCE Shareholder wishes to Transfer any Upstream Securities (Proposed Seller) and following that Transfer MCE will hold, in aggregate, an Effective
Interest in Securities of less than 50.1% and more than 40%, MCE must comply with clauses 25.2 to 25.6 except where: 
  

	 	(a)	the Drag Along Right under clause 26 is exercised; or 

  

	 	(b)	in the case of an IPO in accordance with clause 29. 

  

	25.2	Proposed Sale Notice 

 If
any MCE Shareholder, or any holder of Upstream Securities in any MCE Shareholder, proposes to Transfer any Upstream Securities or Securities (Sale Securities) and clause 25.1 applies, MCE must give a notice (Proposed Sale
Notice) to the Minority Shareholders on or before the date 20 Business Days prior to the proposed date of Transfer: 
  

	 	(a)	in the case of Securities, specifying the number of Securities proposed to be Transferred; 

 

	 	(b)	in the case of a sale of Upstream Securities, specifying: 

  

	 	(i)	the Effective Interest in Securities the Upstream Securities corresponds to; 

 

	 	(ii)	the Effective Interest in Securities held by MCE following the Transfer; and 

 

	 	(iii)	the number of Securities that the Effective Interest in Securities in clause 25.2(b)(ii) corresponds to; 

 

	 	(c)	specifying the aggregate consideration payable for the Sale Securities, and in the case of: 

 

	 	(i)	a sale of Securities, the consideration per Security for which the Proposed Seller wishes to Transfer the Securities, or 

 

	 	(ii)	a sale of Upstream Securities, the consideration per Security if Securities calculated under clause 25.2(b)(iii) were proposed to be Transferred under this
clause 25; 

  
 59 

	 	(d)	specifying the name and address of the person to whom the Proposed Seller wishes to Transfer the Sale Securities to (Proposed Purchaser);

  

	 	(e)	specifying the proposed date of Transfer of the Sale Securities; 

  

	 	(f)	specifying all other terms and conditions on which the Proposed Seller proposes to Transfer the Sale Securities; and 

 

	 	(g)	notifying the Minority Shareholders of their right to sell Securities under this clause 25. 

 

	25.3	Exercise of tag along right 

 Each Minority Shareholder may serve a notice (Tag Along Notice) on MCE on or before the date 15 Business Days after the date the Proposed Sale Notice is deemed given in accordance with clause 39
specifying that it wishes to Transfer to the Proposed Purchaser a fraction of its Securities up to (but not to exceed) such fraction of its Securities as is equal to the fraction given by the following formula: 

 

					
	TS	  	=	  	 ES – RS
     ES

	  	  

 Where: 
 TS or Tagging Securities is the fraction of the Securities entitled to be sold by the Minority Shareholder under this clause 25. 

RS is the Effective Interest in Securities held by MCE following completion of the Transfer of the Sale Securities to the Proposed
Purchaser. 
 ES is, if MCE holds prior to the date of such Transfer an Effective Interest in Securities: 

 

	 	(a)	greater than 50.1, 50.1; or 

  

	 	(b)	less than 50.1, that lower amount. 

  

	25.4	Transfer of Securities to Proposed Purchaser 

 If MCE receives a Tag Along Notice from one or more of the Minority Shareholders (Tagging Shareholders), then the Proposed Seller must not, and MCE must procure that the Proposed Seller does not,
Transfer the Sale Securities to the Proposed Purchaser unless the Proposed Purchaser purchases the Tagging Securities of the Tagging Shareholders: 
  

	 	(a)	at the same time as the acquisition of the Sale Securities; 

  

	 	(b)	for: 

  

	 	(i)	in the case of a Transfer of Securities, the same form and amount of consideration per Security calculated under clause 25.2(c)(i), or 

 

	 	(ii)	in the case of a Transfer of Upstream Securities, the same form and amount of consideration per Security calculated under clause 25.2(c)(ii), in either case as
specified in the Proposed Sale Notice; and 

  
 60 

	 	(c)	subject to clause 25.7 on terms no less favourable to the Tagging Shareholders than the terms on which the Proposed Seller proposes to sell the Sale Securities.

  

	25.5	Completion of the sale 

Completion of the Transfer (including payment) of the Tagging Securities must take place on the same date as the completion of the sale of
the Sale Securities. 
  

	25.6	Lapsing of Tag Along Notice 

 If a Tag Along Notice is not served by a Minority Shareholder on MCE on or before the date 15 Business Days after the date the Proposed Sale Notice is deemed given in accordance with clause 39,
then the Proposed Seller will be free to sell the Sale Securities to the Proposed Purchaser on or before the date 180 days after the date of the Proposed Sale Notice (which 180 day period may be extended for a reasonable time not to exceed 90 days
to the extent reasonably necessary to obtain any required Authorisation) on the terms set out in the Proposed Sale Notice. 
  

	25.7	Warranties on Transfer of the Tagging Securities 

 The Tagging Shareholders must, if requested by the Proposed Seller, represent and warrant to the Proposed Purchaser on completion of the Transfer of the Tagging Securities that they are the legal owners
of the Tagging Securities and have full power and authority to Transfer the Tagging Securities free of any Encumbrances but will not be required to provide any other representations or warranties. 

 

	25.8	Liability and other terms 

  

	 	(a)	The liability of any Tagging Shareholder to the Proposed Purchaser in connection with any warranty, representation, indemnity, obligation, escrow, holdback, retention
or similar provision will be several (and not joint or joint and several) and will be pro rata based on the consideration received by the Proposed Seller and each Tagging Shareholder, in each case limited to the amount actually received by the
Tagging Shareholder in respect of the Transfer of that Shareholder’s Tagging Securities. 

  

	 	(b)	MCE must procure that the Transfer of the Tagging Securities to the Proposed Purchaser be on terms no more onerous to the Tagging Shareholders than the terms on which
the Proposed Purchaser proposes to purchase the Sale Securities. 

  

	 	(c)	The Proposed Purchaser must assume all Financial Interests of the Tagging Shareholders. 

  
 61 

	26	Drag along 

  

	26.1	Drag Along Right 

 If one
or more Shareholders that together own a majority of the Securities on issue (Dragging Shareholders) receive a bona fide offer from an unrelated third party (Third Party Purchaser) to purchase all of the Securities on issue solely for
cash or cash equivalents (whether by Transfer, merger or other similar transaction) then the Dragging Shareholders have the right (Drag Along Right) to require all of the other Shareholders (Dragged Shareholders) to Transfer all their
Securities (Dragged Securities) to the Third Party Purchaser (or to such person as the Third Party Purchaser directs) in accordance with, and provided the Dragging Shareholders have complied with, this clause 26. 

 

	26.2	Proposed Drag Notice 

 If
the Dragging Shareholders propose to exercise the Drag Along Right they must give notice to the Company and the Dragged Shareholders (Proposed Drag Notice) on or before the date 30 Business Days prior to the proposed date of Transfer of all
of the Securities to the Third Party Purchaser, specifying: 
  

	 	(a)	the name and address of the Third Party Purchaser; 

  

	 	(b)	the consideration per Security (or class of Security) payable (directly or indirectly) for the Dragged Securities; 

 

	 	(c)	the proposed date of Transfer of the Dragged Securities; 

  

	 	(d)	details of any payments or other consideration reasonably expected to be received, directly or indirectly, by the Dragging Shareholders from the Third Party Purchaser
in connection with the Transfer, including in connection with any potential Related Agreements under clause 26.9; 

  

	 	(e)	details of any potential Related Agreements under clause 26.9; 

  

	 	(f)	the name of a reputable internationally recognised investment bank proposed to be instructed by the Dragging Shareholders to prepare the Fairness Opinion; and

  

	 	(g)	all other material terms and conditions on which the Dragged Securities are to be Transferred. 

 

	26.3	Fairness Opinion 

  

	 	(a)	On or before the date five Business Days after the date of the Proposed Drag Notice, holders of a majority of the Dragged Securities must serve a notice on the Dragging
Shareholders stating whether they consent to the appointment of the investment bank specified in the Proposed Drag Along Notice. 

  

	 	(b)	If such holders of Dragged Securities do not consent to the appointment of the investment bank specified in the Proposed Drag Along Notice, or fail to give a notice
consenting to that appointment within the period specified in clause 26.3(a), the Dragging Shareholders, on the one hand, and such objecting holders of Dragged Securities, on the other hand, must meet within 5 Business Days to attempt in good
faith to agree to an investment bank to prepare the Fairness Opinion. 

  
 62 

	 	(c)	If such Shareholders cannot agree on an investment bank within 3 Business Days of first meeting under clause 26.3(b) , any such Shareholder may request the HKIAC
to appoint an independent Expert having the qualifications set out in clause 7.3(f)(iii) and to instruct that Expert to promptly nominate an investment bank to prepare the Fairness Opinion. 

 

	 	(d)	The Dragging Shareholders must promptly instruct the investment bank agreed to under this clause 26.3 or appointed under clause 26.3(b) to prepare an
opinion as to the fairness of the proposed transaction to the Dragged Shareholders from a financial perspective (Fairness Opinion) and clauses 37.1(a) to 37.1(h) will not apply to such Fairness Opinion. 

 

	26.4	Exercise of Drag Right 

If in the opinion of the investment bank agreed to under clause 26.3 or appointed under clause 26.3(b) the proposed
transaction is fair from a financial point of view to the Dragged Shareholders, the Dragging Shareholders may serve a notice on each of the Dragged Shareholders (Drag Along Notice) requiring them to Transfer all of their Securities on the
terms set out in the Proposed Drag Along Notice but no sooner than 15 Business Days after the Drag Along Notice is deemed given in accordance with clause 39. 
  

	26.5	Lapsing of Drag Along Notice 

  

	 	(a)	A Drag Along Notice is irrevocable but will lapse if all of the Securities are not Transferred to the Third Party Purchaser within 180 days after the Drag Along Notice
is deemed given in accordance with clause 39 (which 180 day period may be extended for a reasonable time not to exceed 90 days to the extent reasonably necessary to obtain any required Authorisation). 

 

	 	(b)	The Dragging Shareholders may serve further Proposed Drag Notices and Drag Along Notices following the lapse of any Drag Along Notice, in compliance with the provisions
of this clause 26. 

  

	26.6	Completion of the sale 

Completion of the sale (including payment) of the Dragged Securities must take place on the same date as the completion of the sale of the
Securities held by the Dragging Shareholders. 
  

	26.7	Application to New Shareholders 

 If any person (other than a Third Party Purchaser), following the issue of a Drag Along Notice, becomes a Shareholder, whether pursuant to the exercise of
pre-existing options to acquire Securities or otherwise (New Shareholder), then a Drag Along Notice will be deemed to have been served on the New Shareholder on the same terms as the previous Drag Along
Notice, and each such New Shareholder will be required to sell Securities acquired by it to the Third Party Purchaser (or such person as the Third Party Purchaser directs) and the provisions of this clause 26 will apply, with appropriate
changes, to the New Shareholder. 

  
 63 

	26.8	Consideration for Dragged Securities 

 The consideration payable by the Third Party Purchaser for the Dragged Securities must be solely in cash or cash equivalents and must be the same in value, on a per Security basis, as payable by the Third
Party Purchaser to the Dragging Shareholders for their Securities of that same class. 
  

	26.9	Related Agreements 

  

	 	(a)	If the Dragging Shareholders or any of their Affiliates have entered into or propose to enter into any Contract (Related Agreement) in connection with, in
anticipation of or related to, the proposed Transfer of Securities under this clause 26, including: 

  

	 	(i)	to provide consulting or other services (including as to casino management), or for the discontinuation of any services (including as to casino management), to any
Group Company, the Third Party Purchaser or any of their respective Affiliates; or 

  

	 	(ii)	not to compete with any of the persons specified in clause 26.9(a)(i), 

 the Dragging Shareholder must within 20 Business Days of completion of the sale of all the Securities, instruct a person selected from the list set out in schedule 4 to determine the net present
value of the Related Agreements under clause 26.9(c). 
  

	 	(b)	If one or more of the Shareholders that hold 5% or more of the Securities on issue disagree with the determination of net present value of the Related Agreements under
clause 26.9(a) made by the person selected by the Dragging Shareholder, the net present value of the Related Agreements shall be determined under clause 26.9(c) by taking the arithmetic mean of the determination of net present of value
by such person and the determination of net present value by a different person selected by the holders of a majority of the Securities on issue held by all such objecting 5% or greater Shareholders from the list set out in schedule 4. If the
difference between the two calculations of net present value made by those persons is greater than 10% of the value of the higher calculation, then an internationally recognised accounting firm that is independent of the Company and MCE must be
selected by those two persons and the final net present value shall be the value that is the arithmetic mean of the valuation calculated by such accounting firm and the valuation of such first two persons that is closest to the valuation of the
accounting firm. 

  

	 	(c)	The net present value of the Related Agreements must be determined as at the date of completion of the sale of all the Securities and will be equal to:

  

	 	(i)	the amount of any payment received, or reasonably likely to be received, by the Dragging Shareholders or any of their Affiliates under the Related Agreements; less

  
 64 

	 	(ii)	any costs of the type reimbursable under the Casino Management Agreement or, as to services other than casino management, any other reasonable costs ordinarily incurred
in providing any of the services under the Related Agreements, 

 but excluding any amounts under clause
26.9(c)(i) (not exceeding 2% of the aggregate purchase price for the Securities) for services (other than casino management services) that are not being provided to a Group Company prior to completion of the sale of the Securities and which are
entered into on arm’s length terms. 
  

	 	(d)	The Dragging Shareholders must within 20 Business Days of the final determination of net present value of the Related Agreements, pay to each of the Dragged
Shareholders in cash the proportion of such amount that the number of Securities held by them immediately prior to completion of the sale of the Securities bears to the total number of Securities held by all Shareholders at such time.

  

	26.10	Warranties on Transfer of the Dragged Securities 

 The Dragged Shareholders must, if requested by the Dragging Shareholder, represent and warrant to the Third Party Purchaser that they are the legal owners of the Dragged Securities and have full power and
authority to Transfer their Securities free of any Encumbrances but will not be required to provide any other representations or warranties. 
  

	26.11	Liability and other terms 

  

	 	(a)	The liability of any Dragged Shareholder to the Third Party Purchaser in connection any warranty, representation, indemnity obligation, escrow, holdback, retention or
similar provision will be several (and not joint or joint and several) and will be pro rata based on the consideration received by the Dragging Shareholders and each Dragged Shareholder, in each case limited to the amount actually received by the
Dragged Shareholder in respect of the Transfer of that Shareholder’s Dragged Securities. 

  

	 	(b)	The Dragging Shareholders must procure that the Transfer of the Dragged Securities to the Third Party Purchaser be on terms no more onerous to the Dragged Shareholders
than the terms on which the Third Party Purchaser proposes to purchase the Securities held by the Dragging Shareholders. 

  

	 	(c)	The Third Party Purchaser must assume all Financial Interests of the Dragged Shareholders. 

  
 65 

	27	Compulsory Transfer 

  

	27.1	Competitor or Unsuitable Person 

  

	 	(a)	A Shareholder must promptly notify the Company and each other Shareholder if it has actual knowledge that any holder of Upstream Securities in that Shareholder, has
become, or is reasonably likely to become, a Competitor or Unsuitable Person (and for this purpose, paragraphs (a) and (b) of the definition of Unsuitable Person will not apply). 

 

	 	(b)	If at any time a Shareholder, or holder of Upstream Securities in a Shareholder, other than a person to whom clause 27.3 applies, becomes a Competitor or an
Unsuitable Person (Prohibited Investor) and any Shareholder affected thereby serves, at any time, a notice on the relevant Shareholder (with a copy to the Company) to that effect, the Shareholder on whom notice has been served must:

  

	 	(i)	where the Shareholder has become a Competitor or an Unsuitable Person, subject to clause 27.3, immediately offer all the Securities held by it for sale on a pro
rata basis to each other Shareholder and the Shareholder must use commercially reasonable endeavours to procure the sale of any Securities which have not been purchased following the completion of that process to a third party (but subject to the
terms of this document); and 

  

	 	(ii)	where a holder of Upstream Securities in a Shareholder has become a Competitor or an Unsuitable Person, immediately procure that the holder transfers all of its
interests in the Upstream Securities to a person that is not a Competitor or an Unsuitable Person (but subject to the restrictions on Transfer in this document). 

 

	27.2	Governmental Agency 

  

	 	(a)	Each Shareholder acknowledges that each other Shareholder, each holder of Upstream Securities, and their respective Affiliates from time to time are or may be engaged
in businesses that are the subject of regulation by Governmental Agencies (including Gaming Regulators). 

  

	 	(b)	If any Shareholder, holder of Upstream Securities or any of their respective Affiliates (Notified Party): 

 

	 	(i)	is directed by any Governmental Agency to terminate its association with any other Shareholder, or any holder of Upstream Securities in any other Shareholder, or any of
their respective Affiliates; or is advised in writing by a Gaming Regulator that such direction will be made; or 

  

	 	(ii)	receives notice in writing from any Governmental Agency that: 

  

	 	(A)	any other Shareholder, or any holder of Upstream Securities in any other Shareholder, or any of their respective Affiliates; or 

  
 66 

	 	(B)	any officer, director or employee of any of the persons in clause 27.2(b)(ii)(A), 

is an Unsuitable Person, or in the opinion of the Gaming Regulator is a person who may result in such Notified Party or its Affiliates
being directed to terminate its association with the relevant Shareholder, holder of Upstream Securities, or Affiliate or, in the case of MCE or its Affiliates, that such association may result in the ability of MCE Subconcessionaire to operate
games of fortune and chance and other games in casino in Macau being materially adversely affected, 
 then the Notified Party
(in the case of a Shareholder), the Shareholder that is an Affiliate of the Notified Party (in the case of an Affiliate of a Shareholder), or the Shareholder that is related to the holder of Upstream Securities or Affiliate thereof (in the case of a
holder of Upstream Securities or an Affiliate thereof) must give a notice (Suitability Notice) in writing to the relevant Shareholder (Relevant Holder) to that effect. 

 

	 	(c)	If a Relevant Holder, other than a person to whom clause 27.3 applies, receives a Suitability Notice under clause 27.2(b) , it must:

  

	 	(i)	where the Notified Party has been directed by any Governmental Agency to terminate its association with that Relevant Holder, or where the Notified Party has received a
notice under clause 27.2(b)(ii)(A) in relation to that Relevant Holder, immediately offer all the Securities held by such Relevant Holder for sale on a pro rata basis to each other Shareholder and use commercially reasonable endeavours to
procure the sale of any Securities which have not been purchased following the completion of that process to a third party (but subject to the terms of this document); 

 

	 	(ii)	where the Notified Party has been directed by any Governmental Agency to terminate its association with a holder of Upstream Securities or any of its Affiliates or
where a notice has been received by a Notified Party under clause 27.2(b)(ii)(A) in relation to a holder of Upstream Securities or any of its Affiliates, immediately procure that such holder of Upstream Securities Transfers all of its
interests in the Upstream Securities to a person that is not a Competitor or Unsuitable Person (but subject to the terms of this document); 

  

	 	(iii)	where the Notified Party has been directed by any Governmental Agency to terminate its association with an Affiliate of that Relevant Holder, or where the Notified
Party has received a notice under clause 27.2(b)(ii)(A) in relation to any Affiliate of that Relevant Holder, immediately terminate its association with such Affiliate or comply with clause 27.2(c)(i) or 27.2(c)(ii), as
applicable; or 

  
 67 

	 	(iv)	where a notice has been received by the Notified Party under clause 27.2(b)(ii)(B) in relation to any officer, director or employee of any of the persons
specified in clause 27.2(b)(ii)(A) , procure that the relevant director, officer or employee is terminated or resigns their office. 

  

	27.3	Existing holders 

 The
parties agree that if, in respect of any person who is, as at the date of this document, a Shareholder, or the holder of Upstream Securities in a Shareholder: 
  

	 	(a)	that person or any Permitted Transferee to whom those Securities or Upstream Securities are transferred in accordance with this document becomes a Competitor or an
Unsuitable Person; or 

  

	 	(b)	that person is the subject of any notice from a Governmental Agency under clause 27.2(b)(ii), 

clauses 27.1(b) and 27.2(c) (as the case may be) will not apply and instead MCE and the relevant Shareholder will meet to
agree on a process for resolving the issue. 
  

	27.4	Specific performance 

Each Shareholder acknowledges that: 
  

	 	(a)	any breach of the obligations in clause 27.2 may result in any party to this document suffering damage, for which damages may not be an adequate remedy; and

  

	 	(b)	a party is entitled to seek specific performance as a remedy in respect of a breach by a party of its obligations under clause 27.2 (in addition to any other
remedies available at Law). 

  

	28	Shareholders 

  

	28.1	Deed of Accession 

  

	 	(a)	A Shareholder who proposes to Transfer any Securities to anyone other than another Shareholder must ensure that the transferee enters into a Deed of Accession before
the Transfer takes place. 

  

	 	(b)	Before issuing Securities to anyone other than another Shareholder the Company must ensure that the person to whom the Securities are to be issued enters into a Deed of
Accession. 

  

	28.2	Accession by holders of Upstream Securities 

 Each Shareholder must procure that each holder of Upstream Securities having an Effective Interest in Securities as at the date of this document of 1% or more, and each person to whom Upstream Securities
are proposed to be Transferred and who would following that Transfer have an Effective Interest in Securities greater than 1%, must enter into an agreement (in a form reasonably acceptable to the Company and consistent with clause 27) under
which that person agrees to comply with clause 27 and to keep confidential any information provided to them under clause 30 or 31 on the terms of that clause (and in any event no more onerous to them than the terms of the
Confidentiality Deed). 

  
 68 

	28.3	Minimum transaction size 

Minority Shareholders must not Transfer less than 2% of the Securities on issue to any one person other than to the MCE Shareholders under
clause 24. 
  

	29	IPO 

  

	29.1	Right to demand an IPO 

  

	 	(a)	Subject to clause 29.1(b) any Shareholder (other than an MCE Shareholder) holding more than 20% of the Securities (Demanding Shareholder) on issue may, by
notice to the Company (with a copy to MCE), demand an IPO. 

  

	 	(b)	A Demanding Shareholder may only demand an IPO on or after the Opening. 

  

	 	(c)	For the avoidance of doubt, in determining the percentage of Securities held by a Demanding Shareholder, any reduction in the percentage arising out of Securities
issued subsequent to the date hereof or in the IPO will be disregarded, except where such issue occurs under clause 17 or 18. 

  

	29.2	Revocation 

 A call for an
IPO is revocable, however if revoked prior to the IPO, the Shareholder that called for the IPO may not call for an IPO again for another 12 months from the date the call was revoked. 

