Document:

ex10-1.htm

MERGER AGREEMENT

BETWEEN

ELEVATED CONCEPTS, INC., A NEVADA COMPANY

AND

BLOGGERWAVE APS., A DANISH COMPANY

  

1

  

This merger agreement (the “Merger Agreement”) is entered into on this 9th day of September, 2009, by and among Elevated Concepts, Inc., a corporation organized under the laws of the State of Nevada (“ELVT” or “Surviving Corporation”), and Bloggerwave ApS, a corporation organized under the Danish Company
Accounts Act (“BWAVE”).

 

	
  
	
RECITALS

 

WHEREAS the Merger Agreement is the culmination of discussions, negotiations and strategic business operational planning regarding a transaction in which BWAVE will merge with and into ELVT and ELVT shall be the surviving corporation (the “Merger”); and

 

WHEREAS the Surviving Corporation is interested in acquiring all of the assets and total issued and outstanding shares of Common Stock of BWAVE.

 

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, the cx

 

Section 1. Basic Transaction

 

1.01. The Merger.  On and subject to the terms and conditions of this Merger Agreement, BWAVE will merge with and into ELVT at the effective time (herein defined in Section 1.04). ELVT shall be the surviving corporation after consummation of the Merger Agreement, and the
business and operational activities of BWAVE shall be conducted by and through the Surviving Corporation, and BWAVE will assume the assets and liabilities of the Surviving Corporation.

 

1.02. The Closing. The closing of the transactions contemplated by this Merger Agreement (the “Closing”) shall take place concurrently at the registered offices of BWAVE and the Surviving Corporation.

 

1.03. Actions at the Closing.  At the Closing, the Surviving Corporation and BWAVE will deliver:

 

	
(i)
	
Consent resolutions of the Board of Directors of the Surviving Corporation and BWAVE approving the transactions contemplated by this Merger Agreement;

 

	
(ii)
	
Consent Resolutions signed by the holders of a majority of the issued and outstanding shares of BWAVE Common Stock approving the transactions contemplated by this Merger Agreement;

 

	
(iii)
	
Instructions from the Surviving Corporation to its stock transfer agent authorizing transfer of 5,000,000 shares of Common Stock of the Surviving Corporation to the BWAVE stockholders in proportion to their respective holdings of record in BWAVE Common Stock as indicated in Appendix A;

 

	
(iv)
	
Instructions from the Surviving Corporation to its stock transfer agent authorizing issuance of an additional 3,000,000 shares of Common Stock of the Surviving Corporation to the entities and in the quantities listed in Appendix B;

 

 

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(v)
	
Consent Resolutions signed by a majority of the Surviving Corporation’s stockholders approving the transactions contemplated by this Merger;

 

	
(vi)
	
Delivery of all minute books, corporate seals, stock records, tax returns, accounting and other records, and all other assets of the Surviving Corporation to the new officers;

 

	
(vii)
	
Delivery by the BWAVE stockholders to the Surviving Corporation of the total issued and outstanding shares of Common Stock of BWAVE;

 

	
(vii)
	
Articles of Merger to be filed with the Nevada Secretary of State;

 

	
  
	
1.04. Effect of Merger.

 

	
(i)
	
The Merger shall become effective (the “Effective Time”) on September 9, 2009 at 10:00 AM Pacific Daylight Time or as soon as practical thereafter.  For purposes of this Merger Agreement the day upon which the Effective Time occurs shall be referred to as the “Effective Date.” The Merger shall have the effect set forth in the Nevada Revised Statutes, as amended. ELVT shall remain
as the Surviving Corporation. The Surviving Corporation and BWAVE may, at any time after the Effective Time, take any action (including executing and delivering any document) in the name and on behalf of either BWAVE or the Surviving Corporation in order to carry out and effectuate the transactions contemplated by this Merger Agreement.

 

	
(ii)
	
The Articles of Incorporation of Surviving Corporation shall be and remain unchanged and in effect until amended or repealed by law.

 

	
(iii)
	
The Bylaws of the Surviving Corporation shall remain in effect as they were prior to the Effective Time.

 

	
(v)
	
With the exception of 4,100,000 shares of the Surviving Corporation’s Common Stock, all shares of the Surviving Corporation’s stock, including Common Stock, Preferred Stock and any other stock or equity rights, that are issued and outstanding, shall be redeemed and paid for by the Surviving Corporation immediately prior to the Merger.

 

	
(vi)
	
Each share of BWAVE Common Stock outstanding at the Effective Time shall be converted into 50,000 shares of the Surviving Corporation’s Common Stock without any action on the part of the holders thereof such that all of the outstanding shares of BWAVE Common Stock shall be converted into a total of 5,000,000 shares of the Surviving Corporation’s Common Stock as a result of the Merger.  After
the Effective Time, each holder of an outstanding certificate or certificates which, prior thereto, represented shares of BWAVE Common Stock shall be entitled, upon surrender thereof, to receive in exchange therefor a certificate or certificates representing the number of whole shares of the Surviving Corporation’s Common Stock into or for which its shares have been converted or exchanged.

 

	
(vii)
	
Within ten days of the Effective Time, the Surviving Corporation shall issue an additional 3,000,000 shares of the restricted Common Stock of the Surviving Corporation to those listed at Appendix B and, when issued in accordance with the terms and provisions of the Merger Agreement, shall be deemed fully paid and non-assessable.

 

 

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(viii)
	
All shares of stock into which shares of BWAVE Common Stock shall have been converted pursuant to this Merger Agreement will be “restricted” as that term is defined in Rule 144 adopted under the Securities Act of 1933, as amended (the “Securities Act”). (Under Rule 144, the period of restriction is generally one year.)  The Surviving Corporation will issue its Common Stock to the
BWAVE stockholders under an appropriate exemption from the registration requirements of the Securities Act, including but not limited to the statutory exemption under Section 4(2) of the Securities Act, and Rule 506 adopted thereunder, and Regulation S.

 

Section 2. Representations and Warranties of the Surviving Corporation

 

The Surviving Corporation represents and warrants to BWAVE and the BWAVE stockholders that the statements contained in this Section 2 are correct and complete as of the date of this Merger Agreement and at and as of the Effective Date.

 

	
(i)
	
The Surviving Corporation is duly organized, validly existing, and in good standing under the laws of the State of Nevada. The Surviving Corporation has full corporate power and authority to carry on the businesses in which it is engaged and to own and use the properties owned and used by it.

 

	
(ii)
	
The entire authorized capital stock of the Surviving Corporation consists of 75,000,000 shares of Common stock, $0.001 par value. 9,100,000 shares of Common Stock are issued and outstanding. Prior to the Effective Time, all shares of the Surviving Corporation’s stock with the exception of 4,100,000 shares of the Surviving Corporation’s Common Stock that are issued and outstanding, shall be redeemed and
paid for by the Surviving Corporation such that the shares of Common Stock of the Surviving Corporation that the BWAVE stockholders shall receive pursuant to this Merger Agreement will represent approximately 54.9% of the Surviving Corporation’s voting and outstanding stock. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require the Surviving Corporation to issue, sell, or otherwise
cause to become outstanding any of its authorized capital. There are no outstanding or authorized stock options, stock appreciation, phantom stock, profit participation, or similar rights with respect to the Surviving Corporation.  All shares transferred to BWAVE shareholders which have been outstanding at any time prior to the Effective Time will be transferred free and clear of all adverse claims.

