Document:

Exhibit

Exhibit 10.11.3
MANAGEMENT FEE AND CORPORATE ALLOCATION AGREEMENT
THIS MANAGEMENT FEE AND CORPORATE ALLOCATION AGREEMENT (this “Agreement”) is dated as of November 20, 2014, (the “Execution Date”) by and among Wynn MA, LLC, a Nevada limited liability company (the “Company”) and Wynn Resorts, Limited, a Nevada corporation (the “Resorts), with reference to the following:
WHEREAS, the Company is in the process of developing and constructing a fully integrated hotel and casino resort, with related parking structure and related facilities, in Everett, Massachusetts (collectively, the “Business”);
WHEREAS, the Company desires to engage Resorts to provide the management and advisory services for development, construction and eventual operation of the Business and Resorts desires to accept such engagement to provide such services, all upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Retention of Resorts.  The Company hereby appoints Resorts as manager for the Business, and Resorts hereby agrees to provide the management and advisory services described herein for the Business, in accordance with the terms and subject to the conditions hereinafter set forth.
2.    Services to be Provided by Resorts.  Resorts shall make the personnel from its Corporate Executives, Corporate Treasury, Corporate Legal, Public Relations, Information Systems, Corporate Security & Governmental Affairs, Community Relations, Investor Relations, Development, Risk Management, Internal Audit, Financial Accounting and Analysis, Corporate Tax and any departments that may be established in the future (hereinafter collectively referred to as, the “Corporate Departments”) available to the Company to provide customary management and advisory services with respect to the operation of the Business. Further, in accordance with the terms and subject to the conditions hereof, Resorts agrees to provide the following management and advisory services (referred to herein after collectively, together with any services necessary or incidental thereto, “Services”) to the Company on an ongoing basis in connection with the development, construction, ownership and operation (both pre-opening and post-opening) of the Business by the Company during the term of this Agreement:
(a)    advice concerning the hiring, termination, performance and training of personnel;
(b)    review, consultation and advice concerning pre-opening and post-opening personnel, operations, and other management and operating policies and procedures;
(c)    recommendations on all necessary action to keep the operation of the Business in compliance, in all material respects, with the conditions of all licenses (including 

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gaming licenses) and all applicable rules, regulations and orders of any governmental authority having jurisdiction over the Business;
(d)    development of recommendations for, and negotiate the acquisition and maintenance of, insurance coverage with respect to the Business;
(e)    guidance on all marketing, sales promotions and advertising for the Business;
(f)    assistance in the financial budgeting process and the implementation of appropriate accounting, financial, administrative and managerial controls for the Business;
(g)    assistance with refinancing and borrowing (and any other forms of capital raising) and compliance with any covenants associated therewith;
(h)    assistance with income tax compliance and planning;
(i)    assistance with the preparation of the Company’s financial reports and maintenance of books of accounts and other records reflecting the results of operation of the Business (which at all times shall be maintained in a manner prescribed by Resorts in order to comply with the regulatory requirements imposed on both Resorts and the Company);
(j)    assistance with investor relations, community relations and development projects;
(k)    consultation with the Company with respect to the selection of attorneys, consultants and accountants; 
(l)    advice and consultation with the Company in connection with any and all aspects of the Business and the day to day operation thereof; and
(m)    any other service performed by Resorts and requested by Company.
3.    Corporate Allocation; Expenses: Management Fee.  
(a)    Commencing on the Execution Date, the Company agrees to pay Resorts a corporate allocations fee (the “Corporate Allocations Fee”) to be determined as follows:
(i)    On or before the last business day of each month, Resorts will provide an invoice to the Company representing one-twelfth of the estimated Corporate Allocations Fee.
(ii)    The estimated annual costs associated with the provision of the Services allocated to the Company will be the sum of each Corporate Department’s budgeted executive personnel costs (such costs, the “Departmental Executive Costs”) allocated to the Company plus the sum of each Corporate Department’s other operating costs (such costs, the “Departmental Residual Costs”) allocated to the Company.  The Departmental Executive Costs shall include all Corporate Department executive compensation, including, without limitation, salaries, bonuses, any forms of deferred compensation, vacation pay, fringe benefits and ASC 718 costs for equity based compensation. The annual allocation of the 

