Document:

Revolving Credit Facility Agreement

 Exhibit 10.2 

 
 

 
 EXECUTION VERSION 
 DATED July 31, 2012 
 WYNN RESORTS (MACAU) S.A. 

as Company 

BANK OF CHINA LIMITED, MACAU BRANCH 
 as Revolving Credit Facility Agent 
 and 

THE REVOLVING CREDIT FACILITY LENDERS 
 referred to herein 
  

 
 REVOLVING
CREDIT FACILITY AGREEMENT 
  
  

 CONTENTS 

 

							
	Clause	  	Page	 
			
	 1.
	  	 Definitions And Interpretation
	  	 	1	  
	 2.
	  	 Common Terms Agreement
	  	 	7	  
	 3.
	  	 The Revolving Credit Facilities
	  	 	7	  
	 4.
	  	 Purpose
	  	 	8	  
	 5.
	  	 Conditions Of Utilisation
	  	 	8	  
	 6.
	  	 Availability Of The Revolving Credit Facilities
	  	 	9	  
	 7.
	  	 Repayment
	  	 	9	  
	 8.
	  	 Cancellation
	  	 	9	  
	 9.
	  	 Interest
	  	 	9	  
	 10.
	  	 Interest Periods
	  	 	10	  
	 11.
	  	 Notification
	  	 	10	  
	 12.
	  	 Commitment Fee
	  	 	10	  
	 13.
	  	 Changes To The Parties
	  	 	11	  
	 14.
	  	 Payments
	  	 	12	  
	 15.
	  	 Decision Making Amongst Revolving Credit Facility Lenders
	  	 	13	  
	 16.
	  	 Counterparts
	  	 	14	  
	 17.
	  	 Governing Law
	  	 	14	  
	 18.
	  	 Jurisdiction
	  	 	14	  
	 Schedule 1 The Revolving Credit Facility Lenders
	  	 	16	  
	 Schedule 2 Form Of Advance Request For A Revolving Credit Facility Advance
	  	 	17	  

  
 - 1 -

 THIS AGREEMENT is made on July 31, 2012 

BETWEEN: 
  

	(1)	WYNN RESORTS (MACAU) S.A. (the “Company”); 

  

	(2)	BANK OF CHINA LIMITED, MACAU BRANCH (the “Revolving Credit Facility Agent”); and 

 

	(3)	THE FINANCIAL INSTITUTION listed in Schedule 1 (The Revolving Credit Facility Lenders) as lender (the “Revolving Credit Facility
Lender”). 

 WHEREAS: 
 The Revolving Credit Facility Lender has agreed to make certain loan facilities available to the Company in connection with the Projects and the Cotai Project (including the design, development and
construction of the Cotai Project), for the refinancing of the Company’s existing indebtedness and for general corporate purposes of the Group (including investment in Excluded Subsidiaries, Excluded Projects or Resort Management Agreements),
in each case, upon the terms and subject to the conditions set out in this Agreement and the Common Terms Agreement. 
 IT IS AGREED as
follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement, unless otherwise defined herein, all terms defined or referred in the Common Terms Agreement shall have the same meaning herein and in addition: 
 “Advance Request” means a request for a Revolving Credit Facility Advance in substantially the form set out in Schedule 2 (Form of Advance Request for a Revolving Credit Facility
Advance). 
 “Available Commitment” means, in relation to a Revolving Credit Facility Lender at any time and
save as otherwise provided herein, the aggregate US dollar equivalent amount of Available Tranche A Commitment and Available Tranche B Commitment of such Revolving Credit Facility Lender. 

“Available Facility” means, at any time, the aggregate US dollar equivalent amount of the Available Tranche A Facility
and the Available Tranche B Facility. 
 “Available Tranche A Commitment” means, in relation to a Revolving
Credit Facility Lender at any time, its Tranche A Facility Commitment less: 
  

	 	(a)	the aggregate amount of its participation in any outstanding Tranche A Advances (other than, in relation to any proposed Tranche A Advance, such Revolving Credit
Facility Lender’s participation in any Tranche A Advances that are due to be repaid or prepaid on or before the proposed Advance Date); and 

  

	 	(b)	in relation to any proposed Tranche A Advance, the aggregate amount of its participation in any Tranche A Advances that are due to be made on or before the proposed
Advance Date. 

  
 - 1 -

 “Available Tranche B Commitment” means, in relation to a Revolving Credit
Facility Lender at any time, its Tranche B Facility Commitment less: 
  

	 	(a)	the aggregate amount of its participation in any outstanding Tranche B Advances (other than, in relation to any proposed Tranche B Advance, such Revolving Credit
Facility Lender’s participation in any Tranche B Advances that are due to be repaid or prepaid on or before the proposed Advance Date); and 

  

	 	(b)	in relation to any proposed Tranche B Advance, the aggregate amount of its participation in any Tranche B Advances that are due to be made on or before the proposed
Advance Date. 

 “Available Tranche A Facility” means, at any time, the aggregate amount of the
Available Tranche A Commitments of all the Revolving Credit Facility Lenders at such time. 
 “Available Tranche B
Facility” means, at any time, the aggregate amount of the Available Tranche B Commitments of all the Revolving Credit Facility Lenders at such time. 
 “Common Terms Agreement” means the common terms agreement dated 14 September 2004 and made between, among others, the Company, the financial institutions defined therein as Term
Facility Lenders and Revolving Credit Facility Lenders, the Term Facility Agent, the Revolving Credit Facility Agent, the Intercreditor Agent and the Security Agent, as amended and restated by the Common Terms Agreement Amendment Agreement, the
Common Terms Agreement Second Amendment Agreement, the Common Terms Agreement Third Amendment Agreement and the Common Terms Agreement Fourth Amendment Agreement. 
 “HIBOR” means, in relation to any Tranche B Advance: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for HK dollars or the Interest Period of that Revolving Credit Facility Advance) the arithmetic mean of the rates (rounded upwards to
four decimal places) as supplied to the Revolving Credit Facility Agent at its request quoted by the Reference Banks to leading banks in the Hong Kong interbank market, 

at or about 11.00 am (Hong Kong time) on the Quotation Day for the offering of deposits in HK dollars for a period comparable to the
Interest Period for that Revolving Credit Facility Advance (or, if such Screen Rate or arithmetic mean of rates, as the case may be, is less than zero per annum, zero per annum). 

“Interest Period” means, in relation to a Revolving Credit Facility Advance, each period determined in accordance with
Clause 10 (Interest Periods). 
 “LIBOR” means, in relation to any Tranche A Advance: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for US dollars or for the Interest Period for that Revolving Credit Facility Advance) the arithmetic mean of the rates (rounded upwards
to four decimal places) as supplied to the Revolving Credit Facility Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

  
 - 2 -

 at or about 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in US
dollars and for a period comparable to the Interest Period for that Revolving Credit Facility Advance (or, if such Screen Rate or arithmetic mean of rates, as the case may be, is less than zero per annum, zero per annum). 

“Majority Revolving Credit Facility Lenders” means a Revolving Credit Facility Lender or Revolving Credit Facility
Lenders whose US dollar equivalent participations in the Revolving Credit Facility Advances then outstanding and undrawn Available Commitments amount in aggregate to more than 50% of the US dollar equivalent of the sum of all Revolving Credit
Facility Advances then outstanding and undrawn Available Commitments. 
 “Margin” means in relation to any
Revolving Credit Facility Advance hereunder: 
  

	 	(a)	on and from the Fourth Amendment Effective Date to and including the earlier of (i) the Quarterly Date falling on the last day of the second full Fiscal Quarter of
the Company following the Fourth Amendment Effective Date and (ii) the date which is 180 days after the Fourth Amendment Effective Date, 2.50% per annum; and 

 

	 	(b)	thereafter, 1.75% per annum but, if the Leverage Ratio as at the most recent Quarterly Date thereafter is within the range set out below and the Intercreditor
Agent has received, in accordance with paragraphs 1 and 2 of Part A of Schedule 5 (Covenants) of the Common Terms Agreement, the Company’s financial statements for the period ending on such Quarterly Date together with the Compliance
Certificate required thereunder then, provided (in the case of any decrease in the Margin) no Default has occurred and is continuing, the Margin will be the percentage per annum specified for that range: 

 

					
	Leverage Ratio	  	Margin	 
		
	 Less than 3.0
	  	 	1.75	% 
	 Greater than or equal to 3.0 but less than 4.0
	  	 	2.00	% 
	 Greater than or equal to 4.0 but less than 4.5
	  	 	2.25	% 
	 4.5 or above
	  	 	2.50	% 

 Any increase or decrease in the Margin shall take effect from the Business Day following the satisfaction
of the conditions or expiry of the applicable periods specified above (or, where such Business Day falls less than five Business Days before the end of the then current Interest Period, from the commencement of the next Interest Period). 

“Reference Banks” means, in relation to: 
  

	 	(a)	LIBOR, the principal London offices of Deutsche Bank AG, Standard Chartered Bank and The Royal Bank of Scotland plc; and 

 

	 	(b)	HIBOR, the principal Hong Kong offices of Bank of China Limited, Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Limited and Standard Chartered Bank
(Hong Kong) Limited, 

  
 - 3 -

 or such other bank or banks designated from time to time by the Revolving Credit Facility
Agent provided that the consent of the Company shall be required if such designation is made prior to an occurrence of an Event of Default which is continuing. 
 “Revolving Credit Facility” means the Tranche A Facility or the Tranche B Facility and “Revolving Credit Facilities” means each of them. 

“Revolving Credit Facility Advance” means, as the context may require, a Tranche A Advance or a Tranche B Advance and
“Revolving Credit Facility Advances” shall mean each Tranche A Advance and Tranche B Advance or any of them. 