 

	
(iv)
	
At the Effective Time, the Surviving Corporation has no liabilities or obligations of any nature (whether known or unknown and whether absolute, accrued, contingent, or otherwise).

 

	
(v)
	
The Surviving Corporation has full corporate power and authority to execute and deliver this Merger Agreement and to perform its obligations hereunder. The Board of Directors of the Surviving Corporation has approved the transactions contemplated by this Merger Agreement.  Further, the Board of Directors of the Surviving Corporation has sought and obtained written consents from stockholders holding a majority
of the issued and outstanding shares of the Common Stock of the Surviving Corporation approving the transactions contemplated by this Merger Agreement. This Merger Agreement constitutes the valid and legally binding obligation of the Surviving Corporation, enforceable in accordance with its terms and conditions, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganisation, moratorium, fraudulent transfer or similar laws affecting creditors’ rights generally or by the principles
governing the availability of equitable rights.

 

 

4

 

	
(vi)
	
Neither the execution and the delivery of this Merger Agreement, nor the consummation of the transactions contemplated hereby, will: (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which the Surviving Corporation is subject or any provision of the Articles of Incorporation or Bylaws
of the Surviving Corporation, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which the Surviving Corporation is a party or by which it is bound or to which any of its assets is subject (or result in the imposition of any security interest upon any of its assets.  Other
than in connection with the provisions of any applicable law, the Surviving Corporation does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the parties to consummate the transactions contemplated by this Merger Agreement.

 

	
(vii)
	
The Surviving Corporation has complied with all applicable laws (including rules, regulations, codes, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder) of federal, state, local, and foreign governments (and all agencies thereof) with respect to its business, and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced
against them in connection with its operations alleging any failure so to comply.

 

	
(viii)  
	
The Surviving Corporation is not currently a party to any executory agreements other than this Merger Agreement.

 

	
(ix)  
	
Neither the Surviving Corporation nor any director, officer, agent, or employee of the Surviving Corporation, or any other person associated with or acting for or on behalf of any Surviving Corporation, has directly or indirectly (a) made any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any person, private
or public, regardless of form, whether in money, property, or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of the Surviving Corporation, or (iv) in violation of any laws, (b) established or maintained any fund or asset that has not been recorded in the books and records of the Surviving Corporation.

 

	
(x)  
	
The Surviving Corporation has not incurred any obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other similar payment.

 

 

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(xi)  
	
There are no bankruptcy, insolvency or similar actions or proceedings pending or, to the knowledge of any director or officer of Surviving Corporation, overtly threatened by or against the Surviving Corporation.

 

	
(xii)
	
The Surviving Corporation has filed all tax returns that it was required to file. All such tax returns were correct and complete in all respects. All taxes owed by the Surviving Corporation (whether or not shown on any tax return) have been paid. The Surviving Corporation is not currently the beneficiary of any extension of time within which to file any tax return. No pending claim has been made by an authority in
a jurisdiction where the Surviving Corporation does not file tax returns that it is or may be subject to taxation by that jurisdiction. There are no security interests on any of the Surviving Corporation’s assets that arose in connection with any failure (or alleged failure) to pay any tax.

 

	
(xiii)
	
The Surviving Corporation’s Common Stock trades on the OTC Bulletin Board under the symbol “ELVT” and it is fully compliant with US Securities and Exchange Commission  regulations. The Surviving Corporation’s management has the expertise to efficiently and effectively operate a public company.

 

	
(xiv)
	
With respect to the operations and business assets, the Surviving Corporation: (i) is not subject to any outstanding injunction, judgment, order, decree, ruling, or charge, and (ii) is not a party or threatened to be made a party to any action, suit, proceeding, hearing, or investigation of, in, or before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or
before any arbitrator.  The Surviving Corporation nor its officers, directors, or employees have any reason to believe that any such action, suit, proceeding, hearing, or investigation may be brought or threatened against the Surviving Corporation. No representation or warranty omits to state a material fact necessary to make the statements herein or therein, in light of the circumstances in which they were made, not misleading.

 

Section 3. Representations and Warranties of BWAVE

 

BWAVE represents and warrants to the Surviving Corporation that the statements contained in this Section 3 are correct and complete as of the date of this Merger Agreement.

 

	
(i)
	
BWAVE represents it is a corporation duly organized, validly existing, and in good standing under the Danish Company Accounts Act.  It is duly authorized to conduct business and is in good standing under the laws of the jurisdiction where such qualification is required. BWAVE has full corporate power and authority to carry on the businesses in which it is engaged and to own and use the properties owned
and used by it.

 

	
(ii)
	
BWAVE has full corporate power and authority to execute and deliver this Merger Agreement and to perform its obligations hereunder. The Board of Directors of BWAVE approved via unanimous written consent dated September 9, 2009 the transactions contemplated by this Merger Agreement. Further, the BWAVE stockholders have given the requisite stockholder approval to the transactions contemplated by this Merger Agreement.
BWAVE has complied with all the requirements of jurisdictional law, its Articles of Incorporation and Bylaws to approve this Merger Agreement and the consummation of the transactions contemplated by this Merger Agreement. This Merger Agreement constitutes the valid and legally binding obligation of BWAVE enforceable in accordance with its terms and conditions, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganisation, moratorium, fraudulent transfer or similar laws affecting
creditors’ rights generally, or by the principles governing the availability of equitable rights.

 

 

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(iii)
	
BWAVE owns, is properly licensed under, or otherwise possesses the valid and enforceable right to use all intellectual property that is material to the operation of the business of BWAVE as currently conducted.

 

	
(iv)
	
The assets of BWAVE are sufficient for the continued conduct of the business of BWAVE after the Effective Time in substantially the same manner as conducted prior to the Effective Time.

 

Section 4. Conditions

 

The obligation of BWAVE to merge with and into the Surviving Corporation is subject to satisfaction, or waiver by BWAVE, of the conditions set forth below at or before the Effective Time.  BWAVE may waive any or all of such conditions, without prejudicing or affecting any other rights BWAVE may have.  If any conditions
are not satisfied or waived, BWAVE shall have the right to terminate this Merger Agreement without liability.

 

	
(i)
	
The Surviving Corporation shall have performed all of the obligations to be performed by or on behalf of the Surviving Corporation under this Merger Agreement at or prior to the Closing.

 

(ii)           The stockholders of each party shall have approved the Merger.

 

(iii)           The Closing shall have taken place on or prior to the Effective Time.

 

	
(iv)
	
Articles of merger meeting the requirements set forth in Section 92A.200 of the Nevada Revised Statutes shall have been filed with and accepted by the Nevada Secretary of State on or prior to the Effective Time.

 

	
(v)
	
BWAVE has obtained evidence satisfactory to it that there are no claims, liens or encumbrances against the Surviving Corporation.

 

	
(vi)
	
The representations and warranties of the Surviving Corporation shall be accurate in all material respects as of the date made and at and as of the Closing.