 

	29.3	Condition to IPO 

 Despite
clause 29.1, it is a condition to any IPO demanded by a Demanding Shareholder that the Demanding Shareholder has complied with clause 29.6 and that either: 

 

	 	(a)	the total aggregate value of the Securities or shares of IPO HoldCo publicly offered in the IPO (including any Securities or shares of IPO HoldCo on issue to be
Transferred in the IPO) is not less than US$150 million; or 

  

	 	(b)	the number of Securities or shares of IPO HoldCo publicly offered in the IPO (including any Securities or shares of IPO HoldCo on issue to be Transferred in the IPO) is
not less than 10% of the total number of Securities or shares of IPO HoldCo, as applicable, on issue immediately following the IPO. 

  
 69 

	29.4	Call by the Board 

 The
Board may, at any time, call for an IPO and clause 29.3 will not apply to any such IPO. 
  

	29.5	Recognised Stock Exchange 

Any IPO must take place on a Recognised Stock Exchange nominated by the Board after consultation with each Minority Shareholder holding
more than 20% of the Securities on issue, or where a demand is made under clause 29.1(a) , nominated by the Demanding Shareholder after consultation with MCE. 
  

	29.6	Requirement to negotiate 

  

	 	(a)	The Demanding Shareholder and MCE must, following receipt by MCE of a demand under clause 29.1(a): 

 

	 	(i)	engage in good faith negotiations for a period of not less than 45 days, as to the purchase by MCE (or any of its Affiliates) of all the Securities held by the
Demanding Shareholder; and 

  

	 	(ii)	each appoint a financial advisor to assist them in determining the fair market value of the Company and the Securities proposed to be publicly offered in the IPO.

  

	 	(b)	The negotiations under clause 29.6(a) must include at least one face to face meeting between a duly authorised representative of the Demanding Shareholder and
MCE. 

  

	 	(c)	The Company shall, during the 45-day period referred to in clause 29.6(a)(i), comply with its obligations hereunder and
under the Registration Rights Agreement with respect to an IPO. 

  

	 	(d)	This clause 29.6 is without prejudice to the rights of a Demanding Shareholder to demand an IPO under clause 29.1(a). 

 

	29.7	Structure of the IPO 

Where a demand is made under clause 29.1(a) , the Demanding Shareholder and MCE will have the joint right to approve the structure
of the IPO (such approval by either party not to be unreasonably withheld, conditioned, or delayed), which structure will, among other things, attempt to minimise, to the extent permitted by applicable Law and to the extent possible, any recognition
of taxable income with respect to the Shareholders’ interests in the Company being sold in the IPO in advance of the receipt of the proceeds therefor and will take into account the Minority Shareholders’ desires for liquidity. 

 

	29.8	Obligations of the parties 

  

	 	(a)	If a demand is made under clause 29.1(a), or the Board calls for an IPO under clause 29.4, then the Company must give a notice to each Shareholder
requiring them to co-operate and use their commercially reasonable endeavours in applying to a Recognised Stock Exchange selected for the IPO under clause 29.5 for: 

 

	 	(i)	the admission of the Company or a new holding company of the Company to the official list of that stock exchange; and 

  
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	 	(ii)	the official quotation of the Securities or shares of IPO HoldCo on that stock exchange, 

as soon as reasonably practicable after service of the notice. 

 

	 	(b)	On and after the date on which a notice is given under clause 29.1(a) , or the Board calls for an IPO under clause 29.4, each Shareholder and the Company
must use all commercially reasonably endeavours to enable the IPO to occur in accordance with this document and the Registration Rights Agreement including: 

 

	 	(i)	in the case of Shareholders only, consenting to and voting in favour of a conversion of the Company into a corporation or other limited liability entity or other
matters necessary to effect the structure agreed upon pursuant to clause 29.7; and 

  

	 	(ii)	taking all other reasonable actions in connection with consummation of the IPO, 

 in each case as mutually agreed by Shareholders holding a majority of all Securities then on issue that are held by Minority Shareholders and the MCE Shareholders and achieve the listing of the Company or
the holding company and quotation of the Securities or shares of IPO HoldCo on the Recognised Stock Exchange selected for the IPO under clause 29.5 on which the IPO is to occur, provided that each Shareholder is at all times treated the same
(if the Board has called for an IPO), or the same as the Demanding Shareholder (in the case of a notice under clause 29.1(a)). 
  

	 	(c)	The Shareholders must, in exercising their respective rights to agree to the actions reasonably required to enable an IPO to successfully occur under clause
29.8(b), cause the Company to act reasonably and in good faith and with a view to expeditiously consummating the IPO. 

  

	 	(d)	The terms of the Registration Rights Agreement shall apply to such transaction. 

 

	30	Information 

  

	30.1	Shareholder holding 1% 

The Company must provide to each Shareholder holding 1% or more of the Securities on issue: 

 

	 	(a)	a copy of the Management Accounts for that Quarter on or before the date 20 Business Days after the end of each Quarter or the date provided to the Project Lenders (if
applicable and later); 

  
 71 

	 	(b)	a copy of the Audited Accounts for that Financial Year on or before the date four months after the end of each Financial Year or the date provided to the Project
Lenders (if applicable and later); and 

  

	 	(c)	such other information as that Shareholder may reasonably request from time to time for the sole purpose of enabling that Shareholder to prepare and file any Tax
returns. 

  

	30.2	Shareholder holding 15% 

The Company must provide to each Shareholder holding 15% or more of the Securities on issue (in addition to what must be delivered
pursuant to clause 30.1): 
  

	 	(a)	copies of all information provided to the Project Lenders at the same time that such information is provided to those lenders (if applicable); 

 

	 	(b)	copies of reports (to be prepared not less frequently than monthly) as to the status of the project development; and 

 

	 	(c)	any other information reasonably requested from time to time by such Shareholders. 

 

	30.3	Gaming 

  

	 	(a)	For so long as any Shareholder, holder of Upstream Securities in a Shareholder, or any of their respective Affiliates, is required to provide information to any Gaming
Regulator in relation to their interest in the Company (including any information about another Shareholder or any holder of Upstream Securities in that Shareholder), the Company will and will procure that each Company Subsidiary will, to the extent
permitted by law, cooperate in good faith to obtain and endeavour to provide that information where requested in writing by that person. 

  

	 	(b)	Despite clause 30.3(a), if reasonable to do so, the Company may limit the information provided to such information as is required by the Gaming Regulator or
otherwise customarily provided to any such Gaming Regulator. 

  

	 	(c)	Any person to whom information is provided under clause 30.3(a) must agree, as a condition of being provided with that information, to cooperate with the Company
to seek to limit or protect the information required to be provided, if the Company determines (acting reasonably) that providing such information would: 

  

	 	(i)	materially compromise the competitiveness of the MSC Property; or 

  

	 	(ii)	be prohibited by applicable Laws or the listing or exchange rules of any stock exchange on which the Securities are listed or MCE s equity securities are listed.

  
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	30.4	Access 

 Each Shareholder
holding 15% or more of the Securities on issue has the right to: 
  

	 	(a)	visit and inspect any property of the Group at all reasonable times and on reasonable notice to the Company; 

 

	 	(b)	inspect and take copies of documents relating to the business of each Group member at all reasonable times and on reasonable notice to the Company; and

  

	 	(c)	discuss each Group member’s affairs, finances and accounts with such of the Group member’s officers, employees, agents and advisers (including auditors) at
all reasonable times and as often as the Shareholder may reasonably request. 

  

	30.5	Shareholder information 

Each Shareholder must provide to the Company on the date of this document, and within 5 Business Days of being requested by MCE or the
Company in writing, a complete and accurate list of: 
  

	 	(a)	all of the persons or entities holding Upstream Securities in relation to that Shareholder; 

 

	 	(b)	the person that issued the Upstream Securities; and 

  

	 	(c)	a calculation of the Effective Interest in Securities held by each of the persons in clause 30.5(a) . 

 

	31	Confidentiality and disclosure 

  

	31.1	Disclosure by Directors 

  

	 	(a)	Each Director must not disclose any Confidential Information except: 

  

	 	(i)	in the case of information of a type which is, or would be, the subject of clause 30.1, to any Shareholder or holder of Upstream Securities who would be entitled
to receive that information under that clause or clause 31.3(a), as applicable; 

  

	 	(ii)	in the case of information of a type which is, or would be, the subject of clause 30.2 or 30.4, to any Shareholder or holder of Upstream Securities who
would be entitled to receive that information under those clauses or clause 31.3(b), as applicable; 

  

	 	(iii)	to any officer, manager, employee, director (or equivalent) or financial, legal or accounting adviser of or lender to a Shareholder or holder of Upstream Securities
specified in the applicable paragraphs of this clause 31.1; and 

  

	 	(iv)	in the case of a Director employed by an investment fund or a management company of an investment fund (as applicable) that holds, or has any Affiliates that hold, an
Effective Interest in Securities, to any partner, officer, manager, employee or director (or equivalent) of that investment fund or management company. 

  
 73 

	 	(b)	Each Shareholder must procure that the Director appointed by them complies with the Director’s obligations under this clause 31 (subject to such
Director’s fiduciary duties). 

  

	31.2	Restrictions on disclosure 

A person (other than a Director) must not disclose any Confidential Information except: 

 

	 	(a)	in the case of a Shareholder or holder of Upstream Securities, where permitted under clauses 31.3, 31.4, 31.5 or 31.6; or

  

	 	(b)	in any other case, where permitted under clauses 31.4, 31.5 or 31.8. 

 

	31.3	Disclosure by Shareholders and holders of Upstream Securities 

 Each Shareholder and holder of Upstream Securities, as applicable, may, subject to clauses 31.6 and 28.2, disclose any Confidential Information: 

 

	 	(a)	received by that Shareholder under clause 30.1 or 31.1(a)(i) to any holder of Upstream Securities that has an Effective Interest in Securities of 1% or
more, and any such holder of Upstream Securities may further disclose such Confidential Information to any other holder of Upstream Securities that has an Effective Interest in Securities of 1% or more; 

 

	 	(b)	received by that Shareholder under clause 30.2, 30.4 or 31.1(a)(ii) to any holder of Upstream Securities that has an Effective Interest in
Securities of 15% or more, and any such holder of Upstream Securities may further disclose such Confidential Information to any other holder of Upstream Securities that has an Effective Interest in Securities of 15% or more;

  

	 	(c)	to Oaktree Capital Management, L.P., or any investment fund or account or entity managed by Oaktree Capital Management, L.P. that is a holder of Upstream Securities, so
long as those persons own Effective Interests in Securities of at least 4% in aggregate; or 

  

	 	(d)	to any officer, manager, employee, representative, director (or equivalent) or financial, legal or accounting adviser of or lender to a Shareholder or holder of
Upstream Securities or any of the other persons specified in the applicable paragraphs of this clause 31.3. 

  

	31.4	Disclosure generally 

 A
person may disclose any Confidential Information received by it: 
  

	 	(a)	in the case of a person that is an investment fund, to any partner in that fund; 

 

	 	(b)	to any officer, manager, employee, director (or equivalent) or financial, legal, valuation or accounting adviser of or lender to a Shareholder or holder of Upstream
Securities or any of the other persons specified in this clause 31.4; 

  
 74 

	 	(c)	to any Project Lender; and 

  

	 	(d)	to any Financial Supporter. 

  

	31.5	Exceptions 

  

	 	(a)	Despite any other provision of this clause to the contrary, but subject to clause 31.5(b), a person may disclose Confidential Information to:

  

	 	(i)	any person to whom it is required to disclose the information by Law; 

  

	 	(ii)	any person to the extent necessary in connection with the exercise of any remedy hereunder; 

 

	 	(iii)	any Governmental Agency where required by that agency; or 

  

	 	(iv)	any stock exchange on which its securities, or the securities of any of its Affiliates, are listed if required by the listing or exchange rules of such stock exchange.

  

	 	(b)	A party who is required to disclose information under clause 31.5(a) must use commercially reasonable endeavours to, and to the maximum extent permitted by Law
to, limit the form and content of that disclosure. 

  

	31.6	Conditions to disclosure 

Each Shareholder shall be responsible for ensuring that each holder of its Upstream Securities does not disclose Confidential Information
that is not permitted to be disclosed under clauses 31.3, 31.4 and 31.5 unless the Company, acting in its reasonable discretion at the request of a Shareholder, executes a Confidentiality Deed or other similar agreement with any
particular holder of Upstream Securities. 
  

	31.7	Prospective Purchaser 

  

	 	(a)	A Shareholder (Disclosing Shareholder) must not disclose, and must procure that no holder of Upstream Securities discloses, any Confidential Information to a
prospective purchaser of Securities or Upstream Securities (Prospective Purchaser) unless the Prospective Purchaser, prior to being provided with any such information, enters into a confidentiality agreement on terms no less onerous to the
Prospective Purchaser than those set out in the Confidentiality Deed or otherwise reasonably acceptable to the Company. 

  

	 	(b)	The Disclosing Shareholder must require that a Prospective Purchaser return or destroy any information provided by the Disclosing Shareholder to the Prospective
Purchaser under clause 31.2 (subject to customary exceptions) if the Prospective Purchaser has not purchased the Disclosing Shareholder’s Securities or the Upstream Securities on or before the date 6 months after the date of entry into
the confidentiality agreement referred to in clause 31.7(a). 

  
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	31.8	Information to be held confidential 

 Each Shareholder must procure that any person to whom information is disclosed by that Shareholder or any Director appointed by that Shareholder under clauses 31.1 and 31.2 keeps that
information confidential and, except as permitted by this clause 31, does not disclose the information to any other person. 
  

	31.9	Prohibition 

 A
Shareholder must not, and, subject to clause 31.6, must procure that the holder of Upstream Securities in respect of such Shareholder does not, knowingly disclose any information to any Competitor or an Unsuitable Person, or any of their
directors, officers, or employees. 
  

	31.10	Disclosure document 

 The
obligations of confidentiality in this clause 31 do not apply to any information concerning the Group, its business or its assets in any document publicly available in connection with an IPO. 

 

	32	Ethical screen 

  

	32.1	Acknowledgement 

  

	 	(a)	MCE acknowledges that the Covered Persons may from time to time, directly or indirectly, own interests in or manage entities (or both) that, directly or indirectly,
engage in gaming and associated businesses throughout the world, including in the Asia Pacific region. 

  

	 	(b)	The parties acknowledge there is no restraint on the ability of the Covered Persons to, directly or indirectly, own interests in or engage (or both), directly or
indirectly, in gaming and associated businesses throughout the world, including in the Asia Pacific region. 

  

	32.2	Ethical screen 

 Despite
clause 32.1(b), if at any time a Covered Person: 
  

	 	(a)	has appointed a Director or is entitled to receive information under clause 30.2 or 30.4 or under clause 31.3(b), and 

 

	 	(b)	has appointed a director to the board of a Competitor or is entitled to receive similar confidential information in relation to that Competitor as provided under
clause 30.2 or 30.4 or under clause 31.3(b), 

 the Covered Person’s Shareholder must:

  

	 	(i)	ensure that no person appointed as a Director is also appointed as a director of the Competitor; 

 

	 	(ii)	ensure that the principal members of the deal teams managing the investments of such Covered Person in the Company and any such Competitor are at all times different
individuals; and 

  
 76 

	 	(iii)	implement an ethical screen to ensure that confidential information provided to it (or its director designees) about the Company not be disclosed to any such Competitor
and, upon the request of the Company, certify to the Company that it has implemented, and is complying with, such an ethical screen. 

  

	32.3	Sharing otherwise permissible 

 For the avoidance of doubt, nothing in clause 32.2 shall limit the ability of Covered Persons to share Confidential Information within their respective organizations so long as they comply with the
provisions of clause 32.2. 
  

	33	Warranties 

  

	33.1	Warranties 

 In
consideration of the entry by each of the parties into this document, each of the parties (other than the Company) represents and warrants to each other party as at the date of this document that the Warranties are true and accurate. 

 

	33.2	Warranties independent 

Each Warranty is to be construed independently of the others and is not limited by reference to any other Warranty. 

 

	33.3	Liability 

 Liability for
breach of the Warranties will not be discharged or limited by the entry by the parties into this document. 
  

	34	Fair Market Value 

  

	34.1	Determination of Fair Market Value 

 Fair Market Value must be determined: 
  

	 	(a)	by the persons specified in clause 34.2; and 

  

	 	(b)	applying the methodology in clause 34.3. 

  

	34.2	Process 

  

	 	(a)	Subject to clause 34.2(d), the Fair Market Value of Securities as of the last day of each Quarter shall be calculated by each Valuation Expert no later than 10
days after the last day of the end of each Quarter. 

  

	 	(b)	If the Fair Market Value of Securities is required to be determined under clause 17.2, clause 19.5, clause 20.5 or clause 21.1 during any
Quarter, the Fair Market Value of Securities shall be deemed to be the arithmetic mean of the calculations of Fair Market Value set out in the Valuation Expert Reports for the immediately preceding Quarter. 

 

	 	(c)	Each Shareholder Group must notify the Company of the Valuation Expert appointed by that Shareholder Group from time to time. 

  
 77 

	 	(d)	The Fair Market Value of Securities will not be required to be determined each Quarter under clause 34.2(a) after the Opening. 

 

	34.3	Methodology 

  

	 	(a)	Subject to clause 34.4, in determining the Fair Market Value: 

  

	 	(i)	the Securities are to be valued on a going concern basis as between a willing but not anxious seller and a willing but not anxious buyer and utilizing methodologies
determined by each Valuation Expert but which shall (to the extent deemed appropriate in the exercise of such Valuation Expert’s reasonable judgment) include discounted cash flows, an analysis of comparable companies and an analysis of
precedent transactions; 

  

	 	(ii)	any reduction in value which may be ascribed to the Securities by virtue of the fact that they represent a minority interest is to be ignored; and

  

	 	(iii)	the Securities are capable of Transfer without restriction. 

  

	34.4	Valuation Expert Report 

  

	 	(a)	The Company must instruct the Valuation Experts notified by the Shareholder Groups under clause 34.2(c) to prepare and deliver to the parties a report
(Valuation Expert Report) setting out the Valuation Experts’ calculation of the Fair Market Value as soon as practicable, and in any event no later than 10 days after the last day of each Quarter. 

 

	 	(b)	Each Shareholder Group has the right to meet with the Valuation Experts and discuss the Company and its businesses and prospects, and the parties must provide all
information and assistance to the Valuation Experts as the Valuation Experts reasonably require for the purposes of preparing the Valuation Expert Reports. 

 

	 	(c)	The Valuation Experts may make any inquiries or investigations as the Valuation Experts determine are necessary. 

 

	 	(d)	Each Valuation Experts’ decision will be final and binding on the parties (except in the case of fraud or manifest error). 

 

	 	(e)	The Company will be responsible for payment of the Valuation Experts’ costs under this clause 34.4. 

 

	 	(f)	The final determination of Fair Market Value for each Quarter shall be final and binding on the parties (except in the case of fraud or manifest error).

  

	35	Shareholder Loan Agreement 

  

	 	(a)	The parties agree that the form of the Shareholder Loan Agreement may be amended from time to time with the prior written consent of each of the Company and the Largest
Minority Shareholder. 

  
 78 

	 	(b)	The parties agree that any amount advanced to the Company under a Shareholder Loan Agreement will be subordinated to any funds advanced by any Project Lenders if
requested by them and on such terms as they may require. Without limitation of the foregoing, the parties agree that the Shareholder Loan Agreement will be amended, to the extent reasonably requested by any Project Lender, to facilitate any and all
financings which may be provided from time to time by any Project Lenders (Senior Loans), including without limitation, amendments to: 

  

	 	(i)	subordinate and make junior any amount advanced to the Company under a Shareholder Loan Agreement, including, interest which may accrue from time to time thereon
(collectively, Subordinate Loan) and any documents evidencing the Subordinate Loan (Subordinate Loan Documents), and all rights, remedies, terms and covenants contained therein to (A) any and all Senior Loans, (B) the liens
and security interests created by the documents evidencing and securing the Senior Loans and all extensions, supplements, amendments and modifications to and restatements and consolidations of the foregoing (collectively, Senior Loan
Documents), and (C) all of the terms, covenants, conditions, rights and remedies contained in, the Senior Loan Documents and any extensions, supplements, amendments and modifications to and restatements and consolidations of the Senior Loan
Documents; and 

  

	 	(ii)	subordinate all rights to payment of the Subordinate Loan and the obligations evidenced by the Subordinate Loan Documents to all of a Project Lenders’ rights to
payment of any Senior Loan and the obligations secured by any Senior Loan Documents. 

  

	 	(c)	Unless an Event of Default (as defined in the Shareholder Loan Agreement) has occurred and has not been waived, a party must not require payment of any amount advanced
to the Company under a Shareholder Loan Agreement or any interest thereon unless: 

  

	 	(i)	it is permitted to do so under the terms of any subordination agreed with the Project Lenders; and 

 

	 	(ii)	such payment is made from amounts that would otherwise be available for distribution in respect of Securities under this document (including any amounts in respect of
which a dividend or distribution may or might have been declared but has not yet been paid). 

  

	 	(d)	Payment of any amount advanced to the Company under a Shareholder Loan Agreement or any interest thereon in accordance with the terms of the Shareholder Loan Agreement
and this document shall not be subject to approval under clause 7.2(a) nor shall such payment be deemed a Related Party Transaction. 

  
 79 

	36	Tax Matters 

  

	36.1	Tax Treatment 

  

	 	(a)	The Company has previously elected to be treated as a partnership for US federal income tax purposes and each Company Subsidiary has previously elected to be treated as
a disregarded entity for US federal income tax purposes. None of the Company, any Company Subsidiary, or any Shareholder shall take any action or position (whether in a filing or otherwise) (1) inconsistent with such classification or
(2) to revoke or seek to revoke any election made by or for the Company or any Company Subsidiary pursuant to United States Treasury Regulation Section 301.7701-3 to be classified, for US federal
income tax purposes, as a partnership, in the case of the Company, or a disregarded entity, in the case of any Company Subsidiary. 

  

	 	(b)	Each Company Subsidiary formed or acquired after the date hereof (New Entity) shall be an “eligible entity” within the meaning of United States
Treasury Regulation Section 301.7701-3. 

  

	 	(c)	Each New Entity with only one owner for U.S. federal income tax purposes shall make an election pursuant to United States Treasury Regulation Section 301.7701-3 to be classified as a disregarded entity for US federal income tax purposes. Each New Entity with two or more owners for U.S. federal income tax purposes shall make an election pursuant to
United States Treasury Regulation Section 301.7701-3 to be classified as a partnership for US federal income tax purposes. None of the Company, any Company Subsidiary, any New Entity, or any Shareholder
shall take any action or position (whether in a filing or otherwise) (1) inconsistent with such classification of a New Entity or (2) to revoke or seek to revoke any election made by or for a New Entity pursuant to United States Treasury
Regulation Section 301.7701-3 so to be classified. 