“Revolving Credit Facility Finance Documents” means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the Common Terms Agreement; 

  

	 	(c)	any other Senior Finance Document to which a Revolving Credit Facility Lender is a party in its capacity as a Revolving Credit Facility Lender; and

  

	 	(d)	any other document designated as such by the Revolving Credit Facility Agent and the Company. 

“Revolving Credit Facility Lender” means a Tranche A Facility Lender or a Tranche B Facility Lender. 

“Revolving Credit Finance Parties” means the Revolving Credit Facility Agent and the Revolving Credit Facility Lenders.

 “Rollover Advance”, in relation to a Revolving Credit Facility, means one or more Revolving Credit Facility
Advances under that Revolving Credit Facility: 
  

	 	(a)	made or to be made on the same day that a maturing Revolving Credit Facility Advance under that Revolving Credit Facility is due to be repaid; 

 

	 	(b)	the aggregate amount of which is equal to or less than the maturing Revolving Credit Facility Advance under that Revolving Credit Facility; and

  

	 	(c)	made or to be made to the Company for the purpose of refinancing a maturing Revolving Credit Facility Advance under that Revolving Credit Facility.

 “Screen Rate” means, in relation to: 

 

	 	(a)	LIBOR, the British Bankers’ Association Interest Settlement Rate for US dollars for the relevant period, displayed on the appropriate page (being currently
“LIBOR01”) of the Reuters Monitor Money Rates Service screen; and 

  

	 	(b)	HIBOR, 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.

  
 - 4 -

 If the agreed page is replaced or service ceases to be available, the Revolving Credit
Facility Agent may specify another page or service displaying the appropriate rate after consultation with the Company and the Revolving Credit Facility Lenders. 
 “Termination Date” means the fifth anniversary of the Fourth Amendment Signing Date. 
 “Tranche A Advance” means an advance made or to be made by the Tranche A Facility Lenders under the Tranche A Facility or the principal amount outstanding for the time being of that
advance including a Rollover Advance. 
 “Tranche A Facility” means the US dollar revolving credit facility
granted to the Company under Clause 3.1.1 (Tranche A Facility). 
 “Tranche A Facility Commitment” means

  

	 	(a)	in relation to the Original Tranche A Facility Lender, the amount set opposite its name under the column entitled “Tranche A Commitment” in Schedule 1 (The
Revolving Credit Facility Lenders) and the amount of any other Tranche A Facility Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Tranche A Facility Lender, the amount of any Tranche A Facility Commitment transferred to it under this Agreement, 

to the extent not cancelled pursuant to Clause 8 (Repayments, Prepayments and Cancellation) of the Common Terms Agreement or
otherwise reduced pursuant to the terms hereof and/or the Common Terms Agreement, reduced or transferred by it in accordance with the Common Terms Agreement. 
 “Tranche A Facility Lender” means any commercial bank, financial institution or other entity which: 
  

	 	(a)	is named in Schedule 1 (The Revolving Credit Facility Lenders) as a Tranche A Facility Lender (the “Original Tranche A Facility Lender”);
or 

  

	 	(b)	has become party hereto as a Tranche A Facility Lender in accordance with Clause 13 (Changes to the Parties), 

and which has not ceased to be a party hereto in accordance with the terms hereof. 

“Tranche B Advance” means an advance made or to be made by the Tranche B Facility Lenders under the Tranche B Facility or
the principal amount outstanding for the time being of that advance including a Rollover Advance. 

  
 - 5 -

 “Tranche B Facility” means the HK dollar revolving credit facility granted
to the Company under Clause 3.1.2 (Tranche B Facility). 
 “Tranche B Facility Commitment” means

  

	 	(a)	in relation to the Original Tranche B Facility Lender, the amount set opposite its name under the column entitled “Tranche B Commitment” in Schedule 1 (The
Revolving Credit Facility Lenders) and the amount of any other Tranche B Facility Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Tranche B Facility Lender, the amount of any Tranche B Facility Commitment transferred to it under this Agreement, 

to the extent not cancelled pursuant to Clause 8 (Repayments, Prepayments and Cancellation) of the Common Terms Agreement or
otherwise reduced pursuant to the terms hereof and/or the Common Terms Agreement, reduced or transferred by it in accordance with the Common Terms Agreement. 
 “Tranche B Facility Lender” means any commercial bank, financial institution or other entity which: 
  

	 	(a)	is named in Schedule 1 (The Revolving Credit Facility Lenders) as a Tranche B Facility Lender (the “Original Tranche B Facility Lender”);
or 

  

	 	(b)	has become party hereto as a Tranche B Facility Lender in accordance with Clause 13 (Changes to the Parties), 

and which has not ceased to be a party hereto in accordance with the terms hereof. 

 

	1.2	Interpretation 

 In this
Agreement: 
  

	 	1.2.1	the principles of construction contained in Clause 1.2 (Principles of Construction) of the Common Terms Agreement and the rules of interpretation contained in
Clause 1.3 (Rules of Interpretation) of the Common Terms Agreement shall apply to the construction and interpretation of this Agreement; 

  

	 	1.2.2	any reference to the “Revolving Credit Facility Agent” or any “Revolving Credit Facility Lender” shall be construed so as to include
its or their (and any subsequent) successors and any permitted transferees in accordance with their respective interests; and 

  

	 	1.2.3	references in this Agreement to any Clause or Schedule shall be to a clause or schedule contained in this Agreement. 

 

	1.3	Third Party Rights 

  

	 	1.3.1	The Contracts (Rights of Third Parties) Act 1999 applies to Clause 1.4 (Non-recourse liability) but only for the benefit of the Operatives and subject always to
the terms of Clause 17 (Governing Law) and Clause 18 (Jurisdiction). 

  
 - 6 -

	 	1.3.2	Except as provided in sub-clause 1.3.1 above, a Person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term of this Agreement. 

  

	 	1.3.3	Save as provided by the Common Terms Agreement, the consent of any Person who is not a party to this Agreement is not required to rescind or vary this Agreement.

  

	1.4	Non-recourse Liability 

Notwithstanding any provision in the Senior Finance Documents to the contrary, no Operative shall be personally liable for payments due
hereunder or under any of the Senior Finance Documents or for the performance of any obligation hereunder or thereunder, save, in relation to any Operative, pursuant to any Senior Finance Document to which such Operative is party. The sole recourse
of the Revolving Credit Facility Lenders for satisfaction of any of the obligations of any of the Obligors hereunder and under the other Senior Finance Documents shall be against the Obligors and not against any assets or property of any Operative,
save to the extent such Operative is party to a Senior Finance Document and is expressed to be liable for such obligation thereunder. In the case of Mr. Wong Chi Seng, his liability shall be limited to his shares in the Company. 

 

	2.	COMMON TERMS AGREEMENT 

This Agreement and the rights and obligations of the parties hereto shall be subject to the terms and conditions of the Common Terms
Agreement which shall be deemed to be incorporated into this Agreement. In the case of any conflict between the terms of this Agreement and the terms of the Common Terms Agreement, the terms of this Agreement shall prevail. 

 

	3.	THE REVOLVING CREDIT FACILITIES 

  

	3.1	Grant of the Revolving Credit Facilities 

  

	 	3.1.1	Tranche A Facility 

The Tranche A Facility Lenders grant to the Company, upon the terms and subject to the conditions hereof, a US dollar revolving credit
facility in an aggregate amount of USD433,750,000.00. 
  

	 	3.1.2	Tranche B Facility 

The Tranche B Facility Lenders grant to the Company, upon the terms and subject to the conditions hereof, a HK dollar revolving credit
facility in an aggregate amount of HKD8,706,750,000.00. 
  

	4.	PURPOSE 

 The Company
shall apply all amounts borrowed by it under the Revolving Credit Facilities to pay for the refinancing of existing indebtedness of the Company, the design, development and construction of the Cotai Project and for the general corporate purposes of
the Group (including investment in Excluded Subsidiaries, Excluded Projects or Resort Management Agreements). 

  
 - 7 -

	5.	CONDITIONS OF UTILISATION 

  

	5.1	Conditions precedent 

 The
provisions of Clause 2.1 (Conditions Precedent to the CP Satisfaction Date) of the Common Terms Agreement are incorporated by reference herein as if the same were set out in full herein. 

 

	5.2	Further conditions precedent 

 The obligation of each Revolving Credit Facility Lender to participate in each Revolving Credit Facility Advance under this Agreement is subject to the Company having satisfied the following conditions:

  

	 	(a)	in the case of a Rollover Advance, no Event of Default shall have occurred and is continuing and, in the case of any other Revolving Credit Facility Advance, no Default
shall have occurred and is continuing; 

  

	 	(b)	the representations and warranties contained in Schedule 4 (Representations and Warranties) of the Common Terms Agreement which are repeated by the Company
pursuant to Clause 17.2 (Timing) of the Common Terms Agreement are true and correct in all material respects with reference to the facts and circumstances existing on the Advance Date; 

 

	 	(c)	receipt by the Intercreditor Agent of each of the reports, financial statements and other information due pursuant to paragraphs 1 and 2 of Part A of Schedule 5
(Covenants) of the Common Terms Agreement on or before the proposed Advance Date; and 

  

	 	(d)	the Company shall have paid or arranged for payment out of the requested Revolving Credit Facility Advance of all fees, expenses and other charges then due and payable
by it under the Revolving Credit Facility Finance Documents. 

  

	5.3	Maximum number of Loans 

The Company may not deliver an Advance Request for a Revolving Credit Facility Advance if, as a result of the proposed Revolving Credit
Facility Advance, more than ten Revolving Credit Facility Advances would be outstanding. 
  

	6.	AVAILABILITY OF THE REVOLVING CREDIT FACILITIES 

  

	6.1	Drawdown of Advances 

 The
provisions of Clause 3 (Drawdown of Advances) and Clause 4.3 (Revolving Credit Facility Availability Period) of the Common Terms Agreement are incorporated by reference herein as if the same were set out in full herein. 