 

	
(vii)
	
There shall have been no material adverse change, or any development likely to result in a material adverse change, in or affecting the Surviving Corporation.

 

Section 5. Miscellaneous

 

	
(i)
	
With the exception of the representation of the Surviving Corporation that none of the Surviving Corporation stockholders has asserted, nor will assert, dissenter’s rights and demanded payment, nor will demand payment, for shares of Surviving Corporation stock, none of the representations, warranties, and covenants of the parties will survive after the Effective Time.

 

 

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(ii)
	
Until completion of the Merger, no party shall issue any press release or make any public announcement relating to the subject matter of this Merger Agreement without the prior written approval of the other parties; provided, however, that any party may make any public disclosure it believes in good faith is required by applicable law or any listing or trading agreement concerning its publicly-traded securities (in
which case the disclosing party will use its best efforts to advise the other party prior to making the disclosure).

 

	
(iii)
	
This Merger Agreement shall not confer any rights or remedies upon any person other than the Dissenter’s Rights Depositor (defined below) and the parties, and their respective successors and permitted assigns.

 

	
(iv)
	
This Merger Agreement (including the documents referred to herein) constitutes the entire agreement among the parties and supersedes any prior understandings, agreements, or representations by or among the parties, written or oral, to the extent they related in any way to the subject matter hereof.

 

	
(v)
	
This Merger Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted assigns.  No party may assign either this Merger Agreement or any of its rights, interests, or obligations hereunder.

 

	
(vi)
	
This Merger Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

 

	
(vii)
	
The section headings contained in this Merger Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Merger Agreement.

 

	
(viii)
	
All notices, requests, demands, claims, and other communications hereunder will be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given if it is sent by overnight courier, confirmed facsimile, or confirmed Internet transmission.

 

If to the Surviving Corporation:

 

Jacob Lemmeke, Director

Elevated Concepts Inc.

1802 North Carson Street, Suite 108

Carson City, NV  89701

Fax: 1-303-988-6954

Email: ddalmy@earthlink.net

If to BWAVE:

Ulrik Svane Thomsen, President

Bloggerwave ApS

Ny Strandvej 21

3050 Humlebaek, DK

Fax: +45 3514 2572

Email: ust@bloggerwave.com

 

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Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth.

 

	
(ix)
	
The parties may mutually amend any provision of this Merger Agreement at any time prior to the Effective Time with the prior authorization of their respective boards of directors. No amendment of any provision of this Merger Agreement shall be valid unless the same shall be in writing and signed by all of the parties. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

	
(x)
	
Any term or provision of this Merger Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.

 

	
(xi)
	
Each of the parties will bear its own costs and expenses (including legal fees and expenses) incurred in connection with this Merger Agreement and the transactions contemplated hereby.

 

	
(xii)  
	
The Surviving Corporation shall not enter into, renew, extend, amend or modify any contracts prior to the Effective Time.

 

	
(xiii)  
	
Each party will cooperate with the other in the preparation and filing, as soon as possible, of all necessary applications, filings, and other documents with respect to the Merger.

 

	
(xiv)  
	
Subject to applicable laws and regulations, each party will give the other party and its representatives full access during normal business hours to all of its properties, books, records, documents, personnel and accountants.

 

	
(xv)  
	
The parties for themselves, their managers, directors, officers, employees, agents, and representatives, covenant with each other that they will use all information relating to any other party that is acquired pursuant to the provisions of this Merger Agreement or in the course of negotiations with or examination of any other party only in connection with
and for the purpose of the transactions contemplated hereby, and shall cause all information obtained by them pursuant to this Merger Agreement and such negotiations and examinations, which is not publicly available, to be treated as confidential except as may otherwise be required by law or as may be necessary or appropriate in connection with the enforcement of this agreement or any document or instrument referred to, contemplated by or executed contemporaneously with this agreement, in order to give effect
to the provisions and purposes of this Merger Agreement.

 

 

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IN WITNESS WHEREOF, we the Parties hereto have executed this Merger Agreement on the date first above

 

ELEVATED CONCEPTS INC.

(a Nevada Corporation).

 

/s/ Jacob Lemmeke

____________________________________

Jacob Lemmeke, Director

BLOGGERWAVE APS

(a Danish Corporation)

/s/ Ulrik Svane Thomsen

___________________________________

Ulrik Svane Thomsen, President

  

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APPENDIX A

TO

MERGER AGREEMENT

DISTRIBUTION OF 5,000,000 SHARES PURSUANT TO PARAGRAPH 1.03 (iii)

	
NAME
	
ADDRESS
	
QUANTITY

	
IQDIVISION CORP
	
1802 NORTH CARSON STREET, SUITE 108

CARSON CITY, NV    89701
	
3,500,000

	
ULRIK SVANE
	
KLOVERMARKEN 42, 3060 ESPERGAERDE, DENMARK
	
500,000

	
JAKOB LEMMEKE
	
SORTEVEJ 3, 3070 SNEKKERSTEN, DENMARK
	
500,000

	SOREN RISAGE	BAKKEVEJ 5, 3650 OELSTOEKKE, DENMARK	500,000

A-1

  

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APPENDIX B

TO

MERGER AGREEMENT

DISTRIBUTION OF  3,000,000 SHARES PURSUANT TO PARAGRAPH 1.03 (iv)

	
NAME
	
ADDRESS
	
QUANTITY

	
SAPIENS ALLIANCE LTD.
	
AKARA BLDG., 24 DE CASTRO STREET

WICKHAMS CAY I, ROAD TOWN,

TORTOLA, BRITISH VIRGIN ISLANDS
	
1,500,000

	
SVANECO LTD.

 
	
AKARA BLDG., 24 DE CASTRO STREET

WICKHAMS CAY I, ROAD TOWN,

TORTOLA, BRITISH VIRGIN ISLANDS
	
1,500,000

B-1

  

12exhibit10-1.htm

 

 

Exhibit 10.1

FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”), dated as of September 10, 2009, is made and entered into by and among WYNN LAS VEGAS, LLC, a Nevada limited liability
company (the “Borrower”), the WYNN AMENDMENT PARTIES (as hereinafter defined) and EACH OF THE LENDERS LISTED ON THE SIGNATURE PAGES HEREOF (the “Consenting Lenders”).

RECITALS

A.           The Borrower and the Consenting Lenders are parties to that certain Amended and Restated Credit Agreement, dated as of August 15, 2006, as amended by that certain First Amendment to Amended and Restated Credit Agreement,
dated as of April 9, 2007, that certain Second Amendment to Amended and Restated Credit Agreement, dated as of October 31, 2007, that certain Third Amendment to Amended and Restated Credit Agreement, dated as of September 17, 2008, and that certain Fourth Amendment to Amended and Restated Credit Agreement, dated as of April 17, 2009 (the “Credit Agreement”), among the Borrower, Deutsche Bank Trust Company Americas, as administrative
agent (in such capacity, the “Administrative Agent”), issuing lender and swing line lender, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Banc of America Securities LLC, as lead arranger and joint book running manager, Bank of America, N.A., as syndication agent, J.P. Morgan Securities Inc., as arranger and joint book running manager, JPMorgan Chase Bank, N.A., as
joint documentation agent, SG Americas Securities, LLC, as arranger and joint book running manager, Societe Generale, as joint documentation agent, Bank of Scotland, as managing agent, HSH Nordbank AG, as managing agent, The Royal Bank of Scotland plc, as managing agent, Wachovia Bank, as managing agent, and the several banks and other financial institutions or entities from time to time parties thereto as lenders (the “Lenders”).

