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Exhibit 10.16    
  

COMPLETION GUARANTY  

        THIS COMPLETION GUARANTY (this "Guaranty") dated as of October 30, 2002, is made by Wynn Completion
Guarantor, LLC ("Completion Guarantor"), in favor of Deutsche Bank Trust Company Americas, as the Bank Agent acting on behalf of the Bank Lenders
and Wells Fargo Bank, National Association, as the Indenture Trustee acting on behalf of the Second Mortgage Note Holder(s). This Guaranty is made and delivered pursuant to the Master Disbursement
Agreement (the "Disbursement Agreement") dated as of even date herewith among Wynn Las Vegas, LLC, a Nevada limited liability company
("Wynn Las Vegas"), Wynn Las Vegas Capital Corp., a Nevada corporation ("Capital Corp."), Wynn
Design & Development, LLC, a Nevada limited liability company ("WDD" and, jointly and severally with Capital Corp., the "Company"), the
Bank Agent, the Indenture Trustee, Deutsche Bank Trust Company Americas, as the Disbursement Agent and Wells Fargo Bank Nevada, National Association, as the FF&E Agent. The Bank Agent, the Indenture
Trustee and the Lenders under their respective Facility Agreements are hereinafter referred to as the "Lender Beneficiaries" ("Lender Beneficiaries")
(it being understood that the term "Lender Beneficiaries" shall not include the FF&E Agent or the FF&E Lenders). 

RECITALS  

        A.    The Project.    The Company proposes to develop, construct and operate the Le Rêve Casino Resort,
a hotel and casino resort, with related parking structure and golf course facilities, as part of the redevelopment of the site of the former Desert Inn in Las Vegas, Nevada. 

        B.    Bank Credit Agreement.    Concurrently herewith, Wynn Las Vegas, the Bank Agent, Deutsche Bank
Securities, Inc., as advisor, lead arranger and joint book running manager, Banc of America Securities LLC, as advisor, lead arranger, joint book running manager and syndication agent,
Bear, Stearns & Co. Inc., as advisor, arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent, Dresdner Bank AG, New York and
Grand Cayman Branches, as arranger and joint documentation agent and the Bank Lenders have entered into the Bank Credit Agreement pursuant to which the Bank Lenders have agreed, subject to the terms
thereof and hereof, to provide certain revolving loans to Wynn Las Vegas in an aggregate amount not to exceed $750,000,000 and certain delay draw term loans to Wynn Las Vegas in an aggregate amount
not to exceed $250,000,000, as more particularly described therein. Of the Bank Revolving Facility amount, $747,000,000 is intended to finance Project Costs, as more particularly described therein.
Valvino, Wynn Resorts Holdings and certain other guarantors have, pursuant to the Bank Guarantee and Collateral Agreement, guaranteed the obligations of Wynn Las Vegas under the Bank Credit Agreement. 

        C.    Second Mortgage Notes Indenture.    Concurrently herewith, the Company, certain guarantors signatory thereto
(including Valvino and Wynn Resorts Holdings) and the Indenture Trustee have entered into the Second Mortgage Notes Indenture pursuant to which the Company will issue the Second Mortgage Notes due
2010 to finance Project Costs, as more particularly described therein. 

        D.    Disbursement Agreement.    Concurrently herewith, the Company, the Disbursement Agent, the Bank Agent, the
Indenture Trustee and the FF&E Agent, have entered into the Disbursement Agreement in order to set forth, among other things, (a) the mechanics for and allocation of the Company's requests for
Advances under the various Facilities and from the Company's Funds Account, (b) the conditions precedent to the Closing Date, to the initial Advance and to subsequent Advances,
(c) certain common representations, warranties and covenants of the Company in favor of the Funding Agents and the Lenders and (d) the common events of default and remedies. 

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        E.    Requirement of Guaranty.    The Lender Beneficiaries and the Disbursement Agent have agreed to enter into and
consummate the transactions contemplated under the respective Facility Agreements and the Disbursement Agreement on the condition that Completion Guarantor guarantee certain of the Company's
obligations under the Disbursement Agreement as provided herein. 

        F.    Benefit to Completion Guarantor.    Completion Guarantor is a wholly owned subsidiary of Wynn Las Vegas and
acknowledges that it will benefit, directly and indirectly, if the Lender Beneficiaries and the Disbursement Agent enter into the respective Facility Agreements and the Disbursement Agreement. 

        G.    Concurrent Obligations.    The obligations of Completion Guarantor hereunder are being incurred concurrently
with the respective obligations of the Company under the Facility Agreements, the guaranties executed by Valvino, Wynn Resorts Holdings and the other guarantors, and the Disbursement Agreement. 

        H.    Capitalized Terms.    Capitalized terms used but not defined herein shall have the respective meanings given
them in Exhibit A to the Disbursement Agreement, and the Rules of Interpretation contained in said Exhibit A shall apply hereto. 

AGREEMENT  

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and as an inducement to the Lender
Beneficiaries and the Disbursement Agent to enter into the Facility Agreements and the Disbursement Agreement, Completion Guarantor hereby consents and agrees as follows: 

        1.    Guaranty.    

        (a)  The
undersigned Completion Guarantor, as primary obligor and not merely as surety, unconditionally and irrevocably guarantees to (i) the Bank Agent acting on
behalf of the Bank Lenders, and (ii) the Indenture Trustee acting on behalf of the Second Mortgage Note Holder(s), (A) the performance by the Company of its obligation under the
Disbursement Agreement to achieve Completion on or before the Scheduled Completion Date and thereafter to achieve Final Completion, (B) payment and performance when due, whether by acceleration
or otherwise, of the full amount of any and all obligations and liabilities of the Company under Sections 5.8.1, 5.8.3 and the last sentence of  Section 5.21
of the Disbursement Agreement (the "Relevant Provisions"), and (C) the
payment or performance when due of all other "Obligations" (as defined in the Disbursement Agreement) of the Loan Parties under the Credit Agreement and the Second Mortgage Notes Indenture, whether by
acceleration or otherwise, together with all expenses incurred by the Disbursement Agent or the Lender Beneficiaries in enforcing any of such obligations and liabilities or the terms hereof,
including, without limitation, reasonable fees and expenses of legal counsel (collectively, the "Obligations"), and agrees that if for any reason the
Company shall fail to pay or perform when due any of such Obligations, Completion Guarantor will pay or perform the same forthwith. Notwithstanding any other provision hereof, Completion Guarantor's
aggregate liability under this Section 1(a), excluding any amounts payable under Section 18  below and any amounts transferred from the Completion
Guaranty Deposit Account to the Company Funds Account pursuant to Section 2(e)
below, shall in no event exceed Fifty Million Dollars ($50,000,000) (the "Liability Cap"). Amounts payable by Completion
Guarantor under Section 18 below and amounts transferred from the Completion Guaranty Deposit to the Company's Funds Account shall be disregarded
for purposes of the Liability Cap. Completion Guarantor waives notice of acceptance of this Guaranty and of any obligation to which it applies or may apply under the terms hereof, and waives
diligence, presentment, demand of payment, notice of dishonor or non-payment, protest, notice of protest, of any such obligations, suit or taking other action by the Disbursement Agent,
the Lender Beneficiaries or Lenders against, and 

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giving any notice of default or other notice to, or making any demand on, any party liable thereon (including Completion Guarantor). 

        (b)  This
Guaranty is a primary obligation of Completion Guarantor and is an absolute, unconditional, continuing and irrevocable guaranty of payment and not of collectibility
and is in no way conditioned on or contingent upon any attempt to enforce in whole or in part the Company's liabilities and obligations to the Funding Agents, the Lenders and the Disbursement Agent.
Subject to the Liability Cap set forth in Section 1(a) above, if the Company shall fail to pay any of the Obligations as and when they are due,
Completion Guarantor shall forthwith pay such Obligations in immediately available funds. Each failure by the Company to pay any Obligations shall give rise to a separate cause of action herewith, and
separate suits may be brought hereunder as each cause of action arises. 

        (c)  The
Funding Agents or the Lenders may, in accordance with the Financing Agreements, at any time and from time to time (whether or not after revocation or termination of
this Guaranty) without the consent of or notice to Completion Guarantor, except such notice as may be required by the Financing Agreements or applicable law which cannot be waived, without incurring
responsibility to Completion Guarantor, without impairing or releasing the obligations of Completion Guarantor hereunder, upon or without any terms or conditions and in whole or in part,
(i) change the manner, place and terms of payment or change or extend the time of payment of, renew, or alter any Obligation, or any obligations and liabilities (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof or in any manner modify, amend or supplement the terms of any Facility Agreement, the Disbursement Agreement (including the
Relevant Provisions) or any documents, instruments or agreements executed in connection therewith (in each case, with the consent of the Company if required by such documents) and the guaranty herein
made shall apply to the Obligations, changed, extended, renewed, modified, amended, supplemented or altered in any manner; (ii) exercise or refrain from exercising any rights against the
Company or others (including Completion Guarantor) or otherwise act or refrain from acting; (iii) add or release any other guarantor from its obligations without affecting or impairing the
obligations of Completion Guarantor hereunder; (iv) settle or compromise any Obligations and/or any obligations and liabilities (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any obligations and liabilities which may be due to the Lenders or others;
(v) sell, exchange, release, surrender, realize upon or otherwise deal with in any manner or in any order any property by whomsoever pledged or mortgaged to secure or howsoever securing the
Obligations or any liabilities or obligations (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof and/or any offset thereagainst; (vi) apply any sums
by whomsoever paid or howsoever realized to any obligations and liabilities of the Company and the other Loan Parties to the Funding Agents and the Lenders under any of the Financing Agreements in the
manner provided therein regardless of what obligations and liabilities remain unpaid; (vii) consent to or waive any breach of, or any act, omission or default under, any Facility Agreement or
the Disbursement Agreement (including the obligation to achieve Completion on or before the Scheduled Completion Date, the obligation to achieve Final Completion or the obligation set forth in the
Relevant Provisions) or otherwise amend, modify or supplement (with the consent of the Company or other Loan Parties, if required by such documents) any Facility Agreement or the Disbursement
Agreement (including the obligation to achieve Completion on or before the Scheduled Completion Date, the obligation to achieve Final Completion, or the obligation set forth in the Relevant
Provisions) or any of such other instruments or agreements; and/or (viii) act or fail to act in any manner referred to in this Guaranty which may deprive Completion Guarantor of any right to
subrogation which Completion Guarantor may, notwithstanding the provisions of Section 7, have against the Company or the 

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other Loan Parties to recover full indemnity for any payments made pursuant to this Guaranty or of any right of contribution which Completion Guarantor may have against any other party. 

        (d)  No
invalidity, irregularity or unenforceability of the Obligations shall affect, impair, or be a defense to this Guaranty, which is a primary obligation of Completion
Guarantor. 

        (e)  This
is a continuing Guaranty and all obligations to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance
hereon. In the event that, notwithstanding the provisions of Section 1(a) hereof, this Guaranty shall be deemed revocable in accordance with
applicable law, then any such revocation shall become effective only upon receipt by the Bank Agent, the Indenture Trustee and the Disbursement Agent of written notice of revocation signed by
Completion Guarantor. No revocation or termination hereof shall affect in any manner rights arising under this Guaranty with respect to Obligations (i) arising prior to receipt by the Bank
Agent, the Indenture Trustee and the Disbursement Agent of written notice of such revocation or termination and the sole effect of revocation and termination hereof shall be to exclude from this
Guaranty Obligations thereafter arising which are unconnected with Obligations theretofore arising or transactions theretofore entered into or (ii) arising as a result of an Event of Default
under the Disbursement Agreement occurring by reason of the revocation or termination of this Guaranty. 

        (f)    (i) Except
as otherwise required by law, each payment required to be made by Completion Guarantor hereunder shall be made without deduction or withholding for or
on account of Taxes. If such deduction or withholding is so required, Completion Guarantor shall, upon notice thereof from the Bank Agent, the Indenture Trustee or the Disbursement Agent,
(A) pay the amount required to be deducted or withheld to the appropriate authorities before penalties attach thereto or interest accrues thereon, (B) on or before the sixtieth (60th)
day after payment of such amount, forward to the Bank Agent, the Indenture Trustee and the Disbursement Agent an official receipt evidencing such payment (or a certified copy thereof), and
(C) in the case of any such deduction or withholding, forthwith pay to the Disbursement Agent for application in accordance with the Disbursement Agreement such additional amount as may be
necessary to ensure that the net amount actually received by the Disbursement Agent free and clear of such Taxes, including any Taxes on such additional amount, is equal to the amount that the
Disbursement Agent would have received had there been no such deduction or withholding. 

        (ii)  As
used herein, the term "Tax" means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions
thereto) that is imposed by any government or other taxing authority in respect of any payment under this Guaranty other than (A) any income, franchise, transfer, inheritance, capital stock or
similar tax imposed upon the gross or net income of any Lender by the United States, any state of the United States, any jurisdiction where any Lender is organized and/or the jurisdiction in which is
located any office from or at which any Lender is making or maintaining any Loans under the Bank Credit Facility or acquiring the Mortgage Note(s), as the case may be, or receiving any payments under
any of the Financing Agreements and (B) any stamp, registration, documentation or similar tax. 

        2.    Completion Guaranty Deposit Account.    

        (a)  As
security for Completion Guarantor's obligations hereunder, Completion Guarantor shall, on or prior to the Closing Date, establish or cause to be established the
Completion Guaranty Deposit Account and deposit in the Completion Guaranty Deposit Account, in cash or Permitted Investments, Fifty Million Dollars ($50,000,000). 