 

	6.2	Each Revolving Credit Facility Lender’s participation 

  

	 	6.2.1	If the conditions set out in this Agreement and the Common Terms Agreement have been met, each Tranche A Facility Lender will participate through its Facility Office in
each Tranche A Advance made pursuant to Clause 6.1 (Drawdown of Advances) in the proportion borne by its Available Tranche A Commitment to the Available Tranche A Facility immediately prior to the making of that Tranche A Advance.

  

	 	6.2.2	If the conditions set out in this Agreement and the Common Terms Agreement have been met, each Tranche B Facility Lender will participate through its Facility Office in
each Tranche B Advance made pursuant to Clause 6.1 (Drawdown of Advances) in the proportion borne by its Available Tranche B Commitment to the Available Tranche B Facility immediately prior to the making of that Tranche B Advance.

  
 - 8 -

	7.	REPAYMENT 

  

	 	(a)	The Company shall repay each Revolving Credit Facility Advance on the last day of its Interest Period. 

 

	 	(b)	Subject to the other terms of this Agreement and the Common Terms Agreement, any amounts repaid (including with a Rollover Advance) under Clause 7(a) above may be
re-borrowed. 

  

	 	(c)	Any amount of any Revolving Credit Facility Advance still outstanding on the Termination Date shall be repaid on the Termination Date. 

 

	8.	CANCELLATION 

 Any
cancellation of Available Commitments shall be made in accordance with this Agreement and the Common Terms Agreement (including Clause 8 (Repayment, Prepayment and Cancellation) and Clause 14 (Illegality) of the Common Terms
Agreement). 
  

	9.	INTEREST 

  

	9.1	Calculation of interest 

The rate of interest on each Revolving Credit Facility Advance for each Interest Period is the percentage rate per annum which is the
aggregate of: 
  

	 	(a)	the applicable Margin; and 

  

	 	(b)	LIBOR (in the case of a Tranche A Advance) or HIBOR (in the case of a Tranche B Advance). 

 

	9.2	Payment of interest 

 The
Company shall pay accrued interest on each Revolving Credit Facility Advance on the last day of each Interest Period. 
  

	9.3	Default Interest 

 Default
interest shall be calculated and paid in accordance with Clause 9.4 (Default Interest) of the Common Terms Agreement. 
  

	9.4	Notification of rates of interest 

 The Revolving Credit Facility Agent shall promptly notify the Company and the Revolving Credit Facility Lenders of each determination of LIBOR and HIBOR under this Agreement. 

 

	9.5	Changes to interest rates 

The Revolving Credit Facility Agent shall promptly notify the Company and the Intercreditor Agent of any change to any interest rate
occasioned by the operation of Clause 10 (Changes to the calculation of interest) of the Common Terms Agreement. 

  
 - 9 -

	10.	INTEREST PERIODS 

 The
duration of each Interest Period shall be determined in accordance with Clause 9.3 (Interest Periods) of the Common Terms Agreement. 
  

	11.	NOTIFICATION 

 Promptly,
and in any event, not less than 4 Business Days before the proposed Advance Date for each Revolving Credit Facility Advance, the Revolving Credit Facility Agent shall notify each of the relevant Revolving Credit Facility Lenders of the proposed
amount of the relevant Revolving Credit Facility Advance and the aggregate principal amount of the relevant Revolving Credit Facility Advance allocated to such Revolving Credit Facility Lender pursuant to Clause 6.2 (Each Revolving Credit
Facility Lender’s participation) and each Revolving Credit Facility Lender shall, on such Advance Date, subject to the terms and conditions of this Agreement, make available to the Revolving Credit Facility Agent for the account of the
Company its said portion of such Revolving Credit Facility Advance. 
  

	12.	COMMITMENT FEE 

  

	12.1	The Company shall pay to each Revolving Credit Facility Lender a fee computed. 

 

	 	(a)	on and from the Fourth Amendment Effective Date to and including the earlier of (i) the Quarterly Date falling on the last day of the second full Fiscal Quarter of
the Company following the Fourth Amendment Effective Date and (ii) the date which is 180 days after the Fourth Amendment Effective Date, at the rate of 0.8750% per annum (being 35% of the Margin for the applicable period); and

  

	 	(b)	thereafter, 0.6125% per annum but, if the Leverage Ratio as at the most recent Quarterly Date thereafter is within the range set out below and the Intercreditor
Agent has received, in accordance with paragraphs 1 and 2 of Part A of Schedule 5 (Covenants) of the Common Terms Agreement, the Company’s financial statements for the period ending on such Quarterly Date together with the Compliance
Certificate required thereunder then, provided (in the case of any decrease in the rate set out below) no Default has occurred and is continuing, the fee will be computed at the percentage rate per annum specified for that range (being 35% of the
Margin for the applicable period): 

  

					
	Leverage Ratio	  	Rate (% per annum)	 
		
	 Less than 3.0
	  	 	0.6125	% 
	 Greater than or equal to 3.0 but less than 4.0
	  	 	0.7000	% 
	 Greater than or equal to 4.0 but less than 4.5
	  	 	0.7875	% 
	 4.5 or above
	  	 	0.8750	% 

 in each case, on that Revolving Credit Facility Lender’s daily Available Commitment from the
Effective Date to the end of the Revolving Credit Facility Availability Period. Any increase or decrease in such fee shall take effect from the Business Day following the satisfaction of the conditions or expiry of the applicable periods specified
above. 
  

	12.2	 The accrued commitment fee is payable (in US dollars in respect of accrued commitment fee payable on a Revolving Credit Facility Lender’s
Available Tranche A Commitment and in 

  
 - 10 -

	 	
HK dollars in respect of accrued commitment fee payable on a Revolving Credit Facility Lender’s Available Tranche B Commitment) on the last day of each successive period of three months
which ends during the Revolving Credit Facility Availability Period, on the last day of the Revolving Credit Facility Availability Period and, if cancelled in full or part, on the cancelled amount of the relevant Revolving Credit Facility
Lender’s Available Commitment, immediately prior to the time the cancellation is effective. 

  

	13.	CHANGES TO THE PARTIES 

  

	13.1	Transfers by the Revolving Credit Facility Agent 

 The Revolving Credit Facility Agent may resign in accordance with the Common Terms Agreement and may assign and transfer all of its rights and obligations under the Revolving Credit Facility Finance
Documents to a replacement Revolving Credit Facility Agent appointed in accordance with the terms of the Common Terms Agreement. 
  

	13.2	Transfers by the Company 

The Company may not assign, transfer, novate or dispose of any of its rights or obligations under the Revolving Credit Facility Finance
Documents. 
  

	13.3	Transfers by the Revolving Credit Facility Lenders 

 A Revolving Credit Facility Lender may assign, transfer or novate any of its rights and/or obligations under the Revolving Credit Facility Finance Documents in accordance with Clause 21.4 (Assignment
and Transfer by Lenders), Clause 21.5 (Assignments by Lenders) and Clause 21.6 (Transfers by Lenders) of the Common Terms Agreement. 
  

	13.4	Assignment and Transfer Fees 

 On the date upon which an assignment takes effect pursuant to Clause 21.5 (Assignments by Lenders) of the Common Terms Agreement or a transfer takes effect pursuant to Clause 21.6 (Transfers by
Lenders) of the Common Terms Agreement, the relevant assignee or Transferee shall pay to the Intercreditor Agent for its own account a fee in accordance with Clause 21.7 (Assignment and Transfer Fees) of the Common Terms Agreement.

  

	14.	PAYMENTS 

  

	14.1	Payments 

  

	 	14.1.1	All payments under this Agreement shall be made in accordance with Clause 26 (Payment Mechanics) of the Common Terms Agreement. 

 

	 	14.1.2	Subject to Clause 26 (Payment Mechanics) of the Common Terms Agreement, on each date on which this Agreement requires an amount to be paid by the Company or a
Revolving Credit Facility Lender, the Company or, as the case may be, such Revolving Credit Facility Lender, shall make the same available to the Revolving Credit Facility Agent for value on such due date and at such time and in such funds and to
such account with such bank as the Revolving Credit Facility Agent shall specify from time to time. 

  

	14.2	Partial Payments 

  

	 	14.2.1	If the Revolving Credit Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Company to the Revolving Credit
Facility Lenders under the Revolving Credit Facility Finance Documents, the Revolving Credit Facility Agent shall apply that payment towards the obligations of the Company under the Revolving Credit Facility Finance Documents in the following order:

  

	 	(a)	first, in or towards payment pro rata of all amounts paid by the Revolving Credit Facility Lenders under Clause 23.15 (Indemnity to Intercreditor
Agent) of the Common Terms Agreement but which have not been reimbursed by the Company; 

  
 - 11 -

	 	(b)	secondly, in or towards payment pro rata of all amounts paid by the Revolving Credit Facility Lenders under Clause 15.3 (Indemnity to Revolving Credit
Facility Agent) but which have not been reimbursed by the Company; 

  

	 	(c)	thirdly, in or towards payment pro rata of all costs and expenses incurred by the Revolving Credit Facility Lenders which the Company is obliged to
reimburse; 

  

	 	(d)	fourthly, in or towards payment pro rata of all accrued and unpaid interest (including default interest), fees and commissions due to the Revolving Credit
Facility Lenders under the Revolving Credit Facility Finance Documents; 

  

	 	(e)	fifthly, in or towards payment pro rata of any principal due to the Revolving Credit Facility Lenders under the Revolving Credit Facility Finance
Documents but unpaid; and 

  

	 	(f)	sixthly, in or towards payment pro rata of any other sum due to the Revolving Credit Facility Lenders under the Revolving Credit Facility Finance
Documents but unpaid. 

  

	 	14.2.2	The Revolving Credit Facility Agent shall, if so directed by the Majority Revolving Credit Facility Lenders, vary the order set out in sub-clause 14.2.1 above.