  

	36.2	Tax Information 

 On or
before April 10 of each fiscal year, the Company shall provide to each applicable Minority Shareholder a draft based on reasonable estimates of United States Internal Revenue Form K-1 or substitute K-1 for the prior fiscal year. On or before June 15 of each fiscal year, the Company shall provide to each applicable Minority Shareholder a United States Internal Revenue Form
K-1 or substitute K-1 the information necessary for the Minority Shareholder (including its direct and indirect owners) to file its United States income tax returns with
respect to the operations and business of each of the Company and Company Subsidiaries for such prior fiscal year. The Company shall make its employees and those of any Company Subsidiary reasonably available to assist the Minority Shareholder in
obtaining any additional information with respect to the Company, any Company Subsidiary, or any New Entity reasonably necessary for the Minority Shareholder to complete its tax filings. 

  
 80 

	36.3	Tax Allocations 

 All
items of income, gain, loss, deduction and credit realized by the Company shall, for each fiscal period, be allocated pro rata among the Shareholders for U.S. federal, state and local or franchise tax purposes. 

 

	36.4	Amendment 

 This clause
36 may not be amended or modified except in accordance with clause 7.2(a) . 
  

	37	Dispute 

  

	37.1	Dispute 

  

	 	(a)	If a dispute (Dispute) arises out of or relates to this document (including any dispute as to the existence, breach or termination of this document or as to any
claim in tort, in equity or pursuant to any statute but excluding any disagreement the subject of clause 7.3) a party to the document may only commence arbitration proceedings relating to the Dispute if the procedures set out in clauses
37.1(b) to 37.1(h) have been fulfilled. 

  

	 	(b)	A party to this document claiming the Dispute has arisen under or in relation to this document must give written notice (Dispute Notice) to the other parties to
the Dispute specifying the nature of the Dispute. 

  

	 	(c)	On receipt of the Dispute Notice by the other parties, all the parties to the Dispute (Disputing Parties) must endeavour in good faith to resolve the Dispute
expeditiously using informal dispute resolution techniques such as mediation, expert evaluation or determination or similar techniques agreed by them. 

  

	 	(d)	If the Disputing Parties do not resolve the Dispute within 20 days of receipt of the Dispute Notice the Dispute shall be determined by way of arbitration in accordance
with the Rules of Arbitration of the International Chamber of Commerce in force on the date when the notice of arbitration is submitted in accordance with these rules. 

 

	 	(e)	The number of arbitrators shall be three and the nationality or residence of the chairman of the arbitral tribunal shall not be the United States, Hong Kong or Macau.

  

	 	(f)	The arbitral proceedings shall be conducted in the English language and the place of arbitration shall be Hong Kong. 

 

	 	(g)	By agreeing to arbitration pursuant to clause 37.1(d), the parties do not intend to deprive any court of its jurisdiction to issue an interim injunction or other
interim relief in aid of the arbitration proceedings, provided that the parties agree that they may seek only such relief as is consistent with their agreement to resolve the Dispute by way of arbitration. Without prejudice to such relief that may
be granted by a national court, the arbitral tribunal shall have full authority to grant interim or provisional remedies or to order a party to seek modification or vacation of the relief granted by a national court. For purposes of this clause
37.1(g), the parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of Hong Kong and any courts which have jurisdiction to hear appeals from those courts and waive any right to object to any proceedings being
brought in those courts. 

  
 81 

	 	(h)	Any dispute that arises under this document (other than any disagreement the subject of clause 7.3) must be resolved in accordance with this clause 37.

  

	37.2	Proper exercise of rights not a Dispute 

 For the avoidance of doubt, the proper exercise by a Shareholder or Shareholder Group of its rights hereunder shall not constitute a Dispute merely because such exercise is contrary to the interests of
the Company or another Shareholder or Shareholder Group. 
  

	38	Termination 

  

	38.1	Term 

 Subject to
clause 38.2, this document continues in full force and effect until: 
  

	 	(a)	terminated by written agreement between the parties; 

  

	 	(b)	completion of a Qualified IPO, when it automatically terminates; or 

  

	 	(c)	in the case of a Shareholder, that Shareholder ceases to hold any Securities. 

 

	38.2	Certain provisions continue 

 The termination of this document with respect to a party does not affect: 
  

	 	(a)	any obligation of that party which accrued prior to that termination and which remains unsatisfied or which has been breached; and 

 

	 	(b)	any provision of this document which is expressed to come into effect on, or to continue in effect after, that termination including those specified in clause
41.11. 

  

	39	Notices 

  

	39.1	General 

 A notice,
demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 
  

	39.2	How to give a communication 

 A communication must be given by being: 
  

	 	(a)	personally delivered; 

  
 82 

	 	(b)	left at the party’s current delivery address for notices; 

  

	 	(c)	sent to the party’s current postal address for notices by reputable international delivery service for delivery within five days; or 

 

	 	(d)	sent by fax to the party’s current fax number for notices, 

 provided that any communication hereunder may also be sent by e-mail (which shall not constitute notice). 

 

	39.3	Particulars for delivery of notices 

  

	 	(a)	The particulars for delivery of notices for each party, including such party’s (i) delivery address for notices, (ii) postal address for notices (if different than
delivery address), (iii) facsimile number for notices, (iv) e- mail address for notices, and (v) designated person or office to whom notices are to be addressed, are as initially set out below
and in the Deed of Accession (as the case may be): 

 Melco Crown Entertainment Limited 

36/F, The Centrium 
 60 Wyndham Street 
 Central 

Hong Kong; 

facsimile number: +852-2537-3618 
 e-mail address: scheung@melco-crown.com  
 attention: Chief Legal Officer 
 with copy to (which copy will not constitute
notice for the purposes of this clause 39):  
 Corrs Chamber Westgarth 

Level 36, Governor Phillip Tower 
 1 Farrer Place 
 Sydney NSW 2000 

facsimile number: +612 9210 6611 
 e-mail address: iain.laughland@corrs.com.au  
 attention: Iain Laughland 
 MCE Cotai Investments Limited 

36/F, The Centrium 
 60 Wyndham Street 
 Central 

Hong Kong; 

facsimile number: +852-2537-3618 
 e-mail address: scheung@melco-crown.com  
 attention: Chief Legal Officer 

  
 83 

 with copy to (which copy will not constitute notice for the purposes of this clause
39): 
 Corrs Chamber Westgarth 
 Level 36, Governor Phillip Tower 
 1 Farrer Place 

Sydney NSW 2000 

facsimile number: +612 9210 6611 
 e-mail address: iain.laughland@corrs.com.au  
 attention: Iain Laughland 
 New Cotai, LLC 

c/o New Cotai Holdings, LLC 
 Two Greenwich Plaza 
 Greenwich, Connecticut 06830 

United States of America 
 facsimile number: +1 (203) 542-4308 

e-mail address: ffogel@silverpointcapital.com  

attention Frederick Fogel 
 with copy to (which copy will not constitute notice for the purposes of this clause 39): 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite
3400 
 Los Angeles, California 90071-3144 
 facsimile number: + 1 213 621 5288 
 email address: jeffrey.cohen@skadden.com
 
 attention: Jeffrey Cohen 
 Cyber One Agents Limited 
 Offshore Incorporations Centre 

PO Box 957 

Road Town, Tortola 
 British Virgin Islands 
 with copy to (which copy will not constitute notice for
the purposes of this clause 39): 
 facsimile number: +852-2537-3618 

e-mail address: scheung@melco-crown.com  

attention: Chief Legal Officer 
 with copy to (which copy will not constitute notice for the purposes of this clause 39) 
 facsimile number: +1 (203) 542-4308 

e-mail address: ffogel@silverpointcapital.com  

attention Frederick Fogel 
  

	 	(b)	Each party may change its particulars for delivery of notices by notice to each other party. 

  
 84 

	39.4	Communications by post 

Subject to clause 39.6, a communication is deemed given five days after being sent under clause 39.2(c) . 

 

	39.5	Communications by fax 

Subject to clause 39.6, a communication is deemed given if sent by fax, when the sender’s fax machine produces a report that
the fax was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 
  

	39.6	After hours communications 

If a communication is given: 
  

	 	(a)	after 5.00pm in the place of receipt; or 

  

	 	(b)	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, 

it is taken as having been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday or (in the case of
Hong Kong) general holiday in that place. 
  

	39.7	Receipt of notice 

 A
notice, demand, certification, process or other communication relating to this document shall be deemed received when it is deemed given hereunder. 
  

	40	Duties, costs and expenses 

  

	40.1	Fees and costs 

  

	 	(a)	The Company must pay the reasonable legal and other costs and expenses incurred by the parties in negotiating, preparing, executing, and registering this document and
the other Transaction Documents and provided that receipts for such expenses are provided to the Company prior to such payment. 

  

	 	(b)	If a party other than the Company pays the reasonable legal and other costs and expenses incurred by it of negotiating, preparing, executing, and registering this
document or any of the other Transaction Documents then the Company must reimburse that amount to the paying party on demand. 

  

	 	(c)	Except as otherwise expressly stated in this document, each party must pay its own legal and other costs and expenses of performing its obligations under this document
and of any dispute that may arise in connection with any amendment to this document. 

  
 85 

	40.2	Duties 

  

	 	(a)	The Company, as between the parties, is liable for and must pay all Duty (including any fine or penalty except where it arises from default by another party) on or
relating to this document, any document executed under it or any dutiable transaction evidenced or effected by it except in respect of any Transfer of Securities, where unless otherwise agreed by the parties to such Transfer, Duty in respect of such
Transfer will be borne by the transferee. 

  

	 	(b)	If a party other than the Company pays any Duty (including any fine or penalty) on or relating to this document, any document executed under it or any dutiable
transaction evidenced or effected by it, the Company must reimburse that amount to the paying party on demand provided that such costs and/or expenses are reasonable. 

 

	41	General 

  

	41.1	Amendment 

 No amendment
to this document will be effective unless it is: 
  

	 	(a)	in writing; and 

  

	 	(b)	signed by the Company, MCE, the majority of the MCE Shareholders and the Majority of the Minority Shareholders; or 

 

	 	(c)	made in compliance with clause 7; or 

  

	 	(d)	made in compliance with clause 17.13, if applicable; or 

  

	 	(e)	made in compliance with clause 36.4, if applicable. 

  

	41.2	Several obligations 

  

	 	(a)	The obligations of the Minority Shareholders under this document (and each of their Permitted Transferees to whom Securities are Transferred or issued under this
document) are several and not joint or joint and several. 

  

	 	(b)	The obligations of MCE Shareholders under this document (and each of their Permitted Transferees to whom Securities are Transferred or issued under this document) are
joint and several. 

  

	41.3	Counterparts 

 This
document may consist of a number of counterparts and if so the counterparts taken together constitute one document. 
  

	41.4	Assignment 

  

	 	(a)	Except in connection with Transfers of Securities that are expressly permitted under this document and otherwise to the extent expressly permitted under this document,
a party must not assign, charge, declare a trust over or otherwise deal with any right under this document without the prior written consent of the other parties. 

 

	 	(b)	Any purported assignment, charge, declaration of trust or dealing in breach of this clause 41.4 is of no effect. 

  
 86 

	 	(c)	The Company may assign its rights, and the Shareholders may assign their rights, under this document to any Project Lender if required by that lender in connection
with, providing the financing referred to in clause 20.1(a). 

  

	41.5	Entire understanding 

  

	 	(a)	This document together with the other Transaction Documents constitutes the entire understanding between the parties as to the subject matter of this document.

  

	 	(b)	All previous negotiations, understandings, representations, warranties, memoranda or commitments concerning the subject matter of this document are superseded by this
document and are of no effect. No party is liable to any other party in respect of those matters. 

  

	 	(c)	No oral explanation or information provided by any party to another: 

  

	 	(i)	affects the meaning or interpretation of this document; or 

  

	 	(ii)	constitutes any collateral agreement, warranty or understanding between any of the parties. 

 

	41.6	Further steps 

 Each party
must promptly do whatever any other party reasonably requires of it to give effect to this document (including voting their Securities in favour of any resolution). 
  

	41.7	Attorneys 

 Each of the
attorneys executing this document declares that the attorney has no notice of the revocation of the power of attorney under which the attorney executes this document. 
  

	41.8	Inconsistency with Memorandum and Articles of Association 

  

	 	(a)	If there is any inconsistency between this document and the Memorandum and Articles of Association, this document prevails as between the Shareholders only to the
extent of that inconsistency. 

  

	 	(b)	At the written request of any party, all parties must take all necessary steps, including voting in favour of any resolution, to amend the Memorandum and Articles of
Association to remove that inconsistency. 

  

	41.9	Relationship of parties 

This document is not intended to create a partnership, joint venture, fiduciary or agency relationship between the parties. 

 

	41.10	Rights cumulative 

 Except
as otherwise expressly stated in this document, the rights of a party under this document are cumulative and are in addition to any other rights of that party. 

  
 87 

	41.11	Survival of obligations after termination 

 Clauses 1 (Interpretation),3.2 (MCE Directors), 3.3 (Minority Directors), 3.7 (Vacation of office), 3.8 (Removal of Directors), 3.9 (Alternate directors), 3.10
(Director duties), 3.11 (Fees and expenses of Directors), 3.12 (D&O Policy), 3.13 (Indemnity deed), 11.4 (Post IPO), 12 (Shared Vendor Contract), 14.1 (Casino operation), 14.3 (Gaming tables),
15.4 (Other administrative matters), 30.3 (Gaming), 31 (Confidentiality and disclosure), 37 (Dispute), 38 (Termination), 39 (Notices), 40 (Duties, costs and expenses), and 41 (General) of this
document will remain in full force and effect and survive the expiry or termination of this document. 
  

	41.12	Waiver and exercise of rights 

  

	 	(a)	A single or partial exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the exercise of any other
right. 

  

	 	(b)	A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or
delay in the exercise of a right. 

  

	 	(c)	A right relating to this document may only be waived in writing signed by the party or parties waiving the right. 

 

	41.13	Consent 

 Unless this
document expressly provides otherwise, a party may give conditionally or unconditionally or withhold its approval or consent in its absolute discretion. 
  

	41.14	Equitable relief 

 The
parties acknowledge that: 
  

	 	(a)	the Securities cannot be readily purchased or sold in an open market and that damages or an account of profits may be an inadequate remedy to compensate a Shareholder
for a breach of this document; and 

  

	 	(b)	a Shareholder is entitled to specific performance or injunctive relief (as appropriate) as a remedy for any breach or threatened breach by a party of this document, in
addition to any other remedies available to them at law or in equity. 

  

	41.15	Governing law and jurisdiction 

 This document is governed by and is to be construed in accordance with the laws applicable in Hong Kong. 
  

	41.16	Ownership thresholds 

  

	 	(a)	In determining the number of Securities held by a Shareholder for purposes of any threshold in this document or in the Policy on Related Party Transactions, Securities
held by an Affiliate of a Shareholder shall be deemed to be held by that Shareholder. 

  
 88 

	 	(b)	In determining the number of Upstream Securities held by a person in an entity for the purposes of any threshold in this document or in the Policy on Related Party
Transactions, Upstream Securities held by an Affiliate of that person in that same entity shall be deemed to be held by that person. 

  

	 	(c)	In determining the percentage of Securities held by a Shareholder for purposes of any threshold in this document or in the Policy on Related Party Transactions, such
percentage shall not be reduced by the issue of Securities subsequent to the date hereof or in the IPO, except where such issue occurs under clause 17 or 18. 

  
 89 

							
	 Executed as an agreement

SIGNED by
	  	 	)	 	  	
	 /s/ Lawrence Ho
 for and on behalf of
	  	 	)	 	  	
	MCE COTAI INVESTMENTS LIMITED	  	 	)	 	  	
	as its authorised representative	  	 	)	 	  	
	with authority from the board	  	 	)	 	  	
	in the presence of:	  	 	)	 	  	
		  				  	 /s/ Lawrence Ho
 Authorised Representative

	 /s/ Pamela Yeung
 Name of witness: Pamela Yeung
	  				  	
	Title of witness: Executive Assistant	  				  	
			
	SIGNED by	  	 	)	 	  	
	 /s/ Lawrence Ho
	  	 	)	 	  	
	for and on behalf of	  				  	
	MELCO CROWN ENTERTAINMENT LIMITED	  	 	)	 	  	
	as its authorised representative	  	 	)	 	  	
	with authority from the board	  	 	)	 	  	
	in the presence of:	  	 	)	 	  	
		  				  	 /s/ Lawrence Ho
 Authorised Representative

	 /s/ Pamela Yeung
 Name of witness: Pamela Yeung
	  				  	
	Title of witness: Executive Assistant	  				  	

 Signature Pages of the Shareholders’ Agreement 

					
	SIGNED by	  	)	  	
		  	)	  	
	 /s/ Thomas R. Banks
 for and on behalf of
	  	)	  	
	NEW COTAI, LLC	  	)	  	
	as its authorised representative	  	)	  	
	with authority from the board	  	)	  	
	in the presence of:	  		  	
		  		  	 /s/ Thomas R. Banks
 Authorised Representative

	 /s/ Karla Beauregard
 Name of witness: Karla Beauregard
	  		  	
	Title of witness: Administrative Assistant	  		  	

 Signature Pages of the Shareholders’ Agreement 

[The rest of this page has been intentionally left blank] 

					
	SIGNED by	  	)	  	
		  	)	  	
	 /s/ Geoffry Davis
 for and on behalf of
	  	)	  	
	CYBER ONE AGENTS LIMITED	  	)	  	
	as its authorised representative	  	)	  	
	with authority from the board	  	)	  	
	in the presence of:	  		  	
		  		  	 /s/ Geoffry Davis
 Authorised Representative

	 /s/ Angie Ng
 Name of witness: Angie Ng
	  		  	
	Title of witness: Administrator, Finance	  		  	

 Signature Pages of the Shareholders’ Agreement 

 Schedule 1 
 Financial Interest 
  

					
	 Shareholder
	  	Financial Interest	 
	 New Cotai
	  	 	40	 
	 MCE Cotai
	  	 	60	 

  
 92 

 Schedule 2 
 Warranties 
 Part A - Warranties 

 

	A.	Capacity and authority 

  

	1	It is a corporation, partnership, limited liability company, or other organization, as applicable, duly incorporated, formed, or organized, as applicable, and validly
existing under the laws of the country of its registration, formation, or organization, as applicable 

  

	2	It has full power and authority to enter into this document and has taken all necessary action to authorise the execution, delivery and performance of this document in
accordance with its terms. 

  

	3	This document constitutes the legally valid and binding obligations of the party enforceable in accordance with its terms. 

 

	4	The execution, delivery and performance of this document by it will not violate any provision of: 

 

	 	(a)	any law or regulation or any order or decree of any Governmental Agency of Macau or Hong Kong or any state or territory or relevant jurisdiction in which it is
incorporated; 

  

	 	(b)	its constitution or equivalent constituent documents; or 

  

	 	(c)	any Encumbrance or other document which is binding on it and does not and will not result in the creation or imposition of any Encumbrance or restriction of any nature
over any of its assets or the acceleration of the date of payment of any obligation existing under any Encumbrance or other document which is binding on it. 

 

	5	The execution, delivery and performance of this document by it will not require any Authorisation. 

 

	B.	Solvency 

  

	1	No order has been made, application filed, resolution passed or notice of intention given to pass a resolution for the winding up or deregistration of the party.

  

	2	No liquidator, provisional liquidator, receiver, receiver and manager, controller, trustee, administrator or similar official has been appointed over, or has possession
or control of, all or any part of the assets or undertaking of the party nor has it entered into any arrangement or composition or compromise with all or any class of its creditors. 

 

	3	It is able to pay its debts as and when they fall due. 

  
 93 

 Schedule 3 
 Despite any provision of this document to the contrary, these Reserved Matters will not apply to any transaction solely between two or more Group Companies. 

Part A - Tier 1 Reserved Matters 
  

	1	Enter into any sale, assignment, exchange, transfer, mortgage, pledge, encumbrance, lease, or other disposition of properties or assets of any Group Company or purchase
or acquire any amount of stock or assets of any other person or entity where the value of such properties or assets is US$30,000,000 or more (or in the case of a non-cash transaction, or transaction involving
a currency other than US$, the US$ equivalent). 

  

	2	Adopt, or make any material change to, or material deviation from, the Development Plan, the Project Budget, the Business Plan or the Financing and Funding Schedule.

  

	3	Approve or amend in any material respect the Group’s employee equity incentive plan. 

 

	4	Approve or amend in any material respect the credit policies of the casino to be operated within the MSC Property. 

 

	5	Approve or amend any contract, transaction or arrangement with eSun or any of its Affiliates. 

 Part B - Tier 2 Reserved Matters 
  

	1	Amend this document or amend the constituent documents of the Company or make any material amendment to the constituent documents of any Company Subsidiary (other than
amendments to the constituent documents of any Company Subsidiary that do not adversely affect the rights of any of the Minority Shareholders). 

  

	2	Declare or pay non-pro rata dividends or distributions on Securities or repurchase or redeem any Securities (other than
repurchases of Securities from employees of any Group Company pursuant to the terms of repurchase or other agreements in effect from time to time). 

  
 94 

	3	Modify any of the rights attaching to any Securities or any securities of any Company Subsidiary or issue or Transfer any securities in any Company Subsidiary other
than to the Company or a wholly owned Company Subsidiary. 

  

	4	Cease the gaming business of the MSC Property. 

  

	5	Take or refuse to take any action that could reasonably be expected to adversely impact the ability of the MCE Subconcessionaire to perform its obligations under the
Casino Management Agreement to conduct gaming operations at the MSC Property. 

  

	6	File any petition by or on behalf of the Company or any material Company Subsidiary seeking relief, or consenting to the institution of any proceeding against the
Company or any material Company Subsidiary seeking to adjudicate it as bankrupt or insolvent, under any law relating to bankruptcy, insolvency or reorganization or relief of debtors. 

 

	7	Liquidate, dissolve, reorganise, or recapitalise the Company or any Company Subsidiary other than any Company Subsidiary that is dormant or has no assets or liabilities
or merge or consolidate the Company or any Company Subsidiary (other than any Company Subsidiary that is dormant or has no assets or liabilities) with any other person other than a wholly owned Company Subsidiary. 

 

	8	Approve or amend in any material respect any transaction, Contract, understanding, loan, arrangement, advance or guarantee, with respect to any Group Company, whether
in a single transaction or series of related transactions, having: 

  

	 	(a)	a value of, or gross revenues or lifetime cost or otherwise involving amounts of, not less than US$30 million (or in the case of a
non-cash transaction, or transaction involving a currency other than US$, the US$ equivalent); or 

  

	 	(b)	a term of at least 5 years and a value of, or gross revenues or cost or otherwise involving amounts of not less than US$6 million per year (or in the case of a non-cash transaction, or transaction involving a currency other than US$, the US$ equivalent), 

 provided, however, that the payment of any fee or premium to the Macau government in connection with the amendment to the Land Grant will not require approval under this matter or otherwise. 