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        (b)  The
Lender Beneficiaries shall have the right to withdraw funds from the Completion Guaranty Deposit Account at the following times and in the following amounts: 

          (i)  On
any date on which the Company is required to (but does not prior to 11:00 a.m. New York, New York time) deposit amounts in the Company's Funds Account or the
Disbursement Account, pursuant to Section 5.8.3 of the Disbursement Agreement, in an amount equal to the lesser of (A) the amount so
required to be deposited and (B) the greater of (x) the amount which is permitted to be withdrawn from the Completion Guaranty Deposit Account on such date pursuant to  Section 5.8.3 of
the Disbursement Agreement and (y) from and after the initial Advance Under the Bank Credit Facility, such greater amount
as may be authorized by the Bank Agent; and 

        (ii)  Pursuant
to Sections 5.8.1, 5.21 and 10.2 of the Disbursement
Agreement, upon (A) the occurrence of an Event of Default, (B) the dissolution or liquidation of the Completion Guarantor, or the Completion Guarantor's "Bankruptcy" (as defined in the
Second Mortgage Notes Deed of Trust), (C) the breach by Completion Guarantor of any of its obligations hereunder (including its obligations under  Section 5) or (D) the occurrence of an
Event of Loss following which the Company is not allowed to repair or restore the Project, in the
full amount of funds then on deposit in the Completion Guaranty Deposit Account. 

        (c)  On
the Completion Guaranty Release Date, the Lender Beneficiaries shall release or cause to be released the amounts contemplated in  Section 2.10(d) of the Disbursement Agreement to, or as directed by,
Completion Guarantor. On the Final Completion Date, (i) the Lender
Beneficiaries shall release or cause to be released all amounts remaining in the Completion Guaranty Deposit Account to, or as directed by, Completion Guarantor and (ii) this Guaranty shall,
except for the provisions set forth in Sections 7 and 8 below and subject to  Section 19, be deemed
terminated and of no force or effect. The provisions of Sections 7
and 8 below shall, subject to Section 19, survive until all the Financing
Agreements Obligations (as defined in Section 7) have been paid in full. 

        (d)  Proceeds
of any withdrawal from the Completion Guaranty Deposit Account shall (except as provided in Section 2(c)  above) be applied by the Lender Beneficiaries (i) in the case of a withdrawal under
Section 2(b)(i) above, to the
satisfaction of the Company's obligation to cause funds to be deposited into the Company's Funds Account or the Disbursement Account, as the case may be, pursuant to  Section 5.8.3 of the
Disbursement Agreement and (ii) in the case of a withdrawal under Section 2(b)(ii)
above, as permitted under Section 7.2 of the Disbursement Agreement, Section 8  of the Bank Credit Agreement or
Article 6 of the Second Mortgage Notes Indenture and, in any event, as otherwise
permitted by Section 3 hereof. 

        (e)  The
Lender Beneficiaries shall withdraw or cause to be withdrawn any interest or other earnings which accrue on amounts on deposit in the Completion Guaranty Deposit
Account and shall deposit or cause to be deposited such amounts in the Company Funds Account until applied to pay Project Costs as provided in the Disbursement Agreement. 

        3.    Safekeeping of Completion Guaranty Deposit Account.    

        (a)  Amounts
deposited in the Completion Guaranty Deposit Account shall be applied exclusively as provided in this Guaranty and the Lender Beneficiaries shall at all times
act and direct the Securities Intermediary under the Completion Guaranty Collateral Account Agreements so as to implement the application of funds provisions and procedures herein set forth. The
Lender Beneficiaries are hereby authorized to direct the Securities Intermediary to reduce to cash any Permitted Investment (without regard to maturity) in any account in order to make any application
required hereunder. No amount held in the Completion Guaranty Deposit Account 

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shall be disbursed or applied except in accordance with the provisions hereof or as required by law. 

        (b)  The
Indenture Trustee, the Bank Agent and the Disbursement Agent shall take such actions within their control that they customarily take in the conduct of their business
to protect the Completion Guaranty Deposit Account and all cash, funds and Permitted Investments from time to time deposited therein, as well as any proceeds therefrom (collectively, the
"Guaranty Collateral") and maintain the same free and clear of all liens, security interests, safekeeping or other charges, demands and claims of any
nature whatsoever now or hereafter arising in favor of any parties other than the Project Secured Parties (collectively, "Third Party Claims"); it being
understood, however, that the foregoing shall in no way be deemed to be a guaranty or other assurance by the Indenture Trustee, the Bank Agent or the Disbursement Agent that Third Party Claims will
not arise. 

        (c)  The
Disbursement Agent shall take any other steps from time to time requested by the Bank Agent or Indenture Trustee to confirm or cause the securities intermediary
under the Completion Guaranty Collateral Account Agreements to confirm and maintain the priority of the security interests in the Guaranty Collateral. 

        4.    Representations and Warranties.    Completion Guarantor makes the representations and warranties set forth below
to the Lender Beneficiaries and the other Lenders as of the date hereof: 

        (a)  Completion
Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and
authority to carry on its business as now conducted and to (i) own or hold under lease and operate the properties it purports to own or hold
under lease, (ii) carry on its business as now being conducted, (iii) incur indebtedness and create a lien on its property and (iv) to execute, deliver and perform under this
Guaranty. 

        (b)  Completion
Guarantor has duly authorized, executed and delivered this Guaranty and neither the execution and delivery hereof nor the consummation of the transactions
contemplated hereby nor the compliance with the terms hereof (a) does or will contravene the formation documents or any other Legal Requirement then applicable to or binding on Completion
Guarantor, (b) does or will contravene or result in any breach or constitute any default under, or result in or require the creation of any Lien upon any of Completion Guarantor's properties or
under any agreement or instrument to which Completion Guarantor is a party or by which it or any of its properties may be bound, or (c) does or will require the consent or approval of any
Person which has not previously been obtained. 

        (c)  All
governmental authorizations and actions necessary in connection with the execution and delivery by Completion Guarantor of this Guaranty and the performance of its
Obligations hereunder have been obtained or performed and remain valid and in full force and effect. 

        (d)  This
Guaranty constitutes the legal, valid and binding obligation of Completion Guarantor, enforceable against Completion Guarantor (and Completion Guarantor's
successors and assigns) in accordance with the terms of this Guaranty, subject to applicable bankruptcy, insolvency, moratorium and other similar laws affecting creditors' rights generally and general
principles of equity. 

        (e)  The
execution, delivery and performance of this Guaranty (i) do not and will not contravene any provisions of Completion Guarantor's certificate of incorporation
or bylaws; (ii) do not and will not contravene any law, rule, regulation, order, judgment or decree applicable to or binding on Completion Guarantor or any of its assets or properties;
(iii) do not and will not contravene, or result in any breach of or constitute any default under, any agreement or instrument to which Completion Guarantor is a party or by which Completion
Guarantor or any of 

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its assets or properties may be bound or affected; and (iv) do not and will not require the consent of any Person under any existing law or agreement which has not already been obtained. 

        (f)    There
is no pending or, to the best of Completion Guarantor's knowledge, threatened action or proceeding affecting Completion Guarantor before any court, governmental
agency or arbitrator, which might reasonably be expected to materially and adversely affect the financial condition, results of operations, business or prospects of Completion Guarantor or the ability
of Completion Guarantor to perform its obligations under this Guaranty. 

        (g)  Completion
Guarantor possesses all franchises, certificates, licenses, permits and other governmental authorizations and approvals necessary for him to own his
properties, conduct its businesses and perform its obligations under this Guaranty. 

        (h)  Completion
Guarantor has established adequate means of obtaining financial and other information pertaining to the businesses, operations and condition (financial and
otherwise) of the Company and its properties on a continuing basis, and Completion Guarantor now is and hereafter will be completely familiar with the businesses, operations and condition (financial
and otherwise) of the Company and its properties. 

        (i)    All
quarterly and annual financial statements heretofore delivered by Completion Guarantor to Agent are true, correct and complete, do not fail to disclose any material
liabilities, whether direct or contingent, fairly present the financial condition of Completion Guarantor as of the date delivered and are prepared in accordance with generally accepted accounting
principles consistently applied. 

        (j)    Completion
Guarantor is not an investment company or a company controlled by an investment company, within the meaning of the Investment Company Act of 1940. 

        (k)  (i) Completion
Guarantor is not, and will not as a result of the execution and delivery of this Guaranty, be rendered insolvent, (ii) Completion Guarantor
does not intend to incur, or believe it is incurring, obligations beyond its ability to pay and (iii) Completion Guarantor's property remaining after delivery and performance of this Guaranty
will not constitute unreasonably small capital for its business. 

        5.    Covenants.    So long as any Obligations are outstanding, Completion Guarantor agrees that: 

        (a)  it
will preserve, renew and keep in full force and effect its limited liability company existence and it will not amend, revise or modify its organizational documents; 

        (b)  it
will comply with Articles IV, VI and VII of its Articles of Organization; 

        (c)  it
will maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Guaranty and
will obtain any such consent that may become necessary in the future; 

        (d)  it
will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to
perform its obligations under this Guaranty; 

        (e)  promptly,
and in any event within thirty (30) Banking Days after the obtaining knowledge thereof, Completion Guarantor will give to the Bank Agent, the Indenture
Trustee and the Disbursement Agent notice of the occurrence of any litigation or governmental proceeding pending against Completion Guarantor or which relates to this Guaranty; and 

        (f)    it
will deliver such other documents and other information reasonably requested by the Bank Agent, the Indenture Trustee or the Disbursement Agent. 

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        6.    Waiver.    To the fullest extent permitted by law, Completion Guarantor hereby waives and relinquishes all
rights and remedies accorded by applicable law to sureties or guarantors and agrees not to assert or take advantage of any such rights or remedies, including without limitation (a) any right to
require the Funding Agents, the Lenders or the Disbursement Agent to proceed against the Company or any other person or to proceed against or exhaust any security held by the Funding Agents, the
Lenders or the Disbursement Agent at any time or to pursue any other remedy in the Funding Agents', the Lenders' or the Disbursement Agent's power before proceeding against Completion Guarantor
(including any right or claim of right to cause a marshalling of a debtor's assets or to proceed against Completion Guarantor, any debtor or any other guarantor of any debtor's obligations in any
particular order, including, without limitation, any right arising under Nevada Revised Statutes Section 40.430)), (b) any defense that may arise by reason of the incapacity, lack of
power or authority, death, dissolution, merger, termination or disability of the Company or any other Person or the failure of the Funding Agents, the Lenders or the Disbursement Agent to file or
enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of the Company or any other Person, (c) demand, presentment, protest and notice of any kind, including
without limitation notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of the Company, the Funding
Agents, the Lenders, the Disbursement Agent, any endorser or creditor of the Company or Completion Guarantor or on the part of any other person under this or any other instrument in connection with
any obligation or evidence of indebtedness held by the Funding Agents, the Lenders or the Disbursement Agent as collateral or in connection with any Obligations, (d) any defense based upon an
election of remedies by the Funding Agents, the Lenders or the Disbursement Agent, including without limitation an election to proceed by non-judicial rather than judicial foreclosure,
which destroys or otherwise impairs any subrogation rights which Completion Guarantor may, notwithstanding the provisions of Sections 7 and  8, have
against the Company, any right which Completion Guarantor may, notwithstanding the provisions of Sections 7
and 8, have to proceed against the Company for reimbursement, or both, (e) any defense based on any offset against any
amounts which may be owed by any Person to Completion Guarantor for any reason whatsoever, (f) any defense based on any act, failure to act, delay or omission whatsoever on the part of the
Company or the failure by the Company to do any act or thing or to observe or perform any covenant, condition or agreement to be observed or performed by it under the Financing Agreements,
(g) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the
principal provided, that, upon payment in full of the Obligations, this Guaranty shall no longer be of any force or effect, (h) any defense, setoff or counterclaim which may at any time be
available to or asserted by the Company against the Funding Agents, the Lenders, the Disbursement Agent, the Construction Consultant or any other Person under any of the Financing Agreements,
including in connection with the exercise of any judgment by the Disbursement Agent, the Construction Consultant or any other Person under the Disbursement Agreement or by reason of the delay or
failure by the Disbursement Agent or the Construction
Consultant or any other Person to perform their duties thereunder, (i) any duty on the part of the Funding Agents, the Lenders or the Disbursement Agent to disclose to Completion Guarantor any
facts the Funding Agents, the Lenders or the Disbursement Agent may now or hereafter know about the Company, regardless of whether the Funding Agents, the Lenders or the Disbursement Agent have reason
to believe that any such facts materially increase the risk beyond that which Completion Guarantor intends to assume, or have reason to believe that such facts are unknown to Completion Guarantor, or
have a reasonable opportunity to communicate such facts to Completion Guarantor, since Completion Guarantor acknowledges that Completion Guarantor is fully responsible for being and keeping informed
of the financial condition of the Company and the other Loan Parties and of all circumstances bearing on the risk of non-payment of any obligations and liabilities hereby guaranteed,
(j) fact that Completion Guarantor may at any time in the future no longer be a subsidiary of Wynn Las Vegas, (k) any defense based on any change in the time, manner or place of any
payment under, or in any other term of, any Facility Agreement, the Disbursement Agreement (including the 

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Relevant Provisions) or any other amendment, renewal, extension, acceleration, compromise or waiver of or any consent or departure from the terms of any Facility Agreement, the Disbursement Agreement
(including the Relevant Provisions) or any other Financing Agreement, (l) any defense arising because of the any Funding Agents', any Lender's or the Disbursement Agent's election, in any
proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code, and (m) any defense based upon any borrowing or grant of
a security interest under Section 364 of the Federal Bankruptcy Code. 