  

	 	14.2.3	Sub-clause 14.2.1 above will override any appropriation made by the Company. 

 

	15.	DECISION MAKING AMONGST REVOLVING CREDIT FACILITY LENDERS 

  

	15.1	Decisions 

 Save as
otherwise set out herein and subject to the Common Terms Agreement, the required Senior Secured Creditors for the purposes of any decision within the scope of Clause 34.2 (Amendment and waiver of Facility Agreements) of the Common Terms
Agreement relating to this Agreement shall be the Revolving Credit Facility Agent acting on the instructions of the Majority Revolving Credit Facility Lenders. 
  

	15.2	Failure to Give Instructions 

 If the Revolving Credit Facility Agent gives notice to the Revolving Credit Facility Lenders requesting their specific instructions on any matter referred to in Clause 15.1 (Decisions) and it
specifies in such notice that the Revolving Credit Facility Lenders are to give such instructions by a certain date and time specified in such notice, any Revolving Credit Facility Lender which fails to respond by the date and time so specified
shall have its portion of the Revolving Credit Facility Advances and its Available Commitment disregarded for all purposes of determining whether instructions have been given to the Revolving Credit

  
 - 12 -

 
Facility Agent by the Majority Revolving Credit Facility Lenders (and, for the purposes of determining the Available Facility or the amount of all Revolving Credit Facility Advances outstanding,
the Available Commitments and portion of Revolving Credit Facility Advances of such Revolving Credit Facility Lender shall be deducted). 
  

	15.3	Indemnity to Revolving Credit Facility Agent 

  

	 	15.3.1	Each Revolving Credit Facility Lender shall, rateably in accordance with the proportion that the US dollar equivalent of the sum of its Available Commitments and its
participations in any outstanding Revolving Credit Facility Advances bear to the US dollar equivalent of the aggregate of the Available Commitments and such participations of all the Revolving Credit Facility Lenders (or, if all such amounts have
been reduced to zero, such proportion determined immediately prior to such reduction) for the time being, indemnify the Revolving Credit Facility Agent, within fifteen days of demand, against any cost, loss or liability incurred by the Revolving
Credit Facility Agent (other than by reason of the negligence or wilful misconduct of the Revolving Credit Facility Agent) in acting as Revolving Credit Facility Agent under any of the Senior Finance Documents (unless the Revolving Credit Facility
Agent has been reimbursed by the Company pursuant to a Senior Finance Document). 

  

	 	15.3.2	Provided that the Company is required to reimburse or indemnify the Revolving Credit Facility Agent for such cost, loss or liability in accordance with the terms of the
Senior Finance Documents, the Company shall, within fifteen days of demand in writing by any Revolving Credit Facility Lender, indemnify such Revolving Credit Facility Lender in relation to any payment actually made by such Revolving Credit Facility
Lender pursuant to Clause 15.3.1 above. 

  

	16.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 
  

	17.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	18.	JURISDICTION 

  

	18.1	Jurisdiction of English courts 

  

	 	18.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or the consequences of its nullity) (a “Dispute”). 

  

	 	18.1.2	The parties hereto agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly they will not argue to the
contrary. 

  

	 	18.1.3	This Clause 18.1 (Jurisdiction of English courts) is for the benefit of the Revolving Credit Facility Lenders only. As a result, no Revolving Credit Facility
Lender shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law and the Revolving Credit Facility Finance Documents, the Revolving Credit Facility Lenders may take
concurrent proceedings in any number of jurisdictions. 

  
 - 13 -

	18.2	Service of process 

Without prejudice to any other mode of service allowed under any relevant law, the Company: 

 

	 	(a)	irrevocably appoints Law Debenture Corporate Services 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 Company of the process will not invalidate the proceedings concerned. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 14 -

 SCHEDULE 1 
 THE REVOLVING CREDIT FACILITY LENDERS 
  

									
	Revolving Credit Facility Lender	  	Tranche A Commitment
(USD)	 	  	Tranche B Commitment
(HKD)	 
			
	 Bank of China Limited, Macau Branch
	  	 	433,750,000	  	  	 	8,706,750,000	  
			
	 Total
	  	 	433,750,000	  	  	 	8,706,750,000	  

  
 - 15 -

 SCHEDULE 2 
 FORM OF ADVANCE REQUEST FOR A REVOLVING CREDIT FACILITY ADVANCE 
  

					
	To:	  	[            ]	 	as Intercreditor Agent
			
		  	[            ]	 	as Revolving Credit Facility Agent
			
	Date:	  	[            ]	 	

 Dear Sirs, 

Wynn Resorts (Macau) S.A. - Revolving Credit Facility Agreement dated 14 September 2004 (the “Agreement”) 

Advance Request No. [    ] 
  

	1.	We refer to the Agreement and the common terms agreement (the “Common Terms Agreement”) dated 14 September 2004 as amended and made between, among
others, Wynn Resorts (Macau) S.A. (the “Company”), the financial institutions defined therein as Revolving Credit Facility Lenders, the Revolving Credit Facility Agent, the Intercreditor Agent and the Security Agent. Terms defined
in the Common Terms Agreement shall have the same meaning herein and the principles of construction and rules of interpretation set out therein shall also apply. 

 

	2.	This is an Advance Request given pursuant to Clause 3 (Drawdown of Advances) of the Common Terms Agreement. 

 

	3.	This Advance Request is irrevocable. 

  

	4.	We hereby give you notice that, upon the terms and subject to the conditions contained in the Common Terms Agreement and the Revolving Credit Facility Agreement, we
wish to borrow the following Revolving Credit Facility Advance under the following Revolving Credit Facility on the following terms: 

  

					
	Proposed Advance Date:	  	[                    ]	  	
			
	Revolving Credit Facility:	  	[Tranche A/Tranche B] Facility	  	
			
	Amount:	  	[USD][HKD][        ]	  	
			
	Interest Period:	  	[1, 2, 3 or 6] months	  	

  

	5.	We confirm that: 

  

	 	(a)	each condition specified in Clause 5.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Advance Request;

  

	 	(b)	the Revolving Credit Facility Advance complies with the permitted use of the Revolving Credit Facilities under the Revolving Credit Facility Agreement and Clause 5
(Purpose) of the Common Terms Agreement; and 

  

	 	(c)	since the Fourth Amendment Effective Date, no Material Adverse Effect has occurred and is continuing nor could reasonably be expected to occur.

  
 - 16 -

	6.	 We attach signed but undated receipts for the Revolving Credit Facility Advance requested above and hereby authorise the Revolving Credit Facility
Lenders to date such receipts on the date such Revolving Credit Facility Advances are made.1 

  

	7.	The proceeds of the above Revolving Credit Facility Advance should be credited to [            ].

  

	
	Yours faithfully,
	
	  

	
	Name:

 2Responsible Officer 
 for and on behalf of 
 Wynn Resorts (Macau) S.A. 

Attachments: Receipts for the Revolving Credit Facility Advance 

 

	1 	 Each receipt must be numbered in series, the number corresponding to the number in the heading of the relevant Advance Request.

	2 	 Each Advance Request must be signed by an officer of the Company whose specimen signature has been delivered to the Intercreditor Agent pursuant to
Clause 3.2.1 of the Common Terms Agreement. 

  
 - 17 -

 SIGNATURES 

 

			
	The Company
	
	WYNN RESORTS (MACAU) S.A.
		
	By:	 	/s/ Jason M. Schall
		
		 	Jason M. Schall
		
	Address:	 	Wynn Macau, Rua Cidade de Sintra, NAPE Macau
	Telephone:	 	+853 2888 9966
	Fax:	 	+853 2832 9966
		
	Attention:	 	Chief Financial Officer
	
	With a copy to:
	
	Wynn Resorts (Macau) S.A.
		
	Address:	 	Wynn Macau, Rua Cidade de Sintra, NAPE Macau
		
	Tel:	 	+853 2888 9966
		
	Fax:	 	+853 2832 9966
		
	Attention:	 	Legal Department of Wynn Resorts (Macau) S.A.

  
 - 18 -

			
	The Revolving Credit Facility Agent
	
	BANK OF CHINA LIMITED, MACAU BRANCH
		
	By:	 	
		
	Address:	 	13/F Bank of China Building
		
		 	Avenida Doutor Mario Soares, Macau
		
	Tel:	 	+853 8792 1639 / 8792 1682
		
	Fax:	 	+853 8792 1659 / 8792 0308
		
	Attention:	 	Mr. James Wong / Ms. Amy Cheong
		
	Copy to:	 	
		
	Address:	 	17/F Bank of China Building
		
		 	Avenida Doutor Mario Soares, Macau
		
	Tel:	 	+853 8792 1623 / 8792 1706
		
	Fax:	 	+853 8792 1677
		
	Attention:	 	Ms. Wendy Sun / Mr. Jerry Chan

  
 - 19 -

			
	The Revolving Credit Facility Lender
	
	BANK OF CHINA LIMITED, MACAU BRANCH
		
	By:	 	
		
	Address:	 	17/F Bank of China Building
		
		 	Avenida Doutor Mario Soares, Macau
		
	Tel:	 	+853 8792 1623 / 8792 1706
		
	Fax:	 	+853 8792 1677
		
	Attention:	 	Ms. Wendy Sun / Mr. Jerry Chan
		
	Copy to:	 	
		
	Address:	 	13/F Bank of China Building
		
		 	Avenida Doutor Mario Soares, Macau
		
	Tel:	 	+853 8792 1639 / 8792 1682
		
	Fax:	 	+853 8792 1659 / 8792 0308
		
	Attention:	 	Mr. James Wong / Ms. Amy Cheong

  
 - 20 -Third Amendment Agreement to the Hotel Facility Agreement

 Exhibit 10.3 

 
 

 
 EXECUTION VERSION 
 DATED July 31, 2012 
 WYNN RESORTS (MACAU) S.A. 

as Company 

BANK OF CHINA LIMITED, MACAU BRANCH 
 as Term Facility Agent 
 and 

CERTAIN FINANCIAL INSTITUTIONS 
 as Term Facility Lenders 
  

 
 TERM FACILITY
AGREEMENT 
 THIRD AMENDMENT AGREEMENT 

 
  

 CONTENTS 

 

									
	Clause	  	Page	 
			
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	 2.
	 	 AMENDMENT
	  	 	1	  
			
	 3.
	 	 CONTINUITY AND FURTHER ASSURANCE
	  	 	2	  
			
	 4.
	 	 MISCELLANEOUS
	  	 	2	  
			
	 5.
	 	 GOVERNING LAW
	  	 	2	  
			
	 SCHEDULE
	    	Amended Term Facility Agreement	  	 	6	  

  
 - 1 -

 THIS AGREEMENT is dated July 31, 2012 and made between: 

 

	(1)	WYNN RESORTS (MACAU) S.A. (the “Company”); 

  

	(2)	BANK OF CHINA LIMITED, MACAU BRANCH (the “Term Facility Agent”); and 

 

	(3)	THE FINANCIAL INSTITUTION named on the signing pages as Term Facility Lender. 