B.           In connection with the Credit Agreement, each of Wynn Las Vegas Capital Corp., a Nevada corporation (“Capital Corp.”), Wynn Show Performers, LLC, a Nevada limited liability company (“Show
Performers”), Wynn Golf, LLC, a Nevada limited liability company (“Wynn Golf”), Wynn Sunrise, LLC, a Nevada limited liability company (“Wynn Sunrise”), World Travel, LLC, a Nevada limited liability company (“World Travel”), Kevyn, LLC, a Nevada limited liability company
(“Kevyn”), Las Vegas Jet, LLC, a Nevada limited liability company (“Las Vegas Jet”), Wynn Resorts Holdings, LLC, a Nevada limited liability company (“Wynn Resorts Holdings”), and Wynn Completion Guarantor, LLC, a Nevada limited liability company (“Completion
Guarantor” and together with Capital Corp., Show Performers, Wynn Golf, Wynn Sunrise, World Travel, Kevyn, Las Vegas Jet and Wynn Resorts Holdings, the “Wynn Amendment Parties”), have executed certain Loan Documents (as defined in the Credit Agreement).

 

C.           The Borrower has requested that the Lenders agree, subject to the conditions and on the terms set forth in this Fifth Amendment, to amend certain provisions of the Credit

  

  

  

Agreement and certain other Loan Documents in order to, among other things, permit the Borrower and Capital Corp. to issue a new tranche of senior secured first mortgage notes, to be secured on a pari passu basis with the Obligations under the Loan Documents, in a principal amount up to $500,000,000.

D.           The Consenting Lenders are willing to agree to such amendments, subject to the conditions and on the terms set forth below.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Consenting Lenders and the Wynn Amendment Parties agree as follows:

1.           Definitions.  Except as otherwise expressly provided herein, capitalized terms used in this Fifth Amendment shall have the meanings given in
the Credit Agreement and the rules of interpretation set forth in the Credit Agreement shall apply to this Fifth Amendment.

2.           Amendments.

(a)         The Borrower and Capital Corp. shall be entitled, subject to the conditions set forth in Section 2(b) below, to issue, on one or more occasions on or prior to March 31, 2010, up to an aggregate principal amount
of $500,000,000 in senior secured notes (the “Senior Secured Notes”) secured by the Collateral (other than the Bank Separate Collateral (as defined in the Intercreditor Agreement)) and, in furtherance of the foregoing, Section 7.2(f) of the Credit Agreement is hereby amended by deleting the word “and” where it appears at the end of clause (i) thereof and adding the following immediately prior to the semi-colon at the end
of clause (ii) thereof:

“; and (iii) Indebtedness of the Borrower and Capital Corp. in the form of senior secured notes constituting First Lien Secured Obligations (the “Senior Secured Notes”) in an aggregate principal amount, including all Permitted Refinancing Indebtedness
incurred to refund, refinance or replace any Indebtedness incurred pursuant to this subclause (iii), not to exceed the lesser of (A) $500,000,000 and (B) the amount of such Senior Secured Notes permitted to be incurred under the 2014 Notes Indenture by the Loan Parties on the date that such Indebtedness is issued or obtained in reliance on this subclause (iii), and Guarantee Obligations of any Loan Party with respect thereto; provided that (I) the
Senior Secured Notes shall be issued by the Borrower and/or Capital Corp. on or prior to March 31, 2010 (it being understood that any Permitted Refinancing Indebtedness in respect thereof may be issued at any time subsequent to the issuance of the Senior Secured Notes), (II) the Senior Secured Notes shall have a final maturity date not earlier than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater than the Weighted

  

2

  

Average Life to Maturity of, the 2014 Notes, (III) subject to clause (II) above, the terms and conditions of the Senior Secured Notes (including the pricing, covenants and restrictions contained in the agreements governing the Senior Secured Notes) shall be in form and substance satisfactory to the Majority of the Arrangers and
(IV) upon each issuance of Senior Secured Notes, the Borrower shall prepay Term B Loans, reduce Revolving Credit Commitments and/or prepay Revolving Credit Loans as provided in Section 2.12(e);”.

(b)        The Senior Secured Notes may not be issued unless, with respect to each issuance,  each of the following conditions shall have been satisfied (or waived):

(i)           no Event of Default shall have occurred and be continuing immediately prior to the issuance of the Senior Secured Notes or could reasonably be expected to result therefrom;

(ii)           each of the Loan Documents shall be amended or reaffirmed (any such amendments or reaffirmations, a “Loan Document Amendment”) if and as the Administrative Agent reasonably determines
such amendment or reaffirmation is necessary or appropriate in order to (A) maintain or reaffirm the security interest of the Collateral Agent and the other Secured Parties in the Collateral, (B) cause or ensure that the obligations of the Borrower and the Wynn Amendment Parties with respect to the Senior Secured Notes are secured by the Collateral (other than the Bank Separate Collateral (as defined in the Intercreditor Agreement)) and (C) otherwise effectuate the transactions or other amendments contemplated
hereby, including without limitation, providing for the pari passu treatment of the obligations under the Loan Documents, the 2014 Notes Indenture and the Senior Secured Notes Indenture.  Each Loan Document Amendment shall have been executed by all the parties thereto and shall be in full force and effect and, in the case of any amendments to the Mortgages, shall have been recorded in the appropriate real property records of the State of Nevada;

(iii)           the Borrower and the applicable Wynn Amendment Parties shall have obtained and delivered to the Administrative Agent appropriate endorsements or supplements to the Title Policy with respect to the Mortgages (the “Existing
Title Policy”), or a commitment to issue such endorsements or supplements, in each case in form and substance reasonably satisfactory to the Administrative Agent (i) ensuring the Lenders that the amendments to the Mortgages made pursuant to Section 2(b)(ii) do not adversely affect the Lenders’ title and extended coverage insurance contained in the Existing Title Policy and (ii) providing that  the insured amount of the
Existing Title Policy after giving effect to such issuance and any corresponding prepayment of Loans and commitment reductions is not less than the aggregate amount of Term Loans outstanding under the Credit Agreement, Revolving Commitments outstanding under the Credit Agreement, the aggregate principal amount of the 2014 Notes and the aggregate principal amount of the Senior Secured Notes;

(iv)           the Borrower shall have delivered to the Administrative Agent an executed copy of a Senior Secured Notes Issuance Certificate in the form attached hereto as Exhibit A

  

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(with such amendments or changes as may be reasonably requested by the Administrative Agent);

(v)           on or prior to the issuance of the Senior Secured Notes, the Borrower shall have delivered to the Administrative Agent one or more legal opinions of counsel to the Borrower and each of the Wynn Amendment Parties, in each case with respect to such matters as the
Administrative Agent may reasonably request and in form and substance reasonably satisfactory to the Administrative Agent; and

(vi)           the Senior Secured Notes Trustee shall have executed a joinder to the Intercreditor Agreement as contemplated by Section 10.15 thereof and otherwise in form and substance satisfactory to the Administrative Agent.