  
 95 

 Part C - Tier 3 Reserved Matter 

 

	1	Issue any Securities, directly or indirectly, to any person or entity that could (on the facts then known) reasonably be expected to adversely impact the suitability or
entitlement of any Shareholder holding 20% or more of the Securities on issue (or any holder of Upstream Securities in any such Shareholder, or any of their respective Affiliates) to maintain any Gaming Authorisation; provided, that such
determination is based on either: 

  

	 	(a)	written advice of outside legal counsel to such Shareholder (a copy of which shall be provided to MCE); or 

 

	 	(b)	an objection received from a Gaming Regulator. 

Part D - Tier 4 Reserved Matter 
  

	1	Amend clause 36. 

  
 96 

 Schedule 4 
 Valuation Expert list 
  

	 	•	 	 Deloitte & Touche 

  

	 	•	 	 PricewaterhouseCoopers 

  

	 	•	 	 Ernst & Young 

  

	 	•	 	 KPMG 

  

	 	•	 	 UBS 

  

	 	•	 	 Credit Suisse 

  

	 	•	 	 Morgan Stanley 

  

	 	•	 	 Deutsche Bank 

  

	 	•	 	 JP Morgan Chase 

  

	 	•	 	 Bank of America Merrill Lynch 

  

	 	•	 	 Jones Lang LaSalle 

  

	 	•	 	 Houlihan Lokey 

  

	 	•	 	 Alvarez & Marsal 

  

	 	•	 	 American Appraisal 

  

	 	•	 	 Union Gaming Group 

  
 97 

 Annexure A 
 Amended and Restated Memorandum and Articles of Association 

			
	 BC NO: 399970

 TERRITORY OF THE BRITISH
VIRGIN ISLANDS 
 BVI BUSINESS COMPANIES ACT,
2004 
 Memorandum of Association 
 and 
 Articles of Association 

of 

CYBER ONE AGENTS LIMITED 
 Incorporated on 2 August 2000 

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 2004 
 MEMORANDUM OF ASSOCIATION 
 OF 

CYBER ONE AGENTS LIMITED 
 A COMPANY LIMITED BY SHARES 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the subject or context: 

“Act” means the BVI Business Companies Act (No. 16 of 2004) and includes the regulations made under the Act; 

“Articles” means the attached Articles of Association of the Company; 

“Chairman of the Board” has the meaning specified in Regulation 13; 

“Distribution” in relation to a distribution by the Company means the direct or indirect transfer of an asset, other than
Shares, to or for the benefit of the Shareholder in relation to Shares held by a Shareholder, and whether by means of a purchase of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness or otherwise, and includes a
dividend; 
 “Eligible Person” means individuals, corporations, trusts, the estates of deceased individuals,
partnerships and unincorporated associations of persons; 
 “Memorandum” means this Memorandum of Association of
the Company; 
 “Resolution of Directors” means either: 

 

	 	(a)	a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a
majority of the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or 

 

	 	(b)	a resolution consented to in writing by all directors or by all members of a committee of directors of the Company, as the case may be; 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 1

 “Resolution of Shareholders” means either: 

 

	 	(a)	a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by the affirmative vote of a majority of the votes of the Shares
entitled to vote thereon which were present at the meeting and were voted; or 

  

	 	(b)	a resolution consented to in writing by a majority of the votes of Shares entitled to vote thereon; 

“Seal” means any seal which has been duly adopted as the common seal of the Company; 

“Share” means a share issued or to be issued by the Company; 

“Shareholder” means an Eligible Person whose name is entered in the register of members of the Company as the holder of
one or more Shares or fractional Shares; 
 “Shareholders Agreement” means the shareholders agreement attached
as Schedule 1, dated on or around [14 June 2011] between MCE Cotai Investments Limited, New Cotai, LLC, Melco Crown Entertainment Limited and the Company, as amended from time to time in accordance with the terms thereof; 

“Treasury Share” means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the
Company and not cancelled; and 
 “written” or any term of like import includes information generated, sent,
received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and “in writing” shall be
construed accordingly. 
  

	1.2.	In the Memorandum and the Articles, unless the context otherwise requires a reference to: 

 

	 	(a)	a “Regulation” is a reference to a regulation of the Articles; 

 

	 	(b)	a “Clause “ is a reference to a clause of the Memorandum; 

 

	 	(c)	voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting; 

 

	 	(d)	the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended; and 

 

	 	(e)	the singular includes the plural and vice versa. 

  

	1.3.	Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning in the Memorandum and Articles unless otherwise defined herein.

  

	1.4.	Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and Articles. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 2

	2.	NAME 

 The name of the
Company is CYBER ONE AGENTS LIMITED. 
  

	3.	RE-REGISTRATION 

 The
Company was first incorporated on 2 August 2000 under the International Business Companies Act, 1984 and was automatically re-registered under the Act on 1 January 2007. Immediately before its re-registration under the Act, it was governed by the International Business Companies Act, 1984. 
  

	4.	STATUS 

 The Company is a
company limited by shares. 
  

	5.	REGISTERED OFFICE AND REGISTERED AGENT 

  

	5.1.	The first registered office of the Company is at Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands, the office of the first
registered agent. 

  

	5.2.	The first registered agent of the Company is Offshore Incorporations Limited of Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin
Islands. 

  

	5.3.	At the date of filing the notice of election to disapply Part IV of Schedule 2 of the Act the registered office of the Company was situated at the office of the
registered agent, Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands. 

  

	6.	CAPACITY AND POWERS 

  

	6.1.	Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit: 

 

	 	(a)	full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and 

 

	 	(b)	for the purposes of paragraph (a), full rights, powers and privileges. 

  

	6.2.	For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on. 

 

	7.	NUMBER AND CLASSES OF SHARES 

  

	7.1.	The Company is authorised to issue a maximum of 200,000 Shares of par value USD1.00 each. 

 

	7.2.	The Company may issue fractional Shares and a fractional Share shall have the corresponding fractional rights, obligations and liabilities of a whole share of the same
class or series of shares. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 3

	7.3.	Shares shall be issued in the currency of the United States of America. 

  

	8.	DESIGNATIONS, POWERS, PREFERENCES, ETC. OF SHARES 

  

	8.1.	Each Share in the Company confers upon the Shareholder: 

  

	 	(a)	the right to one vote at a meeting of the Shareholders of the Company or on any Resolution of Shareholders; 

 

	 	(b)	the right to an equal share in any dividend paid by the Company; and 

  

	 	(c)	the right to an equal share in the distribution of the surplus assets of the Company on its liquidation. 

 

	8.2.	The directors may at their discretion by Resolution of Directors redeem, purchase or otherwise acquire all or any of the Shares in the Company subject to Regulation 3
of the Articles. 

  

	9.	VARIATION OF RIGHTS 

 The
rights attached to Shares as specified in Clause 8 may only, whether or not the Company is being wound up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50 per cent of the issued
Shares of that class. 
  

	10.	RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU 

 The rights conferred upon the holders of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be
deemed to be varied by the creation or issue of further Shares ranking pari passu therewith. 
  

	11.	REGISTERED SHARES 

  

	11.1.	The Company shall issue registered shares only. 

  

	11.2.	The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares.

  

	12.	TRANSFER OF SHARES 

  

	12.1.	The Company shall, on receipt of an instrument of transfer complying with Sub- Regulation 7.1 of the Articles, enter the name of
the transferee of a Share in the register of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in a Resolution of Directors. 

 

	12.2.	The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed to pay an amount due in respect of the Share.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 4

	13.	AMENDMENT OF MEMORANDUM AND ARTICLES 

 Subject to Clause 9, the Company may amend its Memorandum or Articles by a Resolution of Shareholders or by a Resolution of Directors, save that no amendment may be made by a Resolution of Directors:

  

	 	(a)	to restrict the rights or powers of the Shareholders to amend the Memorandum or Articles; 

 

	 	(b)	to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum or Articles; 

 

	 	(c)	in circumstances where the Memorandum or Articles cannot be amended by the Shareholders; or 

 

	 	(d)	to Clauses 8, 9 or 10 or this Clause 13. 

 Notwithstanding the foregoing no amendment may be made to the Memorandum or Articles without the approval of each Minority Shareholder (as defined in the Shareholders Agreement) holding 20% or more of the
Shares on issue. 
  

	14.	PARAMOUNT EFFECT OF SHAREHOLDERS AGREEMENT 

  

	14.1.	To the extent not prohibited by the Act the provisions of the Shareholders Agreement are hereby incorporated into the Memorandum, and for the avoidance of doubt and
without limiting the generality of this clause 14.1: 

  

	 	(a)	notwithstanding anything contained in the Memorandum, if the Shareholders Agreement prohibits an act being done, the act shall not be done; and

  

	 	(b)	nothing contained in the Memorandum prevents an act being done that the Shareholders Agreement requires to be done. 

 

	14.2.	To the extent not prohibited by the Act if any provision of the Memorandum is or becomes inconsistent with the Shareholders Agreement, the Shareholders Agreement shall
prevail. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 5

 We, Offshore Incorporations Limited of Offshore Incorporations Centre, P.O. Box 957,
Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the
3rd day of July 2007 . 

 

	
	Incorporator:
	
	Offshore Incorporations Limited
	
	Sgd: Richard Parsons
	  

	Authorised Signatory

  

			
	CYBER ONE AGENTS LIMITED	 	Page 6

 TERRITORY OF THE BRITISH VIRGIN ISLANDS 

THE BVI BUSINESS COMPANIES ACT 2004 
 ARTICLES OF ASSOCIATION 
 OF 

CYBER ONE AGENTS LIMITED 
 A COMPANY LIMITED BY SHARES 
  

	1.	PARAMOUNT EFFECT OF SHAREHOLDERS AGREEMENT 

  

	1.1.	To the extent not prohibited by the Act the provisions of the Shareholders Agreement are hereby incorporated into the Articles and, for the avoidance of doubt and
without limiting the generality of this Regulation 1: 

  

	 	(a)	notwithstanding anything contained in these Articles, if the Shareholders Agreement prohibits an act being done, the act shall not be done; and

  

	 	(b)	nothing contained in these Articles prevents an act being done that the Shareholders Agreement requires to be done. 

 

	1.2.	To the extent not prohibited by the Act if any provision of these Articles is or becomes inconsistent with the Shareholders Agreement, the Shareholders Agreement shall
prevail. 

  

	2.	REGISTERED SHARES 

  

	2.1.	Every Shareholder is entitled to a certificate signed by a director of the Company or under the Seal specifying the number of Shares held by him and the signature of
the director and the Seal may be facsimiles. 

  

	2.2.	Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss or liability which it or they may
incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or on
satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors. 

  

	2.3.	If several Eligible Persons are registered as joint holders of any Shares, any one of such Eligible Persons may give an effectual receipt for any Distribution.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 1

	3.	SHARES 

  

	3.1.	Shares may be issued at such times, to such Eligible Persons, for such consideration and on such terms as the directors may by Resolution of Directors determine.

  

	3.2.	Section 46 of the Act (Pre-emptive rights) does not apply to the Company. 

 

	3.3.	A Share may be issued for consideration in any form, including money, a promissory note, real property, personal property (including goodwill and know-how) or a
contract for future services. 

  

	3.4.	No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating: 

 

	 	(a)	the amount to be credited for the issue of the Shares; 

  

	 	(b)	their determination of the reasonable present cash value of the non-money consideration for the issue; and

  

	 	(c)	that, in their opinion, the present cash value of the non-money consideration for the issue is not less than the amount to be
credited for the issue of the Shares. 

  

	3.5.	The Company shall keep a register (the “register of members”) containing: 

 

	 	(a)	the names and addresses of the Eligible Persons who hold Shares; 

  

	 	(b)	the number of each class and series of Shares held by each Shareholder; 

  

	 	(c)	the date on which the name of each Shareholder was entered in the register of members; and 

 

	 	(d)	the date on which any Eligible Person ceased to be a Shareholder. 

  

	3.6.	The register of members may be in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able
to produce legible evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members. 

 

	3.7.	A Share is deemed to be issued when the name of the Shareholder is entered in the register of members. 

 

	4.	REDEMPTION OF SHARES AND TREASURY SHARES 

  

	4.1.	The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may not purchase, redeem or otherwise acquire its own Shares without
the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Shares without
their consent. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 2

	4.2.	The Company may only offer to acquire Shares if at the relevant time the directors determine by Resolution of Directors that immediately after the acquisition the value
of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. 

  

	4.3.	Sections 60 (Process for acquisition of own shares), 61 (Offer to one or more shareholders) and 62 (Shares redeemed otherwise than at the option of company) of the Act
shall not apply to the Company. 

  

	4.4.	Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled or held as Treasury Shares except to the extent that such
Shares are in excess of 50 percent of the issued Shares in which case they shall be cancelled but they shall be available for reissue. 

  

	4.5.	All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company while it holds the Share as a Treasury Share.

  

	4.6.	Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and Articles) as the Company may by
Resolution of Directors determine. 

  

	4.7.	Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares having more than 50 per cent of the votes in the
election of directors of the other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate. 

 

	5.	MORTGAGES AND CHARGES OF SHARES 

  

	5.1.	Shareholders may mortgage or charge their Shares. 

  

	5.2.	There shall be entered in the register of members at the written request of the Shareholder: 

 

	 	(a)	a statement that the Shares held by him are mortgaged or charged; 

  

	 	(b)	the name of the mortgagee or chargee; and 

  

	 	(c)	the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members. 

 

	5.3.	Where particulars of a mortgage or charge are entered in the register of members, such particulars may be cancelled: 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 3

	 	(a)	with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or 

 

	 	(b)	upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the directors shall
consider necessary or desirable. 

  

	5.4.	Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this Regulation: 

 

	 	(a)	no transfer of any Share the subject of those particulars shall be effected; 

 

	 	(b)	the Company may not purchase, redeem or otherwise acquire any such Share; and 

 

	 	(c)	no replacement certificate shall be issued in respect of such Shares, 

 without the written consent of the named mortgagee or chargee. 
  

	6.	FORFEITURE 

  

	6.1.	Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares issued for a promissory note
or a contract for future services are deemed to be not fully paid. 

  

	6.2.	A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares.

  

	6.3.	The written notice of call referred to in Sub-Regulation 6.2 shall name a further date not earlier than the expiration of 14
days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the
notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited. 

  

	6.4.	Where a written notice of call has been issued pursuant to Sub-Regulation 6.3 and the requirements of the notice have not been
complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates. 

  

	6.5.	The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to
Sub-Regulation 6.4 and that Shareholder shall be discharged from any further obligation to the Company. 

  

	7.	TRANSFER OF SHARES 

  

	7.1.	Shares may be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee, which shall be sent to the
Company at the office of its registered agent for registration. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 4

	7.2.	The transfer of a Share is effective when the name of the transferee is entered on the register of members. 

 

	7.3.	If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they
may resolve by Resolution of Directors: 

  

	 	(a)	to accept such evidence of the transfer of Shares as they consider appropriate; and 

 

	 	(b)	that the transferee’s name should be entered in the register of members notwithstanding the absence of the instrument of transfer. 

 

	7.4.	Subject to the Memorandum, the personal representative of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder at
the time of the transfer. 

  

	8.	MEETINGS AND CONSENTS OF SHAREHOLDERS 

  

	8.1.	Any director of the Company may convene meetings of the Shareholders at such times and in such manner and places within or outside the British Virgin Islands as the
director considers necessary or desirable. 

  

	8.2.	Upon the written request of Shareholders entitled to exercise 30 per cent or more of the voting rights in respect of the matter for which the meeting is requested
the directors shall convene a meeting of Shareholders. 

  

	8.3.	The director convening a meeting shall give not less than seven days’ notice of a meeting of Shareholders to: 

 

	 	(a)	those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and are entitled to vote at the meeting;
and 

  

	 	(b)	the other directors. 

  

	8.4.	The director convening a meeting of Shareholders may fix as the record date for determining those Shareholders that are entitled to vote at the meeting the date notice
is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice. 

  

	8.5.	A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least 90 per cent of the total voting rights
on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 5

	8.6.	The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder or another director, or the fact that a Shareholder or another
director has not received notice, does not invalidate the meeting. 

  

	8.7.	A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder. 

 

	8.8.	The instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which the person named in such
instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented. 

  

	8.9.	The instrument appointing a proxy shall be in substantially the following form or such other form as the chairman of the meeting shall accept as properly evidencing the
wishes of the Shareholder appointing the proxy. 

  

	
	 [ Name of Company ]

 
 I/We being a Shareholder of the above Company
HEREBY APPOINT                      of
                     or failing him
                     of                      to
be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the      day of ,          20     and at any adjournment thereof.

 
 (Any restrictions on voting to be inserted here.)

 
 Signed this     day of ,
         20    
  
  

Shareholder

  

	8.10.	The following applies where Shares are jointly owned: 

  

	 	(a)	if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder;

  

	 	(b)	if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and 

 

	 	(c)	if two or more of the joint owners are present in person or by proxy they must vote as one. 

 

	8.11.	A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone or other electronic means and all Shareholders participating in
the meeting are able to hear each other. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 6

	8.12.	A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than 50 per cent of the
votes of the Shares or class or series of Shares entitled to vote on Resolutions of Shareholders to be considered at the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a
certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders 

 

	8.13.	If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved;
in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned
meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the
meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. 

  

	8.14.	At every meeting of Shareholders, the Chairman of the Board shall preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the
Board is not present at the meeting, the Shareholders present shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting Shares
present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair. 

 

	8.15.	The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting from which the adjournment took place. 

  

	8.16.	At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried
or not and the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes
cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll
be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting. 

 

	8.17.	Any Eligible Person other than an individual which is a Shareholder may by resolution of its directors or other governing body authorise such individual as it thinks
fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Eligible Person which he represents as that Eligible
Person could exercise if it were an individual. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 7

	8.18.	The chairman of any meeting at which a vote is cast by proxy or on behalf of any Eligible Person other than an individual may call for a notarially certified copy of
such proxy or authority which shall be produced within seven days of being so requested or the votes cast by such proxy or on behalf of such Eligible Person shall be disregarded. 

 

	8.19.	Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares.

  

	8.20.	An action that may be taken by the Shareholders at a meeting may also be taken by a Resolution of Shareholders consented to in writing, without the need for any notice,
but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution. The consent may be in the
form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Eligible
Persons holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts. 

 

	9.	DIRECTORS 

  

	9.1.	The first directors of the Company shall be appointed by the first registered agent within six months of the date of incorporation of the Company; and thereafter, the
directors shall be elected by Resolution of Shareholders or by Resolution of Directors for such term as the Shareholders or directors determine. 

  

	9.2.	No person shall be appointed as a director of the Company unless he has consented in writing to act as a director. 

 

	9.3.	The minimum number of directors shall be one and the maximum number shall be five. 

 

	9.4.	Each director holds office for the term, if any, fixed by the Resolution of Shareholders or Resolution of Directors appointing him, or until his earlier death,
resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his earlier death, resignation or removal. 

 

	9.5.	A director may be removed from office only in accordance with the Shareholders Agreement. 

 

	9.6.	A director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the
Company at the office of its registered agent or from such later date as may be specified in the notice. A director shall resign forth with as a director if he is, or becomes, disqualified from acting as a director under the Act.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 8

	9.7.	The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors. Where the directors appoint a
person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office. 

 

	9.8.	A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office. 

 

	9.9.	The Company shall keep a register of directors containing: 

  

	 	(a)	the names and addresses of the persons who are directors of the Company; 

  

	 	(b)	the date on which each person whose name is entered in the register was appointed as a director of the Company; 

 

	 	(c)	the date on which each person named as a director ceased to be a director of the Company; and 

 

	 	(d)	such other information as may be prescribed by the Act. 

  

	9.10.	The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must
be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors. 

 

	9.11.	The directors may, by a Resolution of Directors, fix the emoluments of directors with respect to services to be rendered in any capacity to the Company.

  

	9.12.	A director is not required to hold a Share as a qualification to office. 

  

	10.	POWERS OF DIRECTORS 

  

	10.1.	The business and affairs of the Company shall be managed by, or under the direction or supervision of, the directors of the Company. The directors of the Company have
all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company and may exercise
all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders. 

  

	10.2.	Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles
or the Act. Each director, in exercising his powers or performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 9

	10.3.	If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when exercising powers or performing duties as a director, act in a
manner which he believes is in the best interests of the holding company even though it may not be in the best interests of the Company. 

  

	10.4.	Any director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the directors,
with respect to the signing of consents or otherwise. 

  

	10.5.	The continuing directors may act notwithstanding any vacancy in their body. 

 

	10.6.	The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness,
liabilities or obligations whether of the Company or of any third party. 

  

	10.7.	All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn,
accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors. 

  

	10.8.	For the purposes of Section 175 (Disposition of assets) of the Act, the directors may by Resolution of Directors determine that any sale, transfer, lease, exchange
or other disposition is in the usual or regular course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive. 

 

	11.	PROCEEDINGS OF DIRECTORS 

  

	11.1.	Any one director of the Company may call a meeting of the directors by sending a written notice to each other director. 

 

	11.2.	The directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the British Virgin Islands as the directors
may determine to be necessary or desirable. 

  

	11.3.	A director is deemed to be present at a meeting of directors if he participates by telephone or other electronic means and all directors participating in the meeting
are able to hear each other. 

  

	11.4.	A director shall be given not less than three days’ notice of meetings of directors, but a meeting of directors held without three days’ notice having been
given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director. The
inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 10

	11.5.	A director may by a written instrument appoint an alternate who need not be a director and the alternate shall be entitled to attend meetings in the absence of the
director who appointed him and to vote or consent in place of the director until the appointment lapses or is terminated. 

  

	11.6.	A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only two directors in which case the quorum is two. 

  

	11.7.	If the Company has only one director the provisions herein contained for meetings of directors do not apply and such sole director has full power to represent and act
for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall record in writing and sign a note or memorandum of all matters
requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes. 

  

	11.8.	At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of the meeting. If there is no Chairman of the Board or if the
Chairman of the Board is not present, the directors present shall choose one of their number to be chairman of the meeting. 

  

	11.9.	An action that may be taken by the directors or a committee of directors at a meeting may also be taken by a Resolution of Directors or a resolution of a committee of
directors consented to in writing by all directors or by all members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being signed by one or more directors. If the
consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution by signed counterparts. 

 

	12.	COMMITTEES 

  

	12.1.	The directors may, by Resolution of Directors, designate one or more committees, each consisting of one or more directors, and delegate one or more of their powers,
including the power to affix the Seal, to the committee. 

  

	12.2.	The directors have no power to delegate to a committee of directors any of the following powers: 

 

	 	(a)	to amend the Memorandum or the Articles; 

  

	 	(b)	to designate committees of directors; 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 11

	 	(c)	to delegate powers to a committee of directors; 

  

	 	(d)	to appoint directors; 

  

	 	(e)	to appoint an agent; 

  

	 	(f)	to approve a plan of merger, consolidation or arrangement; or 

  

	 	(g)	to make a declaration of solvency or to approve a liquidation plan. 