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Departmental Executive’s Costs and the Departmental Residual Costs allocated to the Company will be based on each Corporate Department head’s annual estimate, made using commercially reasonable judgment, of the time to be spent by the Corporate Department’s executives providing the Services for the Company during the year (such allocation, the “Executive’s Percentage”).  In the event no estimate is provided, the Executive’s Percentage for the immediately preceding year will be used.  The Departmental Executive Costs allocated to the Company will be the sum of the products resulting from the multiplication of each Corporate Department’s Executive’s Percentage and the applicable Departmental Executive Cost. The Departmental Residual Costs allocated to the Company will be the sum of the products obtained by multiplying each Corporate Department’s Departmental Residual Costs by the ratio of its total Departmental Executive Costs allocated to the Company to its total Departmental Executive Costs.  Annually, the actual costs of the Corporate Departments will be compared with the estimated costs of the Corporate Departments used in determining the preliminary allocation for the year and any under or over allocation shall be charged or returned to the Company by the last day of February of the succeeding year; any variance between the estimated and actual Executive’s Percentage will also be taken into account as part of this annual reconciliation. 
(b)    As and when incurred, all expenses, costs, losses, liabilities or damages incurred with respect to the ownership or operation of the Company, including, without limitation, wages, salaries and other labor costs incurred in the construction, maintenance, expansion or operation of the Company, or personnel working on special projects or services for the Company, will be paid by the Company.  To the extent that the Resorts pays or incurs any obligation for any such expenses, costs, losses, liabilities or damages, the Company, subject to the limitations set forth in Section 3(d), will pay or reimburse the Resorts therefor, as well as for any reasonable out-of-pocket expenses incurred by the Resorts in the performance of its obligations under this Agreement. Reimbursement of all such expenses, costs, losses, liabilities and damages shall commence as of the Execution Date.
(c)     In addition, the Company agrees to pay Resorts, as Resorts’ compensation for the Services to be rendered hereunder, a yearly management fee (the “Management Fee”) equal to one and one-half percent (1.5%) of the net revenues of the Company (as determined in accordance with generally accepted accounting principles as applicable to companies in the gaming business), payable monthly in arrears.  Payment of the Management Fee shall commence upon the Execution Date.  
(d)    The parties agree that the Corporate Allocations Fee and the Management Fee (collectively, the “Resorts’ Fees”) due and payable as provided in this Section 3 shall not be paid at any time that such payment is not then permitted under any financing or regulatory agreement to which the Company is a party.   In the event any Resorts’ Fees is unpaid, whether in whole or in part, as a consequence of the provisions of this Section 3, Resorts nonetheless shall continue to perform hereunder and any such unpaid amounts shall be accrued as a liability of the Company and shall be payable as soon as such payment is permitted. The deferred portion of the Resorts’ Fee will bear interest at the rate of ten percent (10 %) per annum, compounded annually, from the date otherwise due and payable until the payment thereof. 

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(e)    Notwithstanding any termination of this Agreement, Resorts shall, subject to the limitations set forth in this Section 3, remain entitled: (i) to receive the Resorts’ Fees for the remaining portion of the semi-monthly period in which such termination occurred (payable in the same manner and at the same time as if Resorts were entitled to receive such fee with respect to the entire monthly period); and (ii) to receive payment of any deferred Resorts’ Fee at the time of such termination, and to the extent that payment thereof is not then permitted under this Section 3, as soon as such payment is permitted. 
(f)    The parties acknowledge that Resorts may be subject to applicable jurisdictional requirements regarding licensure as a result of its receipt of the Resorts’ Fee.
4.    Use of Aircraft and Related Assets.  From time to time, Resorts may make available to the Company and its affiliates and their employees use of the aircraft and related assets owned by Resorts and its subsidiaries (other than the Company) (the “Resorts Aircraft Assets”), and the Company may make available to Resorts and its subsidiaries (other than the Company) and their employees use of the aircraft and related assets owned by the Company (the “WMA Aircraft Assets” and, together with Resorts Aircraft Assets, the “Aircraft Assets”).  The Resorts shall cause to be paid to the owner of any WMA Aircraft Assets used by Resorts, its subsidiaries (other than the Company) or any of their employees, and the Company shall pay to the owner of any Resorts Aircraft Assets used by any of the Companies or any of their employees, reasonable amounts for the use thereof, as determined from time to time by Resorts and the Company.  
5.    Use of Company Employees.  From time to time, the Company and its subsidiaries may make available to Resorts, in connection with Resorts’ development of one or more projects other than the Business, the services of certain employees of the Company or its subsidiaries, provided that (i) such services do not materially interfere with such employee's obligations to and responsibilities with the Company or its subsidiaries, and (ii) Resorts pays, or causes to be paid, to the Company and its subsidiaries compensation reasonably satisfactory to the Company and its subsidiaries.  Such compensation shall not be less than the amount necessary to reimburse the Company’s costs of payroll and benefits for such employees during the period when such services are being rendered.
6.    Term of Agreement.  The Effective Date of this Agreement shall be November 20, 2014 (the “Effective Date”) and shall terminate on November 20, 2024 unless earlier terminated pursuant to the terms of this Agreement.  This Agreement may be terminated as follows: (a) by the mutual written consent of the Company and Resorts, (b) by the Company upon 60 days prior written notice to Resorts, or by Resorts upon 60 days prior written notice to the Company, in either case for any reason or no reason at all, or (c) by Resorts immediately upon written notice to the Company following the occurrence of any default by the Company under any promissory note, indenture, loan agreement or other instrument or evidence of indebtedness.  Notwithstanding any other provision of this Agreement, the provisions of Section 7 shall survive any termination of this Agreement.
7.    Liability.  The Company shall bear any and all expenses, liabilities, losses or damages resulting from the operation of the Business, and Resorts and its officers, directors, shareholders and employees shall not, under any circumstances, be held liable therefor, except that Resorts shall be liable for any loss or damage which results from its own gross negligence or willful misconduct.  Neither Resorts nor any of its officers, directors, 