(c)        Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions in appropriate alphabetical order:

(i)           ““Senior Secured Notes”: as defined in Section 7.2(f)(iii)”;

(ii)           ““Senior Secured Notes Indenture”:  the indenture entered into, or to be entered into, by the Borrower and Capital Corp., as issuers, certain guarantors named therein
and the Senior Secured Notes Trustee”; and

(iii)           ““Senior Secured Notes Trustee”: the indenture trustee acting on behalf of the holders of the Senior Secured Notes”.

(d)        Section 1.1 of the Credit Agreement is hereby further amended by:

(i)           replacing the definition of “Intercreditor Agreement” where it appears therein with the following:

““Intercreditor Agreement”:  the Intercreditor Agreement dated as of the Closing Date, among the Collateral Agent and the Administrative Agent, the 2014 Notes Indenture Trustee and the other Project Credit Parties (as defined therein) from
time to time party thereto, including, in the event the Senior Secured Notes are issued, the Senior Secured Notes Trustee.”;

(ii)           replacing the definition of “Management Fee Subordination Agreement” where it appears therein with the following:

““Management Fee Subordination Agreement”: collectively, (i) the Management Fee Subordination Agreement, dated as of the Closing Date, among the Loan Parties, Wynn Resorts, the 2014 Notes Indenture Trustee and the Administrative Agent and (ii) from
and after the execution thereof, the Management Fee Subordination Agreement, dated as of the date of the

  

4

  

issuance of Senior Secured Notes, among the Loan Parties, Wynn Resorts and the Senior Secured Notes Trustee.”;

(iii)           adding the words “or Senior Secured Notes” immediately after the words “2014 Notes” where such words appear in the definition of “Permitted Notes Repurchase” and “Permitted
Refinancing Indebtedness”.

(e)        Section 1.3(a) of the Credit Agreement is hereby amended by replacing the words “and the Additional 2014 Notes”, where such words appear therein, with the words “, the Additional 2014 Notes and the Senior Secured Notes”.

(f)         Section 2.12(e) of the Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

“(e)(i)                      In the case of each issuance of Senior Secured Notes, on a date to be determined by the Borrower pursuant to written notice to the Administrative Agent delivered on or prior to such issuance
(such date to be no later than the third Business Day after such issuance), the Revolving Credit Commitments shall be reduced and the Term B Loans shall be prepaid in an amount equal to 75% of the Net Cash Proceeds from such issuance in the following order of priority until such amount has been fully applied:

(A) first, the Revolving Credit 1 Commitments shall automatically, without further action by the Borrower, the Administrative Agent or the Lenders, be permanently reduced until reduced to zero dollars ($0.00);

(B) second, the Revolving Credit 2 Commitments shall automatically, without further action by the Borrower, the Administrative Agent or the Lenders, be permanently reduced in an aggregate amount, for all issuances of Senior Secured Notes, equal to $60,975,000 plus 10% of
the amount of New Revolving Credit Commitments established after August 13, 2009 and prior to such issuance;

(C) third, the Revolving Credit 2 Commitments shall automatically, without further action by the Borrower, the Administrative Agent or the Lenders, be permanently further reduced in an aggregate amount, for all issuances of Senior Secured Notes, equal to $54,877,500 plus 9%
of the amount of New Revolving Credit Commitments established after August 13, 2009 and prior to such issuance;

(D) fourth, the Borrower shall prepay the Term B Loans in such amounts so that no installment will be due on the Term B Loans on September 30, 2012;

  

5

  

(E) fifth, the Term B Loans shall be prepaid and Revolving Credit 2 Commitments shall be permanently reduced on a pro rata basis in accordance with the then outstanding amounts of the Term B Loans and Revolving Credit 2 Commitments.  The reduction of the Revolving Credit 2 Commitments pursuant to this clause (E) shall
be automatic and without any further action by the Borrower, the Administrative Agent or the Lenders.

If, at the time of any such reduction in Revolving Credit Commitments,  the Total Revolving 1 Extensions of Credit would exceed the Total Revolving Credit 1 Commitments, as so reduced, or the Total Revolving 2 Extensions of Credit would exceed the Total Revolving Credit 2 Commitments as so reduced, the Borrower shall
make a prepayment of Revolving Credit 1 Loans or Revolving Credit 2 Loans and/or Swing Line Loans, as applicable, in an amount such that the Total Revolving 1 Extensions of Credit shall not exceed the Total Revolving Credit 1 Commitments as so reduced, and the Total Revolving 2 Extensions of Credit shall not exceed the Total Revolving Credit 2 Commitments as so reduced.  All reductions in Revolving Credit Commitments pursuant to this Section 2.12(e)(i) shall be made pro rata among the Revolving Credit
1 Lenders or the Revolving Credit 2 Lenders, as applicable, according to their respective Revolving Credit 1 Percentages or Revolving Credit 2 Percentages, as the case may be.

(ii)           Within three Business Days after each issuance of Senior Secured Notes, the Borrower shall use all Net Cash Proceeds from such issuance remaining after the application thereof in accordance
with Section 2.12(e)(i) above to prepay Revolving Credit 2 Loans without any reduction in Revolving Credit 2 Commitments.  Any such prepayment shall be made pro rata among the Revolving Credit 2 Lenders according to their respective Revolving Credit 2 Percentages.

(iii)           On August 31, 2011, the Revolving Credit 2 Commitment of each Revolving Credit 2 Lender shall automatically, without further action by the Borrower, the Administrative Agent or the Lenders, be permanently reduced by ten percent (10%) of the amount of the Revolving
Credit 2 Commitment of such Lender then in effect; provided, however, that the aggregate amount of the foregoing reduction shall be reduced, Dollar for Dollar, by the aggregate amount of the reductions to the Revolving Credit 2 Commitments, if any, made in accordance with Section 2.12(e)(i)(B) above (and any remaining reduction shall be allocated pro rata among the Revolving Credit
2 Lenders according to their respective Revolving Credit 2 Percentages).  If, at the time of such reduction on August 31, 2011, the Total Revolving 2 Extensions of Credit would exceed the Total Revolving Credit 2 Commitments as so reduced, the Borrower shall make a

  

6

  

prepayment of Revolving Credit 2 Loans and/or Swing Line Loans in an amount such that the Total Revolving 2 Extensions of Credit shall not exceed the Total Revolving Credit 2 Commitments as so reduced.