  

	12.3.	Sub-Regulation 12.2(b) and (c) do not prevent a committee of directors, where authorised by the Resolution of Directors
appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers exercisable by the committee to the
sub-committee. 

  

	12.4.	The meetings and proceedings of each committee of directors consisting of two or more directors shall be governed mutatis mutandis by the provisions of the Articles
regulating the proceedings of directors so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee. 

  

	12.5.	Where the directors delegate their powers to a committee of directors they remain responsible for the exercise of that power by the committee, unless they believed on
reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act. 

 

	13.	OFFICERS AND AGENTS 

  

	13.1.	The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient. Such officers may consist of a
Chairman of the Board of Directors, a president and one or more vice-presidents, secretaries and treasurers and such other officers as may from time to time be considered necessary or expedient. Any number of offices may be held by the same person.

  

	13.2.	The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by
Resolution of Directors. In the absence of any specific prescription of duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Shareholders, the president to manage the day to day affairs of the
Company, the vice-presidents to act in order of seniority in the absence of the president but otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the register of members, minute books and
records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 12

	13.3.	The emoluments of all officers shall be fixed by Resolution of Directors. 

  

	13.4.	The officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the directors may be removed at any
time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors. 

  

	13.5.	The directors may, by a Resolution of Directors, appoint any person, including a person who is a director, to be an agent of the Company. An agent of the Company shall
have such powers and authority of the directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with
respect to the matters specified in Sub-Regulation 12.2. The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the
powers conferred on the agent by the Company. The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him. 

  

	14.	CONFLICT OF INTERESTS 

  

	14.1.	A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company,
disclose the interest to all other directors of the Company. 

  

	14.2.	For the purposes of Sub-Regulation 14.1, a disclosure to all other directors to the effect that a director is a member, director
or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with
that entity or individual, is a sufficient disclosure of interest in relation to that transaction. 

  

	14.3.	Provided that the Board of directors of the Company has given prior authorisation by way of a Resolution of Directors (for which purposes the interested director shall
not be able to vote), a director of the Company who is interested in a transaction entered into or to be entered into by the Company may: 

  

	 	(a)	vote on a matter relating to the transaction; 

  

	 	(b)	attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a
quorum; and 

  

	 	(c)	sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction, and, subject to compliance with the Act
shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 13

	15.	INDEMNIFICATION 

  

	15.1.	Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts
paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who: 

  

	 	(a)	is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by
reason of the fact that the person is or was a director of the Company; or 

  

	 	(b)	is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another company or a partnership, joint venture,
trust or other enterprise. 

  

	15.2.	The indemnity in Sub-Regulation 15.1 only applies if the person acted honestly and in good faith with a view to the best
interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. 

  

	15.3.	The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the
person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved. 

 

	15.4.	The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption
that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful. 

 

	15.5.	The Company may purchase and maintain insurance in relation to any person who is or was a director, officer or liquidator of the Company, or who at the request of the
Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and
incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles. 

 

	16.	RECORDS 

  

	16.1.	The Company shall keep the following documents at the office of its registered agent: 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 14

	 	(a)	the Memorandum and the Articles; 

  

	 	(b)	the register of members, or a copy of the register of members; 

  

	 	(c)	the register of directors, or a copy of the register of directors; and 

  

	 	(d)	copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs in the previous 10 years. 

 

	16.2.	If the Company maintains only a copy of the register of members or a copy of the register of directors at the office of its registered agent, it shall:

  

	 	(a)	within 15 days of any change in either register, notify the registered agent in writing of the change; and 

 

	 	(b)	provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of
directors is kept. 

  

	16.3.	The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as
the directors may determine: 

  

	 	(a)	minutes of meetings and Resolutions of Shareholders and classes of Shareholders; 

 

	 	(b)	minutes of meetings and Resolutions of Directors and committees of directors; and 

 

	 	(c)	an impression of the Seal, if any. 

  

	16.4.	Where any original records referred to in this Regulation are maintained other than at the office of the registered agent of the Company, and the place at which the
original records is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location. 

 

	16.5.	The records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the
Electronic Transactions Act (No. 5 of 2001). 

  

	17.	REGISTERS OF CHARGES 

 The
Company shall maintain at the office of its registered agent a register of charges in which there shall be entered the following particulars regarding each mortgage, charge and other encumbrance created by the Company: 

 

	 	(a)	the date of creation of the charge; 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 15

	 	(b)	a short description of the liability secured by the charge; 

  

	 	(c)	a short description of the property charged; 

  

	 	(d)	the name and address of the trustee for the security or, if there is no such trustee, the name and address of the chargee; 

 

	 	(e)	unless the charge is a security to bearer, the name and address of the holder of the charge; and 

 

	 	(f)	details of any prohibition or restriction contained in the instrument creating the charge on the power of the Company to create any future charge ranking in priority to
or equally with the charge. 

  

	18.	SEAL 

 The Company may
have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be
kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by
Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or
authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

  

	19.	DISTRIBUTIONS BY WAY OF DIVIDEND 

  

	19.1.	The directors of the Company may, by Resolution of Directors, authorise a distribution by way of dividend at a time and of an amount they think fit if they are
satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. 

 

	19.2.	Dividends may be paid in money, shares, or other property. 

  

	19.3.	Notice of any dividend that may have been declared shall be given to each Shareholder as specified in Sub-Regulation 21.1 and
all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company. 

  

	19.4.	No dividend shall bear interest as against the Company and no dividend shall be paid on Treasury Shares. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 16

	20.	ACCOUNTS AND AUDIT 

  

	20.1.	The Company shall keep records that are sufficient to show and explain the Company’s transactions and that will, at any time, enable the financial position of the
Company to be determined with reasonable accuracy. 

  

	20.2.	The Company may by Resolution of Shareholders call for the directors to prepare periodically and make available a profit and loss account and a balance sheet. The
profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company as at the
end of a financial period. 

  

	20.3.	The Company may by Resolution of Shareholders call for the accounts to be examined by auditors. 

 

	20.4.	The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by a Resolution of Shareholders. 

 

	20.5.	The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor of the Company during their continuance in office.

  

	20.6.	The remuneration of the auditors of the Company: 

  

	 	(a)	in the case of auditors appointed by the directors, may be fixed by Resolution of Directors; and 

 

	 	(b)	subject to the foregoing, shall be fixed by Resolution of Shareholders or in such manner as the Company may by Resolution of Shareholders determine.

  

	20.7.	The auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting of the Shareholders or otherwise given to Shareholders
and shall state in a written report whether or not: 

  

	 	(a)	in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the period covered by the accounts, and
of the assets and liabilities of the Company at the end of that period; and 

  

	 	(b)	all the information and explanations required by the auditors have been obtained. 

 

	20.8.	The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at which the accounts are laid before the Company or shall
be otherwise given to the Shareholders. 

  

	20.9.	Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be entitled to require from the
directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditors. 

  

			
	CYBER ONE AGENTS LIMITED	 	Page 17

	20.10.	The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders at which the Company’s profit and loss account and
balance sheet are to be presented. 

  

	21.	NOTICES 

  

	21.1.	Any notice, information or written statement to be given by the Company to Shareholders may be given by personal service or by mail addressed to each Shareholder at the
address shown in the register of members. 

  

	21.2.	Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered
mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company. 

 

	21.3.	Service of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved by showing that the summons,
notice, order, document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered to the registered office or the
registered agent of the Company in the normal course of delivery within the period prescribed for service and was correctly addressed and the postage was prepaid. 

 

	22.	VOLUNTARY WINDING UP AND DISSOLUTION 

 The Company may by a Resolution of Shareholders or by a Resolution of Directors appoint a voluntary liquidator. 
  

	23.	CONTINUATION 

 The Company
may by Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

  

			
	CYBER ONE AGENTS LIMITED	 	Page 18

 We, Offshore Incorporations Limited of Offshore Incorporations Centre, P.O. Box 957,
Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 3rd day of July 2007. 
  

	
	Incorporator:
	
	Offshore Incorporations Limited
	
	Sgd: Richard Parsons
	  

	Authorised Signatory

  

			
	CYBER ONE AGENTS LIMITED	 	Page 19

 Annexure B 
 Deed of Accession 
 Deed poll dated 

By 

[                         
               ] 
 of
[                                        
        ] (Acceding Party) 
 Background 

 

	A	This document is supplemental to a Shareholders Agreement dated [****] between [****] and [****] (Agreement). 

 
  
 Declarations 
  

	1	Acceding party to be bound 

 The
Acceding Party covenants with all parties to the Agreement from time to time (whether original or by accession) (Parties) to observe, perform and be bound by all the terms of the Agreement in so far as they remain to be observed and
performed, as if the Acceding Party had been an original party to the Agreement as [Shareholder]. 
  

	2	Financial Interest 

 The
Financial Interest of the Acceding Party is [insert]. 

  
 99 

	3	Copy of the Deed 

 The Acceding
Party confirms that it has been supplied with a copy of the Agreement. 
  

	4	Representations and warranties 

The Acceding Party represents and warrants to the Parties that: 

 

	 	(a)	(registration): it is a corporation, partnership, limited liability company, or other organization, as applicable, duly incorporated, formed, or organized, as
applicable, and validly existing under the laws of the country of its registration, formation, or organization, as applicable; 

  

	 	(b)	(corporate power): it has the corporate, partnership, limited liability company, or other organizational, as applicable, power to enter into and perform its
obligations under this document and to carry out the transactions contemplated by the Agreement. 

  

	 	(c)	(corporate action): it has taken all necessary corporate, partnership, limited liability company, or other organizational, as applicable, action to authorise the
entry into and performance of this document and to carry out the transactions contemplated by the Agreement; 

  

	 	(d)	(binding obligation): the obligations in this document are valid and binding obligations of the Acceding Party. 

This deed poll is governed by the laws applicable in Hong Kong.  
 Executed as a deed. 

  
 100

 Annexure C 
 Confidentiality Deed 

 [Discloser] 
 [Recipient] 
 Confidentiality Deed 

									
	Contents	  			
			
	1	 	Interpretation	  	 	1	 
		 	1.1	  	Definitions	  	 	1	 
		 	1.2	  	Construction	  	 	3	 
			
	2	 	Confidential Information	  	 	4	 
		 	2.1	  	Duty of confidentiality	  	 	4	 
		 	2.2	  	Disclosure by holders of Upstream Securities	  	 	4	 
		 	2.3	  	Disclosure generally	  	 	4	 
		 	2.4	  	Exceptions	  	 	5	 
		 	2.5	  	Copies and extracts of Confidential Information	  	 	5	 
			
	3	 	Return or destruction of Confidential Information	  	 	5	 
		 	3.1	  	Return or destruction	  	 	5	 
		 	3.2	  	Retained papers	  	 	6	 
		 	3.3	  	Obligations to continue after materials returned	  	 	6	 
		 	3.4	  	The Recipient must certify destruction of materials	  	 	6	 
			
	4	 	Indemnity	  	 	6	 
		 	4.1	  	Indemnity	  	 	6	 
			
	5	 	Liability	  	 	7	 
		 	5.1	  	Discloser does not warrant Confidential Information is accurate	  	 	7	 
		 	5.2	  	Liability	  	 	7	 
		 	5.3	  	Release	  	 	7	 
			
	6	 	Injunctive relief	  	 	7	 
			
	7	 	[Termination	  	 	7	 
			
	8	 	General	  	 	8	 
		 	8.1	  	Severance	  	 	8	 
		 	8.2	  	Amendment	  	 	8	 
		 	8.3	  	Waiver and exercise of rights	  	 	8	 
		 	8.4	  	Governing law and jurisdiction	  	 	8	 
		 	8.5	  	Assignment	  	 	8	 
		 	8.6	  	Entire understanding	  	 	8	 
		 	8.7	  	Legal costs	  	 	9	 
		 	8.8	  	Rights cumulative	  	 	9	 
		 	8.9	  	Further steps	  	 	9	 
		 	8.10	  	Counterparts and facsimile copies	  	 	9	 
		 	8.11	  	Relationship of parties	  	 	9	 
		 	8.12	  	Ownership thresholds	  	 	9	 
		 	8.13	  	Agreement to Compulsory Transfer	  	 	9	 
			
	9	 	Notices	  	 	10	 
		 	9.1	  	General	  	 	10	 
		 	9.2	  	How to give a communication	  	 	10	 
		 	9.3	  	Particulars for delivery of notices	  	 	10	 
		 	9.4	  	Communications by post	  	 	11	 
		 	9.5	  	Communications by fax	  	 	11	 
		 	9.6	  	After hours communications	  	 	11	 
		 	9.7	  	Receipt of notice	  	 	11	 

  
 page i

 Date 
 Parties 
 [●] of [●]; facsimile number: [●]; e-mail address: [●]; attention: [●] (Discloser) 
 [●] of [●];
facsimile number: [●]; e-mail address: [●]; attention: [●] (Recipient) 
 Background 
  

	A	The Discloser possesses Confidential Information. 

  

	B	The Discloser proposes to disclose Confidential Information to the Recipient. 

 

	C	The Recipient agrees to maintain the confidentiality of the Confidential Information that is disclosed to it, on the terms of this document. 

Agreed terms 
  

	1	Interpretation 

  

	 	1.1	Definitions 

 In this
document, the following terms have the following meanings: 
 Affiliate has the meaning given to that term in the
Shareholders’ Agreement. 
 Business Day means a day which is not a Saturday, Sunday or bank or public holiday in
Hong Kong or New York, nor a day on which a tropical cyclone warning No. 8 or above or a “black rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9.00am and 5.00pm. 

Company means Cyber One Agents Limited, a company incorporated in the British Virgin Islands. 

Competitor has the meaning given to that term in the Shareholders’ Agreement. 

Confidential Information means any confidential, non-public or proprietary information
relating to the business, assets or affairs of the Group; provided, however, that Confidential Information shall not include information that: 
  

	 	(a)	is or becomes generally available to the public other than as a result of disclosure in violation of this document; 

 

	 	(b)	is or becomes available to the receiving person on a non-confidential basis prior to its disclosure to such person;

  
 page 1

	 	(c)	is or has been independently developed or conceived by the receiving person without use of Confidential Information; or 

 

	 	(d)	becomes available to the receiving person on a non-confidential basis from a source other than the Discloser; provided that such
source is not known by such person to be bound by a confidentiality agreement with the Discloser. 

 Effective
Interest in Securities has the meaning given to that term in the Shareholders’ Agreement. 
 Financial Supporter
has the meaning given to that term in the Shareholders’ Agreement. 
 Governmental Agency means: 

 

	 	(a)	a government, whether foreign, federal, state, territorial or local; 

  

	 	(b)	a department, office, or minister of a government acting in that capacity; or 

 

	 	(c)	a commission, delegate, instrumentality, agency, board or other governmental or semi-governmental, judicial, administrative, monetary, regulatory, fiscal or tax
authority, whether statutory or not. 

 Group means the Company and the Company’s Subsidiaries from
time to time. 
 Law means any law or legal requirement, including at common law, in equity, under any statute, regulation
or by-law and any decision, directive, guidance, guideline or requirement of any Governmental Agency. 
 MCE means Melco Crown Entertainment Limited, a company incorporated in the Cayman Islands. 
 Permitted Transferee has the meaning given to that term in the Shareholders’ Agreement. 
 Project Lender has the meaning given to that term in the Shareholders’ Agreement. 
 Security has the meaning given to that term in the Shareholders’ Agreement. 
 Shareholders’ Agreement means the agreement between MCE Cotai Investments Limited, New Cotai, LLC, MCE, and the Company dated [●] 2011, as amended from time to time. 

Subsidiary has the meaning given to that term in the Companies Ordinance of Hong Kong (Cap 32 of the Laws of Hong Kong).

 Unsuitable Person has the meaning given to that term in the Shareholders’ Agreement. 

Upstream Securities has the meaning given to that term in the Shareholders’ Agreement. 

  
 page 2

	 	1.2	Construction 

 Unless
expressed to the contrary, in this document: 
  

	 	(a)	words in the singular include the plural and vice versa; 

  

	 	(b)	any gender includes the other genders; 

  

	 	(c)	if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	a party may give or withhold any consent to be given under this document in its absolute discretion and may impose any conditions on that consent;

  

	 	(e)	“includes” means includes without limitation; 

  

	 	(f)	no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause; 

 

	 	(g)	a reference to: 

  

	 	(i)	a person includes a partnership, individual, limited liability company, trust, joint venture, unincorporated association, corporation and a Governmental Agency;

  

	 	(ii)	any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced; 

 

	 	(iii)	an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;

  

	 	(iv)	a right includes a benefit, remedy, discretion or power; 

  

	 	(v)	this or any other document includes the document as novated, varied or replaced in accordance with the terms of this document or the other document and despite any
change in the identity of the parties; 

  

	 	(vi)	a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this document; 

 

	 	(vii)	writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes fax transmissions; and 

 

	 	(viii)	this document includes all schedules and annexures to it; 

  

	 	(ix)	if the number of Securities the Effective Interest in Securities represents is required to be calculated, if the number is not a whole number, that number will be
rounded up or down, as appropriate, with .5 or greater rounded up; 

  

	 	(h)	if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and

  
 page 3

	 	(i)	where time is to be calculated by reference to a day or event, that day or the day of that event is excluded. 

 

	2	Confidential Information 

  

	 	2.1	Duty of confidentiality 

  

	 	(a)	The Recipient must keep the Confidential Information disclosed by the Discloser to the Recipient confidential and must not disclose any Confidential Information except:

  

	 	(i)	in the case where the Recipient is a holder of Upstream Securities, where permitted under clause 2.2, 2.3, or 2.4; or 

 

	 	(ii)	in any other case, where permitted under clause 2.3 or 2.4. 

  

	 	(b)	The Recipient must not knowingly disclose any information to any Competitor or an Unsuitable Person, or any of their respective directors, officers, or employees.

  

	 	2.2	Disclosure by holders of Upstream Securities 

 If the Recipient is a holder of Upstream Securities, the Recipient may disclose any Confidential Information: 
  

	 	(a)	received by the Shareholder applicable to such holder of Upstream Securities under clause 30.1 or 31.1(a)(i) of the Shareholders’ Agreement and disclosed to the
Recipient in compliance with the Shareholders’ Agreement to any other holder of Upstream Securities that has an Effective Interest in Securities of 1% or more; 

 

	 	(b)	received by the Shareholder applicable to such holder of Upstream Securities under clauses 30.2, 30.4 or 31.1(a)(ii) of the Shareholders’ Agreement and disclosed
to the Recipient in compliance with the Shareholders’ Agreement to any other holder of Upstream Securities that has an Effective Interest in Securities of 15% or more; 

 

	 	(c)	to Oaktree Capital Management, L.P., or any investment fund or account or entity managed by Oaktree Capital Management, L.P. that is a holder of Upstream Securities, so
long as those persons own Effective Interests in Securities of at least 4% in aggregate; or 

  

	 	(d)	to any officer, manager, employee, representative, director (or equivalent) or financial, legal or accounting adviser of or lender to the Recipient or any of the other
persons specified in the applicable paragraphs of this clause 2.2. 

  

	 	2.3	Disclosure generally 

 The
Recipient may disclose any Confidential Information received by it: 
  

	 	(a)	if the Recipient is an investment fund, to any partner in that fund; 

  
 page 4

	 	(b)	to any officer, manager, employee, director (or equivalent) or financial, legal, valuation or accounting adviser of or lender to the Recipient or any of the other
persons specified in this clause 2.3; 

  

	 	(c)	to any Project Lender; and 

  

	 	(d)	to any Financial Supporter. 

  

	 	2.4	Exceptions 

  

	 	(a)	Despite any other provision of this clause to the contrary, but subject to clause 2.4(b), the Recipient may disclose Confidential Information to:

  

	 	(i)	any person to whom it is required to disclose the information by Law; 

  

	 	(ii)	any person to the extent necessary in connection with the exercise of any remedy hereunder; 

 

	 	(iii)	any Governmental Agency where required by that agency; or 

  

	 	(iv)	any stock exchange on which its securities, or the securities of any of its Affiliates, are listed if required by the listing or exchange rules of such stock exchange.

  

	 	(b)	If the Recipient is required to disclose information under clause 2.4(a), the Recipient must use commercially reasonable endeavours to, and to the maximum extent
permitted by Law to, limit the form and content of that disclosure. 

  

	 	2.5	Copies and extracts of Confidential Information 

  

	 	(a)	The Recipient may only copy or extract any Confidential Information to the extent reasonably required by the Recipient. 

 

	 	(b)	Where the Recipient copies or extracts Confidential Information, the Recipient must comply with clause 3 in respect of any copy or extract.

  

	3	Return or destruction of Confidential Information 

  

	 	3.1	Return or destruction 

 Subject to clause 3.2 and except as required by Law, the Recipient must within three Business Days of [the Discloser requesting in writing1/the Recipient ceasing to be a holder of Upstream Securities2] return to the Discloser (or if the Discloser requests, destroy) all material containing any Confidential Information that is in the possession or control of the
Recipient (including any Confidential Information disclosed by that person under clause 2.2 or 2.3, as applicable) unless such Confidential Information is in electronic form, in which case the Recipient must use all reasonable
endeavours to destroy such Confidential Information. 
  
  

	1	 This will apply in
the case where the Recipient is a Prospective Purchaser. 

	2	 This will apply in
all cases other than where the Recipient is a Prospective Purchaser. 

  
 page 5

	 	3.2	Retained papers 

 The
Recipient may retain board papers, board presentations, board minutes, and any reports containing Confidential Information but must ensure that such information is kept confidential and used only to the extent required by the Recipient. 

 

	 	3.3	Obligations to continue after materials returned 

 The obligations of the Recipient under this document will, from the date of this document, continue and be enforceable at any time by the Discloser and its Affiliates (under clause (a) of that
definition, but not clause (b) or (c) thereof), even if the materials containing the Confidential Information are returned to the Discloser or destroyed, pursuant to clause 3.1. 

 

	 	3.4	The Recipient must certify destruction of materials 

 If the Discloser requests the Recipient to destroy any materials containing Confidential Information pursuant to clause 3.1 : 

 

	 	(a)	without limiting clause 3.1, all electronic or computer data or programs containing Confidential Information must be permanently deleted from the magnetic or
other storage media on which it is stored so that it cannot be recovered or reconstructed in any way; and 

  

	 	(b)	the Recipient must certify in writing to the Discloser within five Business Days that the Confidential Information has been permanently and irretrievably deleted.

  

	4	Indemnity 

  

	4.1	Indemnity 

  

	 	(a)	The Recipient must indemnify and keep indemnified the Discloser from and against: 

 

	 	(i)	any cost, expense, loss, liability or damage; and 

  

	 	(ii)	any liability whatsoever in respect of any action, claim or proceeding brought or threatened to be brought (including all costs and expenses which the Discloser may
suffer or incur in disputing any such action, claim or proceeding), 

 in respect of or in connection with any
breach of this document. 
  