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shareholders or employees shall be held to have incurred any liability to the Company, the Business or any third party by virtue of any action not constituting gross negligence or willful misconduct taken in good faith by it in the discharge of its duties hereunder, and the Company agrees to indemnify Resorts and its shareholders, directors, officers and employees, and hold each of them harmless from and against any and all claims that may be made against any of them in respect of the foregoing (excluding claims arising out of gross negligence or willful misconduct), including, but not limited to, attorneys’ fees and expenses.
8.    Miscellaneous
(a)    Nonassignability of Agreement.  This Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation of law or otherwise, by either party hereto without the prior written consent of the other party hereto (which consent may be withheld in the sole discretion of the party whose consent is required), and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void.
(b)    Further Assurances.  Subject to the provisions hereof, each of the parties hereto shall execute, acknowledge and deliver such other documents, and take such further actions, as may be reasonably required in order to effectuate the purposes of this Agreement, to comply with all applicable laws, regulations, orders and decrees, to obtain all required consents and approvals and to make all required filings with any governmental agency, other regulatory or administrative agency, commission or similar authority.
(c)    Waivers.  No failure or delay on the part of Resorts or the Company in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, or any abandonment or discontinuance of steps to enforce such a right, preclude any other or further exercise thereof or the exercise of any other right.  No waiver of any provision of this Agreement nor any consent to any departure by Resorts or the Company therefrom shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it has been given.
(d)    Entire Agreement.  This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof, and supersede all previous agreements, negotiations, memoranda and understandings, whether written or oral respecting the subject matter hereof.
(e)    Amendments.  This Agreement may be amended only by an agreement in writing executed by each of the parties hereto.
(f)    Notices.  Any and all notices and demands required or desired to be given hereunder shall be in writing and shall be validly given or made if served personally, delivered by a nationally recognized overnight courier service, or deposited in the United States mail, certified or registered, postage prepaid, return receipt requested, to the following addresses:

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	If to the Company:
	Wynn MA, LLC 
3131 Las Vegas Boulevard South 
Las Vegas, Nevada  89109 
Attention:  General Counsel 
Telephone: (702) 770-7000 
Facsimile: (702) 770-1349

	 
	 

	If to Resorts:
	Wynn Resorts, Limited 
3131 Las Vegas Boulevard South 
Las Vegas, Nevada  89109 
Attention:  General Counsel  
Telephone: (702) 770-7000 
Facsimile: (702) 770-1349

	 
	 

	in each case, with a copy to:
	Wynn Resorts, Limited 
3131 Las Vegas Boulevard South 
Las Vegas, Nevada  89109 
Attention:  General Counsel 
Telephone: (702) 770-7000 
Facsimile: (702) 770-1349