(iv)           On August 31, 2012, the Revolving Credit 2 Commitment of each Revolving Credit 2 Lender shall automatically, without further action by the Borrower, the Administrative Agent or the Lenders, be permanently reduced by ten percent (10%) of the amount of the Revolving
Credit 2 Commitment of such Lender then in effect; provided, however, that the aggregate amount of the foregoing reduction shall be reduced, Dollar for Dollar, by the aggregate amount of the reductions to the Revolving Credit 2 Commitments, if any, made in accordance with Section 2.12(e)(i)(C) above (and any remaining reduction shall be allocated pro rata among the Revolving Credit
2 Lenders according to their respective Revolving Credit 2 Percentages).  If, at the time of such reduction on August 31, 2012, the Total Revolving 2 Extensions of Credit would exceed the Total Revolving Credit 2 Commitments as so reduced, the Borrower shall make a prepayment of Revolving Credit 2 Loans and/or Swing Line Loans in an amount such that the Total Revolving 2 Extensions of Credit shall not exceed the Total Revolving Credit 2 Commitments as so reduced.

(g)        Section 2.18(b) of the Credit Agreement is hereby amended by inserting the following language at the end of the first sentence thereof:

“; provided, however, that any prepayment made pursuant to Section 2.12(e)(i)(D) shall be applied in its entirety to reduce the installment of the Term B Loans due on September 30, 2012”.

(h)        Section 2.26(a) of the Credit Agreement is hereby amended by deleting clause (C) thereof in its entirety and replacing it with the following:

“(C) to the extent the 2014 Notes or Senior Secured Notes remain outstanding, a certification by the Borrower that the establishment of the New Revolving Credit Commitments and/or the New Term Loan Commitments, as applicable, does not violate any provisions of the 2014 Notes Indenture or the Senior Secured Notes Indenture,
or has otherwise been consented to by any party whose consent is required by the terms thereof”.

(i)         Section 4 of the Credit Agreement is hereby amended by deleting Section 4.21 thereof in its entirety and replacing it with the following:

“4.21           Senior Indebtedness.  The Obligations (including, without limitation, the guarantee obligations of each Guarantor under the Loan Documents) constitute senior secured debt of each
of the Loan Parties and

  

7

  

is permitted debt under and as defined in each of the 2014 Notes Indenture and Senior Secured Notes Indenture.  The 2014 Notes and the Senior Secured Notes are the legal, valid and binding obligations of the Borrower and Capital Corp., enforceable against the Borrower and Capital Corp. in accordance with their terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.  The issuance and sale of the 2014 Notes and the Senior Secured Notes by the Borrower and Capital Corp. did not violate any applicable federal or state securities laws.”

(j)         Section 7.2(n) of the Credit Agreement is hereby amended by adding the words (i) “and the Senior Secured Notes Indenture” immediately after the words “2014 Notes Indenture” where such words appear therein and (ii) “and the Senior Secured Notes”
immediately after the words “2014 Notes” where such words appear therein.

(k)        Section 7.3(k) of the Credit Agreement is hereby amended by adding the words “and/or 7.2(f)(iii)” immediately prior to the semi-colon at the end of such Section.

(l)         Section 7.8(p) of the Credit Agreement is hereby amended by adding the words “or Senior Secured Notes” immediately after the words “2014 Notes” where such words appear therein.

(m)       Section 7.9 of the Credit Agreement is hereby amended by (i) adding the words “or Senior Secured Notes” immediately after the words “2014 Notes” where such words are used for the first two times therein and (ii) adding the words “or Senior Secured Notes,
as the case may be” immediately after the words “2014 Notes” where such words are used for the third time therein.

(n)        Section 7.10 of the Credit Agreement is hereby amended by deleting clause (i) thereof in its entirety and replacing it with the following:

“(i)            (A) the issuance by the Borrower and/or Capital Corp. of the exchange notes contemplated by the 2014 Notes Indenture as of the Closing Date (including any exchange notes issued in exchange for Additional 2014 Notes) and (B) the issuance by the Borrower
and/or Capital Corp. of the exchange notes contemplated by the Senior Secured Notes Indenture as in effect as of the date of the initial issuance of the Senior Secured Notes thereunder;”.

(o)        Section 7.10 of the Credit Agreement is hereby further amended by deleting clause (l) thereof in its entirety and replacing it with the following:

“(l)           any repurchase of 2014 Notes or Senior Secured Notes permitted by Section 7.9.”.

  

8

  

3.         Loan Document Amendments.  The Administrative Agent is hereby directed by the Consenting Lenders to execute and enter into, or to direct the Collateral
Agent to execute and enter into, as applicable, the Loan Document Amendments, including specifically and without limitation, amendments to the Security Documents and the other Loan Documents to provide that the Loan Parties’ obligations under the Senior Secured Notes shall be secured by the Shared Collateral (as defined in the Intercreditor Agreement) pledged or granted under the Security Documents on a pari passu basis with the Loans.

4.         Representations and Warranties.  To induce the Consenting Lenders to agree to this Fifth Amendment, the Borrower represents to the Administrative Agent
and the Lenders that as of the date hereof and as of the date of each issuance of Senior Secured Notes:

(a)        each of the Borrower and each of the Wynn Amendment Parties has all power and authority to enter into this Fifth Amendment and the Loan Document Amendments (collectively, the “Fifth
Amendment Documents”) to which it is a party and that have been entered into by the Borrower or such Wynn Amendment Party as of the date this representation is being made, and to carry out the transactions contemplated by, and to perform its obligations under or in respect of, the Fifth Amendment Documents to which it is a party;

(b)        the execution and delivery of the Fifth Amendment Documents and the performance of the obligations of the Borrower and each of the Wynn Amendment Parties under or in respect of the Fifth Amendment Documents to which the Borrower or
any Wynn Amendment Party is a party and that have been entered into by the Borrower or such Wynn Amendment Party as of the date this representation is being made have been duly authorized by all necessary action on the part of the Borrower and such Wynn Amendment Party;

(c)        the execution and delivery of each of the Fifth Amendment Documents that have been entered into by the Borrower or any of the Wynn Amendment Parties as of the date this representation is being made and the performance of the obligations
of the Borrower and each of the Wynn Amendment Parties under or in respect of such Fifth Amendment Documents to which any such entity is a party do not and will not conflict with or violate (i) any provision of the articles of incorporation or bylaws (or similar constituent documents) of the Borrower or such Wynn Amendment Party, (ii) any Requirement of Law, (iii) any order, judgment or decree of any court or other governmental agency binding on the Borrower or any Wynn Amendment Party, or (iv) any indenture,
agreement or instrument to which the Borrower or any Wynn Amendment Party is a party or by which the Borrower or any Wynn Amendment Party, or any property of any of them, is bound, and do not and will not require any consent or approval of any Person that has not been obtained;

(d)        each of the Fifth Amendment Documents that has been entered into by the Borrower or any of the Wynn Amendment Parties as of the date this representation is being made has been duly executed and delivered by the Borrower or such Wynn
Amendment Party party thereto, as the case may be, and the Credit Agreement and the other Loan Documents, as amended by the Fifth Amendment Documents, are the legal, valid and binding obligations of the

  

9

  

Borrower and each of the Wynn Amendment Parties party thereto, enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law);

(e)        after giving effect to any of the Fifth Amendment Documents that have been entered into by the Borrower or any of the Wynn Amendment Parties as of the date this representation is being made, no event has occurred and is continuing
or will result from the execution and delivery of such Fifth Amendment Document that would constitute a Default or an Event of Default;

(f)         since the Amended and Restated Effective Date (as defined in the Credit Agreement), no event has occurred that has resulted, or could reasonably be expected to result, in a Material Adverse Effect; and

(g)        each of the representations and warranties made by the Borrower or any of the Wynn Amendment Parties in or pursuant to the Loan Documents to which such entity is a party, as amended hereby and by the Fifth Amendment Documents, are
true and correct in all material respects on and as of the date this representation is being made, except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date.