        7.    Subordination.    All existing and future indebtedness of the Company and the other Loan Parties to Completion
Guarantor is hereby subordinated to all obligations and liabilities of all kinds and nature (including the "Obligations" (as defined in the Disbursement Agreement)) of the Company to the Lender
Beneficiaries, including the obligations and liabilities hereby guaranteed (collectively, the "Financing Agreements Obligations"). Without the prior
written consent of Bank Agent, such subordinated indebtedness shall not be paid or withdrawn in whole or in part, nor shall Completion Guarantor accept any payment of or on account of any such
indebtedness until all the Financing Agreements Obligations have been repaid in full. At Bank Agent's request, if an Event of Default under the Disbursement Agreement has occurred and is continuing,
Completion Guarantor shall cause Company to pay to Bank Agent for the benefit of the Bank Lenders all or any part of such subordinated indebtedness. Any payment by Company or any other Loan Party in
violation of this Guaranty shall be received by Completion Guarantor in trust for Lender Beneficiaries, and Completion Guarantor shall cause the same to be paid to Lender Beneficiaries immediately
upon demand by Bank Agent on account of Company's obligations and liabilities hereby guaranteed. Completion Guarantor shall not assign all or any portion of such indebtedness while this Guaranty
remains in effect. Any attempted assignment of such indebtedness in violation of the provisions hereof shall be void. 

        8.    Subrogation.    Until all Financing Agreements Obligations have been paid in full, (a) Completion
Guarantor shall not have any right of subrogation and waives all rights to enforce any remedy which the Lender Beneficiaries, the Lenders or the Disbursement Agent now have or may hereafter have
against the Company and the other Loan Parties, and waives the benefit of, and all rights to participate in, any security now or hereafter held by the Lender Beneficiaries, the Lenders or the
Disbursement Agent from the Company or the other Loan Parties and (b) Completion Guarantor waives any claim, right or remedy which Completion Guarantor may now have or hereafter acquire against
the Company or the other Loan Parties that arises hereunder and/or from the performance by the Completion Guarantor hereunder including, without limitation, any claim, remedy or right of subrogation,
reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of the Lender Beneficiaries, the Lenders or the Disbursement Agent against the Company or the
other Loan Parties, or any security which the Lender Beneficiaries, the Lenders or the Disbursement Agent now have or hereafter acquire, whether or not such claim, right or remedy arises in equity,
under contract, by statute, under common law or otherwise. 

        9.    Bankruptcy.    

        (a)  So
long as any of the Financing Agreements Obligations are owed to the Lender Beneficiaries, Completion Guarantor shall not commence, or join with any other Person in
commencing, any bankruptcy, reorganization, or insolvency proceeding against the Company or any other Loan Party. The obligations of Completion Guarantor under this Guaranty shall not be altered,
limited or affected by any proceeding, voluntary or involuntary, involving the bankruptcy, reorganization, insolvency, receivership, liquidation or arrangement of the Company or any other Loan Party,
or by any defense which the Company or any other Loan Party may have by reason of any order, decree or decision of any court or administrative body resulting from any such proceeding. 

9

 

        (b)  So
long as any Financing Agreements Obligations are owed to the Lender Beneficiaries, to the extent of such Financing Agreements Obligations, Completion Guarantor shall
file, in any bankruptcy or other proceeding of or against the Company or any other Loan Party in which the filing of proofs of claims is required or permitted by law, all claims which Completion
Guarantor may have against the Company or any other Loan Party (but only to the extent) relating to any indebtedness of the Company or such other Loan Party to Completion Guarantor, and hereby assigns
to the Bank Agent and the Indenture Trustee, on behalf of the Bank Lenders and the Mortgage Note Holders, respectively, all rights of Completion Guarantor thereunder. If Completion Guarantor does not
file any such claim, each of the Bank Agent and the Indenture Trustee as attorney-in-fact for Completion Guarantor, is hereby authorized to do so in the name of Completion
Guarantor or, in such Funding Agent's discretion, to assign the claim to a nominee and to cause proofs of claim to be filed in the name of such nominee. The foregoing power of attorney is coupled with
an interest and cannot be revoked. The Bank Agent and the Indenture Trustee nominees shall have the sole right to accept or reject any plan proposed in any such proceeding and to take any other action
which a party filing a claim is entitled to take. In all such cases, whether in administration, bankruptcy or otherwise, the person authorized to pay such a claim shall pay the same to the Bank Agent
and the Indenture Trustee to the extent of any Financing Agreements Obligations which then remain unpaid, and, to the full extent necessary for that purpose, Completion Guarantor hereby assigns to the
Bank Agent and the Indenture Trustee all of Completion Guarantor's rights to all such payments or distributions to which Completion Guarantor would otherwise be entitled; provided, however, that
Completion Guarantor's obligations hereunder shall not be satisfied except to the extent that the Bank Agent or the Indenture Trustee receives cash by reason of any such payment or distribution. If
the Bank Agent or the Indenture Trustee receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. 

        10.    Successions or Assignments.    

        (a)  This
Guaranty shall inure to the benefit of the successors or assigns of the Lender Beneficiaries who shall have, to the extent of their interest, the rights of the
Lender Beneficiaries hereunder. 

        (b)  This
Guaranty is binding upon Completion Guarantor and its successors and assigns. Completion Guarantor is not entitled to assign its obligations hereunder to any other
person, and any purported assignment in violation of this provision shall be void. 

        11.    Waivers.    

        (a)  No
delay on the part of the Lender Beneficiaries, the Lenders or the Disbursement Agent in exercising any of their rights (including those hereunder) and no partial or
single exercise thereof and no action or non-action by the Lender Beneficiaries, the Lenders or the Disbursement Agent, with or without notice to Completion Guarantor or anyone else, shall
constitute a waiver of any rights or shall affect or impair this Guaranty. 

        (b)  COMPLETION
GUARANTOR HEREBY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR RELATING TO THE SUBJECT MATTER
OF THIS GUARANTY AND THE RELATIONSHIP BETWEEN COMPLETION GUARANTOR AND THE LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT THAT IS BEING ESTABLISHED. COMPLETION GUARANTOR ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT THE LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT HAVE ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY, AND THAT THE
LENDER BENEFICIARIES AND THE DISBURSEMENT AGENT WILL CONTINUE TO RELY ON 

10

 

THE WAIVER IN THEIR RELATED FUTURE DEALINGS. COMPLETION GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

        12.    Interpretation.    The section headings in this Guaranty are for the convenience of reference only and shall
not affect the meaning or construction of any provision hereof. 

        13.    Notices.    All notices in connection with this Guaranty shall be given by notice in writing
hand-delivered or sent by facsimile transmission or by certified mail return-receipt requested (airmail, if overseas),
postage prepaid. All such notices shall be sent to the appropriate telecopier number or address, as the case may be, set forth in Section 17  below or to such other number or address as shall have
been subsequently specified by written notice to the other party, and shall be sent with copies, if any, as indicated
below. All such notices shall be effective upon receipt, and confirmation by answerback of any such notice so sent by telecopier shall be sufficient evidence of receipt thereof. 

        14.    Amendments.    This Guaranty may be amended only with the written consent of the parties hereto. 

        15.    Jurisdiction; Governing Law.    

        (a)  Any
action or proceeding relating in any way to this Guaranty shall be brought and enforced in the courts of the State of New York in Manhattan or of the United States
for the Southern District of New York. Any such process or summons in connection with any such action or proceeding may be served by mailing a copy thereof by certified or registered mail, or any
substantially similar form of mail, addressed to Completion Guarantor as provided for notices hereunder. 

        (b)  This
Guaranty and the rights and obligations of Agent and of the Completion Guarantor shall be governed by and construed in accordance with the law of the State of New
York without reference to principles of conflicts of laws (other than Section 5-1401 of the New York General Obligations Law). 

        16.    Integration of Terms.    This Guaranty contains the entire agreement between the Completion Guarantor, the
Lender Beneficiaries, the Lenders and the Disbursement Agent relating to the subject matter hereof and supersedes all oral statements and prior writing with respect hereto. 

        17.    Addresses.    

        (a)  The
address of Completion Guarantor for notices is: 

Wynn
Completion Guarantor, LLC

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: Ron Kramer

Telephone Number: (702) 733-4123

Telecopier Number: (702) 791-0167 

        (b)  The
address of the Bank Agent for notices is: 

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attn: George Reynolds

Telephone No.: (646) 324-2112

Telecopier No.: (646) 324-7450 

11

 

        (c)  The
address of the Indenture Trustee for notices is: 

Wells
Fargo Bank, National Association

MAC: N9303-110

Sixth & Marquette

Minneapolis, MN 55479

Attention: Michael Slade

Telephone Number:

Telecopier Number: 

        (d)  The
address of the Disbursement Agent for notices is: 

Deutsche
Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

Attention: Amy Sinensky

Telephone No.: (212) 469-4063

Telecopier No.: (212) 469-6091 

        18.    Interest; Collection Expenses.    Any amount required to be paid by Completion Guarantor pursuant to the terms
hereof shall bear interest at the highest default rate provided in the Financing Agreement or the maximum rate permitted by law, whichever is less, from the date due until paid in full. If the Lender
Beneficiaries or the Disbursement Agent are required to pursue any remedy against Completion Guarantor hereunder, Completion Guarantor shall pay to the Lender Beneficiaries or the Disbursement Agent,
as the case may be, upon demand, all reasonable attorneys' fees and expenses all
other costs and expenses incurred by the Lender Beneficiaries or the Disbursement Agent in enforcing this Guaranty and such amounts shall not be subject to the Liability Cap under  Section 1(a).

        19.    Reinstatement of Guaranty.    This Guaranty shall continue to be effective or be reinstated, as the case may
be, if at any time any payment to or on behalf of the Company or by the Company under the Financing Agreements or by Completion Guarantor hereunder is rescinded or must otherwise be returned by the
Lender Beneficiaries, the Lenders or the Disbursement Agent upon the insolvency, bankruptcy, reorganization, dissolution or liquidation of the Company or otherwise, all as though such payment had not
been made. 

        20.    Counterparts.    The Guaranty may be executed in one or more duplicate counterparts, and when executed and
delivered by all of the parties listed below shall constitute a single binding agreement. 

        21.    Disbursement Agent.    

        (a)  The
Lender Beneficiaries may appoint or designate the Disbursement Agent to exercise or enforce their rights and remedies under this Guaranty and to otherwise act on
their behalf in all matters related hereto. Completion Guarantor shall respect and treat any and all actions so taken by the Disbursement Agent as if taken by the Lender Beneficiaries. 

        (b)  All
references in this Guaranty to the Disbursement Agent shall mean and be construed as the Disbursement Agent acting pursuant to the Disbursement Agreement. 

        22.    No Benefit to the Company.    This Guaranty is for the benefit of only the Lender Beneficiaries and is not for
the benefit of the Company or the other Loan Parties. The Guaranty shall not be deemed to be a contract to make a loan, or extend other debt financing or financial accommodation, for the benefit of
the Company or the other Loan Parties, in each case within the meaning of Section 365(e) of the Bankruptcy Code. 

12

 

        23.    Project Lenders Intercreditor Agreement.    All rights and remedies of the Indenture Trustee hereunder are, as
between the Indenture Trustee and the Bank Agent, subject to the terms of the Project Lenders Intercreditor Agreement. This provision is for the benefit of, and may be enforced exclusively by, the
Bank Agent and the Bank Lenders only. For the avoidance of doubt, this provision is not for the
benefit of the Completion Guarantor and may not, under any circumstances, be enforced by the Completion Guarantor. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

13

 

        IN
WITNESS WHEREOF, the Completion Guarantor has caused this Guaranty to be duly executed and delivered as of the day and year first written above. 

	 	WYNN COMPLETION GUARANTOR, LLC
	

 	

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:	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member
	

 	

 	

 	

 	

By:	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member
	

 	

 	

 	

 	

 	

By:	

/s/  MARC H. RUBINSTEIN      

	 	 	 	 	 	Name:	Marc H. Rubinstein

	 	 	 	 	 	Its:	Senior Vice President

	

Agreed and accepted:	
 	

 
	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as the Bank Agent	
 	

 
	

By:	

/s/  GEORGE REYNOLDS      
	
 	

 
	 	Name:	George Reynolds
	 	 
	 	Title:	Vice President
	 	 
	

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Indenture Trustee	
 	

 
	

By:	

/s/  MICHAEL G. SLADE      
	
 	

 
	 	Name:	Michael G. Slade
	 	 
	 	Title:	Corporate Trust Officer
	 	 
	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as the Disbursement Agent	
 	

 
	

By:	

/s/  GEORGE REYNOLDS      
	
 	

 
	 	Name:	George Reynolds
	 	 
	 	Title:	Vice President
	 	 

14

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Exhibit 10.17  

 
  INTERCREDITOR AGREEMENT
  (FF&E)    
  

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Bank Agent,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee

and

WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION,

as FF&E Agent,

October 30, 2002  

   TABLE OF CONTENTS  

	 
	 	 
	 	 
	 	Page

	1.	 	Definitions and General Provisions.	 	2
	

 	
 	

1.1	
 	

Definitions	
 	

2
	 	 	1.2	 	Interpretation	 	6
	

2.	
 	

FF&E Collateral, Priority of Liens, Subordination and Release.	
 	

6
	

 	
 	

2.1	
 	

Liens and Security Interests on the FF&E Collateral	
 	

6
	 	 	2.2	 	FF&E Proceeds Accounts Collateral and Aircraft Collateral Does Not Secure Bank Facility or Second Mortgage Note Holders	 	7
	 	 	2.3	 	Hotel/Casino Collateral Does Not Secure FF&E Facility	 	7
	 	 	2.4	 	Confirmation of Liens.	 	7
	 	 	2.5	 	Release of Liens.	 	8
	

3.	
 	

Rights and Limitation of Actions With Respect to the FF&E Collateral.	
 	

8
	

 	
 	

3.1	
 	

Rights and Limitations Applicable to the Project Credit Parties.	
 	