 RECITALS: 
  

	(A)	The Company owns and operates the Projects and proposes to design, develop and construct the Cotai Project. 

 

	(B)	The Secured Parties have agreed to amend certain Senior Finance Documents and enter into additional Senior Finance Documents in connection with the Projects and the
Cotai Project (including the design, development and construction of the Cotai Project), for the refinancing of existing indebtedness and for the general corporate purposes of the Group (including investment in Excluded Subsidiaries, Excluded
Projects or Resort Management Agreements). 

  

	(C)	It has been agreed to amend the Term Facility Agreement as set out below. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Incorporation of defined terms 

  

	 	1.1.1	Unless a contrary indication appears, a term defined in or by reference in the Schedule has the same meaning in this Agreement. 

 

	 	1.1.2	The principles of construction and rules of interpretation set out or referred to in the Schedule shall have effect as if set out in this Agreement.

  

	 	1.1.3	Any references in the Senior Finance Documents to the “Hotel Facility Agreement” or the “Term Facility Agreement” shall be taken to be a reference
to the Term Facility Agreement as set out in the Schedule, as further amended, consolidated, supplemented, confirmed, novated or replaced from time to time. 

 

	1.2	Clauses 

 In this
Agreement any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause or a Schedule to this Agreement. 

 

	2.	AMENDMENT 

 With effect
from the Fourth Amendment Effective Date (as defined in the Common Terms Agreement Fourth Amendment Agreement), the Term Facility Agreement shall be amended so that it shall be read and construed for all purposes as set out in the Schedule
(Amended Term Facility Agreement). 

  
 - 1 -

	3.	CONTINUITY AND FURTHER ASSURANCE 

  

	3.1	Continuing obligations 

The provisions of the Term Facility Agreement shall, save as amended by this Agreement, continue in full force and effect. 

 

	3.2	Further assurance 

 The
Company shall, upon the written request of the Term Facility Agent and at its own expense, do all such acts and things reasonably necessary to give effect to the amendments effected or to be effected pursuant to this Agreement. 

 

	4.	MISCELLANEOUS 

  

	4.1	Incorporation of terms 

The provisions of clause 1.3 (Third Party Rights), clause 1.4 (Non-recourse Liability) and clause 18 (Jurisdiction)
of the Schedule shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “Agreement” are references to this Agreement and cross-references to specified clauses thereof are
references to the equivalent clauses set out or incorporated herein. 
  

	4.2	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. 
  

	5.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
 This Agreement has been
entered into on the date stated at the beginning of this Agreement. 

  
 - 2 -

 SIGNATURES 

 

			
	The Company
	
	WYNN RESORTS (MACAU) S.A.
		
	By:	 	/S/ JASON M. SCHALL
		
	Address:	 	Wynn Macau, Rua Cidade de Sintra, NAPE Macau
	Telephone:	 	+853 2888 9966
	Fax:	 	+853 2832 9966
		
	Attention:	 	Chief Financial Officer
	
	With a copy to:
	
	Wynn Resorts (Macau) S.A.
		
	Address:	 	Wynn Macau, Rua Cidade de Sintra, NAPE Macau
		
	Tel:	 	+853 2888 9966
		
	Fax:	 	+853 2832 9966
		
	Attention:	 	Legal Department of Wynn Resorts (Macau) S.A.

  
 - 3 -

 The Term Facility Agent 
 BANK OF CHINA LIMITED, MACAU BRANCH 
  

			
	By:	 	
		
	Address:	 	 13/F Bank of China Building
  

Avenida Doutor Mario Soares, Macau

		
	Tel:	 	+853 8792 1639 / 8792 1682
		
	Fax:	 	+853 8792 1659 / 8792 0308
		
	Attention:	 	Mr. James Wong / Ms. Amy Cheong
		
	Copy to:	 	
		
	Address:	 	 17/F Bank of China Building
  

Avenida Doutor Mario Soares, Macau

		
	Tel:	 	+853 8792 1623 / 8792 1706
		
	Fax:	 	+853 8792 1677
		
	Attention:	 	Ms. Wendy Sun / Mr. Jerry Chan

  
 - 4 -

 The Term Facility Lender 
 BANK OF CHINA LIMITED, MACAU BRANCH 
  

			
	By:	 	
		
	Address:	 	 17/F Bank of China Building
  

Avenida Doutor Mario Soares, Macau

		
	Tel:	 	+853 8792 1623 / 8792 1706
		
	Fax:	 	+853 8792 1677
		
	Attention:	 	Ms. Wendy Sun / Mr. Jerry Chan
		
	Copy to:	 	
		
	Address:	 	 13/F Bank of China Building
  

Avenida Doutor Mario Soares, Macau

		
	Tel:	 	+853 8792 1639 / 8792 1682
		
	Fax:	 	+853 8792 1659 / 8792 0308
		
	Attention:	 	Mr. James Wong / Ms. Amy Cheong

  
 - 5 -

 SCHEDULE 
 AMENDED TERM FACILITY AGREEMENT 
 DATED 14 SEPTEMBER 2004 

WYNN RESORTS (MACAU) S.A. 
 as Company 
 BANK OF CHINA LIMITED, MACAU BRANCH 

as Term Facility Agent 
 and 
 THE TERM FACILITY LENDERS 

referred to herein 
  

 
 TERM FACILITY
AGREEMENT 
 (As amended by the Hotel Facility Agreement Amendment 

Agreement dated 14 September 2005, the Hotel Facility Second 
 Amendment Agreement dated 27 June 2007 and the Term Facility 
 Third Amendment
Agreement dated July 31, 2012) 
  
  

  
 - 6 -

 CONTENTS 

 

									
	Clause	  	Page	 
			
	 1.
	 	 Definitions And Interpretation
	  	 	8	  
			
	 2.
	 	 Common Terms Agreement
	  	 	14	  
			
	 3.
	 	 The Term Facility
	  	 	14	  
			
	 4.
	 	 Purpose
	  	 	15	  
			
	 5.
	 	 Conditions Precedent
	  	 	16	  
			
	 6.
	 	 Availability Of The Term Facility
	  	 	16	  
			
	 7.
	 	 Repayment
	  	 	17	  
			
	 8.
	 	 Prepayment And Cancellation
	  	 	17	  
			
	 9.
	 	 Interest
	  	 	17	  
			
	 10.
	 	 Interest Periods
	  	 	18	  
			
	 11.
	 	 Notification
	  	 	18	  
			
	 12.
	 	 [Not Used]
	  	 	18	  
			
	 13.
	 	 Changes To The Parties
	  	 	18	  
			
	 14.
	 	 Payments
	  	 	19	  
			
	 15.
	 	 Decision Making Amongst Term Facility Lenders
	  	 	20	  
			
	 16.
	 	 Counterparts
	  	 	21	  
			
	 17.
	 	 Governing Law
	  	 	21	  
			
	 18.
	 	 Jurisdiction
	  	 	21	  
			
	 SCHEDULE 1
	 	THE TERM FACILITY LENDERS	  	 	23	  
			
	 SCHEDULE 2
	 	REPAYMENT SCHEDULE	  	 	24	  

  
 - 7 -

 THIS AGREEMENT is made on 14 September 2004 

BETWEEN: 
  

	(1)	WYNN RESORTS (MACAU) S.A. (the “Company”); 

  

	(2)	BANK OF CHINA LIMITED, MACAU BRANCH (the “Term Facility Agent”); and 

 

	(3)	THE TERM FACILITY LENDER (as defined below). 

 WHEREAS: 
 The Term Facility Lender has agreed to make certain loan facilities available to
the Company in connection with the Projects and the Cotai Project (including the design, development and construction of the Cotai Project), the refinancing of the Company’s existing indebtedness and for general corporate purposes of the Group
(including investment in Excluded Subsidiaries, Excluded Projects or Resort Management Agreements), in each case, upon the terms and subject to the conditions set out in this Agreement and the Common Terms Agreement. 

IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement, unless otherwise defined herein, all terms defined or referred to in the Common Terms Agreement shall have the same meaning herein and in addition: 
 “Available Commitment” means, in relation to a Term Facility Lender at any time and save as otherwise provided herein, the aggregate US dollar equivalent amount of Available Tranche A
Commitment and Available Tranche B Commitment of such Term Facility Lender. 
 “Available Facility” means, at
any time, the aggregate US dollar equivalent amount of the Available Tranche A Facility and the Available Tranche B Facility. 

“Available Tranche A Commitment” means, in relation to a Term Facility Lender at any time, its Tranche A Facility
Commitment less: 
  

	 	(a)	the aggregate amount of its participation in any outstanding Advances (including, without limitation, the Existing Advances) under that Facility; and

  

	 	(b)	in relation to any Advance Request, the aggregate amount of its participation in any Tranche A Advance due to be made on or before the proposed Advance Date.