and shall become effective upon receipt.  Any party hereto may change its address for the purpose of receiving notices by providing written notice to the other party hereto.
(g)    Governing Law.  The laws of the State of Nevada applicable to contracts made in that state, without giving effect to its conflict of laws rules, shall govern the validity, construction, performance and effect of this Agreement.
(h)    Invalidity.  If any term, provision, covenant or condition of this Agreement, or any application thereof, should be held by a court of competent jurisdiction or an arbitrator to be invalid, void or unenforceable, then that provision shall be deemed severable and all provisions, covenants, and conditions of this Agreement, and all applications thereof, not held invalid, void or unenforceable shall continue in full force and effect and shall in no way be affected, impaired or invalidated thereby.
(i)    Headings.  The headings in this Agreement are included for purposes of reference only, do not constitute a part of this Agreement, and shall not be deemed to limit, characterize or in any way affect any term or provision of this Agreement.
(j)    Counterparts.  This Agreement may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall constitute one and the same instrument.
(k)    Negotiated Agreement.  This is a negotiated agreement.  All parties have participated in its preparation.  In the event of any dispute regarding its interpretation, it shall not be construed for or against any party based upon the grounds that this Agreement was prepared by any one of the parties hereto.
[signature pages to follow]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
	
			
	WYNN MA, LLC,
a Nevada limited liability company

	 

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

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

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

	 
	By:    /s/  Stephen Cootey

	 
	Its:  Chief Financial Officer and Treasurer 

	 
	 
	 

	WYNN RESORTS, LIMITED,
a Nevada corporation

	 

	 
	By:    /s/  Stephen Cootey

	 
	Its:  Chief Financial Officer and Treasurer 

	 
	 
	 

  

   

                        

7Exhibit

Exhibit 10.12.2

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT
This Second Amendment to Credit Agreement, dated as of December 21, 2015 (this “Agreement”), by and among Wynn America, LLC, a Nevada limited liability company (“Borrower”), the Guarantors (as defined in the Amended Credit Agreement referred to below) party hereto, Deutsche Bank AG New York Branch, as administrative agent (in such capacity, “Administrative Agent”) for (and on behalf of) the Lenders under the Existing Credit Agreement referred to below and, after giving effect hereto, the Amended Credit Agreement and as collateral agent (in such capacity, “Collateral Agent”) for the Secured Parties (as defined under the Existing Credit Agreement and, after giving effect hereto, the Amended Credit Agreement), and the Required Lenders (as defined below).
RECITALS:
WHEREAS, reference is hereby made to the Credit Agreement, dated as of November 20, 2014 (as amended by the First Amendment to Credit Agreement, dated as of November 5, 2015, and as it may be further amended, restated, replaced, supplemented or otherwise modified and as in effect immediately prior to giving effect to the amendments contemplated by this Agreement, the “Existing Credit Agreement” and the Existing Credit Agreement as modified by this Agreement, the “Amended Credit Agreement”; capitalized terms defined in the Amended Credit Agreement and not otherwise defined herein being used herein as therein defined), among Borrower, the Guarantors party thereto, the Lenders party thereto from time to time, the L/C Lenders party thereto from time to time, Administrative Agent, Collateral Agent and the other parties thereto; 
WHEREAS, each Lender holding either (i) a Term Facility Loan or (ii) a Tranche A Term Facility Commitment (collectively, the “Required Lenders”) has, effective as of November 16, 2015, agreed to extend the Term Facility Availability Period applicable to Tranche A Term Facility Commitments on the terms and subject to the conditions set forth in this Agreement; and 
WHEREAS, Borrower, the Guarantors, the Required Lenders, Administrative Agent and Collateral Agent will make certain amendments to the Existing Credit Agreement as set forth herein;
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
AMENDMENTS TO EXISTING CREDIT DOCUMENTS
SECTION 1.Consent of Required Lenders. Subject to the terms and conditions of this Agreement, each Required Lender that executes and delivers a signature page to this Agreement, effective as of November 16, 2015, irrevocably agrees to the amendments to, and waivers and consents under, the Existing Credit Agreement provided for herein with respect to all of such Lender’s Term Facility Loans and/or Tranche A Term Facility Commitments.  Such agreement shall be irrevocably binding on any subsequent assignees, transferees, participants, successors and assigns with respect to such Loans and Commitments.

SECTION 2.Amendments. Subject to the satisfaction of the conditions set forth in Article III of this Agreement, as of the Agreement Effective Date (as defined below) and effective as of November 16, 2015, the terms and provisions of the Existing Credit Agreement are hereby amended by replacing clause (a) of the definition of “Term Facility Availability Period” under the Existing Credit Agreement with the following: “(a) with respect to the Tranche A Term Facility Commitments, the period from and including the Closing Date through but excluding the earlier of November 21, 2015 and the date of termination of the Tranche A Term Facility Commitments,”. 