8
	 	 	3.2	 	Rights and Limitations Applicable to the FF&E Agent and the FF&E Lenders.	 	10
	 	 	3.3	 	Certain Waivers by the Project Secured Parties	 	12
	 	 	3.4	 	Notification of Events of Default	 	12
	 	 	3.5	 	FF&E Standstill Period.	 	13
	 	 	3.6	 	Limitation of Liability.	 	13
	 	 	3.7	 	Cooperation with Foreclosure Purchaser	 	14
	 	 	3.8	 	Obligations of Project Credit Parties Limited to their Capacities as Junior Lien Holders	 	14
	

4.	
 	

Other Intercreditor Provisions.	
 	

15
	

 	
 	

4.1	
 	

Waiver of Provisions Under Financing Agreements	
 	

15
	 	 	4.2	 	Amendments of Financing Agreements	 	15
	 	 	4.3	 	Provisions Relating to Events of Loss and Loss Proceeds.	 	15
	 	 	4.4	 	Responsibility for Staying Informed.	 	16
	

5.	
 	

Insolvency or Liquidation Proceedings.	
 	

16
	

 	
 	

5.1	
 	

Right to File Involuntary Bankruptcy	
 	

16
	 	 	5.2	 	Certain Agreements and Consents by the Project Credit Parties	 	16
	

6.	
 	

Default Payoff Option	
 	

17
	

7.	
 	

Representations and Warranties	
 	

17
	

 	
 	

7.1	
 	

Organization	
 	

17
	 	 	7.2	 	Authorization	 	17
	 	 	7.3	 	Binding Agreement	 	17
	 	 	7.4	 	No Consent Required	 	17
	 	 	7.5	 	No Conflict	 	18
	

8.	
 	

Miscellaneous Provisions.	
 	

19
	

 	
 	

8.1	
 	

Notices; Addresses	
 	

19
	 	 	8.2	 	Further Assurances	 	19
	 	 	8.3	 	Waiver	 	20
	 	 	8.4	 	Entire Agreement	 	20
	 	 	8.5	 	Governing Law	 	20

i

 

	 	 	8.6	 	Severability	 	20
	 	 	8.7	 	Headings	 	20
	 	 	8.8	 	Limitations on Liability	 	20
	 	 	8.9	 	Consent to Jurisdiction	 	20
	 	 	8.10	 	Successors and Assigns	 	20
	 	 	8.11	 	Counterparts	 	21
	 	 	8.12	 	No Third Party Beneficiaries	 	21
	 	 	8.13	 	Refinancing; Amendment for New Credit Parties	 	21
	 	 	8.14	 	Trust Indenture Act	 	21
	 	 	8.15	 	Reinstatement	 	21
	 	 	8.16	 	Interaction with Project Lenders Intercreditor Agreement	 	21
	 	 	8.17	 	Attorneys' Fees	 	21

ii

   INTERCREDITOR AGREEMENT

(FF&E)  

        THIS INTERCREDITOR AGREEMENT (this "Agreement") is made as of
October 30, 2002 (the "Effective Date"), by and among DEUTSCHE BANK TRUST COMPANY AMERICAS, as
the Administrative Agent acting on behalf of itself and the Bank Lenders pursuant to the Bank Credit Agreement (in such capacity, the "Bank Agent"),
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association in its capacity as Trustee under the Second Mortgage Notes Indenture (in such capacity, the "Indenture
Trustee") and WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION, as the Collateral Agent acting on behalf of itself and the FF&E
Lenders pursuant to the FF&E Facility Agreement (in such capacity, the "FF&E Agent"). 

RECITALS:  

        A. The Project. Wynn Las Vegas, LLC, a Nevada limited liability company (the
"Company"), proposes to develop, construct and operate the Le Reve Hotel Casino, a large-scale, hotel, casino, golf course and entertainment complex
with related ancillary facilities, all as part of the redevelopment on the site of the former Desert Inn Resort & Casino. 

        B. The Bank Credit Facility. Concurrently herewith, the Company, the Bank Agent, the Bank Lenders and the other parties named therein have
entered into the Bank Credit Agreement pursuant to which the Bank Lenders have agreed, subject to the terms thereof, to provide the Bank Credit Facility to the Company. 

        C. The Second Mortgage Notes Indenture. Concurrently herewith, the Company, Wynn Las Vegas Capital Corp., certain guarantors named therein
and the Indenture Trustee have entered into the Second Mortgage Notes Indenture pursuant to which the Company and Wynn Las Vegas Capital Corp. will issue the Second Mortgage Notes. 

        D. FF&E Facility. Concurrently herewith, the Company, the FF&E Agent and the FF&E Lenders have entered into the FF&E Facility Agreement
pursuant to which the FF&E Lenders have agreed, subject
to the terms thereof, to provide the FF&E Facility to the Company. The proceeds of the FF&E Facility will be used to acquire the FF&E Component Collateral and the Aircraft Collateral. 

        E. Financing for the Project. The Company is financing the development of the Project, in part, with the proceeds of the Bank Credit
Facility, the FF&E Facility and the Second Mortgage Notes. In addition to certain other collateral and security interests: 

        (1)
the Bank Credit Facility is secured (i) by a first priority lien on the Bank Proceeds Account Collateral and the Hotel/Casino Collateral, and (ii) by a second priority
lien on the FF&E Component Collateral, in each case, as more particularly described in Section 2 hereof; 

        (2)
the Second Mortgage Notes are secured (i) by a first priority lien on the Second Mortgage Notes Proceeds Account Collateral, (ii) by a second priority lien on
Hotel/Casino Collateral and (iii) by a third priority lien on the FF&E Component Collateral, in each case, as more particularly described in Section 2  hereof; and 

        (3)
the FF&E Facility is secured by a first priority lien on (i) the FF&E Account Collateral, (ii) the Aircraft Collateral and (iii) the FF&E Component Collateral,
in each case, as more particularly described in Section 2 hereof. 

        F. Disbursement Agreement. The Company, the Bank Agent, the Indenture Trustee, the FF&E Agent and the Disbursement Agent, have entered
into that certain Master Disbursement Agreement as of an even date herewith (the "Disbursement Agreement"), in order to set forth, among other things,
(a) the mechanics for and allocation of the Company's request for advances under the various Facilities and from the Company's Funds Account, (b) the conditions precedent to the initial
advance and 

1

 

conditions precedent to subsequent advances, (c) certain common representations, warranties and covenants of the Company in favor of the Funding Agents and (d) common Events of Default
and remedies during construction of the Project. 

        G. Intercreditor Agreement (Project Lenders). The Project Credit Parties have entered into the Project Lenders Intercreditor Agreement in
order to set forth certain provisions relating to their respective rights in the Collateral (including the FF&E Component Collateral) securing the obligations of the Company Group to the Project
Credit Parties, the exercise of remedies upon the occurrence of an event of default, the application of proceeds of enforcement and certain other matters. 

        H. Intercreditor Agreement (FF&E). The Bank Agent, the Indenture Trustee and the FF&E Agent desire to enter into this Agreement in order
to set forth certain provisions relating to their respective
rights in the FF&E Collateral, the exercise of remedies with respect thereto upon the occurrence of an event of default, the application of proceeds of enforcement and certain other matters. 

AGREEMENT:  

        NOW, THEREFORE, with reference to the foregoing recitals and in reliance thereon, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Credit Parties agree as follows: 

	1.
	Definitions and General Provisions.  

        1.1 Definitions. Except as otherwise expressed and provided herein, all capitalized terms used in this Agreement and its Exhibits and not
otherwise defined herein shall have the meanings given to such terms in the Disbursement Agreement. Except as set forth herein, the rules of interpretation set forth in Exhibit A to the
Disbursement Agreement shall apply. 

        1.1.1 Other Terms. The following terms shall have the meanings set forth below: 

        "Agreement" has the meaning given in the preamble to this Agreement. 

        "Aircraft Collateral" has the meaning given in the FF&E Facility Agreement. 

        "Aircraft Secured Obligations" means, from time to time, all of the FF&E Secured Obligations other than the FF&E Component Secured
Obligations. 

        "Bank Agent" means Deutsche Bank Trust Company Americas or its successor or assignee in its capacity as Administrative Agent under the
Bank Credit Agreement. 

        "Bank Credit Facility" means, collectively, the delay draw term loan credit facility and the revolving credit facility (including the
letter of credit facility thereunder) described and made available to Wynn Las Vegas by the Bank Lenders pursuant to the Bank Credit Agreement. 

        "Bank Financing Agreements" means the Bank Credit Agreement, the Bank Fee Letter, the Project Lenders Intercreditor Agreement, this
Agreement, the Bank Security Documents and any other agreement, document or instrument entered into or delivered by a member of the Company Group on, prior to or after the Closing Date with or to the
Bank Agent or the Bank Lenders in connection with the financing of the Project. 

        "Bank Proceeds Account Collateral" means the Bank Proceeds Account and all amounts on deposit therein, any interest earned thereon, and
any investments of such amounts made pursuant to the Bank Company Collateral Account Agreement, and any proceeds of the foregoing exceptto the extent
such proceeds are deposited into another account pursuant to the terms of the Disbursement Agreement or the Bank Company Collateral Account Agreement. 

        "Bank Secured Obligations" means all Obligations of the Company Group to the Bank Agent and the Bank Lenders under the Bank Credit
Facility, the Bank Security Documents and the other Bank 

2

 

Financing Agreements, including, without limitation, Obligations in respect of Interest Rate Agreements (as defined in the Bank Credit Agreement), but only to the extent that the Bank Credit
Agreement permits such Interest Rate Agreement Obligations to be secured by the Bank Security Documents. 

        "Bankruptcy Law" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute
and any other state or federal insolvency, reorganization, moratorium or similar law for the relief of debtors now or hereafter in effect. 

        "Collateral" means the following unique and separate categories of property encumbered to secure the Obligations of the Company Group to
any of the applicable Secured Parties: (a) the Hotel/Casino Collateral, (b) the FF&E Collateral and (c) the Separate Proceeds Accounts Collateral. 

        "Company Group" means, collectively, the Company and any Affiliate of the Company that from time to time has incurred any Obligations or
pledged any Collateral under any Financing Agreement. 

        "Credit Party" or "Credit Parties" means, as the context requires, any or all of the Bank
Agent, the Indenture Trustee and the FF&E Agent. 

        "Default Payoff Option" means the option granted to the Eligible Payor on behalf of the Project Secured Parties pursuant to  Section 6 hereof to pay off the FF&E
Component Secured Obligations. 

        "Disbursement Agent" means Deutsche Bank Trust Company Americas or its successor or assignee in its capacity as Disbursement Agent under
the Disbursement Agreement. 

        "Disbursement Agreement Default" means the occurrence and continuance of an Event of Default under, and as defined in, the Disbursement
Agreement. 

        "Discharge" means (a) in respect of the Bank Credit Facility, the termination of all commitments to extend credit under the Bank
Credit Facility, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Bank Secured Obligations, termination, cancellation or expiration of all letters of
credit issued under the Bank Credit Facility and indefeasible payment in full in cash of all other Bank Secured Obligations that are unpaid at the time the principal and interest are indefeasibly paid
in full in cash, (b) in respect of the Second Mortgage Notes, indefeasible payment in full in cash of the principal of and interest and premium (if any) on all Second Mortgage Notes Secured
Obligations and indefeasible payment in full in cash of all other Second Mortgage Notes Secured Obligations that are unpaid at the time the principal and interest are indefeasibly paid in full in cash
and (c) in respect of the FF&E Facility, the termination of all commitments to extend credit under the FF&E Facility Agreement, and either (i) the indefeasible payment in full in cash of
the principal of and interest and premium (if any) on all FF&E Component Secured Obligations and indefeasible payment in full in cash of all other FF&E Component Secured Obligations that are unpaid at
the time the principal and interest are indefeasibly paid in full in cash, in each case in accordance with the terms of this Agreement, or (ii) the indefeasible payment in full in cash of the
principal of and interest and premium (if any) on all FF&E Secured Obligations and indefeasible payment in full in cash of all other FF&E Secured Obligations that are unpaid at the time the principal
and interest are indefeasibly paid in full in cash, in each case in accordance with the terms of the FF&E Facility Agreement. 

        "Effective Date" has the meaning given in the preamble to this Agreement. 

        "Eligible Payor" means (a) from the date of the initial Advance under the Bank Credit Facility until the Discharge of the Bank
Secured Obligations, (i) the Bank Agent (acting on behalf of and, to the extent applicable, at the instruction of, the Bank Lenders in accordance with the Bank Financing Agreements) and
(ii) from and after the expiration of 180 days following the occurrence of the Event of Default giving rise to the Default Payoff Option, any Person or Persons at any time or from time
to time designated by holders of at least 25% in outstanding principal amount of the Second Mortgage 

3

 

Notes, voting as a single class, as entitled to exercise the Default Payoff Option and (b) at any other time, any Person or Persons at any time or from time to time designated by the holders
of at least 25% in outstanding principal amount of the Second Mortgage Notes, voting as a single class, as entitled to exercise the Default Payoff Option and, in each case, any nominee or designee of
the foregoing. 

        "Event of Default" means, as the context requires, (i) a Disbursement Agreement Default, or (ii) the occurrence and
continuance of an "Event of Default" by or with respect to the Company under the applicable Financing Agreement that has not been waived by the applicable Credit Party (it being understood that the
provisions of Section 1.2 of this Agreement shall not apply to any such waiver). 