	 	(b)	This indemnity survives termination of this document. 

  
 page 6

	5	Liability 

  

	 	5.1	Discloser does not warrant Confidential Information is accurate 

 The Recipient acknowledges that: 
  

	 	(a)	the Discloser does not represent that the Confidential Information is accurate or complete; and 

 

	 	(b)	the Confidential Information may: 

  

	 	(i)	have been prepared without any particular standard of care; 

  

	 	(ii)	be speculative; 

  

	 	(iii)	be forward looking and relatively uncertain; 

  

	 	(iv)	be based on assumptions (stated or unstated) which may not be realised; and 

 

	 	(v)	contain material which has not been audited or verified. 

  

	 	5.2	Liability 

 Subject to any
written agreement between the parties to the contrary, the Discloser is not liable to the Recipient or any other person in relation to the use of the Confidential Information by the Recipient or any other person. 

 

	 	5.3	Release 

 Subject to any
written agreement between the parties to the contrary, the Recipient releases the Discloser to the fullest extent permitted by law from any claim regarding any person’s reliance on the Confidential Information. 

 

	6	Injunctive relief 

 The Recipient
acknowledges that: 
  

	 	(a)	because of the nature of the Confidential Information, damages or an account of profit may be an inadequate remedy for the Discloser in the event of an unauthorised use
or disclosure of the Confidential Information; and 

  

	 	(b)	the Discloser is entitled to seek an ex parte interlocutory or final injunction to restrain any actual or threatened unauthorised use or disclosure of the Confidential
Information by the Recipient. 

  

	7	[Termination 

  

	 	(a)	The Discloser may terminate this document at any time by giving written notice to the Recipient. 

  
 page 7

	 	(b)	 Any notice given to terminate this document will be taken to be a request to return or destroy all material containing any Confidential Information
in accordance with clause 3.1.] 3

  

	8	General 

  

	 	8.1	Severance 

  

	 	(a)	Subject to clause 8.1(b), if a provision of this document is illegal or unenforceable in any relevant jurisdiction, it may be severed for the purposes of that
jurisdiction without affecting the enforceability of the other provisions of this document. 

  

	 	(b)	Clause 8.1(a) does not apply if severing the provision: 

  

	 	(i)	materially alters: 

  

	 	(A)	the scope and nature of this document; or 

  

	 	(B)	the relative commercial or financial positions of the parties; or 

  

	 	(ii)	would be contrary to public policy. 

  

	 	8.2	Amendment 

 This document
may only be varied or replaced by a document executed by the parties. 
  

	 	8.3	Waiver and exercise of rights 

  

	 	(a)	A single or partial exercise or waiver of a right relating to this document does not prevent any other exercise of that right or the exercise of any other right.

  

	 	(b)	A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or
delay in the exercise of a right. 

  

	 	8.4	Governing law and jurisdiction 

 This document is governed by and is to be construed in accordance with the laws applicable in Hong Kong. 
  

	 	8.5	Assignment 

 Neither party
may assign any right or obligation under this document without the other party’s prior written consent. Any dealing in breach of this clause is of no effect. 
  

	 	8.6	Entire understanding 

This document and the Shareholders’ Agreement (if applicable) contain the entire understanding between the parties as to the subject
matter of this document. 
  
  

	3	 This will apply
where the Recipient is a Prospective Purchaser only. 

  
 page 8

	 	8.7	Legal costs 

 Except as
expressly stated otherwise in this document, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this document. 

 

	 	8.8	Rights cumulative 

 Except
as expressly stated otherwise in this document, the rights of a party under this document are cumulative and are in addition to any other rights of that party. 
  

	 	8.9	Further steps 

 Each party
must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations under it. 
  

	 	8.10	Counterparts and facsimile copies 

  

	 	(a)	This document may consist of a number of counterparts and, if so, the counterparts taken together constitute one document. 

 

	 	(b)	This document may be entered into and becomes binding on the parties upon one party (Sender) signing the document and sending a facsimile copy of the signed
document to the other party (Receiver) and the Receiver either: 

  

	 	(i)	signing the document received by it and sending it by facsimile transmission to the Sender; or 

 

	 	(ii)	signing a counterpart of the document received by it and sending it by facsimile transmission to the Sender. 

 

	 	8.11	Relationship of parties 

This document is not intended to create a partnership, joint venture or agency relationship between the parties. 

 

	 	8.12	Ownership thresholds 

 In
determining the number of Upstream Securities held by a person in an entity for the purposes of any threshold in this document, Upstream Securities held by an Affiliate of that person in that same entity shall be deemed to be held by that person.

  

	 	8.13	Agreement to Compulsory Transfer 

  

	 	(a)	If the Recipient is a holder of Upstream Securities having an Effective Interest in Securities greater than 1%, the Recipient: 

 

	 	(i)	acknowledges and agrees that it has been provided with a copy of clause 27 of the Shareholders Agreement; and 

 

	 	(ii)	agrees to comply with clause 27 of the Shareholders’ Agreement with regard to the requirements of a holder of Upstream Securities to transfer interests in Upstream
Securities in the circumstances set out in clause 27 of the Shareholders’ Agreement, and the Recipient agrees to be bound by the applicable provisions of such clause as if it was set out in full in this document. 

  
 page 9

	 	(b)	Despite clause 8.13(a), if the Recipient is a holder of Upstream Securities as of the date of the Shareholders’ Agreement and either:

  

	 	(i)	the Recipient or any Permitted Transferee to whom those Upstream Securities are transferred in accordance with the Shareholders’ Agreement becomes a Competitor or
an Unsuitable Person; or 

  

	 	(ii)	the Recipient is the subject of any notice from a Governmental Agency under clause 27.2(b)(ii) of the Shareholders’ Agreement, 

MCE and the Recipient will meet to agree on a process for resolving the issue. 

 

	 	(c)	The parties acknowledge and agree that the covenants in clauses 8.13(a) and 8.13(b) are given for the benefit of each of the parties to the
Shareholders’ Agreement and each of the parties to that agreement may enforce those covenants despite not being a party to this document. 

  

	9	Notices 

  

	 	9.1	General 

 A notice,
demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 
  

	 	9.2	How to give a communication 

 A communication must be given by being: 
  

	 	(a)	personally delivered; 

  

	 	(b)	left at the party’s current delivery address for notices; 

  

	 	(c)	sent to the party’s current postal address for notices by reputable international delivery service for delivery within three days; or 

 

	 	(d)	sent by fax to the party’s current fax number for notices, 

 provided that any communication hereunder may also be sent by e-mail (which shall not constitute notice). 

 

	 	9.3	Particulars for delivery of notices 

  

	 	(a)	The particulars for delivery of notices for each party, including such party’s (i) delivery address for notices, (ii) postal address for notices (if
different than delivery address), (iii) facsimile number for notices, (iv) e- mail address for notices, and (v) the person or office to whom notices are to be addressed, are initially as set out
opposite such party’s name at the commencement of this document. 

  
 page 10

	 	(b)	Each party may change its particulars for delivery of notices by notice to each other party. 

 

	 	9.4	Communications by post 

Subject to clause 9.6, a communication is deemed given five days after being sent under clause 9.2(c). 

 

	 	9.5	Communications by fax 

Subject to clause 9.6, a communication is deemed given if sent by fax, when the sender’s fax machine produces a report that
the fax was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 
  

	 	9.6	After hours communications 

If a communication is given: 
  

	 	(a)	after 5.00pm in the place of receipt; or 

  

	 	(b)	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, 

it is taken as having been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday or (in the case of
Hong Kong) general holiday in that place. 
  

	 	9.7	Receipt of notice 

 A
notice, demand, certification, process or other communication relating to this document shall be deemed received when it is deemed given hereunder. 

  
 page 11

							
	Executed as a deed.	  		  		  	
				
	Signed, Sealed and Delivered	  	)	  		  	
	as a deed in the name of	  	)	  		  	
	[Discloser] acting by	  	)	  		  	
				
	  
	  	)	  		  	
	its duly authorised representative	  	)	  		  	
	with authority of the board	  	)	  	  
	  	
	in the presence of:	  	)	  	Authorised Representative	  	
				
	  
	  		  		  	
	Name of witness:	  		  		  	
	Title of witness:	  		  		  	
				
	Signed, Sealed and Delivered	  	)	  		  	
	as a deed in the name of	  	)	  		  	
	[Recipient] acting by	  	)	  		  	
				
	  
	  	)	  		  	
	its duly authorised representative	  	)	  		  	
	with authority of the board	  	)	  	  
	  	
	in the presence of:	  	)	  	Authorised Representative	  	
				
	  
	  		  		  	
	Name of witness:	  		  		  	
	Title of witness:	  		  		  	

  
 page 12

 Annexure D 
 Shareholder Loan Agreement 

 [Lender] 
 Cyber One Agents Limited 
 Shareholder Loan Agreement 

									
	Contents	  			
			
	1	 	Interpretation	  	 	1	 
		 	1.1	  	Definitions	  	 	1	 
		 	1.2	  	Construction	  	 	3	 
			
	2	 	Loan	  	 	4	 
		 	2.1	  	Loan	  	 	4	 
		 	2.2	  	Purpose	  	 	4	 
			
	3	 	Interest	  	 	4	 
		 	3.1	  	Interest Periods	  	 	4	 
		 	3.2	  	Payment and rate	  	 	5	 
		 	3.3	  	Computation	  	 	5	 
		 	3.4	  	Capitalisation	  	 	5	 
		 	3.5	  	Merger	  	 	5	 
			
	4	 	Repayment and prepayment	  	 	5	 
		 	4.1	  	Repayment	  	 	5	 
		 	4.2	  	Prepayment on Demand	  	 	5	 
		 	4.3	  	Voluntary Prepayment	  	 	5	 
			
	5	 	Payments	  	 	6	 
		 	5.1	  	Place, manner and time of payment	  	 	6	 
			
	6	 	Events of Default	  	 	6	 
		 	6.1	  	Nature	  	 	6	 
		 	6.2	  	Acceleration	  	 	6	 
			
	7	 	Costs and expenses	  	 	6	 
		 	7.1	  	Reimbursement of costs and expenses	  	 	6	 
			
	8	 	General	  	 	7	 
		 	8.1	  	Lender’s determination and certificate	  	 	7	 
		 	8.2	  	Supervening legislation	  	 	7	 
		 	8.3	  	Business Days	  	 	7	 
		 	8.4	  	Amendment	  	 	7	 
		 	8.5	  	Waiver and exercise of rights	  	 	7	 
		 	8.6	  	Approval and consent	  	 	8	 
		 	8.7	  	Assignment	  	 	8	 
		 	8.8	  	Governing law and jurisdiction	  	 	8	 
		 	8.9	  	Counterparts and facsimile copies	  	 	8	 
			
	9	 	Notices	  	 	8	 
		 	9.1	  	General	  	 	8	 
		 	9.2	  	How to give a communication	  	 	8	 
		 	9.3	  	Particulars for delivery of notices	  	 	9	 
		 	9.4	  	Communications by post	  	 	9	 
		 	9.5	  	Communications by fax	  	 	9	 
		 	9.6	  	After hours communications	  	 	9	 
		 	9.7	  	Receipt of notice	  	 	9	 

 Date 
 Parties 
 Cyber One Agents Limited a company incorporated in the
British Virgin Islands, with its registered office at Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands; facsimile number [●]; e-mail address: [●]; attention:
[●] (Borrower) 
 [●] of [●]; facsimile number [●]; e-mail
address: [●]; attention: [●] (Lender) 
  
  

Agreed terms 
  

	1	Interpretation 

  

	1.1	Definitions 

 Any terms
used but not otherwise defined herein shall have the meanings ascribed to such terms in the Shareholders’ Agreement. In this document: 
 Advance means the amount of [US$[●]/HK$[●]] advanced by the Lender to the Borrower under this document. 
 Business Day means a day which is not a Saturday, Sunday or bank or public holiday in Hong Kong or New York, nor a day on which a tropical cyclone warning No. 8 or above or a “black
rainstorm warning signal” is hoisted or remains hoisted in Hong Kong at any time between 9.00 am and 5.00 pm. 
 [HIBOR
means, with respect to the Interest Period, the rate designated as “FIXING@11:00” (or any other designation which may from time to time replace that designation or, if no such designation appears, the arithmetic average (rounded
upwards, to four decimal places) of the displayed rates for the relevant period) appearing under the heading “HONG KONG INTERBANK OFFERED RATES (HK DOLLAR)” on the Reuters Screen HIBOR1=R Page. If such rate does not appear on Reuters
Screen HIBOR Page as of 11:00 a.m., Hong Kong time, on the applicable Quotation Date, the Lender shall request the principal Hong Kong office of any four prime banks in the Hong Kong interbank market selected by Lender to provide such banks’
quotations of the rates at which deposits in HK$ are offered by such banks at approximately 11:00 a.m., Hong Kong time, to prime banks in the Hong Kong interbank market for a three month period commencing on the first day of the related Interest
Period and in a principal amount that is representative for a single transaction in the relevant market at the relevant time. If at least two such offered quotations are so provided, HIBOR will be the arithmetic mean of such quotations (expressed as
a percentage and rounded upwards, if necessary, to the nearest one one thousandth (1/1000) of 1.00%).] 

  
 page 1

 Insolvency Event means any of the following: 

 

	 	(a)	an application or order is made for the winding up or dissolution or a resolution is passed or any steps are taken to pass a resolution for the winding up or
dissolution of a corporation; 

  

	 	(b)	an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in
respect of a corporation or any action is taken to appoint any such person and the action is not stayed, withdrawn or dismissed within 90 days; 

  

	 	(c)	a person enters into or takes any action to enter into an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise
with, or assignment for the benefit of, all or any class of the person’s creditors or members or a moratorium involving any of them; 

  

	 	(d)	a petition for the making of a sequestration order against the estate of a person is presented and the petition is not stayed, withdrawn or dismissed within 90 days or
a person presents a petition against himself or herself; 

  

	 	(e)	a person presents a declaration of intention for bankruptcy; or 

  

	 	(f)	anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of a person.

 Interest Payment Date means the last day of each Interest Period. 

Interest Period means each period determined in accordance with clause 3.1. 

Interest Rate means, in relation to each Interest Period until the Advance becomes due and payable, an interest rate equal to the
sum of [LIBOR/HIBOR] and the Margin. 
 [LIBOR means, with respect to any Interest Period, the rate (expressed as a
percentage per annum rounded upwards, if necessary, to the nearest one one thousandth (1/1000) of 1.00%) for deposits in US$ for a three month period that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the applicable
Quotation Date). If such rate does not appear on Reuters Screen LIBO Page as of 11:00 a.m., London time, on the applicable Quotation Date, the Lender shall request the principal London office of any four prime banks in the London interbank market
selected by Lender to provide such banks’ quotations of the rates at which deposits in U.S. Dollars are offered by such banks at approximately 11:00 a.m., London time, to prime banks in the London interbank market for a three month period
commencing on the first day of the related Interest Period and in a principal amount that is representative for a single transaction in the relevant market at the relevant time. If at least two such offered quotations are so provided, LIBOR will be
the arithmetic mean of such quotations (expressed as a percentage and rounded upwards, if necessary, to the nearest one one thousandth (1/1000) of 1.00%).] 

  
 page 2

 Margin means 7% per annum. 

Outstanding Principal means the aggregate of the unrepaid Advance. 

Quotation Date means, in relation to any period for which an interest rate is to be determined, two [London/Hong Kong] Business
Days before the first day of that period (or, for the first Interest Period, the first day of that period). 

Repayment Date means the date which is the 7th anniversary of the date hereof. 
 Shareholders’ Agreement means the agreement between MCE Cotai Investments Limited, New Cotai, LLC and others dated [●] 2011, as amended to date. 

Tax means a tax (including any tax in the nature of a goods and services tax), rate, levy, impost or duty (other than a tax on the
net overall income of the Lender) imposed by a Governmental Authority and any interest, penalty, fine or expense relating to any of them. 
  

	1.2	Construction 

 Unless
expressed to the contrary, in this document: 
  

	 	(a)	words in the singular include the plural and vice versa; 

  

	 	(b)	any gender includes the other genders; 

  

	 	(c)	if a word or phrase is defined its other grammatical forms have corresponding meanings; 

 

	 	(d)	a party may give or withhold any consent to be given under this document in its absolute discretion and may impose any conditions on that consent;

  

	 	(e)	“includes” means includes without limitation; 

  

	 	(f)	no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause; 

 

	 	(g)	a reference to: 

  

	 	(i)	a person includes a partnership, individual, limited liability company, trust, joint venture, unincorporated association, corporation and a government or statutory body
or authority; 

  

	 	(ii)	any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced; 

 

	 	(iii)	an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;

  

	 	(iv)	a right includes a benefit, remedy, discretion or power; 

  

	 	(v)	this or any other document includes the document as novated, varied or replaced in accordance with the terms of this document or the other document and despite any
change in the identity of the parties; 

  
 page 3

	 	(vi)	writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes fax transmissions; and 

 

	 	(vii)	this document includes all schedules and annexures to it; 

  

	 	(viii)	time is to local time in Hong Kong; and 

  

	 	(ix)	[“US$” is a reference to the currency of United States of America/“HK$” is a reference to the currency of Hong Kong SAR]; 

 

	 	(h)	if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and

  

	 	(i)	where time is to be calculated by reference to a day or event, that day or the day of that event is excluded. 

 

	2	Loan 

  

	2.1	Loan 

 On the date of this
document the Lender makes the Advance in [US$/HK$] to the Borrower. 
  

	2.2	Purpose 

 The Borrower may
use the Advance for such purposes as it determines. 
  

	3	Interest 

  

	3.1	Interest Periods 

  

	 	(a)	Subject to clause 3.1(c): 

  

	 	(i)	each Interest Period must be a period of 90 days; and 

  

	 	(ii)	the first Interest Period for the Advance begins on the date of this document and has the duration described in clause 3.1(a)(i). 

 

	 	(b)	Each subsequent Interest Period for the Advance: 

  

	 	(i)	begins when the preceding Interest Period for the Advance ends; and 

  

	 	(ii)	has the same duration as the preceding Interest Period. 

  

	 	(c)	An Interest Period which would otherwise end on a day which is not a Business Day ends on the next Business Day and an Interest Period which would otherwise end after
the Repayment Date ends on the Repayment Date. 

  
 page 4

	3.2	Payment and rate 

 Subject
to clauses 3.4 and 4, interest is payable at the Interest Rate and due on each Interest Payment Date. 
  

	3.3	Computation 

 Interest
will: 
  

	 	(a)	accrue from day to day; 

  

	 	(b)	be computed from and including the day when the money on which interest is payable becomes owing to the Lender by the Borrower until but excluding the day of payment of
that money; and 

  

	 	(c)	be calculated on the actual number of days elapsed on the basis of a [360/365] day year. 

 

	3.4	Capitalisation 

 To the
extent Borrower is prohibited from making regular payments of interest pursuant to the terms of any debt financing advanced, from time to time, by Project Lenders, the Lender shall capitalise on each Interest Payment Date the interest due and
payable by the Borrower on that date but which remains unpaid (and the amount so capitalised shall, from that date, be added to and form part of the Loan). 
  

	3.5	Merger 

 If the liability
of the Borrower to pay to the Lender any money payable under this document becomes merged in any deed, judgment, order or other thing, the Borrower must pay interest on the amount owing from time to time under that deed, judgment, order or other
thing at the rate payable under this document. 
  

	4	Repayment and prepayment 

  

	4.1	Repayment 

 The Borrower
must, subject to the terms of the Shareholders Agreement, repay the Outstanding Principal together with all interest accrued thereon to the Lender on the Repayment Date. 

 

	4.2	Prepayment on Demand 

Subject to the terms of the Shareholders’ Agreement, the Lender may at any time request that the Borrower prepays all or part of the
Outstanding Principal and/or any interest accrued thereon to the Lender and the Borrower must comply with such request within 5 Business Days. 
  

	4.3	Voluntary Prepayment 

  

	 	(a)	The Borrower may prepay the Advance together with all interest accrued thereon or any part of it at any time without penalty or premium. 

 

	 	(b)	Any money prepaid may not be re-borrowed. 

  
 page 5

	5	Payments 

  

	5.1	Place, manner and time of payment 

 The Borrower must make payments to the Lender under this document: 
  

	 	(a)	in accordance with the wiring instructions provided by the Lender; 

  

	 	(b)	by 11.00 am Hong Kong time; and 

  

	 	(c)	in immediately available funds and without set-off, counter claim, condition or, unless required by law, deduction or
withholding. 

  

	6	Events of Default 

  

	6.1	Nature 

 Each of the
following is an Event of Default (whether or not caused by anything outside the control of the Borrower): 
  

	 	(a)	non-payment: the Borrower does not pay any money due for payment by it under clauses 4.1 or 4.2;

  

	 	(b)	void document: this document is void, voidable or otherwise unenforceable by the Lender or is claimed to be so by the Borrower; and 

 

	 	(c)	Insolvency Event: an Insolvency Event occurs in relation to the Borrower. 

 

	6.2	Acceleration 

  

	 	(a)	If an Event of Default subsists, the Lender may at any time by notice to the Borrower do either or both of the following: 

 

	 	(i)	cancel the Loan or any part of it specified in the notice; and 

  

	 	(ii)	make the Outstanding Principal and any unpaid accrued interest or fees either: 

 

	 	(A)	payable on demand; or 

  

	 	(B)	immediately due for payment. 

  

	 	(b)	On receipt of a notice under clause 6.2(a)(ii)(B), the Borrower must immediately pay in full the amounts referred to in that notice. 

 

	7	Costs and expenses 

  

	7.1	Reimbursement of costs and expenses 

 The Borrower must on demand pay and if paid by the Lender reimburse to the Lender: 
  

	 	(a)	the Lender’s costs and expenses (including reasonable legal costs and expenses on a full indemnity basis) in relation to: 

 

	 	(i)	the preparation, execution and stamping of this document and any variation, replacement or discharge of this document; and 

  
 page 6

	 	(ii)	the exercise or attempted exercise or the preservation of any rights of the Lender under this document; and 

 

	 	(b)	any Taxes and registration or other fees (including fines and penalties relating to the Taxes and fees) which are payable in relation to this document or any
transaction contemplated hereby. 

  

	8	General 

  

	8.1	Lender’s determination and certificate 

 A certificate by the Lender relating to this document is, in the absence of manifest error, conclusive evidence against the Borrower of the matters certified. 

 

	8.2	Supervening legislation 

Any present or future legislation which operates to lessen or vary in favour of the Borrower any of its obligations in connection with
this document or to postpone, stay, suspend or curtail any rights of the Lender under this document is excluded except to the extent that its exclusion is prohibited or rendered ineffective by law. 