ARTICLE II
REPRESENTATION AND WARRANTIES
To induce the Lenders party hereto to agree to this Agreement, the Credit Parties represent to Administrative Agent and the Lenders that, as of the Agreement Effective Date:
SECTION 1.Corporate Existence.  Each Credit Party (a) is a corporation, partnership, limited liability company or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (b)(i) has all requisite corporate or other power and authority, and (ii) has all governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except, in the case of clauses (b)(ii) and (c) where the failure thereof individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.

SECTION 2.Action; Enforceability.  Each Credit Party has all necessary corporate or other organizational power, authority and legal right to execute, deliver and perform its obligations under this Agreement and to consummate the transactions herein contemplated; the execution, delivery and performance by each Credit Party of this Agreement and the consummation of the transactions herein contemplated have been duly authorized by all necessary corporate, partnership or other organizational action on its part; and this Agreement has been duly and validly executed and delivered by each Credit Party and constitutes its legal, valid and binding obligation, enforceable against each Credit Party in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

SECTION 3.No Breach; No Default.
(a)None of the execution, delivery and performance by any Credit Party of this Agreement nor the consummation of the transactions herein contemplated do or will (i) conflict with or result in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any Credit Party or (y) subject to Section 13.13 of the Existing Credit Agreement, any applicable Requirement of Law (including, without limitation, any Gaming Law) or (z) any order, writ, injunction or decree of any Governmental Authority binding on any Credit Party, or (ii) constitute (with due notice or lapse of time or both) a default under any such Contractual Obligation or (iii) result in or require the creation or imposition of any Lien (except for the Liens created pursuant to the Security Documents and other Permitted Liens) upon any Property of any Credit Party pursuant to the terms of any such Contractual Obligation, except with respect to (i)(y), (i)(z), (ii) or (iii) which would not reasonably be expected to result in a Material Adverse Effect; and
(b)No Default or Event of Default has occurred and is continuing.

ARTICLE III
CONDITIONS TO THE AGREEMENT EFFECTIVE DATE
This Agreement and the Amended Credit Agreement shall become effective, as of November 16, 2015, on the date (the “Agreement Effective Date”) on which each of the following conditions is satisfied or waived:

SECTION 1.Execution of Counterparts.  Administrative Agent shall have received executed counterparts of this Agreement from each Credit Party, Administrative Agent, Collateral Agent and Required Lender.
SECTION 2.Costs and Expenses.  To the extent invoiced at least three (3) Business Days prior to the Agreement Effective Date, all of the reasonable and documented out-of-pocket costs and expenses (including the reasonable fees, expenses and disbursements of Cahill Gordon & Reindel LLP) incurred by Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Agreement shall have been paid.

SECTION 3.No Default or Event of Default; Representations and Warranties True.  Both immediately prior to and immediately after giving effect to this Agreement:
(a) no Default or Event of Default shall have occurred and be continuing; and 
(b)each of the representations and warranties made by the Credit Parties in Article II hereof shall be true and correct in all material respects on and as of the Agreement Effective Date (it being understood and agreed that any such representation or warranty which by its terms is made as of an earlier date shall be required to be true and correct in all material respects only as such earlier date, and that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on the applicable date).
ARTICLE IV
VALIDITY OF OBLIGATIONS AND LIENS
SECTION 1.Validity of Obligations.  Each Credit Party hereby ratifies and reaffirms the validity, enforceability and binding nature of the Obligations both before and after giving effect to this Agreement and the Amended Credit Agreement (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity).

SECTION 2.Validity of Liens and Credit Documents.  Each Credit Party hereby ratifies and reaffirms the validity, enforceability (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity) and binding nature of the Credit Documents, and the validity, enforceability (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity) and perfection of the Liens and security interests granted to Collateral Agent for the benefit of the Secured Parties to secure any of the Secured Obligations (as defined in the Security Agreement and including after giving effect to the Amended Credit Agreement) by each Credit Party pursuant to the Credit Documents to which any Credit Party is a party, and agrees that the Liens and security interests granted pursuant to the Credit Documents shall continue to secure the Obligations under the Amended Credit Agreement, and hereby confirms and agrees that notwithstanding the effectiveness of this Agreement and the Amended Credit Agreement, and except as expressly amended by this Agreement or pursuant to the Amended Credit Agreement, each such Credit Document is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of this Agreement and the Amended Credit Agreement, each reference in the Credit Documents to the “Credit Agreement”, “thereunder”, “thereof” (and each reference in the Credit Agreement to this “Agreement”, “hereunder” or “hereof”) or words of like import shall mean and be a reference to the Amended Credit Agreement.  