        "Exercise Remedies" or "Exercise of Remedies" shall mean, with respect to each Lender, the
taking of any action to enforce its rights or remedies against the Company Group following the occurrence of a Potential Default or Event of Default under its respective Financing Agreements,
including, without limitation, the termination of a commitment to lend, the acceleration of all or a portion of the Obligations under such Financing Agreements, the filing or initiation of an
Insolvency or Liquidation Proceeding against the Company or any other Person within the Company Group, the commencement of any foreclosure proceedings against any Collateral, the repossession of any
Collateral, or the appointment or institution of a receiver, custodian or similar official to take custody of any assets of the Company or other members of the Company Group; provided, however, that
the term "Exercise Remedies" shall specifically exclude (i) the issuance of any notice of default, (ii) any actions by a Credit Party to suspend (a) any disbursements from any
accounts of the Company Group in which such Credit Party has a security interest or (b) Advances under the particular Facility and (iii) the recording of a Notice of Default in the
County Recorder's Office of Clark County, Nevada. 

        "Facility" or "Facilities" means, as the context requires, any or all of the Bank Credit
Facility, the Second Mortgage Notes Proceeds and the FF&E Facility. 

        "FF&E Account Collateral" means the FF&E Proceeds Account, the Company's FF&E Payment Account, and all amounts on deposit therein, any
interest earned thereon, and any investments of such amounts made pursuant to the applicable FF&E Collateral Account Agreement, and any proceeds of the foregoing  except to the extent such proceeds
are deposited into another account pursuant to the terms of the Disbursement Agreement or the FF&E Collateral Account
Agreement. 

        "Facility Agreement" or "Facility Agreements" means, as the context requires, any or all
of the Bank Credit Agreement, the Second Mortgage Notes Indenture and the FF&E Facility Agreement. 

        "FF&E Agent" means Wells Fargo Bank Nevada, National Association or its successor or assignee in its capacity as Collateral Agent under
the FF&E Facility Agreement. 

        "FF&E Collateral" means the following unique and separate categories of property encumbered to secure all or a portion of the Obligations
of the Company Group to the applicable Secured Parties (in each case as set forth in Section 2): (a) the Aircraft Collateral,
(b) the FF&E Component Collateral and (c) the FF&E Account Collateral; provided, however, that upon the release by the FF&E Agent of its
security interest in any portion of the FF&E Collateral, the FF&E Collateral shall exclude such released FF&E Collateral. 

        "FF&E Component Collateral" means from time to time, items consisting of the FF&E Component under the Disbursement Agreement (as more
specifically set forth from time to time in Exhibit T-3 to the Disbursement Agreement) other than (a) the FF&E Account
Collateral and (b) the Aircraft Collateral. 

        "FF&E Component Secured Obligations" means, at any time and from time to time, Loans under the FF&E Facility allocated to and in the
amount of the Allocated Equipment Value (as defined in the FF&E Facility Agreement), plus all accrued but unpaid interest thereon in accordance with the FF&E Facility Agreement, plus the Applicable
Administrative Charge (as defined in the FF&E Facility 

4

 

Agreement), if any, allocable to such Allocated Equipment Value, plus any other accrued but unpaid fees or other amounts owed under the FF&E Financing Agreements and allocable to the Allocable
Equipment Value. 

        "FF&E Financing Agreements" means the FF&E Facility Agreement, this Agreement, the FF&E Security Documents and any other agreement,
document or instrument entered into or delivered by a member of the Company Group on, prior to or after the Closing Date with or to the FF&E Agent or the FF&E Lenders in connection with the financing
of the Project. 

        "FF&E Secured Obligations" means all Obligations of the Company Group to the FF&E Agent and the FF&E Lenders under the FF&E Facility
Agreement, the FF&E Security Documents and the other FF&E Financing Agreements. 

        "Hotel/Casino Collateral" means all real and personal property encumbered to secure the Bank Secured Obligations under the Bank Security
Documents or the Second Mortgage Notes Secured Obligations under the Second Mortgage Notes Security Documents other than (a) the Separate
Proceeds Accounts Collateral and (b) the FF&E Collateral, provided, however, that upon the release by the Bank Agent and the Indenture Trustee of
their respective security interests in any portion of the Hotel/Casino Collateral, the Hotel/Casino Collateral shall exclude such released Hotel/Casino Collateral. 

        "Indenture Trustee" means Wells Fargo Bank, National Association or its successor or assignee in its capacity as Trustee under the Second
Mortgage Notes Indenture. 

        "Insolvency or Liquidation Proceeding" means (a) any case commenced by or against the Company Group or any Person within the
Company Group under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company Group or any Person
within the Company Group, any receivership or assignment for the benefit of creditors relating to the Company Group or any Person within the Company Group or any
similar case or proceeding relative to the Company Group or any Person within the Company Group or their creditors, as such, in each case whether or not voluntary; (b) any liquidation,
dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company Group or any Person within the Company Group, in each case whether or not voluntary and whether or
not involving bankruptcy or insolvency; or (c) any other proceeding of any type or nature in which substantially all claims of creditors of the Company Group or any Person within the Company
Group are determined and any payment or distribution is or may be made on account of such claims. 

        "Notice of Default" means a notice of default which must be recorded in the official real property records of Clark County, Nevada, in
order to commence non-judicial foreclosure of a deed of trust in accordance with applicable Nevada law. 

        "Project Credit Party" or "Project Credit Parties" means, as the context requires, any or
both of the Bank Agent and the Indenture Trustee. 

        "Project Credit Party Agent" means (a) from the date of the initial Advance under the Bank Credit Agreement until the Discharge of
the Bank Secured Obligations, the Bank Agent (acting on behalf of, and to the extent applicable, at the instruction of, the Bank Lenders in accordance with the Bank Financing Agreements), and
(b) at any other time, the Indenture Trustee (acting on behalf of, and to the extent applicable, at the instruction of, the Second Mortgage Note Holders in accordance with the Second Mortgage
Notes Indenture). 

        "Second Mortgage Notes Financing Agreements" means the Second Mortgage Notes Indenture, the Second Mortgage Notes, the Disbursement
Agreement, the Project Lenders Intercreditor Agreement, this Agreement, the Second Mortgage Notes Security Documents and any other agreement, document or instrument entered into or delivered by a
member of the Company Group on, prior to or 

5

 

after the Closing Date with or to the Indenture Trustee or the Second Mortgage Note Holders in connection with the financing of the Project. 

        "Second Mortgage Notes Proceeds Account Collateral" means the Second Mortgage Notes Proceeds Account and all amounts on deposit therein,
any interest earned thereon, and any investments of such amounts made pursuant to the applicable Second Mortgage Notes Company Collateral Account Agreement, and any proceeds of the foregoing  except to
the extent such proceeds are deposited into another account pursuant to the terms of the Disbursement Agreement or the Second Mortgage Notes
Company Collateral Account Agreement. 

        "Second Mortgage Notes Secured Obligations" means all Obligations of the Company Group under the Second Mortgage Notes Indenture, the
Second Mortgage Notes, the Second Mortgage Notes Security Documents and the other Second Mortgage Notes Financing Agreements. 

        "Secured Obligations" means, as the context requires, any or all of the Bank Secured Obligations, the Second Mortgage Notes Secured
Obligations and the FF&E Secured Obligations. 

        "Secured Party" or "Secured Parties" means, as the context requires, any or all of the
Project Secured Parties, the FF&E Agent and the FF&E Lenders. 

        "Securities Intermediary" means any entity acting in its capacity as Securities Intermediary under any Collateral Account Agreement. 

        "Separate Proceeds Accounts Collateral" means, as the context requires, any or all of the Second Mortgage Notes Proceeds Account
Collateral, the Bank Proceeds Account Collateral and the FF&E Account Collateral. 

        "Standstill Period" has the meaning given in Section 3.5.1 of this Agreement. 

        1.2 Interpretation. To the extent that reference is made in this Agreement to any term defined in, or to any other provision of, any other
agreement, such term or provision shall continue to have the original meaning thereof notwithstanding any termination, expiration or amendment of such other agreement;  provided, however, that to the
extent that the Disbursement Agreement or any other agreement to which all of the Credit Parties are parties is amended
in accordance with the terms thereof and hereof, then any references herein to such terms and provisions of such document shall be to such terms or provisions as so amended. 

	2.
	FF&E Collateral, Priority of Liens, Subordination and Release.  

        2.1 Liens and Security Interests on the FF&E Collateral. Each Credit Party agrees that the Secured Parties shall have the benefit of the
following liens on and security interests and relative priorities in the FF&E Collateral: 

        2.1.1 FF&E Collateral for the FF&E Secured Obligations. Subject to the terms of this Agreement, the FF&E Secured
Obligations shall be secured by a first priority lien on and security interest in the (a) FF&E Account Collateral, (b) the Aircraft Collateral and (c) the FF&E Component
Collateral. 

        2.1.2 FF&E Collateral for the Bank Secured Obligations. Subject to the terms of this Agreement (and, as between
the Bank Agent and the Trustee, the Project Lenders Intercreditor Agreement), the Bank Secured Obligations shall be secured by a second priority lien on and security interest in the FF&E Component
Collateral. 

        2.1.3 FF&E Collateral for Second Mortgage Notes Secured Obligations. Subject to the terms of this Agreement (and,
as between the Bank Agent and the Trustee, the Project Lenders Intercreditor Agreement), the Second Mortgage Notes Secured Obligations shall be secured by a third priority lien on and security
interest in the FF&E Component Collateral. 

6

 

        2.2 FF&E Account Collateral and Aircraft Collateral Does Not Secure Bank Facility or Second Mortgage Note Holders. The Bank Agent on
behalf of the Bank Lenders and the Trustee on behalf of the Second Mortgage Note Holders acknowledge and agree that FF&E Account Collateral and the Aircraft Collateral secure only the FF&E Secured
Obligations, and no Project Secured Party in its capacity as such (it being understood that any such party may also be an FF&E Lender and shall, in its capacity as an FF&E Lender, enjoy all of the
rights and protections provided to the FF&E Lenders hereunder and under the other Financing Agreements) shall have, or claim to have, now or at any time hereafter any liens thereon or any security
interest therein (other than a judgment lien obtained as an unsecured creditor). Except as provided in Section 3.5, nothing in this Agreement
shall affect, limit or otherwise restrict the right and ability of the FF&E Agent and the FF&E Lenders to exercise any remedy or enforce other rights (including foreclosure) upon the FF&E Account
Collateral and the Aircraft Collateral. 

        2.3 Hotel/Casino Collateral Does Not Secure FF&E Facility. The FF&E Agent, on behalf of the FF&E Lenders, acknowledges and agrees that the
Project Credit Parties have liens on, and security interests in the Hotel/Casino Collateral and that neither the FF&E Agent nor any FF&E Lender in its capacity as such (it being understood that any
such party may also be a Project Secured Party, and shall, in its capacity as a Project Secured Party, enjoy all of the rights and protections provided to the Project Secured Parties hereunder and
under the other Financing Agreements) shall have or claim to have, now or at any time hereafter, a lien on, or other security interest in or with respect to, any Collateral (other than the FF&E
Collateral) referred to in this Agreement or described in the Bank Security Documents or the Second Mortgage Notes Security Documents (other than a judgment lien obtained as an unsecured creditor).
Notwithstanding any other provision in any Financing Agreement to the contrary, other than insurance proceeds and proceeds from the sale or other disposition of the FF&E Collateral received in
accordance with the terms of this Agreement and the FF&E Security Documents, in no event whatsoever shall the liens and other security interests to be created and perfected by the FF&E Security
Documents evidencing and securing the FF&E Secured Obligations attach to any revenues, income, rents or other profits generated by the Project (including, without limitation, any revenues, income,
rents or other profits associated with the FF&E Collateral) (other than a judgment lien obtained as an unsecured creditor). Nothing in this Agreement shall affect, limit or otherwise restrict the
right and ability of the Bank Agent and the Bank Lenders and (subject to the Project Lenders Intercreditor Agreement) the Indenture Trustee and the Second Mortgage Note Holders to exercise any remedy
or enforce other rights (including foreclosure) upon any collateral other than the FF&E Collateral. 

        2.4 Confirmation of Liens.

        2.4.1 Each Credit Party hereto hereby confirms and agrees that the liens and security interests held by or for the benefit of each Secured
Party in the Collateral, as provided for in the preceding provisions of this Section 2 shall secure all Obligations of the Company Group and any
Person within the Company Group now or hereafter owing to such Secured Party under the applicable Facility throughout the term of this Agreement, in each case with the priority specified in this  Section 2, notwithstanding (a) the availability of any other collateral to any Secured Party, (b) the actual date and time of
execution, delivery, recording, filing and perfection of any of the Security Documents, or (c) the fact that any lien or security interest created by any of the Security Documents, or any claim
with respect thereto, is or may be subordinated, avoided or disallowed in whole or in part under any Bankruptcy Law. All provisions of this Agreement, including but not limited to, all matters
relating to the creation, validity, perfection, priority, subordination and release of the liens and security interests intended to be created by the Security Documents and all provisions regarding
the allocation and priority of payments with respect to any Facility shall survive any Insolvency or 

7

 

Liquidation Proceeding and be fully enforceable by and against each Credit Party hereto during any such proceeding. 

        2.4.2 In the event of an Insolvency or Liquidation Proceeding, each Credit Party further confirms and agrees that (i) the
Obligations due and outstanding under and with respect to each Facility shall include all principal, additional advances permitted hereunder, Protective Advances made by such Credit Party, interest,
default interest, LIBOR breakage and swap breakage, post petition interest and all other amounts due thereunder, for periods before and for periods after the commencement of any such proceedings, even
if the claim for such amounts is disallowed pursuant to applicable law, and all proceeds from the sale or other disposition of any Collateral shall be paid to the applicable Secured Party (for
application in accordance with the applicable Facility) in the order and priority provided for in this Section 2 with respect to such Collateral
notwithstanding the disallowance of any such claim or the invalidity or subordination of any lien on or security interest in such Collateral under applicable law and (ii) it will not request
judicial relief or take any other action that would limit, invalidate, avoid or set aside the lien of any other Credit Party on the Collateral or any portion thereof or that would change the lien
priorities described in Section 2.1.