 

	8.3	Business Days 

 If the day
on which anything, including a payment, is to be done by the Borrower under this document is not a Business Day, that thing must be done on the preceding Business Day. 
  

	8.4	Amendment 

 This document
may only be varied or replaced by a document executed by the parties and approved by a Majority of the Minority Shareholders; provided, that any variation or replacement does not materially prejudice any of the Shareholders in a manner
disproportionate to its ownership of Securities. 
  

	8.5	Waiver and exercise of rights 

  

	 	(a)	A right in favour of the Lender under this document, a breach of an obligation of the Borrower under this document or the occurrence of an Event of Default can only be
waived by an instrument duly executed by the Lender. No other act, omission or delay of the Lender will constitute a waiver, binding, or estoppel against, the Lender. 

 

	 	(b)	A single or partial exercise or waiver by the Lender of a right relating to this document will not prevent any other exercise of that right or the exercise of any other
right. 

  
 page 7

	8.6	Approval and consent 

 The
Lender may conditionally or unconditionally give or withhold any consent to be given under this document and is not obliged to give its reasons for doing so. 
  

	8.7	Assignment 

 Other than
the granting of security by Lender to an external financier, a party must not assign or otherwise dispose of any right under this document without the written consent of the other. 

 

	8.8	Governing law and jurisdiction 

 This document is governed by and is to be construed in accordance with the laws applicable in Hong Kong. Each of the parties hereby submits to the exclusive jurisdiction of the courts of Hong Kong.

  

	8.9	Counterparts and facsimile copies 

  

	 	(a)	This document may consist of a number of counterparts and, if so, the counterparts taken together constitute one document. 

 

	 	(b)	This document may be entered into and becomes binding on the parties upon one party (Sender) signing the document and sending a facsimile copy of the signed
document to the other party (Receiver) and the Receiver either: 

  

	 	(i)	signing the document received by it and sending it by facsimile transmission to the Sender; or 

 

	 	(ii)	signing a counterpart of the document received by it and sending it by facsimile transmission to the Sender. 

 

	9	Notices 

  

	9.1	General 

 A notice,
demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 
  

	9.2	How to give a communication 

 A communication must be given by being: 
  

	 	(a)	personally delivered; 

  

	 	(b)	left at the party’s current delivery address for notices; 

  

	 	(c)	sent to the party’s current postal address for notices by reputable international delivery service for delivery within five days; or 

 

	 	(d)	sent by fax to the party’s current fax number for notices, 

 provided that any communication hereunder must also be sent by e-mail (which shall not constitute notice). 

  
 page 8

	9.3	Particulars for delivery of notices 

  

	 	(a)	The particulars for delivery of notices are as for each party, including such party’s (i) delivery address for notices, (ii) postal address for notices
(if different to the delivery address), (iii) facsimile number for notices, (iv) e-mail address for notice, and (v) the person or office to whom notices are to be addressed, are initially as set
out opposite such party’s name at the commencement of this document. A copy of any notice provided to Borrower hereunder shall also be provided to New Cotai and MCE. 

 

	 	(b)	Each party may change its particulars for delivery of notices by notice to each other party. 

 

	9.4	Communications by post 

Subject to clause 9.6, a communication is deemed given five days after being sent under clause 9.2(c). 

 

	9.5	Communications by fax 

Subject to clause 9.6, a communication is deemed given if sent by fax, when the sender’s fax machine produces a report that
the fax was sent in full to the addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that report. 
  

	9.6	After hours communications 

If a communication is given: 
  

	 	(a)	after 5.00pm in the place of receipt; or 

  

	 	(b)	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt, 

it is taken as having been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday or (in the case of
Hong Kong) general holiday in that place. 
  

	9.7	Receipt of notice 

 A
notice, demand, certification, process or other communication relating to this document shall be deemed received when it is deemed given hereunder. 

  
 page 9

							
	Executed as an agreement	  				  	
			
	SIGNED by	  	 	)	 	  	
		  	 	)	 	  	
	  
	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	
	CYBER ONE AGENTS LIMITED	  	 	)	 	  	
	as its authorised representative	  	 	)	 	  	
	with authority from the board	  	 	)	 	  	
	in the presence of:	  				  	
		  				  	  

		  				  	Authorised Representative
	  
	  				  	
	Name of witness:	  				  	
	Title of witness:	  				  	
			
	SIGNED by	  	 	)	 	  	
		  	 	)	 	  	
	  
	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	
	[Insert name of Lender]	  	 	)	 	  	
	as its authorised representative	  	 	)	 	  	
	with authority from the board	  	 	)	 	  	
	in the presence of:	  				  	
		  				  	  

		  				  	Authorised Representative
			
	  
	  				  	
	Name of witness:	  				  	
	Title of witness:	  				  	

  
 page 10

 Annexure E 
 Registration Rights Agreement 
 [omitted] 

 Annexure F-1 

MCE Commitment Letter 

 EXECUTION VERSION 

Melco Crown Entertainment Limited 
 6/F, The Centrium 
 60 Wyndham Street 

Central 
 Hong
Kong; 
 Attention: Chief Legal Officer 
 Telecopy No.: +852-2537-3618 
 [●], 2011 

Cyber One Agents Limited 
 c/o Offshore
Incorporations Centre 
 P.O. Box 957, Road Town 
 Tortola, British Virgin Islands 
 Attention: [●] 

Fax No.: [●] 
 Ladies and Gentlemen:

 This commitment agreement (this “Agreement”) is dated [●], 2011 and is entered into by and between
Melco Crown Entertainment Limited (“MCE”) and Cyber One Agents Limited (the “Company”). Capitalized terms used herein but not defined shall have the meanings given to such terms in the Shareholders’ Agreement
by and among the Company, New Cotai, LLC, MCE Cotai Investments Limited (“MCE Cotai”) and MCE (as acceded to, and amended, from time to time, the “Shareholders’ Agreement”). 

1. Commitment. MCE hereby agrees upon the terms and subject to the conditions set forth herein, (x) to provide or cause to be
provided to MCE Cotai, directly or through one or more other entities, funds to meet any and all Capital Calls made on MCE Cotai by the Company, from time to time pursuant to and in accordance with clause 17 of the Shareholders’ Agreement,
(y) if Financial Support is required by the Project Lenders and requested by the Board, to provide to the Company Financial Support on behalf of MCE Cotai, from time to time pursuant to and in accordance with clause 20 of the Shareholders’
Agreement, and (z) to exercise all of its rights as a direct or indirect equity holder to cause MCE Cotai to meet, and in any event to not take any affirmative action as a direct or indirect equity holder, or refrain from taking any affirmative
action as a direct or indirect equity holder, to prevent MCE Cotai from meeting, such Capital Call in accordance with clause 17 of the Shareholders’ Agreement, in the case of each of clause (x) and (y), if and only to the extent that MCE
Cotai does not otherwise have sufficient funds to meet those Capital Calls or provide such Financial Support; provided, however, that in no event shall MCE be required to provide such funds and/or such Financial Support in an amount
exceeding MCE’s Maximum Obligations (such commitment, the “Commitment”). The Commitment shall be subject to all defenses available to MCE Cotai under the Shareholders’ Agreement with respect to any Capital Call or
obligation to provide Financial Support, each of which defenses may be asserted directly by or on behalf of MCE. For the purposes of clause (z), the obligation of MCE to take action under that clause shall include an obligation on MCE to exercise
all of its rights (i) under the constituent documents of MCE Cotai to approve or authorize (as the case may be) the Capital Call to be met, (ii) to instruct its board member appointees of MCE Cotai to approve and authorize the Capital Call
to be met, and (iii) to vote any of the securities held by it in MCE Cotai to approve or authorize the Capital Call to be met. Nothing in this Agreement is intended to limit in any respect MCE Cotai’s right to exercise all defenses
available to it under the Shareholders’ Agreement with respect to any Capital Call or obligation to provide Financial Support, or require MCE to in any way attempt to limit such exercise. 

 For purposes hereof, (a) “Maximum Obligations” in respect of any
Capital Call and/or any requirement to provide Financial Support from time to time means an amount equal to the lesser of (i) the amount of such Capital Call made on MCE Cotai or Financial Support required to be provided by MCE Cotai, as the
case may be, and (ii) the Aggregate Remaining MCE Cotai Capital Commitment, and (b) “Aggregate Remaining MCE Cotai Capital Commitment” means, as of any date of any Capital Call or request to provide Financial Support (as
the case may be), an amount equal to $480 million less the aggregate amounts subscribed for or advanced to the Company by or on behalf of MCE Cotai (including through draws by the Company on this Commitment) as of such date under clauses 17
and 18 of the Shareholders’ Agreement, less the aggregate amount of Financial Support provided on behalf of MCE Cotai (including through draws by the Company on this Commitment) as of such date under clause 20 of the Shareholders’
Agreement, less the amount by which MCE Cotai’s obligation to make Capital Calls is reduced either in connection with a Transfer of Financial Interests held by MCE Cotai as provided in clause 22.5 of the Shareholders’ Agreement or
pursuant to an amendment to the Shareholders’ Agreement to reduce the maximum amount payable in respect of all Capital Calls under clause 17.5 of the Shareholders’ Agreement. 

2. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any document or instrument
delivered in connection herewith, by its acceptance of the benefits of this Agreement, the Company covenants, agrees and acknowledges that no person or entity other than MCE has any obligation hereunder, and no personal liability shall attach to,
the former, current or future equity holders, controlling persons, directors, officers, employees, agents, affiliates, members, managers, general or limited partners or assignees of MCE or any former, current or future stockholder, controlling
person, director, officer, employee, general or limited partner, member, manager, affiliate (other than, in the case of MCE Cotai, under the Shareholders’ Agreement), agent or assignee of any of the foregoing, whether by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable law, or otherwise. 
 3.
Termination. Upon the earliest of (x) the full satisfaction of the maximum amount payable by MCE Cotai in respect of all Capital Calls pursuant to clause 17.5 of the Shareholders’ Agreement, (y) the expiration of the period for
the making of Capital Calls under clause 17.10 of the Shareholders’ Agreement and (z) the termination of the Shareholders’ Agreement in accordance with its terms, this Agreement shall terminate and be of no further force and effect.
Upon termination of this Agreement, MCE shall not have any liability to any person in connection with this Agreement except, in the case of clause (y) and (z), any breach of this Agreement occurring on or before the relevant date. 

  
 2 

 4. Representations and Warranties. MCE hereby represents and warrants to the Company
that (i) MCE is duly organized, validly existing and in good standing under the laws of the state or country of its formation or organization, and has all necessary power and authority to enter into and perform this letter agreement,
(ii) this letter agreement has been duly executed and delivered by MCE and constitutes a legal, valid and binding obligation of MCE, enforceable against MCE in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally, (iii) MCE has and will have sufficient financial resources available to meet its obligations hereunder
from time to time in an amount not less than the Aggregate Remaining MCE Cotai Capital Commitment, and (iv) no other approval is required for MCE to fulfill its obligations hereunder. 

5. Amendments. This Agreement may be amended, modified, or waived with the written consent of MCE and the Company. 

6. Assignment; Successors and Assigns. No assignment or transfer by any party of its rights and obligations under this Agreement
will be made except with the prior written consent of (i) the Company (in the case of any assignment or transfer by MCE) or (ii) MCE (in the case of any assignment or transfer by the Company); provided, that (x) the Company may
assign its rights pursuant to this Agreement to any Project Lender as collateral security without the prior written consent of MCE and (y) in connection with a Transfer or issuance of Upstream Securities in respect of MCE Cotai, MCE may assign
all or any portion of its Commitment to the transferee or purchaser (as applicable) of such Upstream Securities, provided that (A) immediately following such assignment, the portion of the Commitment held by MCE relative to the portion of the
Commitment held by such transferee or purchaser (as applicable) is substantially equivalent to the Effective Interest held by MCE relative to the Effective Interest held by such transferee or purchaser at such time, (B) the transferee or
purchaser (as applicable) agrees to provide its portion of the Commitment on terms that are not in the aggregate materially less beneficial to the Company than the terms hereof and (C) the transferee or purchaser (as applicable) proves to the
reasonable satisfaction of the Company that it has sufficient financial resources to meet the portion of the Commitment to be assigned to it under clause (A). All the covenants and agreements contained in this Agreement shall bind and inure to the
benefit of any such assignee. 
 7. Severability. Whenever possible, each provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

  
 3 

 8. Counterparts; Binding Agreement. This Agreement may be executed simultaneously in
two or more separate counterparts (including by means of facsimile), any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together shall constitute one and the same agreement
binding on all the parties hereto. 
 9. Confidentiality. This Agreement shall be treated as strictly confidential and is
being provided to the Company solely in connection with the Shareholders’ Agreement and the transactions contemplated thereby. This Agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the written
consent of each of the Company and MCE. Notwithstanding the foregoing, this Agreement may be (a) provided by the Company and MCE to their respective officers, managers, employees, directors (or equivalent) or financial, legal or accounting
advisors or lenders who have been directed to treat this Agreement as confidential, (b) provided by MCE to its direct and indirect equity holders and their respective affiliates who have been directed to treat this Agreement as confidential and
(c) disclosed to any person or entity if required by law or the rules of any stock exchange or regulatory authority (including a self-regulatory organization). 
 10. Specific Performance. MCE acknowledges and agrees that (a) irreparable damage would occur in the event that any of the provisions of this Agreement are not performed in accordance with
their specific terms or are otherwise breached, and (b) remedies at law would not be adequate to compensate the non-breaching party. Accordingly, MCE agrees that the Company shall have the right, in
addition to any other rights and remedies existing in its favor, to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce its rights and obligations hereunder not only by an action or actions for damages
but also by an action or actions for specific performance, injunctive and/or other equitable relief. The right to equitable relief, including specific performance or injunctive relief, shall exist notwithstanding, and shall not be limited by, any
other provision of this Agreement. MCE hereby waives any defense that a remedy at law is adequate and any requirement to post bond or other security in connection with actions instituted for injunctive relief, specific performance or other equitable
remedies. 
 11. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Unless otherwise noted, reference to any agreement, document or instrument
means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,” “either” and “any” shall not be
exclusive. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

  
 4 

 12. Applicable Law; Venue. This Agreement is governed by and is to be construed in
accordance with the laws applicable in Hong Kong. Except as otherwise expressly provided in this Agreement, any dispute relating hereto shall be heard exclusively in the courts of Hong Kong, and the parties agree to jurisdiction and venue therein.

 13. Addresses and Notices. All notices, demands and other communications to be given or delivered under or by reason
of the provisions of this Agreement shall be given or delivered, as applicable, as provided in clause 39 of the Shareholders’ Agreement as if such provisions applied herein mutatis mutandis. 

14. No Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
person or entity other than the Company, including without limitation, any shareholder or creditor of the Company or any of their respective affiliates, and no creditor who makes a loan to the Company or any of its affiliates may have or acquire
(except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in the Commitment other than as a secured creditor of the Company.

 15. Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

16. Further Action. The parties agree to execute and deliver all documents, provide all information and take or refrain from
taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 17. Entire
Agreement. This Agreement, those documents expressly referred to herein and other documents dated as of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings,
agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

  
 5 

 18. Delivery by Facsimile. This Agreement, the agreements referred to herein, and
each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all
manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such
defense. 
 * * * * * * * 

  
 6 

 
			
	 Sincerely,

	
	 MELCO CROWN ENTERTAINMENT LIMITED

		
	 By:
	 	
                  
                                         
                              

	 Name:
	 	
	 Title:
	 	

  
 7 

 Acknowledged and agreed as of the date first written above by: 

 

			
	CYBER ONE AGENTS LIMITED
		
	By:	 	
                    
                                 

	Name:	 	
	Title:	 	

  
 8 

 Annexure F-2 

Silver Point Funds Commitment Letter 

 EXECUTION VERSION 

Silver Point Capital Fund, L.P. 
 Silver Point Capital Offshore Master Fund, L.P. 
 c/o Silver Point Capital, L.P.

 Two Greenwich Plaza 
 Greenwich, CT 06830 
 Fax No.: + 1
(203) 542-4128 
 [●], 2011 

Cyber One Agents Limited 
 c/o Offshore
Incorporations Centre 
 P.O. Box 957, Road Town 
 Tortola, British Virgin Islands 
 Attention: [●] 

Fax No.: [●] 
 Ladies and Gentlemen:

 This commitment agreement (this “Agreement”) is dated [●], 2011 and is entered into by and among
Silver Point Capital Fund, L.P. (“SPCF”), Silver Point Capital Offshore Master Fund, L.P. (“SPCOMF” and, together with SPCF, the “Silver Point Funds”), and Cyber One Agents Limited (the
“Company”). Capitalized terms used herein but not defined shall have the meanings given to such terms in the Shareholders’ Agreement by and among the Company, New Cotai, LLC (“New Cotai”), MCE Cotai Investments
Limited and Melco Crown Entertainment Limited (as acceded to, and amended, from time to time, the “Shareholders’ Agreement”). 
 1. Commitment. Each of the Silver Point Funds hereby agrees, on a several but not joint basis, upon the terms and subject to the conditions set forth herein, (x) to provide or cause to be
provided to New Cotai, directly or through one or more other entities, funds to meet any and all Capital Calls made on New Cotai by the Company, from time to time pursuant to and in accordance with clause 17 of the Shareholders’ Agreement,
(y) if Financial Support is required by the Project Lenders and requested by the Board, to provide to the Company Financial Support on behalf of New Cotai, from time to time pursuant to and in accordance with clause 20 of the Shareholders’
Agreement, and (z) to exercise all of its rights as a direct or indirect equity holder to cause New Cotai to meet, and in any event to not take any affirmative action as a direct or indirect equity holder, or refrain from taking any affirmative
action as a direct or indirect equity holder, to prevent New Cotai from meeting, such Capital Call in accordance with clause 17 of the Shareholders’ Agreement, in the case of each of clause (x) and (y), if and only to the extent that New
Cotai does not otherwise have sufficient funds to meet those Capital Calls or provide such Financial Support; provided, however, that in no event shall the Silver Point Funds be required to provide such funds and/or such Financial
Support in an amount exceeding such Silver Point Funds’ Maximum Obligations (such commitment, the “Commitment”). The Commitment shall be subject to all defenses available to New Cotai under the Shareholders’ Agreement with
respect to any Capital Call or obligation to provide Financial Support, each of which defenses may be asserted directly by or on behalf of the Silver Point Funds. For the purposes of clause (z), the obligation of each of the Silver Point Funds to
take action under that clause shall include an obligation on each of the Silver Point Funds to exercise all of their rights (i) under the constituent documents of New Cotai to approve or authorize (as the case may be) the Capital Call to be
met, (ii) to instruct its board member appointees of New Cotai to approve and authorize the Capital Call to be met, and (iii) to vote any of the securities held by it in New Cotai to approve or authorize the Capital Call to be met. Nothing
in this Agreement is intended to limit in any respect New Cotai’s right to exercise all defenses available to it under the Shareholders’ Agreement with respect to any Capital Call or obligation to provide Financial Support, or require the
Silver Point Funds to in any way attempt to limit such exercise. 

 For purposes hereof, (a) “Maximum Obligations” in
respect of any Capital Call and/or any requirement to provide Financial Support from time to time means (i) with respect to SPCF, an amount equal to the lesser of (A) SPCF’s Pro Rata Share of the amount of such Capital Call made on
New Cotai or Financial Support required to be provided by New Cotai, as the case may be, and (B) SPCF’s Pro Rata Share of the Aggregate Remaining New Cotai Capital Commitment, and (ii) with respect to SPCOMF, an amount equal to the
lesser of (x) SPCOMF’s Pro Rata Share of the amount of such Capital Call made on New Cotai or Financial Support required to be provided by New Cotai, as the case may be, and (y) SPCOMF’s Pro Rata Share of the Aggregate Remaining
New Cotai Capital Commitment, (b) “Pro Rata Share”1 means (I) with respect to SPCF, [•]% and (II) with respect to SPCOMF, [•]% and (c) “Aggregate Remaining New Cotai Capital Commitment” means, as of any date of any
Capital Call or request to provide Financial Support (as the case may be), an amount equal to $320 million less the aggregate amounts subscribed for or advanced to the Company by or on behalf of New Cotai (including through draws by the
Company on this Commitment) as of such date under clauses 17 and 18 of the Shareholders’ Agreement, less the aggregate amount of Financial Support provided on behalf of New Cotai (including through draws by the Company on this
Commitment) as of such date under clause 20 of the Shareholders’ Agreement, less the amount by which New Cotai’s obligation to make Capital Calls is reduced either in connection with a Transfer of Financial Interests held by New
Cotai as provided in clause 22.5 of the Shareholders’ Agreement or pursuant to an amendment to the Shareholders’ Agreement to reduce the maximum amount payable in respect of all Capital Calls under clause 17.5 of the Shareholders’
Agreement. 
 2. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any document
or instrument delivered in connection herewith, by its acceptance of the benefits of this Agreement, the Company covenants, agrees and acknowledges that no person or entity other than the Silver Point Funds has any obligation hereunder, and no
personal liability shall attach to, the former, current or future equity holders, controlling persons, directors, officers, employees, agents, affiliates, members, managers, general or limited partners or assignees of the Silver Point Funds or any
former, current or future stockholder, controlling person, director, officer, employee, general or limited partner, member, manager, affiliate (other than, in the case of New Cotai, under the Shareholders’ Agreement), agent or assignee of any
of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable law, or otherwise. 

 

	1	 NTD: Pro Rata
Share of the Silver Point Funds to equal 78% in aggregate; break down to be filled in at the Effective Time. 

  
 2 

 3. Termination. Upon the earliest of (x) the full satisfaction of the maximum
amount payable by New Cotai in respect of all Capital Calls pursuant to clause 17.5 of the Shareholders’ Agreement, (y) the expiration of the period for the making of Capital Calls under clause 17.10 of the Shareholders’ Agreement and
(z) the termination of the Shareholders’ Agreement in accordance with its terms, this Agreement shall terminate and be of no further force and effect. Upon termination of this Agreement, none of the Silver Point Funds shall have any
liability to any person in connection with this Agreement except, in the case of clause (y) and (z), any breach of this Agreement occurring on or before the relevant date. 