  
 - 8 -

 “Available Tranche B Commitment” means, in relation to a Term Facility
Lender at any time, its Tranche B Facility Commitment less: 
  

	 	(a)	the aggregate amount of its participation in any outstanding Advances (including, without limitation, the Existing Advances) under that Facility; and

  

	 	(b)	in relation to any Advance Request, the aggregate amount of its participation in any Tranche B Advance due to be made on or before the proposed Advance Date.

 “Available Tranche A Facility” means, at any time, the aggregate amount of the Available
Tranche A Commitments of all the Term Facility Lenders at such time. 
 “Available Tranche B Facility” means, at
any time, the aggregate amount of the Available Tranche B Commitments of all the Term Facility Lenders at such time. 

“Common Terms Agreement” means the common terms agreement dated 14 September 2004 and made between, among others,
the Company, the financial institutions defined therein as Term Facility Lenders and Revolving Credit Facility Lenders, the Term Facility Agent, the Revolving Credit Facility Agent, the Intercreditor Agent and the Security Agent, as amended and
restated by the Common Terms Agreement Amendment Agreement, the Common Terms Agreement Second Amendment Agreement, the Common Terms Agreement Third Amendment Agreement and the Common Terms Agreement Fourth Amendment Agreement. 

“Development Accounts” means: (a) one or more Accounts of the Company opened and maintained solely for the
disbursement of amounts (in excess of (i) the Permitted Amount and (ii) the amount required to pay any fees due and payable to any Senior Secured Creditor on the Fourth Amendment Effective Date under the Fourth Amendment Effective Date Fee
Letters (to the extent such fees are to be funded from the Advances requested in the Completion Request)) borrowed by the Company under the Term Facility to finance or refinance costs incurred or funds expended on the development of the Cotai
Project (and which does not, and will not, contain amounts to be applied for any other purpose other than as set forth in paragraph (b) of this definition) and; (b) one or more interest bearing demand or time deposits opened and maintained
from time to time solely for the purpose of investing the amounts referred to in paragraph (a) of this definition prior to their disbursement provided that any such interest bearing demand or time deposit (i) meets the requirement
of a Permitted Investment and (ii) is secured by a first ranking fixed Lien in favour of the Security Agent. 

“Existing Advances” means the Tranche A Advance in an amount equal to USD6,833,333.32 and the Tranche B Advance in an
amount equal to HKD426,400,000.00 outstanding as at the Fourth Amendment Effective Date (for the avoidance of doubt, this does not include any advances made pursuant to a Completion Request delivered on the Fourth Amendment Effective Date, as
provided for in the Common Terms Agreement Fourth Amendment Agreement). 
 “HIBOR” means, in relation to any
Tranche B Advance: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for HK dollars or for the Interest Period for that Term Facility Advance) the arithmetic mean of the rates (rounded upwards to four
decimal places) as supplied to the Term Facility Agent at its request quoted by the Reference Banks to leading banks in the Hong Kong interbank market, 

  
 - 9 -

 at or about 11.00 a.m. (Hong Kong time) on the Quotation Day for the offering of deposits in
HK dollars for a period comparable to the Interest Period for that Term Facility Advance (or, if such Screen Rate or arithmetic mean of rates, as the case may be, is less than zero per annum, zero per annum). 

“LIBOR” means, in relation to any Tranche A Advance: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for US dollars or for the Interest Period for that Term Facility Advance) the arithmetic mean of the rates (rounded upwards to four
decimal places) as supplied to the Term Facility Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 at or about 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in US dollars and for a period comparable to the Interest Period for that Term Facility Advance (or, if such Screen
Rate or arithmetic mean of rates, as the case may be, is less than zero per annum, zero per annum). 
 “Majority Term
Facility Lenders” means a Term Facility Lender or Term Facility Lenders whose US dollar equivalent participations in the Term Facility Advances then outstanding and undrawn Available Commitments amount in aggregate to more than 50% of the
US dollar equivalent of the sum of all Term Facility Advances then outstanding and undrawn Available Commitments. 

“Margin” means in relation to any Term Facility Advance hereunder: 

 

	 	(a)	on and from the Fourth Amendment Effective Date to and including the earlier of (i) the Quarterly Date falling on the last day of the second full Fiscal Quarter of
the Company following the Fourth Amendment Effective Date and (ii) the date which is 180 days after the Fourth Amendment Effective Date, 2.50% per annum; and 

 

	 	(b)	thereafter, 1.75% per annum but, if the Leverage Ratio as at the most recent Quarterly Date thereafter is within the range set out below and the Intercreditor
Agent has received, in accordance with paragraphs 1 and 2 of Part A of Schedule 5 (Covenants) of the Common Terms Agreement, the Company’s financial statements for the period ending on such Quarterly Date together with the Compliance
Certificate required thereunder then, provided (in the case of any decrease in the Margin) no Default has occurred and is continuing, the Margin will be the percentage per annum specified for that range: 

 

					
	Leverage Ratio	  	Margin	 
		
	 Less than 3.0
	  	 	1.75	% 
	 Greater than or equal to 3.0 but less than 4.0
	  	 	2.00	% 
	 Greater than or equal to 4.0 but less than 4.5
	  	 	2.25	% 
	 4.5 or above
	  	 	2.50	% 

  
 - 10 -

 Any increase or decrease in the Margin shall take effect from the Business Day following the
satisfaction of the conditions or expiry of the applicable periods specified above (or, where such Business Day falls less than five Business Days before the end of the then current Interest Period, from the commencement of the next Interest
Period). 
 “Party” means a party to this Agreement. 

“Permitted Amount” means the Permitted HKD Amount and the Permitted USD Amount. 

“Permitted HKD Amount” means an amount of HKD2,060,500,000.00. 

“Permitted USD Amount” means an amount of USD137,916,666.64 

“Reference Banks” means, in relation to: 
  

	 	(a)	LIBOR, the principal London offices of Deutsche Bank AG, Standard Chartered Bank and The Royal Bank of Scotland plc; and 

 

	 	(b)	HIBOR, the principal Hong Kong offices of Bank of China Limited, Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Limited and Standard Chartered Bank
(Hong Kong) Limited, 

 or such other bank or banks designated from time to time by the Term Facility Agent
provided that the consent of the Company shall be required if such designation is made prior to an occurrence of an Event of Default which is continuing. 
 “Screen Rate” means, in relation to: 
  

	 	(a)	LIBOR, the British Bankers’ Association Interest Settlement Rate for US dollars for the relevant period, displayed on the appropriate page (being currently
“LIBOR01”) of the Reuters Monitor Money Rates Service screen; and 

  

	 	(b)	HIBOR, 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 the agreed page is replaced or service ceases to be available, the Term Facility Agent may specify another
page or service displaying the appropriate rate after consultation with the Company and the Term Facility Lenders. 

“Term Facility” means the Tranche A Facility and the Tranche B Facility. 

“Term Facility Advance” means, as the context may require, a Tranche A Advance or a Tranche B Advance and “Term
Facility Advances” shall mean each Tranche A Advance and Tranche B Advance or any of them. 

  
 - 11 -

 “Term Facility Lender” means a Tranche A Facility Lender or a Tranche B
Facility Lender. 
 “Term Facility Finance Documents” means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the Common Terms Agreement; 

  

	 	(c)	any other Senior Finance Document to which a Term Facility Lender is a party in its capacity as a Term Facility Lender; and 

 

	 	(d)	any other document designated as such by the Term Facility Agent and the Company. 

 “Term Facility Finance Parties” means the Term Facility Agent and the Term Facility Lenders. 
 “Term Facility Loan” means the aggregate principal amount for the time being outstanding hereunder. 
 “Tranche A Advance” means an advance (as from time to time reduced by repayment in accordance with the terms hereof or the Common Terms Agreement) made or to be made by the Tranche A
Facility Lenders under the Tranche A Facility. 
 “Tranche A Facility” means the US dollar term loan facility
granted to the Company under Clause 3.1.1 (Tranche A Facility). 
 “Tranche A Facility Commitment” means

  

	 	(a)	in relation to the Original Tranche A Facility Lender, the amount set opposite its name under the column entitled “Tranche A Commitment” in Schedule 1 (The
Term Facility Lenders) and the amount of any other Tranche A Facility Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Tranche A Facility Lender, the amount of any Tranche A Facility Commitment transferred to it under this Agreement, 

to the extent not cancelled pursuant to clause 8 (Repayments, Prepayments and Cancellation) of the Common Terms Agreement or
otherwise reduced pursuant to the terms hereof and/or the Common Terms Agreement, reduced or transferred by it in accordance with the Common Terms Agreement. 
 “Tranche A Facility Lender” means any commercial bank, financial institution or other entity which: 
  

	 	(a)	is named in Schedule 1 (The Term Facility Lenders) as a Tranche A Facility Lender (the “Original Tranche A Facility Lender”); or

  

	 	(b)	has become party hereto as a Tranche A Facility Lender in accordance with Clause 13 (Changes to the Parties), 

  
 - 12 -

 and which has not ceased to be a party hereto in accordance with the terms hereof.

 “Tranche B Advance” means an advance (as from time to time reduced by repayment in accordance with the terms
hereof or the Common Terms Agreement) made or to be made by the Tranche B Facility Lenders under the Tranche B Facility. 