5.          Effectiveness of this Fifth Amendment.  This Fifth Amendment shall be effective only if and when signed by the Borrower, the Wynn Amendment Parties,
the Required Lenders, the Required Facility Lenders under the Revolving Credit Facility and the Required Facility Lenders under the Term B Loan Facility.

6.          Acknowledgments.  By executing this Fifth Amendment, each of the Wynn
Amendment Parties (other than Wynn Resorts Holdings and Completion Guarantor) (a) consents to the Fifth Amendment Documents and the issuance by the Borrower and Capital Corp. of the Senior Secured Notes, (b) acknowledges that notwithstanding the execution and delivery of the Fifth Amendment Documents, or any prior amendments to the Loan Documents, and the issuance by the Borrower and Capital Corp. of the Senior Secured Notes, the obligations of each of the Wynn Amendment Parties under the Guarantee
are not impaired or affected (except as provided for in the Fifth Amendment Documents) and the Guarantee continues in full force and effect and shall apply to the Obligations as amended by the Fifth Amendment Documents and (c) affirms and ratifies the Guarantee.  By executing this Fifth Amendment, the Borrower and each of the Wynn Amendment Parties (other than Completion Guarantor) (a) consents to the Fifth Amendment Documents and the issuance by the Borrower and Capital Corp. of the Senior Secured
Notes, (b) acknowledges that notwithstanding the execution and delivery of the Fifth Amendment Documents, or any prior amendments to the Loan Documents, and the issuance by the Borrower and Capital Corp. of the Senior Secured Notes, the obligations of the Borrower and each of the Wynn Amendment Parties under the Security Documents to which it is a party (other than the Guarantee) are not impaired or affected (except as provided for in the Fifth Amendment

  

10

  

Documents) and the Security Documents continue in full force and effect and shall secure the Obligations as amended by the Fifth Amendment Documents and (c) affirms and ratifies such Security Documents.  By executing this Fifth Amendment, Completion Guarantor (a) consents to the Fifth Amendment Documents and the
issuance by the Borrower and Capital Corp. of the Senior Secured Notes, (b) acknowledges that notwithstanding the execution and delivery of the Fifth Amendment Documents, or any prior amendments to the Loan Documents, and the issuance by the Borrower and Capital Corp. of the Senior Secured Notes, the obligations of Completion Guarantor under the Completion Guaranty are not impaired or affected (except as provided for in the Fifth Amendment Documents) and the Completion Guaranty continues in full force and
effect and shall apply to the Obligations as amended by the Fifth Amendment Documents and (c) affirms and ratifies the Completion Guaranty.

7.         Miscellaneous. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  This Fifth Amendment may be executed in one or more counterparts and when signed by all of the parties listed below shall constitute a single binding agreement.  Delivery of an executed counterpart hereof by facsimile transmission shall be effective as delivery of a manually executed counterpart.  Except as amended
hereby and the other Fifth Amendment Documents, all of the provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect except that each reference to the “Credit Agreement”, or words of like import in any Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby.  This Fifth Amendment shall be deemed a “Loan Document” as defined in the Credit Agreement.  Section 10.12 of the Credit Agreement shall
apply to this Fifth Amendment and all past and future amendments to the Credit Agreement and other Loan Documents as if expressly set forth therein.

8.         Effectiveness of Amendment to Security Agreement.  Notwithstanding anything herein to the contrary, each of the Borrower, the Wynn Amendment Parties and the Consenting
Lenders hereby agree and acknowledge that, any amendment of the Security Agreement contemplated hereby shall, only insofar as it relates to collateral consisting of pledged equity in any entity licensed by or registered with the Nevada Gaming Authorities (but not in any other aspect thereof), only become effective when such amendment is approved by the Nevada Gaming Authorities.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

11

  

IN WITNESS WHEREOF, the parties have caused this Fifth Amendment to be duly executed by their officers or officers of their sole ultimate members thereunto duly authorized as of the day and year first above written.

	
WYNN LAS VEGAS, LLC,

a Nevada limited liability company

 
	
WYNN GOLF, LLC,

a Nevada limited liability company

 

	  	  
	
By:
	
Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member

	  	  
	  	
By:
	
Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	  	
By:
	
Wynn Resorts Holdings, LLC,

a Nevada limited liability company, its sole member

	  	  
	  	
By:
	
/s/ Matt Maddox
	  	
By:
	
Wynn Resorts, Limited, a Nevada

	  	
Name:
	
Matt Maddox
	  	  	
corporation, its sole member

	  	
Title:
	
Chief Financial Officer

and Treasurer
	  
	  	
By:
	
/s/ Matt Maddox

	  	  	  	  	
Name:
	
Matt Maddox

	  	  	  	  	
Title:
	
Chief Financial Officer

and Treasurer

	
WYNN SUNRISE, LLC,

a Nevada limited liability company
	
WORLD TRAVEL, LLC,

a Nevada limited liability company

	  	  
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member

	  	  
	  	
By:
	
Wynn Resorts Holdings, LLC,

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

a Nevada limited liability company, its sole member

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

	  
	  	  	
By:
	
/s/ Matt Maddox

	  	
By:
	
/s/ Matt Maddox
	  	
Name:
	
Matt Maddox

	  	
Name:
	
Matt Maddox
	  	
Title:
	
Title: Chief Financial Officer

and Treasurer

	  	
Title:
	
Chief Financial Officer

and Treasurer

[Signature Page to Fifth Amendment to

Wynn Las Vegas Amended and Restated Credit Agreement]

  

  

  

	
LAS VEGAS JET, LLC,

a Nevada limited liability company
	
WYNN SHOW PERFORMERS, LLC,

a Nevada limited liability company

	  	  
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member

	  	  
	  	
By:
	
Wynn Resorts Holdings, LLC,

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

a Nevada limited liability company, its sole member

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

	  
	  	  	
By:
	
/s/ Matt Maddox

	  	
By:
	
/s/ Matt Maddox
	  	
Name:
	
Matt Maddox

	  	
Name:
	
Matt Maddox
	  	
Title:
	
Title: Chief Financial Officer

and Treasurer

	  	
Title:
	
Chief Financial Officer

and Treasurer

	  	  	  	  

	
KEVYN, LLC,

a Nevada limited liability company
	
WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation

	  	  
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its sole member
	
By:
	
/s/ Matt Maddox
	  
	
Name:
	
Matt Maddox

	
Title:
	
Title: Chief Financial Officer

and Treasurer

	  	  
	  	
By:
	
Wynn Resorts Holdings, LLC,

a Nevada limited liability company, its sole member
	  
	  	  
	  	
By:
	
Wynn Resorts, Limited, a Nevada corporation, its sole member
	  
	  
	  	  