4. Representations and Warranties. Each of the Silver Point Funds hereby represents and warrants to the Company that (i) such
Silver Point Fund is duly organized, validly existing and in good standing under the laws of the state or country of its formation or organization, and has all necessary power and authority to enter into and perform this letter agreement,
(ii) this letter agreement has been duly executed and delivered by such Silver Point Fund and constitutes a legal, valid and binding obligation of such Silver Point Fund, enforceable against such Silver Point Fund in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally, (iii) such Silver Point Fund has and will maintain
available capital in an amount not less than such Silver Point Fund’s Pro Rata Share of the Aggregate Remaining New Cotai Capital Commitment, and (iv) no other approval is required for such Silver Point Fund to fulfill its obligations
hereunder. 
 5. Amendments. This Agreement may be amended, modified, or waived with the written consent of each of the
Silver Point Funds and the Company. 
 6. Assignment; Successors and Assigns. No assignment or transfer by any party of
its rights and obligations under this Agreement will be made except with the prior written consent of (i) the Company (in the case of any assignment or transfer by the Silver Point Funds) or (ii) each of the Silver Point Funds (in the case
of any assignment or transfer by the Company); provided, that (x) the Company may assign its rights pursuant to this Agreement to any Project Lender as collateral security without the prior written consent of the Silver Point Funds and
(y) in connection with a Transfer or issuance of Upstream Securities in respect of New Cotai, each Silver Point Fund may assign all or any portion of its Commitment to the transferee or purchaser (as applicable) of such Upstream Securities,
provided that (A) immediately following such assignment, the portion of the Commitment held by such Silver Point Fund relative to the portion of the Commitment held by such transferee or purchaser (as applicable) is substantially equivalent to
the Effective Interest held by such Silver Point Fund relative to the Effective Interest held by such transferee or purchaser at such time, (B) the transferee or purchaser (as applicable) agrees to provide its portion of the Commitment on terms
that are not in the aggregate materially less beneficial to the Company than the terms hereof and (C) the transferee or purchaser (as applicable) proves to the reasonable satisfaction of the Company that it has sufficient financial resources to
meet the portion of the Commitment to be assigned to it under clause (A). All the covenants and agreements contained in this Agreement shall bind and inure to the benefit of any such assignee. 

  
 3 

 7. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 8. Counterparts; Binding Agreement. This
Agreement may be executed simultaneously in two or more separate counterparts (including by means of facsimile), any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together
shall constitute one and the same agreement binding on all the parties hereto. 
 9. Confidentiality. This Agreement
shall be treated as strictly confidential and is being provided to the Company solely in connection with the Shareholders’ Agreement and the transactions contemplated thereby. This Agreement may not be used, circulated, quoted or otherwise
referred to in any document, except with the written consent of each of the Company and each of the Silver Point Funds. Notwithstanding the foregoing, this Agreement may be (a) provided by the Company and the Silver Point Funds to their
respective officers, managers, employees, directors (or equivalent) or financial, legal or accounting advisors or lenders who have been directed to treat this Agreement as confidential, (b) provided by the Silver Point Funds to their direct and
indirect equity holders and their respective affiliates who have been directed to treat this Agreement as confidential and (c) disclosed to any person or entity if required by law or the rules of any stock exchange or regulatory authority
(including a self-regulatory organization). 
 10. Specific Performance. Each Silver Point Fund acknowledges and agrees
that (a) irreparable damage would occur in the event that any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, and (b) remedies at law would not be adequate to
compensate the non-breaching party. Accordingly, each Silver Point Fund agrees that the Company shall have the right, in addition to any other rights and remedies existing in its favor, to an injunction or
injunctions to prevent breaches of the provisions of this Agreement and to enforce its rights and obligations hereunder not only by an action or actions for damages but also by an action or actions for specific performance, injunctive and/or other
equitable relief. The right to equitable relief, including specific performance or injunctive relief, shall exist notwithstanding, and shall not be limited by, any other provision of this Agreement. Each Silver Point Fund hereby waives any defense
that a remedy at law is adequate and any requirement to post bond or other security in connection with actions instituted for injunctive relief, specific performance or other equitable remedies. 

  
 4 

 11. Descriptive Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Unless otherwise noted, reference to any agreement, document
or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,” “either” and “any”
shall not be exclusive. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.

 12. Applicable Law; Venue. This Agreement is governed by and is to be construed in accordance with the laws applicable
in Hong Kong. Except as otherwise expressly provided in this Agreement, any dispute relating hereto shall be heard exclusively in the courts of Hong Kong, and the parties agree to jurisdiction and venue therein. 

13. Addresses and Notices. All notices, demands and other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be given or delivered, as applicable, as provided in clause 39 of the Shareholders’ Agreement as if such provisions applied herein mutatis mutandis. 

14. No Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
person or entity other than the Company, including without limitation, any shareholder or creditor of the Company or any of their respective affiliates, and no creditor who makes a loan to the Company or any of its affiliates may have or acquire
(except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in the Commitment other than as a secured creditor of the Company.

 15. Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

  
 5 

 16. Further Action. The parties agree to execute and deliver all documents, provide
all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 17. Entire Agreement. This Agreement, those documents expressly referred to herein and other documents dated as of even date herewith embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

18. Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into
in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or
thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a signature or the fact that any signature or
agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

* * * * * * * 

  
 6 

			
	Sincerely,
	
	SILVER POINT CAPITAL FUND, L.P.
		
	By:	 	Silver Point Capital General Partner, LLC,
		 	its general partner
		
	By:	 	Silver Point Partners, LLC,
		 	its managing member
		
	By:	 	Silver Point Capital Holdings, LLC,
		 	its managing member
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory
	
	SILVER POINT CAPITAL OFFSHORE MASTER FUND, L.P.
		
	By:	 	Silver Point Capital, L.P.
		 	its investment manager
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory

  
 7 

 Acknowledged and agreed as of the date first written above by: 

 

			
	CYBER ONE AGENTS LIMITED
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 8 

 Annexure F-3 

Oaktree Funds Commitment Letter 

 EXECUTION VERSION 

OCM Opportunities Fund V, L.P. 
 OCM Asia Principal Opportunities Fund, L.P. 
 OCM Opportunities Fund VI, L.P.

 333 South Grand Avenue 
 Los Angeles, CA 90071 
 Attention: General Counsel 

Telecopy No.: + 1 (213) 830-8545 

[●], 2011 
 Cyber One
Agents Limited 
 c/o Offshore Incorporations Centre 
 P.O. Box 957, Road Town 
 Tortola, British Virgin Islands 

Attention: [●] 
 Fax No.: [●]

 Ladies and Gentlemen: 
 This commitment agreement (this “Agreement”) is dated [●], 2011 and is entered into by and among OCM Opportunities Fund V, L.P. (“OCM V”), OCM Asia Principal
Opportunities Fund, L.P. (“OCM Asia”), and OCM Opportunities Fund VI, L.P. (“OCM VI” and, together with OCM V and OCM Asia, the “Oaktree Funds”), and Cyber One Agents Limited (the
“Company”). Capitalized terms used herein but not defined shall have the meanings given to such terms in the Shareholders’ Agreement by and among the Company, New Cotai, LLC (“New Cotai”), MCE Cotai Investments
Limited and Melco Crown Entertainment Limited (as acceded to, and amended, from time to time, the “Shareholders’ Agreement”). 
 1. Commitment. Each of the Oaktree Funds hereby agrees, on a several but not joint basis, upon the terms and subject to the conditions set forth herein, (x) to provide or cause to be provided
to New Cotai, directly or through one or more other entities, funds to meet any and all Capital Calls made on New Cotai by the Company, from time to time pursuant to and in accordance with clause 17 of the Shareholders’ Agreement, (y) if
Financial Support is required by the Project Lenders and requested by the Board, to provide to the Company Financial Support on behalf of New Cotai, from time to time pursuant to and in accordance with clause 20 of the Shareholders’ Agreement,
and (z) to exercise all of its rights as a direct or indirect equity holder to cause New Cotai to meet, and in any event to not take any affirmative action as a direct or indirect equity holder, or refrain from taking any affirmative action as
a direct or indirect equity holder, to prevent New Cotai from meeting, such Capital Call in accordance with clause 17 of the Shareholders’ Agreement, in the case of each of clause (x) and (y), if and only to the extent that New Cotai does
not otherwise have sufficient funds to meet those Capital Calls or provide such Financial Support; provided, however, that in no event shall the Oaktree Funds be required to provide such funds and/or such Financial Support in an amount
exceeding such Oaktree Funds’ Maximum Obligations (such commitment, the “Commitment”). The Commitment shall be subject to all defenses available to New Cotai under the Shareholders’ Agreement with respect to any Capital
Call or obligation to provide Financial Support, each of which defenses may be asserted directly by or on behalf of the Oaktree Funds. For the purposes of clause (z), the obligation of each of the Oaktree Funds to take action under that clause shall
include an obligation on each of the Oaktree Funds to exercise all of their rights (i) under the constituent documents of New Cotai to approve or authorize (as the case may be) the Capital Call to be met, (ii) to instruct its board member
appointees of New Cotai to approve and authorize the Capital Call to be met, and (iii) to vote any of the securities held by it in New Cotai to approve or authorize the Capital Call to be met. Nothing in this Agreement is intended to limit in
any respect New Cotai’s right to exercise all defenses available to it under the Shareholders’ Agreement with respect to any Capital Call or obligation to provide Financial Support, or require the Oaktree Funds to in any way attempt to
limit such exercise. 

 For purposes hereof, (a) “Maximum Obligations” in
respect of any Capital Call and/or any requirement to provide Financial Support from time to time means (i) with respect to OCM V, an amount equal to the lesser of (A) OCM V’s Pro Rata Share of the amount of such Capital Call made on
New Cotai or Financial Support required to be provided by New Cotai, as the case may be, and (B) OCM V’s Pro Rata Share of the Aggregate Remaining New Cotai Capital Commitment, (ii) with respect to OCM Asia, an amount equal to the
lesser of (x) OCM Asia’s Pro Rata Share of the amount of such Capital Call made on New Cotai or Financial Support required to be provided by New Cotai, as the case may be, and (y) OCM Asia’s Pro Rata Share of the Aggregate
Remaining New Cotai Capital Commitment, and (iii) with respect to OCM VI, an amount equal to the lesser of (A) OCM VI’s Pro Rata Share of the amount of such Capital Call made on New Cotai or Financial Support required to be provided
by New Cotai, as the case may be, and (B) OCM VI’s Pro Rata Share of the Aggregate Remaining New Cotai Capital Commitment, (b) “Pro Rata Share”1 means (I) with respect to OCM V, [●]%, (II) with respect to OCM Asia, [●]%, and (III) with respect to OCM VI, [●]%, and (c) “Aggregate Remaining New Cotai Capital
Commitment” means, as of any date of any Capital Call or request to provide Financial Support (as the case may be), an amount equal to $320 million less the aggregate amounts subscribed for or advanced to the Company by or on behalf
of New Cotai (including through draws by the Company on this Commitment) as of such date under clauses 17 and 18 of the Shareholders’ Agreement, less the aggregate amount of Financial Support provided on behalf of New Cotai (including
through draws by the Company on this Commitment) as of such date under clause 20 of the Shareholders’ Agreement, less the amount by which New Cotai’s obligation to make Capital Calls is reduced either in connection with a Transfer
of Financial Interests held by New Cotai as provided in clause 22.5 of the Shareholders’ Agreement or pursuant to an amendment to the Shareholders’ Agreement to reduce the maximum amount payable in respect of all Capital Calls under clause
17.5 of the Shareholders’ Agreement. 
  
  

	1 	 NTD: Pro Rata Share of the Oaktree Funds to equal 22% in aggregate; break down to be filled in at the Effective Time. 

  
 2 

 2. No Recourse. Notwithstanding anything that may be expressed or implied in this
Agreement or any document or instrument delivered in connection herewith, by its acceptance of the benefits of this Agreement, the Company covenants, agrees and acknowledges that no person or entity other than the Oaktree Funds has any obligation
hereunder, and no personal liability shall attach to, the former, current or future equity holders, controlling persons, directors, officers, employees, agents, affiliates, members, managers, general or limited partners or assignees of the Oaktree
Funds or any former, current or future stockholder, controlling person, director, officer, employee, general or limited partner, member, manager, affiliate (other than, in the case of New Cotai, under the Shareholders’ Agreement), agent or
assignee of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable law, or otherwise. 

3. Termination. Upon the earliest of (x) the full satisfaction of the maximum amount payable by New Cotai in respect of all
Capital Calls pursuant to clause 17.5 of the Shareholders’ Agreement, (y) the expiration of the period for the making of Capital Calls under clause 17.10 of the Shareholders’ Agreement and (z) the termination of the
Shareholders’ Agreement in accordance with its terms, this Agreement shall terminate and be of no further force and effect. Upon termination of this Agreement, none of the Oaktree Funds shall have any liability to any person in connection with
this Agreement except, in the case of clause (y) and (z), any breach of this Agreement occurring on or before the relevant date. 
 4. Representations and Warranties. Each of the Oaktree Funds hereby represents and warrants to the Company that (i) such Oaktree Fund is duly organized, validly existing and in good standing
under the laws of the state or country of its formation or organization, and has all necessary power and authority to enter into and perform this letter agreement, (ii) this letter agreement has been duly executed and delivered by such Oaktree
Fund and constitutes a legal, valid and binding obligation of such Oaktree Fund, enforceable against such Oaktree Fund in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally, (iii) such Oaktree Fund has and will maintain available capital in an amount not less than such Oaktree Fund’s Pro Rata Share of the Aggregate
Remaining New Cotai Capital Commitment, and (iv) no other approval is required for such Oaktree Fund to fulfill its obligations hereunder. 
 5. Amendments. This Agreement may be amended, modified, or waived with the written consent of each of the Oaktree Funds and the Company. 

6. Assignment; Successors and Assigns. No assignment or transfer by any party of its rights and obligations under this Agreement
will be made except with the prior written consent of (i) the Company (in the case of any assignment or transfer by the Oaktree Funds) or (ii) each of the Oaktree Funds (in the case of any assignment or transfer by the Company);
provided, that (x) the Company may assign its rights pursuant to this Agreement to any Project Lender as collateral security without the prior written consent of the Oaktree Funds and (y) in connection with a Transfer or issuance of
Upstream Securities in respect of New Cotai, each Oaktree Fund may assign all or any portion of its Commitment to the transferee or purchaser (as applicable) of such Upstream Securities, provided that (A) immediately following such assignment,
the portion of the Commitment held by such Oaktree Fund relative to the portion of the Commitment held by such transferee or purchaser (as applicable) is substantially equivalent to the Effective Interest held by such Oaktree Fund relative to the
Effective Interest held by such transferee or purchaser at such time, (B) the transferee or purchaser (as applicable) agrees to provide its portion of the Commitment on terms that are not in the aggregate materially less beneficial to the
Company than the terms hereof and (C) the transferee or purchaser (as applicable) proves to the reasonable satisfaction of the Company that it has sufficient financial resources to meet the portion of the Commitment to be assigned to it under
clause (A). All the covenants and agreements contained in this Agreement shall bind and inure to the benefit of any such assignee. 

  
 3 

 7. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 8. Counterparts; Binding Agreement. This
Agreement may be executed simultaneously in two or more separate counterparts (including by means of facsimile), any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together
shall constitute one and the same agreement binding on all the parties hereto. 
 9. Confidentiality. This Agreement
shall be treated as strictly confidential and is being provided to the Company solely in connection with the Shareholders’ Agreement and the transactions contemplated thereby. This Agreement may not be used, circulated, quoted or otherwise
referred to in any document, except with the written consent of each of the Company and each of the Oaktree Funds. Notwithstanding the foregoing, this Agreement may be (a) provided by the Company and the Oaktree Funds to their respective
officers, managers, employees, directors (or equivalent) or financial, legal or accounting advisors or lenders who have been directed to treat this Agreement as confidential, (b) provided by the Oaktree Funds to their direct and indirect equity
holders and their respective affiliates who have been directed to treat this Agreement as confidential and (c) disclosed to any person or entity if required by law or the rules of any stock exchange or regulatory authority (including a
self-regulatory organization). 
 10. Specific Performance. Each Oaktree Fund acknowledges and agrees that
(a) irreparable damage would occur in the event that any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, and (b) remedies at law would not be adequate to compensate
the non-breaching party. Accordingly, each Oaktree Fund agrees that the Company shall have the right, in addition to any other rights and remedies existing in its favor, to an injunction or injunctions to
prevent breaches of the provisions of this Agreement and to enforce its rights and obligations hereunder not only by an action or actions for damages but also by an action or actions for specific performance, injunctive and/or other equitable
relief. The right to equitable relief, including specific performance or injunctive relief, shall exist notwithstanding, and shall not be limited by, any other provision of this Agreement. Each Oaktree Fund hereby waives any defense that a remedy at
law is adequate and any requirement to post bond or other security in connection with actions instituted for injunctive relief, specific performance or other equitable remedies. 

  
 4 

 11. Descriptive Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Unless otherwise noted, reference to any agreement, document
or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,” “either” and “any”
shall not be exclusive. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.

 12. Applicable Law; Venue. This Agreement is governed by and is to be construed in accordance with the laws applicable
in Hong Kong. Except as otherwise expressly provided in this Agreement, any dispute relating hereto shall be heard exclusively in the courts of Hong Kong, and the parties agree to jurisdiction and venue therein. 

13. Addresses and Notices. All notices, demands and other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be given or delivered, as applicable, as provided in clause 39 of the Shareholders’ Agreement as if such provisions applied herein mutatis mutandis. 

14. No Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
person or entity other than the Company, including without limitation, any shareholder or creditor of the Company or any of their respective affiliates, and no creditor who makes a loan to the Company or any of its affiliates may have or acquire
(except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in the Commitment other than as a secured creditor of the Company.

  
 5 

 15. Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

16. Further Action. The parties agree to execute and deliver all documents, provide all information and take or refrain from
taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 17. Entire
Agreement. This Agreement, those documents expressly referred to herein and other documents dated as of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings,
agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
 18. Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or
thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them
to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use
of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 
 * * * * * * * 

  
 6 

			
	Sincerely,
	
	OCM OPPORTUNITIES FUND V, L.P.
		
	By:	 	OCM Opportunities Fund V GP, LLC
	Its:	 	General Partner
		
	By:	 	Oaktree Capital Management, L.P.
	Its:	 	Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OCM ASIA PRINCIPAL OPPORTUNITIES FUND, L.P.
		
	By:	 	OCM Asia Principal Opportunities Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	OCM Asia Principal Opportunities Fund GP LTD.
	Its:	 	General Partner
		
	By.	 	Oaktree Capital Management, L.P.
	Its:	 	Director
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 7 

			
	OCM OPPORTUNITIES FUND VI, L.P.
		
	By.	 	OCM Opportunities Fund VI GP, LLC
		 	its General Partner
		
	By:	 	Oaktree Capital Management, L.P.
		 	its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 8 

 Acknowledged and agreed as of the date first written above by: 

 

			
	CYBER ONE AGENTS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 9 

 Annexure G 
 Other administrative matters 
  

	1	Definitions 

 For the purposes of
this annexure G, Facility Operations Agreement and Facility Operation Revenue and Specified Affliate have the meaning given to those terms in the Implementation Agreement. 

 

	2	Acknowledgment 

 The parties
acknowledge the operations referred to in clause 14.1(b) and 14.2(b) will take into account the alternative arrangements in this annexure G. 
  

	3	Fees 

  

	 	(a)	In the event the Facility Operations Agreement is not able to be amended or the other arrangements referenced in annexure G of the Implementation Agreement are not
implemented, or in the event those agreements or arrangements are subsequently invalidated, terminated or breached or modified in a manner materially adverse to the Company (any such circumstance, a Failure to Amend), the parties nevertheless
acknowledge that the Specified Affiliate must not retain any portion of the Facility Operation Revenue or otherwise be paid any fees in respect thereof, or if those amounts or fees are required to be retained by any third party, the parties agree to
work together to agree and implement an arrangement reasonably satisfactory to the Majority of the Minority Shareholders to provide for the reimbursement to the Company of those fees. 

 

	 	(b)	The parties agree that if a Failure to Amend occurs and the parties are unable to reach a satisfactory arrangement on or before the date 120 days prior to the proposed
Opening (or, in the case of a Failure to Amend that occurs after such date, within 60 days following the occurrence thereof) to provide for reimbursement to the Company of the fees referred to in paragraph 3(a), the relevant Group Company
will be entitled to set-off any such amounts against any amounts payable to MCE or any of its Affiliates by any Group Company in respect of any services provided by MCE or its Affiliates to that Group Company.
Any agreement as to the payment or reimbursement for the services to be provided by MCE or any of its Affiliates shall provide for such right of set-off and reimbursement of any fees remaining outstanding
under this paragraph. 

  
 107

	 	(c)	The parties further agree that if a Failure to Amend occurs, MCE must implement changes to its, the Company’s and/or the Specified Affiliate’s operations and
flows of funds, and make such other accommodations as are necessary, in each case to ensure that the Company is no worse from an economic and credit risk perspective as if the amendments and other arrangements in annexure G of the Implementation
Agreement had been implemented, as reasonably agreed by the Majority of the Minority Shareholders. 

  

	 	(d)	The parties further agree that under no circumstance will the Specified Affiliate be entitled to the payment of the fee upon the termination of the Facility Operations
Agreement and MCE will procure the Specified Affiliate waives any right to such payment. 

  
 108

 Annexure H 
 Additional administrative matters 
  

	1	Definitions 

 For the purposes of
this annexure H, Facility Operation Fee, Facility Operations Agreement, Facility Items and Specified Affiliate have the meaning given to those terms in the Implementation Agreement. 

 

	2	Facility Operation Fees 

  

	 	(a)	The parties agree that if for any reason after the date of this document any of the Facility Operation Fees payable by the Specified Affiliate under the Facility
Operations Agreement are increased, or new Facility Operation Fees are charged, in each case at any time on or following expiry of the Facility Operations Agreement in 2022 or 2032 (as applicable), MCE or the Specified Affiliate may by notice to the
Company, charge to the Company, and the Company must pay prior to any amount owed by MCE or the Specified Affiliate becoming delinquent, the amount of increase of the Facility Operation Fees, or if new Facility Operation Fees are charged the amount
of those additional Facility Operation Fees, in each case attributable to the period commencing 2033 (together, the Additional Facility Operation Fees) determined under paragraph 2(b). 

 

	 	(b)	The amount of Additional Facility Operation Fees payable by the Company equals the product of (i) the Additional Facility Operation Fees multiplied by (ii) a
fraction (MSC Allocation), the numerator of which is the number of Facility Items at the MSC Property at the time payment is required to be made by the Company, and the denominator of which is the aggregate number of Facility Items allocated
to the Specified Affiliate by the Macau government at that time. If, at any time during the term of the Facility Operations Agreement following the extension or renewal thereof in 2032, the MSC Allocation changes (for example, due to the opening of
a new MCE Casino), there shall be an appropriate re-allocation of the Additional Facility Operation Fees (based on the proportion that the number of Facility Items at the MSC Property bears to the aggregate
number of Facility Items allocated to the Specified Affiliate by the Macau government immediately following such change) and, to the extent required by such re-allocation, a reimbursement to the Company by the
Specified Affiliate of Additional Facility Operation Fees actually paid by the Company pursuant to the preceding sentence. 

  
 109

	 	(c)	The amounts payable or reimbursable under paragraph 2(b) must be paid or reimbursed, as the case may be, within twenty Business Days following request for
payment by the party entitled to any such amounts. 

  
 110

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