“Tranche B Facility” means the HK dollar term loan facility granted to the Company under Clause 3.1.2 (Tranche B
Facility). 
 “Tranche B Facility Commitment” means 

 

	 	(a)	in relation to the Original Tranche B Facility Lender, the amount set opposite its name under the column entitled “Tranche B Commitment” in Schedule 1 (The
Term Facility Lenders) and the amount of any other Tranche B Facility Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Tranche B Facility Lender, the amount of any Tranche B Facility Commitment transferred to it under this Agreement, 

to the extent not cancelled pursuant to clause 8 (Repayments, Prepayments and Cancellation) of the Common Terms Agreement or
otherwise reduced pursuant to the terms hereof and/or the Common Terms Agreement, reduced or transferred by it in accordance with the Common Terms Agreement. 
 “Tranche B Facility Lender” means any commercial bank, financial institution or other entity which: 
  

	 	(a)	is named in Schedule 1 (The Term Facility Lenders) as a Tranche B Facility Lender (the “Original Tranche B Facility Lender”); or

  

	 	(b)	has become party hereto as a Tranche B Facility Lender in accordance with Clause 13 (Changes to the Parties), 

and which has not ceased to be a party hereto in accordance with the terms hereof. 

 

	1.2	Interpretation 

 In this
Agreement: 
  

	 	1.2.1	the principles of construction contained in clause 1.2 (Principles of Construction) of the Common Terms Agreement and the rules of interpretation contained in
clause 1.3 (Rules of Interpretation) of the Common Terms Agreement shall apply to the construction and interpretation of this Agreement; 

  

	 	1.2.2	any reference to the “Term Facility Agent” or “Term Facility Lender” shall be construed so as to include its or their (and any
subsequent) successors and any permitted transferees in accordance with their respective interests; and 

  

	 	1.2.3	references in this Agreement to any Clause or Schedule shall be to a clause or schedule contained in this Agreement. 

  
 - 13 -

	1.3	Third Party Rights 

  

	 	1.3.1	The Contracts (Rights of Third Parties) Act 1999 applies to Clause 1.4 (Non-recourse Liability) but only for the benefit of the Operatives and subject always to
the terms of Clause 17 (Governing Law) and Clause 18 (Jurisdiction). 

  

	 	1.3.2	Except as provided in sub-clause 1.3.1 above, a Person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term of this Agreement. 

  

	 	1.3.3	Save as provided by the Common Terms Agreement, the consent of any Person who is not a party to this Agreement is not required to rescind or vary this Agreement.

  

	1.4	Non-recourse Liability 

Notwithstanding any provision in the Senior Finance Documents to the contrary, no Operative shall be personally liable for payments due
hereunder or under any of the Senior Finance Documents or for the performance of any obligation hereunder or thereunder, save, in relation to any Operative, pursuant to any Senior Finance Document to which such Operative is party. The sole recourse
of the Term Facility Finance Parties for satisfaction of any of the obligations of any of the Obligors hereunder and under the other Senior Finance Documents shall be against the Obligors, and not against any assets or property of any Operative save
to the extent such Operative is party to a Senior Finance Document and is expressed to be liable for such obligation thereunder. In the case of Mr Wong Chi Seng, his liability shall be limited to his shares in the Company. 

 

	2.	COMMON TERMS AGREEMENT 

This Agreement and the rights and obligations of the parties hereto shall be subject to the terms and conditions of the Common Terms
Agreement which shall be deemed to be incorporated into this Agreement. In the case of any conflict between the terms of this Agreement and the terms of the Common Terms Agreement, the terms of this Agreement shall prevail. 

 

	3.	THE TERM FACILITY 

  

	3.1	Grant of the Term Facilities 

  

	 	3.1.1	Tranche A Facility 

The Tranche A Facility Lenders grant to the Company, upon the terms and subject to the conditions hereof, a US dollar term loan facility
in an aggregate amount of USD243,750,000.00. 
  

	 	3.1.2	Tranche B Facility 

The Tranche B Facility Lenders grant to the Company, upon the terms and subject to the conditions hereof, a HK dollar term loan facility
in an aggregate amount of HKD3,948,750,000.00. 

  
 - 14 -

	4.	PURPOSE 

  

	 	4.1.1	Subject to Clause 4.1.2, the Company shall apply all amounts borrowed by it under the Term Facility to pay for the refinancing of existing indebtedness of the Company,
the design, development and construction of the Cotai Project and for the general corporate purposes of the Group (including investment in Excluded Subsidiaries, Excluded Projects or Resort Management Agreements). 

 

	 	4.1.2	The Company shall deposit (on the Fourth Amendment Effective Date) into: 

  

	 	(a)	one or more Development Accounts denominated in HKD, all HKD amounts borrowed by it under the Term Facility in excess of (i) the Permitted HKD Amount and
(ii) the amount required to pay any fees required to be paid in HKD and due and payable to any Senior Secured Creditor on the Fourth Amendment Effective Date under the Fourth Amendment Effective Date Fee Letters (to the extent such fees are to
be funded from the Advances requested in the Completion Request); and 

  

	 	(b)	one or more Development Accounts denominated in USD, all USD amounts borrowed by it under the Term Facility in excess of (i) the Permitted USD Amount and
(ii) the amount required to pay any fees required to be paid in USD and due and payable to any Senior Secured Creditor on the Fourth Amendment Effective Date under the Fourth Amendment Effective Date Fee Letters (to the extent such fees are to
be funded from the Advances requested in the Completion Request), and 

 shall only apply amounts withdrawn from
the Development Accounts from time to time to finance or refinance costs incurred or funds expended on the development of the Cotai Project (including, without limitation, cost and expenses related to design, development, land acquisition,
construction, site preparation, equipping, pre-opening expenses and capitalized interest) provided that, for the avoidance of doubt, the Company shall be entitled to transfer funds from one Development Account to another Development Account.

  

	 	4.1.3	 It shall be a condition to the Company making the first withdrawal from a Development Account (other than a withdrawal for the transfer of funds to
another Development Account) and to making subsequent withdrawals from any Development Account (other than a withdrawal for the transfer of funds to another Development Account), that the Company shall (immediately prior to making the first such
withdrawal and subsequently, for so long as there are any amounts standing to the credit of any Development Account, on the first Business Day in each calendar month thereafter) certify in writing to the Intercreditor Agent and the Term Facility
Agent that it (and or Palo, as the case may be) has incurred costs or expended funds on the development of the Cotai Project (or will immediately upon the making of such withdrawal, have expended funds on the development of the Cotai Project) in an
amount at least equal to the aggregate amount of all withdrawals from the Development Accounts (excluding withdrawals for the transfer of funds to another Development Account). For the purposes of this Clause 4.1.3 costs incurred or

  
 - 15 -

	 	
funds expended on the development of the Cotai Project include, but are not limited to, costs and expenses related to design, development, land acquisition, construction, site preparation,
equipping, pre-opening expenses and capitalized interest. 

  

	 	4.1.4	The Company shall notify the Intercreditor Agent and the Term Facility Agent of the details of each Development Account (including the bank with which such Development
Account is held, in which currency such Development Account is denominated and the balance from time to time) promptly upon the opening of any such Development Account and from time to time upon request of the Intercreditor Agent and the Term
Facility Agent. 

  

	5.	CONDITIONS PRECEDENT 

 The
provisions of clause 2 (Conditions Precedent) of the Common Terms Agreement are incorporated by reference herein as if the same were set out in full herein. 
  

	6.	AVAILABILITY OF THE TERM FACILITY 

  

	6.1	Drawdown of Advances 

 The
provisions of clause 3 (Drawdown of Advances) and clause 4.1 (Term Facility Availability Period) of the Common Terms Agreement are incorporated by reference herein as if the same were set out in full herein. 

 

	6.2	Each Term Facility Lender’s Participation 

  

	 	6.2.1	It is acknowledged and agreed that, as at the Fourth Amendment Effective Date, the Existing Advances have been made and are outstanding hereunder.

  

	 	6.2.2	Each Tranche A Facility Lender will participate through its Facility Office in each Tranche A Advance made pursuant to Clause 6.1 (Drawdown of Advances) in the
proportion borne by its Available Tranche A Commitment to the Available Tranche A Facility immediately prior to the making of that Tranche A Advance. 

  

	 	6.2.3	Each Tranche B Facility Lender will participate through its Facility Office in each Tranche B Advance made pursuant to Clause 6.1 (Drawdown of Advances) in the
proportion borne by its Available Tranche B Commitment to the Available Tranche B Facility immediately prior to the making of that Tranche B Advance. 

  

	6.3	Reduction of Available Commitment 

 If a Term Facility Lender’s Available Tranche A Commitment or, as the case may be, Available Tranche B Commitment is reduced in accordance with the terms hereof or the Common Terms Agreement after
the Intercreditor Agent or the Term Facility Agent has received an Advance Request for a Tranche A Advance or, as the case may be, a Tranche B Advance and such reduction was not taken into account in the Available Tranche A Facility or, as the case
may be, the Available Tranche B Facility, then the amount of that Tranche A Advance or, as the case may be, Tranche B Advance shall be reduced accordingly. 

  
 - 16 -

	7.	REPAYMENT 

  

	7.1	Repayment 

 Subject to
Clause 7.2 (Final maturity), the Company shall repay the Term Facility Loans in quarterly instalments by repaying on each Repayment Date amounts equal to the percentage set out next to the relevant Repayment Date in Schedule 2 (Repayment
Schedule) of the aggregate US dollar denominated Term Facility Advances and the aggregate HK dollar denominated Term Facility Advances outstanding as at the end of the last day of the Term Facility Availability Period. 

 

	7.2	Final maturity 

 The
Company shall repay on the Final Repayment Date all amounts outstanding or due and payable under the Term Facility on that day. 
  

	7.3	No re-borrowing 

 The
Company may not re-borrow any part of the Term Facility which is repaid. 
  

	8.	PREPAYMENT AND CANCELLATION 

 All prepayments of Term Facility Advances and cancellation of Available Commitments shall be made in accordance with clause 8 (Repayments, Prepayments and Cancellation) of the Common Terms
Agreement. 
  