ARTICLE V
MISCELLANEOUS 
SECTION 1.Notice.  For purposes of this Agreement, the notice address of each party hereto shall be as set forth in the Existing Credit Agreement.

SECTION 2.Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of Borrower and Administrative Agent (acting at the direction of such Lenders as may be required under Section 13.04 of the Existing Credit Agreement or, after giving effect to the amendments contemplated hereby, the Amended Credit Agreement).

SECTION 3.Entire Agreement.  This Agreement, the Amended Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

SECTION 4.GOVERNING LAW.  THIS AGREEMENT, AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS AGREEMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION.

SECTION 5.SERVICE OF PROCESS.  EACH PARTY HERETO AGREES THAT SECTION 13.09(b) OF THE EXISTING CREDIT AGREEMENT (OR, AFTER GIVING EFFECT TO THE AMENDMENTS CONTEMPLATED HEREBY, THE AMENDED CREDIT AGREEMENT) SHALL APPLY TO THIS AGREEMENT MUTATIS MUTANDIS. 

SECTION 6.Severability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

SECTION 7.Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission (including portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed counterpart hereof.

SECTION 8.Credit Document.  This Agreement shall constitute a “Credit Document” as defined in the Existing Credit Agreement.

SECTION 9.No Novation.  This Agreement shall not extinguish the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the priority of any Credit Document (as defined in the Existing Credit Agreement) or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Existing Credit Agreement or the instruments, documents and agreements securing the same, which shall remain in full force and effect.  Nothing in this Agreement shall be construed as a release or other discharge of Borrower or any Credit Party from any of its obligations and liabilities under the Existing Credit Agreement or the other Credit Documents (as defined in the Existing Credit Agreement).

SECTION 10.Acknowledgment.  It is understood, acknowledged and agreed by all of the parties hereto that no default or breach of obligations under the Existing Credit Agreement shall have resulted or shall be deemed to have resulted on or prior to the Agreement Effective Date in connection with the transactions contemplated hereunder, including in connection with any delayed funding of Tranche A Term Facility Commitments, and any claim thereto shall be deemed waived by all of the parties hereto effective on the Agreement Effective Date.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written above.
WYNN AMERICA, 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:  /s/ Stephen Cootey
Name: Stephen Cootey
Title: Chief Financial Officer, SVP and Treasurer

                    

GUARANTORS:

WYNN LAS VEGAS HOLDINGS, LLC,
a Nevada limited liability company

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

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

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

By:  /s/ Stephen Cootey
Name: Stephen Cootey
Title: Chief Financial Officer, SVP and Treasurer

        
WYNN MA, LLC,
a Nevada limited liability company

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

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

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

By:  /s/ Stephen Cootey
Name: Stephen Cootey
Title: Chief Financial Officer, SVP and Treasurer

EVERETT PROPERTY, LLC,
a Massachusetts limited liability company

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

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

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

By:  /s/ Stephen Cootey
Name: Stephen Cootey
Title: Chief Financial Officer, SVP and Treasurer

    

DEUTSCHE BANK AG NEW YORK BRANCH
as Administrative Agent and as Collateral Agent

By:  /s/ Mary Kay Coyle    
Name: Mary Kay Coyle
Title: Managing Director    
By:  /s/ Peter Cucchiara    
Name: Peter Cucchiara
Title: Vice President|

Consented to by:
Banc of America Credit Products, Inc.,
as Lender

By:  /s/ Jonathan M. Barnes    
Name: Jonathan M. Barnes
Title: Vice President
Consented to by:
Wells Fargo Bank, National Association,
as Lender

By:  /s/ Jeff Graci    
Name: Jeff Graci
Title: Managing Director

      

Consented to by:
OHA CREDIT PARTNERS VI, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As its portfolio manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA CREDIT PARTNERS VII, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As its portfolio manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA CREDIT PARTNERS VIII, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As its portfolio manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA CREDIT PARTNERS IX, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As its portfolio manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person

|

OHA CREDIT PARTNERS X, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As its portfolio manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA LOAN FUNDING 2012-1, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As Portfolio Manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA LOAN FUNDING 2013-1, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As Portfolio Manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person
OHA LOAN FUNDING 2013-2, LTD.,
as Lender

By: Oak Hill Advisors, L.P.
As Portfolio Manager
    
By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person

 

OHA LOAN FUNDING 2014-1, LLC,
as Lender

By: Oak Hill Advisors, L.P.
As Portfolio Manager

By:  /s/ Alan Schrager    
Name: Alan Schrager
Title: Authorized Person

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