        2.5 Release of Liens.

        2.5.1 The FF&E Agent agrees to release its respective liens on and security interests in the FF&E Component Collateral on the date on
which the Discharge in respect of the FF&E Facility occurs in accordance with the terms of the FF&E Facility Agreement and this Agreement (including any Discharge of the FF&E Facility in connection
with the exercise by the Eligible Payor of the Default Payoff Option in accordance with Section 6 hereof). 

        2.5.2 The Bank Agent and the Indenture Trustee agree to release their respective liens on and security interests in the FF&E Component
Collateral upon (a) completion of any foreclosure or similar sale of such FF&E Component Collateral in connection with the Exercise of Remedies by the FF&E Agent and the FF&E Lenders or
(b) any other sale of the FF&E Component Collateral that is permitted by the Bank Financing Agreements and the Second Mortgage Notes Financing Agreements. 

        2.5.3 The FF&E Agent, the Bank Agent and the Indenture Trustee agree to release their respective liens on and security interests in the
FF&E Component Collateral in connection with any replacement of such FF&E Component Collateral permitted under the FF&E Facility Agreement, the Bank Credit Agreement and the Second Mortgage Notes
Indenture. Any replacement items that are permitted under the FF&E Facility Agreement and the Bank Credit Agreement to constitute FF&E Component Collateral shall constitute FF&E Collateral hereunder
and shall be subject to the lien priorities set forth in Section 2.1 above. 

        2.5.4 In connection with any release described in this Section 2.5, the FF&E Agent,
the Bank Agent and/or the Indenture Trustee, as the case may be, agree to execute and deliver any documentation reasonably requested by the other Credit Parties to evidence such lien release. 

	3.
	Rights and Limitation of Actions With Respect to the FF&E Collateral.

        3.1 Rights and Limitations Applicable to the Project Credit Parties.

        3.1.1 Subject to Section 3.1.2 below, neither the Bank Agent nor the Indenture
Trustee shall, nor shall either such Credit Party authorize or direct any Person acting for it, or any Bank Lender or Second Mortgage Note Holder to, exercise any right or remedy with respect to any
FF&E Component Collateral (including any right of set-off) or take any action to 

8

 

enforce, collect or realize upon any FF&E Component Collateral including, without limitation, any right, remedy or action to: 

	(a)
	remove
the FF&E Component Collateral (except as permitted under Section 3.7 below);

	(b)
	exercise
any collection rights in respect of the proceeds from the sale or other disposition of any FF&E Component Collateral;

	(c)
	exercise
any right of set-off against any property constituting FF&E Component Collateral;

	(d)
	initiate
any foreclosure or similar proceeding against any FF&E Component Collateral or take or accept any transfer of title in lieu of foreclosure upon any FF&E Component Collateral;

	(e)
	enforce
any claim to the proceeds of insurance upon any FF&E Component Collateral, other than in accordance with the provisions of Section 4.3  hereof;

	(f)
	deliver
any notice, claim or demand relating to the FF&E Component Collateral to any Person in the possession or control of any FF&E Component Collateral or acting as bailee,
custodian or agent for a Project Secured Party in respect of any FF&E Component Collateral;

	(g)
	otherwise
enforce any remedy available upon default for the enforcement of any lien upon the FF&E Component Collateral;

	(h)
	deliver
any notice or commence any proceeding for any of the foregoing purposes; or

	(i)
	seek
relief in any Insolvency or Liquidation Proceeding permitting it to do any of the foregoing. 

        3.1.2 Notwithstanding Section 3.1.1 above, any right or remedy set forth in clauses
(a) through (i) thereof may be exercised and any such action may be taken, authorized or instructed by the Bank Agent or the Indenture Trustee: 

	(a)
	after
Discharge of the FF&E Facility;

	(b)
	as
necessary, to deliver any notice or demand necessary to enforce any right to claim, take or receive proceeds of any FF&E Component Collateral remaining after the Discharge of the
FF&E Secured Obligations in the event of foreclosure or other enforcement of any lien securing the FF&E Secured Obligations, so long as, in any of the foregoing cases, any such actions are not adverse
to the grant, perfection, priority or enforcement of the liens upon the FF&E Component Collateral securing the FF&E Secured Obligations, the value of the FF&E Component Collateral or the rights of the
FF&E Agent and the FF&E Lenders in and to the FF&E Component Collateral;

	(c)
	as
necessary to perfect a subordinate lien upon any FF&E Component Collateral by any method of perfection except through possession or control;

	(d)
	subject
to all the other provisions of this Agreement, as necessary to prove (but not enforce) the liens securing the Bank Secured Obligations or the Second Mortgage Notes Obligations
upon the FF&E Component Collateral or as necessary to preserve or protect (but not enforce) such liens upon the FF&E Component Collateral (excluding any claim for adequate protection) in any manner
that is not adverse to the grant, perfection, priority or enforcement of liens upon the FF&E Component Collateral securing the FF&E Secured Obligations, the value of the FF&E 

9

 

Component
Collateral or the rights of the FF&E Agent and the FF&E Lenders in and to the FF&E Component Collateral; or 

	(e)
	after
obtaining the prior written consent of the FF&E Agent, which consent shall be subject to the FF&E Agent's sole discretion. 

        3.1.3 Nothing in this Agreement or any other Financing Agreement shall: 

	(a)
	impair
as between the Company Group, on the one hand, and the Project Secured Parties, on the other hand, the obligation of the Company and all guarantors within the Company Group,
which is absolute and unconditional, to pay principal of, premium and interest and Liquidated Damages (as defined in the Second Mortgage Notes Indenture), if any, in respect of the Bank Secured
Obligations and the Second Mortgage Notes Secured Obligations in accordance with the terms of the Bank Financing Agreements and the Second Mortgage Notes Financing Agreements or any other obligation
of the Company or any other Person within the Company Group under the Bank Financing Agreements and the Second Mortgage Notes Financing Agreements;

	(b)
	affect
the relative rights of the Project Secured Parties vis a vis creditors of the Company (other than the FF&E Agent and the FF&E Lenders);

	(c)
	restrict
the right of the Project Secured Parties to sue for payments that are then due and owing or accelerate the Bank Secured Obligations or the Second Mortgage Notes Secured
Obligations; or

	(d)
	prevent
the Project Secured Parties from exercising any rights or remedies any of them may have against the Company or any Person within the Company Group, subject however, in all
cases, to the rights of the FF&E Agent and the FF&E Lenders in respect of the FF&E Collateral hereunder and the obligations of the Project Secured Parties hereunder. 

        3.2 Rights and Limitations Applicable to the FF&E Agent and the FF&E Lenders.

        3.2.1 Subject to Section 3.5 below, the FF&E Agent and the FF&E Lenders shall have
the exclusive right to manage, perform and enforce the terms of the FF&E Security Documents with respect to all FF&E Component Collateral and to exercise and enforce all privileges and rights
thereunder according to their discretion and exercise of their business judgment, including, without limitation, the exclusive right to take the actions enumerated in clauses (a) through
(i) of Section 3.1.1 above. Without limiting the generality of the foregoing, if an Event of Default has occurred and is continuing under
the FF&E Facility, the FF&E Agent shall have the right to (i) enter the Project's real property for the purpose of inspecting, maintaining or protecting the FF&E Component Collateral and
(ii) without causing material damage to the Hotel/Casino Collateral (other than any such material damage which has been repaired), remove the FF&E Component Collateral (including all records
and other documentation relating thereto) and take such additional steps as are reasonably necessary or appropriate to prepare such FF&E Component Collateral for a foreclosure sale or other exercise
of remedies with respect to such FF&E Component Collateral under the FF&E Facility Agreement. The FF&E Agent agrees to repair any damage caused to the Hotel/Casino Collateral in connection with its
removal of any FF&E Collateral. 

        In
connection with any of the actions taken by the FF&E Agent or the FF&E Lenders in accordance with this Section 3.2.1, subject to  Section 3.8, the Project Credit Parties waive any and all rights to affect the method or challenge the appropriateness of any action by the FF&E
Agent or the FF&E Lenders with respect to the FF&E Component Collateral and 

10

 

hereby consent to each of the FF&E Agent and the FF&E Lenders exercising or not exercising such rights and remedies as if no lien upon the FF&E Component Collateral securing the Bank Secured
Obligations or the Second Mortgage Notes Secured Obligations, as the case may be, existed, except only that the Project Credit Parties reserve all rights granted by law (i) to request or
receive notice of any sale of FF&E Component Collateral in foreclosure of any lien upon the FF&E Component Collateral securing the FF&E Secured Obligations and (ii) after the Discharge of the
FF&E Facility, to redeem any FF&E Component Collateral or enforce any right to claim, take or receive proceeds of FF&E Component Collateral then remaining. 

        3.2.2 The FF&E Agent and the FF&E Lenders may at any time and from time to time, without the consent of or notice to the Project Credit
Parties but subject to any applicable Standstill Period and to the provisions of Section 4.2, without incurring any responsibility or liability
to such Project Credit Parties and without in any manner prejudicing, affecting or impairing the ranking or priority of the liens and the security interests in the FF&E Component Collateral created by
the FF&E Security Documents or the rights and obligations of the Credit Parties hereunder: 

	(a)
	make
loans and advances to the Company Group or any Person within the Company Group or issue, guaranty or obtain letters of credit for the account of the Company Group or any Person
within the Company Group or otherwise extend credit to the Company Group or any Person within the Company
Group in any amount (subject to the provisions of the Bank Credit Agreement and the Second Mortgage Notes Indenture relating to the maximum amount of indebtedness) and on any terms, whether pursuant
to a commitment or as a discretionary advance and whether or not any Potential Event of Default or Event of Default or failure of condition is then continuing;

	(b)
	change
the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or, subject to  Section 8.13 hereof, refinance (as permitted in Section 8.13 below), any FF&E Secured
Obligations or any agreement, guaranty or obligation of the Company Group or any Person within the Company Group or any other Person in any manner related thereto, or otherwise amend, supplement or
change in any manner any FF&E Secured Obligations or any such agreement, guaranty or obligation;

	(c)
	increase
or reduce the amount of any FF&E Secured Obligation (subject to the provisions of the Bank Credit Agreement and the Second Mortgage Notes Indenture relating to the maximum
amount of indebtedness) or reduce the interest, premium, fees or other amounts payable in respect thereof;

	(d)
	release
or discharge any FF&E Secured Obligation or any guaranty thereof or any agreement or obligation of the Company Group or any Person within the Company Group or any other Person
with respect thereto;

	(e)
	take
or fail to take any first priority lien in any FF&E Component Collateral or take or fail to take any action which may be necessary or appropriate to ensure that any lien upon the
FF&E Component Collateral securing an FF&E Secured Obligation is duly enforceable or perfected or entitled to priority as against any other lien or to ensure that any proceeds of any FF&E Component
Collateral are applied to the payment of any FF&E Component Secured Obligation or any other obligation secured thereby; 

11

  

	(f)
	release,
discharge or permit the lapse of any or all liens securing a FF&E Secured Obligation or any other liens upon any property at any time;

	(g)
	exercise
or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Company or any guarantor or any FF&E Component Collateral or any
right or power under the FF&E Security Documents and hereunder and apply any payment or proceeds of collateral in any order of application; or

	(h)
	sell,
exchange, release, foreclose upon or otherwise deal with the FF&E Component Collateral. 

        3.2.3 Except for its gross negligence or willful misconduct, no (a) exercise, delay in exercising or failure to exercise any right
arising under the FF&E Security Documents or this Agreement, (b) act or omission of the FF&E Agent or any FF&E Lender in respect of the Company Group or any Person within the Company Group or
any other Person or FF&E Component Collateral or any right arising under the FF&E Security Documents and hereunder, (c) change, impairment, or suspension of any right or remedy of the FF&E
Agent or any FF&E Lender with respect to the FF&E Component Collateral, or (d) other act, failure to act, circumstance, occurrence or event, including, without limitation, the acts listed in  Section 3.2.2
above, which, but for this provision, would or could act as a release or exoneration of the agreements or obligations of the
Project Credit Parties hereunder shall in any way affect, decrease, diminish or impair any of such agreements or obligations, including, without limitation, the lien subordination provisions set forth
in Sections 2.1 and 3.1.

        3.3 Certain Waivers by the Project Secured Parties. To the fullest extent permitted by law, until Discharge of the FF&E Secured
Obligations, each Project Secured Party waives and agrees not to assert or enforce: 

	(a)
	any
right of subrogation to the rights or interests of the FF&E Agent or the FF&E Lenders in the FF&E Component Collateral or any claim or defense based upon impairment of any such
right of subrogation;

	(b)
	any
right of marshalling accorded to a junior lienholder in the FF&E Component Collateral, as against a priority lienholder in such Collateral, under equitable principles; and

	(c)
	any
statutory right of appraisal or valuation of the FF&E Component Collateral accorded to a junior lienholder in a proceeding to foreclose a senior lien, 

in
each case, that otherwise may be enforceable in respect of any lien upon the FF&E Component Collateral securing the Bank Secured Obligations or the Second Mortgage Notes Secured Obligations as
against the FF&E Agent or the FF&E Lenders; provided, however, that the foregoing shall not be construed as reducing or otherwise negating the obligation of the Company Group to pay, as part of the
Bank Secured Obligations and the Second Mortgage Notes Secured Obligations any amounts advanced by the Bank Lenders or the Secured Mortgage Note Holders to pay any portion of the FF&E Secured
Obligations. 