	9.	INTEREST 

  

	9.1	Calculation of Interest 

The rate of interest on each Term Facility Advance for each Interest Period is the percentage rate per annum which is the aggregate of:

  

	 	9.1.1	the Margin; and 

  

	 	9.1.2	LIBOR (in the case of a Tranche A Advance) or HIBOR (in the case of a Tranche B Advance). 

 

	9.2	Payment of interest 

Accrued interest on each Term Facility Advance is payable by the Company on the last day of each Interest Period relating to that Term
Facility Advance. 
  

	9.3	Default Interest 

 Default
interest shall be calculated and paid in accordance with clause 9.4 (Default Interest) of the Common Terms Agreement. 

  
 - 17 -

	10.	INTEREST PERIODS 

 The
duration of each Interest Period shall be determined in accordance with clause 9.3 (Interest Periods) of the Common Terms Agreement. 
  

	11.	NOTIFICATION 

  

	11.1	Advances 

 Promptly, and
in any event, not less than 4 Business Days before the proposed Advance Date for each Term Facility Advance, the Term Facility Agent shall notify each Term Facility Lender of the proposed amount of the relevant Term Facility Advance and the
aggregate principal amount of the relevant Term Facility Advance allocated to such Term Facility Lender pursuant to Clause 6.2 (Each Term Facility Lender’s Participation) and each Term Facility Lender shall, on such Advance Date, subject
to the terms and conditions of this Agreement, make available to the Term Facility Agent for the account of the Company its said portion of such Term Facility Advance. 
  

	11.2	Interest rate determination 

 The Term Facility Agent shall promptly notify the Company and the Term Facility Lenders of each determination of LIBOR and HIBOR under this Agreement. 

 

	11.3	Changes to interest rates 

The Term Facility Agent shall promptly notify the Company and the Term Facility Lenders of any change to any interest rate occasioned by
the operation of clause 10 (Changes to the Calculation of Interest) of the Common Terms Agreement. 
  

	11.4	Interest payment and repayment instalments 

 Without prejudice to the Company’s obligation to make any interest payment or to pay any repayment instalment on the due date, the Term Facility Agent shall provide to the Company and each Term
Facility Lender (with a copy to the Intercreditor Agent) a notice setting out the relevant scheduled payment of interest and scheduled repayment of principal under this Agreement at least 15 Business Days before such amounts fall due for payment by
the Company. 
  

	12.	[NOT USED] 

  

	13.	CHANGES TO THE PARTIES 

  

	13.1	Transfers by the Term Facility Agent 

 The Term Facility Agent may resign in accordance with the Common Terms Agreement and may assign and transfer all of its rights and obligations under the Term Facility Finance Documents to a replacement
Term Facility Agent appointed in accordance with the terms of the Common Terms Agreement. 
  

	13.2	Transfers by the Company 

The Company may not assign, transfer, novate or dispose of any of its rights or obligations under the Term Facility Finance Documents.

  
 - 18 -

	13.3	Transfers by the Term Facility Lenders 

 A Term Facility Lender may assign, transfer or novate any of its rights and/or obligations under the Term Facility Finance Documents in accordance with clause 21.4 (Assignment and Transfer by
Lenders), clause 21.5 (Assignments by Lenders) and clause 21.6 (Transfers by Lenders) of the Common Terms Agreement. 
  

	13.4	Assignment and Transfer Fees 

 On the date upon which an assignment takes effect pursuant to clause 21.5 (Assignments by Lenders) of the Common Terms Agreement or a transfer takes effect pursuant to clause 21.6 (Transfers by
Lenders) of the Common Terms Agreements, the relevant assignee or Transferee shall pay to the Intercreditor Agent for its own account a fee in accordance with clause 21.7 (Assignment and Transfer Fees) of the Common Terms Agreement.

  

	14.	PAYMENTS 

  

	14.1	Payments 

  

	 	14.1.1	All payments under this Agreement shall be made in accordance with Clause 26 (Payment Mechanics) of the Common Terms Agreement. 

 

	 	14.1.2	Subject to clause 26 (Payment Mechanics) of the Common Terms Agreement, on each date on which this Agreement requires an amount to be paid by the Company or a
Term Facility Lender, the Company or, as the case may be, such Term Facility Lender shall make the same available to the Term Facility Agent for value on such due date and at such time and in such funds and to such account with such bank as the Term
Facility Agent shall specify from time to time. 

  

	14.2	Partial Payments 

  

	 	14.2.1	If the Term Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Company to the Term Facility Lenders under
the Term Facility Finance Documents, the Term Facility Agent shall apply that payment towards the obligations of the Company under the Term Facility Finance Documents in the following order: 

 

	 	(a)	first, in or towards payment pro rata of all amounts paid by the Term Facility Lenders under clause 23.15 (Indemnity to Intercreditor Agent) of the
Common Terms Agreement but which have not been reimbursed by the Company; 

  

	 	(b)	secondly, in or towards payment pro rata of all amounts paid by the Term Facility Lenders under Clause 15.3 (Indemnity to Term Facility Agent) but
which have not been reimbursed by the Company; 

  

	 	(c)	thirdly, in or towards payment pro rata of all costs and expenses incurred by the Term Facility Lenders which the Company is obliged to reimburse;

  
 - 19 -

	 	(d)	fourthly, in or towards payment pro rata of all accrued but unpaid fees and commissions due to the Term Facility Lenders under the Term Facility Finance
Documents; 

  

	 	(e)	fifthly, in or towards payment pro rata of all accrued but unpaid interest (including default interest) due to the Term Facility Lenders under the Term
Facility Finance Documents; 

  

	 	(f)	sixthly, in or towards payment pro rata of any principal due to the Term Facility Lenders under the Term Facility Finance Documents but unpaid; and

  

	 	(g)	seventhly, in or towards payment pro rata of any other sum due to the Term Facility Lenders under the Term Facility Finance Documents but unpaid.

  

	 	14.2.2	The Term Facility Agent shall, if so directed by the Majority Term Facility Lenders, vary the order set out in sub-clause 14.2.1 above. 

 

	 	14.2.3	Sub-clause 14.2.1 above will override any appropriation made by the Company. 

 

	15.	DECISION MAKING AMONGST TERM FACILITY LENDERS 

  

	15.1	Decisions 

 Save as
otherwise set out herein and subject to the Common Terms Agreement, the required Senior Secured Creditors for the purpose of any decision within the scope of clause 34.2 (Amendment and waiver of Facility Agreements) of the Common Terms
Agreement) relating to this Agreement shall be the Term Facility Agent acting on the instructions of the Majority Term Facility Lenders. 
  

	15.2	Failure to Give Instructions 

 If the Term Facility Agent gives notice to the Term Facility Lenders requesting their specific instructions on any matter referred to in Clause 15.1 (Decisions) and it specifies in such notice that
the Term Facility Lenders are to give such instructions by a certain date and time specified in such notice, any Term Facility Lender which fails to respond by the date and time so specified shall have its portion of the Term Facility Advances and
its Available Commitment disregarded for all purposes of determining whether instructions have been given to the Term Facility Agent by the Majority Term Facility Lenders (and, for the purposes of determining the Available Facility or the amount of
all Term Facility Advances outstanding, the Available Commitments and portion of Term Facility Advances of such Term Facility Lender shall be deducted). 
  

	15.3	Indemnity to Term Facility Agent 

  

	 	15.3.1	 Each Term Facility Lender shall, rateably in accordance with the proportion that the US dollar equivalent of the sum of its Available Commitments and
its participations in any outstanding Term Facility Advances bear to the US dollar equivalent of the aggregate of the Available Commitments and such participations of all the Term Facility Lenders (or, if all such amounts have

  
 - 20 -

	 	
been reduced to zero, such proportion determined immediately prior to such reduction) for the time being, indemnify the Term Facility Agent, within fifteen days of demand, against any cost, loss
or liability incurred by the Term Facility Agent (other than by reason of the negligence or wilful misconduct of the Term Facility Agent) in acting as Term Facility Agent under any of the Senior Finance Documents (unless the Term Facility Agent has
been reimbursed by the Company pursuant to a Senior Finance Document). 

  

	 	15.3.2	Provided that the Company is required to reimburse or indemnify the Term Facility Agent for such cost, loss or liability in accordance with the terms of the Senior
Finance Documents, the Company shall, within fifteen days of demand in writing by any Term Facility Lender, indemnify such Term Facility Lender in relation to any payment actually made by such Term Facility Lender pursuant to Clause 15.3.1 above.

  

	16.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. 
  

	17.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	18.	JURISDICTION 

  

	18.1	Jurisdiction of English courts 

  

	 	18.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement or the consequences of its nullity) (a “Dispute”). 

  

	 	18.1.2	The parties hereto agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly they will not argue to the
contrary. 

  

	 	18.1.3	This Clause 18.1 is for the benefit of the Term Facility Finance Parties only. As a result, no Term Facility Finance Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law and the Senior Finance Documents, the Term Facility Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  
 - 21 -

	18.2	Service of process 

Without prejudice to any other mode of service allowed under any relevant law, the Company: 

 

	 	18.2.1	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of process in relation to any proceedings before the English courts in connection
with this Agreement; and 

  

	 	18.2.2	agrees that failure by a process agent to notify the Company of the process will not invalidate the proceedings concerned. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 22 -

 SCHEDULE 1 
 THE TERM FACILITY LENDERS 
  

									
	Term Facility Lender	  	 Tranche A
 Commitment (USD)
	 	  	Tranche B
Commitment (HKD)	 
			
	 Bank of China Limited, Macau Branch
	  	 	243,750,000	  	  	 	3,948,750,000	  
			
	 Total
	  	 	243,750,000	  	  	 	3,948,750,000	  

  
 - 23 -

 SCHEDULE 2 
 REPAYMENT SCHEDULE 
  

					
	Repayment Date	  	Percentage (%)	 
		
	 The date falling 60 months after the Fourth Amendment Effective Date
	  	 	50	% 
		
	 The date falling 72 months after the Fourth Amendment Effective Date
	  	 	50	% 

  
 - 24 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]