	  	
By:
	
/s/ Matt Maddox
	  
	  	
Name:
	
Matt Maddox
	  
	  	
Title:
	
Chief Financial Officer

and Treasurer
	  
	  

 

 

[Signature Page to Fifth Amendment to

Wynn Las Vegas Amended and Restated Credit Agreement]

 

  

  

  

	
WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,

 
	  
	  	  
	
By:
	
Wynn Resorts, Limited, a Nevada corporation, its sole member
	  
	  
	  
	  	  
	  	
By:
	
/s/ Matt Maddox
	  
	  	
Name:
	
Matt Maddox
	  
	  	
Title:
	
Chief Financial Officer

and Treasurer
	  
	  

	
WYNN COMPLETION GUARANTOR, LLC,

a Nevada limited liability company

 
	  
	  	  
	
By:
	
Wynn Las Vegas, LLC,

a Nevada limited liability company,

its control manager
	  
	  
	  
	  	  
	  	
By:
	
Wynn Resorts Holdings, LLC,

a Nevada limited liability company, its sole member
	  
	  	  
	  	
By:
	
Wynn Resorts, Limited, a Nevada corporation, its sole member
	  
	  
	  	  
	  	
By:
	
/s/ Matt Maddox
	  
	  	
Name:
	
Matt Maddox
	  
	  	
Title:
	
Chief Financial Officer

and Treasurer
	  
	  

 

 

[Signature Page to Fifth Amendment to

Wynn Las Vegas Amended and Restated Credit Agreement]

  

  

  

By executing this Fifth Amendment, we hereby consent to the Fifth Amendment in our capacity as a Lender under the Credit Agreement.

 

	  	
[LENDER]

	  	  
	  	  
	  	
By:
	  	  
	  	  	
Name:
	  
	  	  	
Title:
	  
	  	  	  	  
	  	  	  	  
	  	
By:
	  	  
	  	  	
Name:
	  
	  	  	
Title:
	  

*              Form of signature page executed by the other lenders party to this amendment.

 

 

 

[Signature Page to Fifth Amendment to

Wynn Las Vegas Amended and Restated Credit Agreement]

  

  

  

	
Acknowledged:

	  
	
DEUTSCHE BANK TRUST COMPANY

	
AMERICAS, as Administrative Agent on

	
behalf of the Lenders

	  
	
By:
	
/s/ Mary Kay Coyle
	  
	
Name:  Mary Kay Coyle
	
 

	
Title:  Managing Director
	
 

	  	  
	
By:
	
/s/ Anca Trifan
	  
	
Name:  Anca Trifan
	
 

	
Title:  Director
	
 

[Signature Page to Fifth Amendment to

Wynn Las Vegas Amended and Restated Credit Agreement]

 

  

  

  

EXHIBIT A

FORM OF SECURED NOTES ISSUANCE CERTIFICATE

 

SECURED NOTES ISSUANCE CERTIFICATE

 

(Delivered pursuant to Section 2(b)(iv) of the Fifth Amendment to Credit Agreement)

Date: _________ __, 20__

 

Deutsche Bank Trust Company Americas,

  as Administrative Agent

c/o Deutsche Bank Securities Inc.

200 Crescent Court, Suite 550

Dallas, Texas 75201

Attn: Gerard Dupont

And the Lenders party to the Credit Agreement

referred to in the Fifth Amendment

This certificate is being delivered by WYNN LAS VEGAS, LLC, a Nevada limited liability company (the “Borrower”), pursuant to Section 2(b)(iv) of that certain Fifth Amendment to Amended and
Restated Credit Agreement, dated as of September 10, 2009 (the “Fifth Amendment”), by and among the Borrower, the Wynn Amendment Parties (as defined therein) and the Consenting Lenders (as defined therein).   References herein to the “Credit Agreement” shall be to the Credit Agreement described in the Fifth Amendment, as the same may have been amended, amended and restated, supplemented or otherwise modified
from time to time to the date hereof, and capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement.

 

The Borrower hereby certifies to the Administrative Agent and the Lenders that:

 

1.           The Borrower is issuing on the date hereof $[_________] in principal amount of Senior Secured Notes in accordance with Section 7.2(f)(iii) of the Credit Agreement;

 

2.           Each of the representations and warranties set forth in Section 4 of the Fifth Amendment are true and correct in all respects on and as of the date hereof;

 

3.           No Default or Event of Default has occurred and is continuing or could reasonably be expected to result from the issuance of Senior Secured Notes on the date hereof; and

 

4.           The Senior Secured Notes issued on the date hereof constitute Indebtedness under a Permitted Additional Senior Secured Debt Agreement (as defined in the Intercreditor

 

  

  

  

Agreement) and Permitted Refinancing Indebtedness under Section 4.09(b)(3) of the 2014 Notes Indenture that refinances Indebtedness permitted under Section 4.09(a) of the 2014 Notes Indenture.

 

The Borrower hereby acknowledges that, pursuant to Section 2.12(e) of the Credit Agreement, the Revolving Credit Commitments shall be reduced, without further action by the Borrower, the Administrative Agent or the Lenders, and the Term B Loans shall be prepaid, in each case on [________], 20[__], as follows:1

 

	
a.
	
Reduction of Revolving Credit 1 Commitments pursuant to Section 2.12(e)(i)(A) of the Credit Agreement:
	  	  
	
  $
	  	  
	  	  	  
	
a.
	
Reduction of Revolving Credit 2 Commitments pursuant to Section 2.12(e)(i)(B) of the Credit Agreement:
	  
	
  $
	  	  
	  	  	  
	
a.
	
Reduction of Revolving Credit 2 Commitments pursuant to Section 2.12(e)(i)(C) of the Credit Agreement:
	  
	
  $
	  	  
	  	  	  
	
a.
	
Prepayment of Term B Loans pursuant to Section 2.12(e)(i)(D) of the Credit Agreement:
	  
	
  $
	  	  
	  	  	  
	
a.
	
Reduction of Revolving Credit 2 Commitments pursuant to Section 2.12(e)(i)(E) of the Credit Agreement:
	  
	
  $
	  	  
	  	  	  
	
a.
	
Prepayment of Term B Loans pursuant to Section 2.12(e)(i)(E) of the Credit Agreement:
	  
	
  $
	  	  
	  	  	  	  	  

 

 

[Signature Pages Follow]

 

__________________________________

 

	
1
	
Delivery of this certificate shall not be deemed to satisfy any requirements in the Credit Agreement relating to the delivery of prior written notice of a reduction in Commitments or repayment of Loans.

  

  

  

           IN WITNESS WHEREOF, the Borrower has duly executed this Secured Notes Issuance Certificate as of _______  __, 20__.

 

	  	
WYNN LAS VEGAS, LLC,

	  	
a Nevada limited liability company

	  	  
	  	
By:
	
Wynn Resorts Holdings, LLC,

a Nevada limited liability company,

its sole member

 

	  	  	
By:
	
Wynn Resorts, Limited,

a Nevada corporation,

its sole member

	  	  	  	  	  
	  	  	  	
By:
	  	  
	  	  	  	
Name:
	  	  

 

 

 

Exhibit A

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