        3.4 Notification of Events of Default. Each Credit Party hereby agrees, for the benefit of each other Credit Party, to use its best
efforts to provide or cause the Company to provide written notice to each other Credit Party as promptly as practicable after obtaining actual knowledge of the occurrence of an Event of Default under
its respective Facility. No Credit Party shall have any liability to another for failing to provide or cause to be provided any such notice, but such release from liability shall not relieve the FF&E
Agent's and the FF&E Lenders' obligation to restrain from the Exercise of Remedies until the expiration of the Standstill Period in accordance with and subject to the provisions of  Section 3.5.

12

 

        3.5 FF&E Standstill Period.

        3.5.1 The delivery by the FF&E Agent or the Company to the Bank Agent and the Indenture Trustee of the notice referred to in  Section 3.4 with respect to the
occurrence of an Event of Default under the FF&E Facility Agreement, which notice references the commencement of
the Standstill Period, shall, subject to the provisions of Section 3.5.3, commence a standstill period of 30 days (as may be extended
pursuant to the terms of Section 3.5.2 below, the "Standstill Period"). Until the expiration of
such Standstill Period: 

	(a)
	unless
otherwise agreed in writing by the Project Credit Party Agent, the FF&E Agent agrees not to Exercise Remedies (except and to the extent that such Exercise of Remedies is
necessary to prevent the expiration of any applicable statute of limitations) unless (x) the Bank Agent or the Indenture Trustee Exercises Remedies (except and to the extent that such Exercise
of Remedies is necessary to prevent the expiration of any applicable statute of limitations) or (y) an Insolvency or Liquidation Proceeding has commenced or been initiated with respect to the
Company or any other Loan Party; and

	(b)
	if
(i) all Events of Default under the FF&E Facility Agreement are cured (or waived to the satisfaction of the FF&E Lenders), (ii) all Events of Default under the Bank
Credit Agreement are cured (or waived to the satisfaction of the Bank Lenders) and (iii) the Bank Agent notifies the FF&E Agent that the Bank Credit Agreement will be reinstated and that
funding under the Bank Credit Agreement will recommence, the FF&E Agent agrees to reinstate the FF&E Facility Agreement and recommence funding thereunder in accordance with the terms of such FF&E
Facility Agreement and the Disbursement Agreement. 

        3.5.2 So long as all interest, fees, indemnities and expenses of the FF&E Agent and the FF&E Lenders under the FF&E Financing Agreements
are brought current on or before the 15th day following the commencement of the Standstill Period and thereafter kept current through the expiration of the Standstill Period (as may be
extended pursuant to this paragraph), then (a) with respect to a Standstill Period commencing prior to the Completion of the Project, such Standstill Period shall be extended for a period of
30 days from the date on which such Standstill Period was to expire and (b) with respect to a Standstill Period commencing after the Completion of the Project, such Standstill Period
shall be extended for a period of 15 days from the date on which such Standstill Period was to expire. 

        3.5.3 The provisions of this Section 3.5 shall apply only to (a) the first
Event of Default occurring under the FF&E Facility Agreement prior to the Completion of the Project in respect of which the Bank Agent and the Indenture Trustee receive a notice commencing the
Standstill Period and (b) the first Event of Default occurring under the FF&E Facility Agreement after the Completion of the Project in respect of which the Bank Agent and the Indenture Trustee
receive a notice commencing the Standstill Period; provided, however, that any Event of Default as to which, pursuant to the FF&E Facility Agreement and the vote of the applicable FF&E Lenders
thereunder, the FF&E Lenders will exercise remedies only against the Aircraft Collateral and accelerate only the Aircraft Secured Obligations, shall not be taken into account for purposes of the
foregoing. 

        3.6 Limitation of Liability.

        3.6.1 Except as expressly set forth herein, no Credit Party will have any duty, express or implied, fiduciary or otherwise, to any other
Credit Party. 

        3.6.2 To the maximum extent permitted by law, each Project Credit Party waives any claim it may have against the FF&E Agent or any FF&E
Lender with respect to or arising out of 

13

 

any action or failure to act or any error of judgment or negligence on the part of the FF&E Agent or such FF&E Lender or their respective directors, officers, employees or agents with respect to any
exercise of rights or remedies in respect of the FF&E Component Collateral or any transaction relating to the FF&E Component Collateral and each Project Credit Party agrees that except as specifically
provided herein the FF&E Agent and FF&E Lenders shall be entitled to manage and exercise their rights and remedies with respect to the FF&E Collateral in the manner they deem appropriate; provided
that the foregoing shall not exculpate the FF&E Agent or any FF&E Lender from any
liability arising out of the gross negligence or willful misconduct of the FF&E Agent or such FF&E Lender, as the case may be, or any of their respective directors, officers, employees or agents.
Neither the FF&E Agent nor any FF&E Lender nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the FF&E Component
Collateral or for any delay in doing so; provided that the foregoing shall not exculpate the FF&E Agent or any FF&E Lender from any liability arising out of the gross negligence or willful misconduct
of the FF&E Agent or any such FF&E Lender, as the case may be, or any of their respective directors, officers, employees or agents, nor will the FF&E Agent or any FF&E Lender be under any obligation
to sell or otherwise dispose of any FF&E Component Collateral upon the request of any Person within the Company Group or upon the request of any Project Credit Party or any other Person or to take any
other action whatsoever with regard to the FF&E Component Collateral or any part thereof. 

        3.7 Cooperation with Foreclosure Purchaser. Each of the Bank Agent and the Indenture Trustee agree to cooperate with any Person that
acquires the FF&E Component Collateral in a foreclosure proceeding or other sale proceeding to remove the FF&E Component Collateral from the Project. After any such foreclosure or other sale
proceeding and if the FF&E Agent or such other purchaser has not removed the FF&E Component Collateral within forty-five (45) days following such foreclosure or other sale, then
pending such removal by the FF&E Agent or such purchaser the Project Credit Party Agent may, at the cost and expense of the Secured Parties under its Facility, and in a manner reasonable satisfactory
to the FF&E Agent or such other purchaser, remove such FF&E Component Collateral from the Project and store and insure the same for the FF&E Agent or such other purchaser in a manner reasonably
satisfactory to such party. The FF&E Agent or such other purchase shall be required to pay the costs of such storage and insurance from and after the 91st day following such foreclosure
or other sale. 

        3.8 Obligations of Project Credit Parties Limited to their Capacities as Junior Lien Holders. Each Credit Party acknowledges and agrees
that notwithstanding anything to the contrary in this Agreement or the other Financing Agreements, the provisions of Section 3 and  Section 5 of
this Agreement apply to the Bank Agent, the Bank Lenders, the Indenture Trustee and the Second Mortgage Note Holders solely in their
respective capacities as holders of liens secured by the FF&E Component Collateral. Nothing in Section 3 or  Section 5 of this Agreement or
the other Financing Agreements shall prevent or preclude the Bank Agent, the Bank Lenders, the Indenture Trustee
or the Second Mortgage Note Holders from taking any action or asserting rights or claims which such parties may be entitled to take or assert in any other capacity (including, without limitation, any
action or assertion of rights as holders of liens on and security interests in any Collateral pledged by any Person within the Company Group to such Credit Parties (other than the FF&E Component
Collateral) and as holders of unsecured claims against the Company or any Person within the Company Group). Except as provided in Section 2 and Section 3.5  above, nothing in this Agreement or
the other Financing Agreement shall prevent or preclude the FF&E Agent from taking any action or asserting any rights or claims which it may
be entitled to take or assert as the holder of unsecured claims against the Company or any Person within the Company Group. 

14

 

	4.
	Other Intercreditor Provisions.

        4.1 Waiver of Provisions Under Financing Agreements. Any Credit Party may, without the consent of any other Credit Party, defer any
payments due under its Facility or waive any provisions thereof. 

        4.2 Amendments of Financing Agreements. Each of the FF&E Agent and the FF&E Lenders, the Bank Agent and the Bank Lenders and the Indenture
Trustee and the Second Mortgage Note Holders (subject, in the case of the Indenture Trustee and the Second Mortgage Note Holders, to the Project Lenders Intercreditor Agreement) shall be permitted to
enter into amendments, modifications and supplements with the Company Group of their respective Financing Agreements without the consent of any other party, including during any Standstill Period,  except for amendments, modifications or supplements (i) increasing the applicable interest rate or fees, (ii) changing (to earlier or more
frequent dates) the dates upon which payments of principal or interest are due thereon (iii) in the case of the FF&E Facility, (a) readjusting the amortization schedules of the
indebtedness as between FF&E Component Secured Obligations and the other FF&E Secured Obligation so as to reduce the amortization of the FF&E Component Secured Obligations relative to the amortization
of the other FF&E Secured Obligations or (b) permit to be prepaid or allocate to the FF&E Component Secured Obligations less than a pro rata portion of any prepayment made under the FF&E
Facility (except for (A) prepayments made with the proceeds from the sale, disposition or casualty event with respect to a portion of the Collateral, which shall be used to prepay the
obligations related to such Collateral and (B) refinancings permitted under the Financing Agreements and Section 8.13 hereof), (iv) reducing the amount of the lending commitments
thereunder at any time prior to Completion, (v) changing the redemption, prepayment, or defeasance provisions thereof, (vi) amend Section 7.5(e) of the Bank Credit Agreement or
Section 7.5(e) of the FF&E Facility Agreement so as to reduce the aggregate fair market value of Property which the Company is permitted to dispose of in any Fiscal Year (as defined in each
such Facility Agreement), (vii) which (a) in the case of the Bank Credit Facility, have the effect of prohibiting, limiting or restricting the prepayments of the FF&E Facility allowed
pursuant to Section 7.9(a) of the Bank Credit Agreement and (b) in the case of the FF&E Facility, have the effect of prohibiting, limiting or restricting the prepayments of the Bank
Credit Facility allowed pursuant to Section 7.9(a) of the FF&E Facility Agreement or (viii) in the case of the Bank Credit Facility, have the effect of prohibiting, limiting or
restricting the substitution of FF&E Collateral, each of which amendments, modifications or supplements described in clauses (i) through (viii) above shall require the consent of the
FF&E Agent and the Bank Agent. 

        4.3 Provisions Relating to Events of Loss and Loss Proceeds.

        4.3.1 Upon the occurrence of an Event of Loss, the FF&E Agent will have the sole right to adjust settlement of all insurance claims and
condemnation awards relating to FF&E Collateral and the Project Credit Party Agent will have the sole right to adjust settlement of all insurance claims and condemnation awards relating to any
Collateral other than FF&E Collateral. 

        4.3.2 Any Loss Proceeds received prior to Final Completion shall, to the extent permitted by the Disbursement Agreement, be applied
towards repair or restoration of the Project in accordance with the Disbursement Agreement. 

        4.3.3 The Credit Parties acknowledge that, from and after Final Completion, the Project Credit Party Agent is the loss payee under the
Company's and the other Loan Parties' insurance policies and will receive and hold all Loss Proceeds payable to the Company or the other Loan Parties. Each of the Bank Agent and the Indenture Trustee
hereby covenants and agrees, for so long as each such party is the Project Credit Party Agent, to hold any Loss 

15

 

Proceeds so received in accordance with the terms hereof and to apply the same only as provided hereunder. 

        4.3.4 Any Loss Proceeds received prior to Final Completion which are not permitted to be applied towards repair or restoration of the
Project and any Loss Proceeds received after Final Completion shall be applied as follows: 

        (i)    if
(A) all or any portion of such Loss Proceeds have been allocated by the payor thereof among the assets or property to which such Event of Loss relates or
(B) such Loss Proceeds result from an Event of Loss involving exclusively a specific category of Collateral (for example, the Aircraft Collateral, the FF&E Component Collateral or the
Hotel/Casino Collateral), such Loss Proceeds shall be paid over to the Credit Party with a prior lien priority in such assets or property as more specifically set forth in  Section 2 of this
Agreement for application in accordance with the applicable Facility; and 

        (ii)  any
Loss Proceeds remaining after application of the preceding clause shall be allocated among the assets or property to which such Event of Loss relates in proportion
to the magnitude of the losses (after giving effect to any allocation under clause (i) above) experienced by such assets or property based upon the diminution in value to such assets or
property as a consequence of such Event of Loss. Upon completion of such allocation, the applicable Loss Proceeds shall be paid over to the applicable Credit Party with a prior lien priority in such
assets or property as more specifically set forth in Section 2 of this Agreement for application in accordance with the applicable Facility. 

        4.3.5 To the extent the Company is allowed and elects to restore or replace any FF&E Component Collateral using Loss Proceeds, only such
restored or replacement items the cost of which is funded entirely with Loss Proceeds allocated to the FF&E Collateral in accordance with the principles of Section 4.3.4 above shall constitute
FF&E Component Collateral hereunder and shall be subject to the lien priorities set forth in Section 2.1 above. 

        4.4 Responsibility for Staying Informed. Each Credit Party and the Lenders on whose behalf it is acting shall be responsible for keeping
themselves informed of the financial condition of the Company Group and all other circumstances bearing upon the risk of nonpayment of the FF&E Secured Obligations, the Bank Secured Obligations or the
Second Mortgage Note Secured Obligations, as the case may be. Except as set forth in Section 3.4 and  3.5, no Credit Party shall have any duty to
advise any other Credit Party of information regarding such condition or circumstances or as to any other
matter. If any Credit Party or any Lender, in its sole discretion, undertakes at any time or from time to time to provide any
such information to any other Credit Party or Lender it shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, or undertake
any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential. 

	5.
	Insolvency or Liquidation Proceedings.

        5.1 Right to File Involuntary Bankruptcy. Except as set forth in Section 3.5 with
respect to the FF&E Agent and the FF&E Lenders during any Standstill Period, any Secured Party shall be entitled, at any time and upon its sole discretion, to initiate or join as a petitioning
creditor in an involuntary Insolvency or Liquidation Proceeding against any Person within the Company Group. 

        5.2 Certain Agreements and Consents by the Project Credit Parties

16

 

        5.2.1 At no time shall the Project Credit Parties solely in their respective capacities as junior lienholders with respect to the FF&E
Component Collateral: 

	(a)
	oppose
or otherwise contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement of a lien upon the FF&E Component Collateral
securing the FF&E Secured Obligations made by any holder of FF&E Secured Obligations in any Insolvency or Liquidation Proceeding;

	(b)
	oppose
or otherwise contest any exercise by any holder of FF&E Secured Obligations of the right to credit bid any portion of the FF&E Component Secured Obligations at any sale in
foreclosure of a lien upon the FF&E Component Collateral securing the FF&E Secured Obligations; or

	(c)
	oppose
or otherwise contest any other request for judicial relief made in any court by any holder of FF&E Component Secured Obligations relating to the enforcement of any lien upon
the FF&E Component Collateral securing such Obligations. 

        5.2.2 The Project Credit Parties will not assert or enforce any claim under §506(c) of the United States Bankruptcy Code with
respect to their liens upon the FF&E Component Collateral securing the FF&E Secured Obligations for costs or expenses of preserving or disposing of any FF&E Component Collateral. 

6.    Default Payoff Option. The FF&E Agent hereby grants the Eligible Payor the right (without any obligation) to pay off in cash, at any
time when an Event of Default has occurred and is continuing under the FF&E Facility Agreement, all, but not less than all, of the principal of and interest on all FF&E Component Secured Obligations
outstanding at the time of payment. The pay off amount shall be equal to 100% of the principal amount and accrued interest outstanding on the FF&E Component Secured Obligations on the date of payment
(including fees and interest accruing after the commencement of an Insolvency or Liquidation Proceeding at the rate provided for in the FF&E Facility Agreement (regardless of whether such item is an
allowed claim under applicable law) and any costs of collection) plus all other FF&E Component Secured Obligations (including any LIBOR breakage costs but excluding any prepayment or acceleration
penalty or premium) then unpaid. Upon receipt of such payment in cash, all commitments under the FF&E Facility shall terminate and the FF&E Agent and the FF&E Lenders shall release their liens on and
security interests in the FF&E Component Collateral in accordance with Section 2.5 above. 

7.    Representations and Warranties. Each Credit Party represents and warrants to each other Credit Party as follows: 

        7.1 Organization. It is duly organized and is validly existing under the laws of the jurisdiction under which it was organized with full
power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby. 

        7.2 Authorization. All actions necessary to authorize the execution, delivery and performance of this Agreement on behalf of such party
have been duly taken, and all such actions continue in full force and effect as of the date hereof. 

        7.3 Binding Agreement. It has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding
agreement of such party enforceable in accordance with its terms and subject to (a) applicable bankruptcy, reorganization, insolvency and moratorium laws, and (b) principles of equity,
which may apply regardless of whether a proceeding is brought in law or in equity. 

        7.4 No Consent Required. To the best of its knowledge, no consent of any other party and no consent, license, approval, or authorization
of, or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with the 

17

 

execution, delivery, or performance by such party of this Agreement or consummation by such party of the transactions contemplated by this Agreement. 

        7.5 No Conflict. None of the execution, delivery, and performance of this Agreement nor the consummation of the transactions contemplated
by this Agreement will (a) violate or conflict with any provision of the organizational or governing documents, if any, of such party; (b) to the best of its knowledge, violate, conflict
with, or result in the breach or termination of, or otherwise give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, would constitute) a
default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which such party is a party or to which any of its properties are subject; (c) to
the best of its knowledge, result in the creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or assets of such party
pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise, or other instrument; (d) violate any judgment, order, injunction, decree, or award of any
court, arbitrator, administrative agency, or governmental or regulatory body of which it has knowledge against, or binding upon such party or upon any of the securities, properties, assets, or
business of such party; or (e) to the best of its knowledge, constitute a violation by such party of any statute, law, or regulation that is applicable to such party. 

18

 
	8.
	Miscellaneous Provisions.

        8.1 Notices; Addresses. Any communications among the Credit Parties hereto or notices herein to be given may be given to the following
addressees: 

	If to the Bank Agent:	 	Deutsche Bank Trust Company Americas

31 West 52nd Street

New York, New York 10019

    Attn: George Reynolds

    Phone: (646) 324-2112

    Fax: (646) 324-7450
	

If to the Indenture Trustee:	
 	

Wells Fargo Bank, National Association,

as Indenture Trustee

MAC: N303-121

Corporate Trust Operations

6th & Marquette Avenue

Minneapolis, MN 55479

    Attn: Michael Slade

    Phone: (612) 667-0266

    Fax: (612) 667-2160
	

If to the FF&E Agent	
 	

Wells Fargo Bank Nevada, National Association

c/o Wells Fargo Bank Northwest, National Association

299 South Main Street, 12th Floor

Salt Lake City, Utah 94111

    Attn: Corporate Trust Services

    MAC: U1228-120

    Phone: (801) 246-5630

    Fax: (801) 246-5053

All
notices or other communications required or permitted to be given hereunder shall be in writing and shall be considered as properly given (a) if delivered in person, (b) if sent by
reputable overnight delivery service, (c) in the event overnight delivery services are not readily available, if mailed by first class mail, postage prepaid, registered or certified with return
receipt requested or (d) if sent by prepaid telex, or by telecopy with correct answer back received. Notice so given shall be effective upon receipt by the addressee, except that any
communication or notice so transmitted by telecopy or other direct written electronic means shall be deemed to have been validly and effectively given on the day (if a Banking Day and, if not, on the
next following Banking Day) on which it is validly transmitted if transmitted before 4 p.m., recipient's time, and if transmitted after that time, on the next following Banking Day;  provided,
however, that if any notice is tendered to an addressee and the delivery thereof is refused by
such addressee, such notice shall be effective upon such tender. Any party shall have the right to change its address for notice hereunder to any other location by giving of no less than twenty
(20) days' notice to the other parties in the manner set forth hereinabove. 

        8.2 Further Assurances. Each Credit Party (a) shall deliver to each other Credit Party, to the Disbursement Agent and to the
Securities Intermediary such instruments, agreements, certificates and documents as any such Person may reasonably request to confirm the validity and priority of the liens on and security interests
in the Collateral granted pursuant to the Security Documents as affected hereby, (b) shall fully cooperate with each other, with the Disbursement Agent and with the Securities Intermediary, and
(c) shall perform all additional acts reasonably requested by any such Person to effect
the purposes of this Agreement. 

19

 

        8.3 Waiver. Any waiver, permit, consent or approval or any kind or character on the part of any of the Credit Parties under this Agreement
or any waiver on the part of any of the Credit Parties of any provision or condition of this Agreement must be in writing and shall be effective only to the extent in such writing specifically set
forth. 

        8.4 Entire Agreement. This Agreement and any agreement, document or instrument attached hereto or referred to herein integrate all the
terms and conditions mentioned herein or incidental hereto and supersede all oral negotiations and prior writings in respect to the subject matter hereof, all of which negotiations and writings are
deemed void and of no force and effect. As among the Credit Parties, in the event of any conflict between the terms of this Agreement and the terms of the Disbursement Agreement, the terms of this
Agreement shall control. 

        8.5 Governing Law. This Agreement shall be governed by the laws of the State of New York of the United States of America and shall for all
purposes be governed by and construed in accordance with the laws of such state without regard to the conflict of law rules thereof other than Section 5-1401  of the New York General Obligations
Law. 

        8.6 Severability. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good faith negotiations to
replace the invalid, illegal or unenforceable provision. 

        8.7 Headings. Section headings have been inserted in this Agreement as a matter of convenience for reference only and it is agreed that
such headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement. 

        8.8 Limitations on Liability. No claim shall be made by any Credit Party or any of its Affiliates against any other Credit Party, the
Disbursement Agent, the Securities Intermediary or any of their respective Affiliates, directors, employees, attorneys or agents for any special, indirect, consequential or punitive damages (whether
or not the claim therefor is based on contract, tort or duty imposed by law), in connection with, arising out of or in any way related to the transactions contemplated by this Agreement or any act or
omission or event occurring in connection therewith; and each Credit Party hereby waives, releases and agrees not to sue upon any such claim for any such special, indirect, consequential or punitive
damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

        8.9 Consent to Jurisdiction. Any legal action or proceeding arising out of this Agreement may be brought in or removed to the courts of
the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this Agreement, each Credit Party,
accepts, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts for legal proceedings arising out of or in connection with this Agreement
and irrevocably consents to the appointment of the Prentice-Hall Corporation System Inc. as its agent to receive service of process in New York, New York. Nothing herein shall
affect the right to serve process in any other manner including judicial or non-judicial foreclosure of real property interests which are part of the Collateral. Each Credit Party hereby
waives any right to stay or dismiss any action or proceeding under or in connection with any or all of the Project, this Agreement or any other operative document brought before the foregoing courts
on the basis of forum non-conveniens. 

        8.10 Successors and Assigns. The provision of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns; provided, however, this Agreement shall terminate upon the earlier to occur of (a) Discharge of both the
Bank Facility and the Second Mortgage Notes and (b) the Discharge of the FF&E Facility. 

20

 

        8.11 Counterparts. This Agreement may be executed in one or more duplicate counterparts and when signed by all of the Credit Parties
listed below shall constitute a single binding agreement. 

        8.12 No Third Party Beneficiaries. Except for the Bank Lenders, the Second Mortgage Note Holders, the FF&E Agent, the FF&E Lenders, the
Disbursement Agent and the Securities Intermediary, the Credit Parties do not intend the benefits of this Agreement to inure to the benefit of nor shall it be enforceable by any third party
(including, without limitation, the Company or any of its Affiliates) nor shall this Agreement be construed to make or render any Credit Party liable to any third party (including, without limitation,
the Company or any of its Affiliates) for the performance or failure to perform any obligations hereunder. 

        8.13 Refinancing; Amendment for New Credit Parties. Upon (a) any refinancing in whole or in part of any Facility or (b) if
any Credit Party deems necessary, the incurring of other Indebtedness of the Company (subject in each case to the terms of this Agreement and the rights of the existing Credit Parties under their
respective Financing Agreements with respect to any such refinancing or other Indebtedness), any such new lender shall be bound by the terms of this Agreement and each Credit Party hereby agrees to
execute and deliver an amendment to this Agreement with such new lender, or an agent or trustee on its behalf, to make such Person a Credit Party hereunder. No more than one partial refinancing shall
be permitted with respect to each Facility, it being understood however that once a Facility is partially refinanced, the foregoing limitation shall not apply to refinancings in whole of the parts so
refinanced. 

        8.14 Trust Indenture Act. The parties do not intend that the provisions of this Agreement violate the requirements of the Trust Indenture
Act of 1939, as amended. 

        8.15 Reinstatement. If the payment of any amount applied to any FF&E Component Secured Obligation is later avoided, rescinded (including
by settlement of any claim for avoidance or rescission) or otherwise set aside, then: 

	(a)
	to
the fullest extent lawful, all claims for the payment of such amount as FF&E Component Secured Obligations and, to the extent securing such claims, all such liens upon such FF&E
Component Collateral granted under the FF&E Security Documents will be reinstated and entitled to the benefits hereof, and

	(b)
	if
a Discharge of the FF&E Facility became effective prior to such reinstatement, all obligations of the Project Credit Parties that were terminated as a result of such Discharge of
the FF&E Facility shall be concurrently reinstated to the extent such claims and liens upon the FF&E Component Collateral granted under the FF&E Security Documents are reinstated, beginning on such
date but prospectively only (and not retroactively), as though no FF&E Component Secured Obligations or liens upon such FF&E Component Collateral granted under the FF&E Security Documents had been
outstanding at any time prior to such date and will remain effective until the claims for such amount are paid in full in cash. 

        8.16 Interaction with Project Lenders Intercreditor Agreement. As between the Bank Agent and the Indenture Trustee, nothing in this
Agreement shall reduce, relieve or otherwise discharge the obligations of the Indenture Trustee, the Second Mortgage Note Holders, the Bank Agent and the Bank Lenders under the Project Lenders
Intercreditor Agreement. 

        8.17 Attorneys' Fees. Unless paid by the Company Group, the prevailing party in any dispute or controversy hereunder shall be entitled to
an award of its reasonable attorneys' fees. 

[Signature Page Follows]

21

   
        IN WITNESS WHEREOF, the Credit Parties hereto have caused this Agreement to be executed by their respective officers or agents thereunto
duly authorized as of the day and year first above written. 

	 	 	Bank Agent:	 
	

 	
 	

 	
 	
DEUTSCHE BANK TRUST COMPANY AMERICAS
	

 	
 	

 	
 	

By:	

/s/  LINDA WANG          

	 	 	 	 	 	Name:	Linda Wang
	 	 	 	 	 	Title:	Vice President
	

 	
 	

Indenture Trustee:	

 
	

 	
 	

 	
 	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
 a national banking association
	

 	
 	

 	
 	

By:	

/s/  C. SCOTT NIELSEN          

	 	 	 	 	 	Name:	C. Scott Nielsen
	 	 	 	 	 	Title:	Vice President
	

 	
 	

FF&E Agent:	

 
	

 	
 	

 	
 	
WELLS FARGO BANK NEVADA, NATIONAL ASSOCIATION,
 a national banking association
	

 	
 	

 	
 	

By:	

/s/  C. SCOTT NIELSEN          

	 	 	 	 	 	Name:	C. Scott Nielsen
	 	 	 	 	 	Title:	Trust Officer

1

QuickLinks

INTERCREDITOR AGREEMENT (FF&E)

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