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Exhibit 10.74  

 
 

FORM OF    
    
    WYNN RESORTS AGREEMENT
  Dated as
of                            , 2002    
  

        This WYNN RESORTS AGREEMENT (this "Agreement") is made by Wynn
Resorts, Limited, a Nevada corporation ("Wynn Resorts"), in favor of Wells Fargo Bank, National
Association, as trustee (in such capacity, the "Trustee") for the benefit of the holders of the second mortgage notes (the
"Notes") issued pursuant to the Indenture (as defined below). 

PRELIMINARY STATEMENTS:  

        1.    Wynn
Las Vegas, LLC, a Nevada limited liability company and a wholly-owned subsidiary of Wynn Resorts ("Wynn Las Vegas"),
proposes to develop and own the Le Rêve Casino Resort, a large scale luxury hotel and destination casino resort, with related parking structure and golf course facilities to be
developed on the Project site, all as more particularly described in the applicable exhibit to the Disbursement Agreement (the "Project"). 

        2.    Wynn
Resorts and Wynn Las Vegas desire to finance the development and construction of the Project with, among other things, the proceeds of the issuance by Wynn Las Vegas
and Wynn Las Vegas Capital Corp. of Notes issued under the Indenture. In connection with such financing, Wynn Las Vegas and Wynn Las Vegas Capital Corp., as joint and several obligors, Desert Inn
Water Company, LLC, Wynn Design & Development, LLC, Wynn Resorts Holdings, LLC, Las Vegas Jet, LLC, World Travel, LLC, Palo, LLC and Valvino Lamore, LLC, as guarantors, and the Trustee have
entered into an indenture, dated as of the date of this Agreement (the "Indenture"). 

        3.    It
is a condition to the issuance of the Notes under the Indenture that Wynn Resorts shall have executed and delivered this Agreement. 

        4.    Wynn
Resorts acknowledges that it will receive direct and indirect benefits from the issuance of the Notes under the Indenture and the use of the proceeds thereof in
connection with the development, construction and operation of the Project. 

        5.    All
terms capitalized but not otherwise defined in this Agreement shall have the meanings ascribed to them in the Indenture, as in effect from time to time. 

        NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

        SECTION 1.    Restrictions on Incurrence of Indebtedness and Guarantees by Wynn
Resorts.    Wynn Resorts hereby agrees that it shall not: 

	(1)
	incur
Indebtedness in excess of $10.0 million in the aggregate (other than Project Related Indebtedness, Gaming Redemption Indebtedness or Replacement Aircraft Indebtedness) or
guarantee the Indebtedness of any of its Affiliates (other than a guarantee of the Floor Plan Financing or Replacement Aircraft Indebtedness), unless:

	(a)
	Wynn
Resorts concurrently becomes the Parent Guarantor of the Notes by executing and delivering the Parent Guarantee in substantially the form of the guarantee of such other
Indebtedness, if any, or if none, in substantially the form attached as Exhibit A, and

	(b)
	Wynn
Resorts' Parent Guarantee of the Notes ranks senior to or is pari passu with the obligations of Wynn Resorts under the
Indebtedness or the guarantee by Wynn Resorts of the Affiliate's Indebtedness, or 

	(2)
	grant
any security interests in any of its assets or properties (other than a security interest in favor of the Trustee for the benefit of the holders of the Notes and security
interests granted in 

 

Excluded
Project Assets or assets or properties that individually and in the aggregate have a fair market value of less than $10.0 million) in favor of any Person to secure (i) any
Indebtedness of any of its Affiliates, (ii) any Guarantee by Wynn Resorts of Indebtedness of any of its Affiliates, or (iii) any Indebtedness incurred by Wynn Resorts, unless: 

	(a)
	Wynn
Resorts concurrently executes and delivers the Parent Security Agreement in substantially the form of such other security agreement and thereby grants a security interest in
those assets or properties in favor of the Trustee for the benefit of the holders of the Notes to secure the guarantee given by Wynn Resorts under clause (1) above or, if no such guarantee has
been given, to secure the payment and performance by Wynn Las Vegas of its obligations under the Indenture and the Collateral Documents to which it is a party, and

	(b)
	the
security interest described in clause (2)(a) above ranks senior to or is pari passu with the security interest granted by
Wynn Resorts in respect of its Indebtedness, the Affiliate's Indebtedness or its guarantee of the Affiliate's Indebtedness, as the case may be. 

        For
purposes of this Agreement, "Floor Plan Financing" means the floor plan financing to be obtained by Kevyn, LLC in respect of the
Ferrari and Maserati automobile dealership forming part of the Project and located on the Project Site in an aggregate principal amount at any time outstanding not to exceed $5.0 million;  provided
that neither Issuer, no Restricted Entity nor any Restricted Subsidiary of Wynn Las Vegas or any Restricted Entity: 

	(1)
	provides
credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) as to such Indebtedness,

	(2)
	is
directly or indirectly liable as a guarantor or otherwise as to such Indebtedness, or

	(3)
	constitutes
the lender of such Indebtedness. 

        SECTION 2.    Automatic Release Provisions.    Notwithstanding
anything to the contrary in Section 1 above, the restrictions contained in Section 1 shall automatically cease to apply to Wynn Resorts, and any Parent Guarantee or Parent Security
Agreement will be automatically released and Wynn Resorts shall have no further liability thereunder, from and after such time as either: 

	(1)
	(a)     the
Completion Date has occurred, 
	(b)
	no
Default or Event of Default exists or is continuing immediately prior to or after giving effect to such release,

	(c)
	both
immediately prior to such release and after giving pro forma effect to such release (as if, for purposes of calculating the Consolidated Leverage Ratio, such release had been
made at the beginning of the applicable four-quarter period):

	(i)
	the
Consolidated Leverage Ratio of the Issuers and their Restricted Subsidiaries for the period of four consecutive fiscal quarters of Wynn Las Vegas ending immediately prior to the
release date is 3.0 to 1.0 or less, and

	(ii)
	the
senior secured long-term Indebtedness under the Credit Agreement is rated BB+ or higher by S&P and Ba1 or higher by Moody's, 

	(d)
	the
lenders under the Credit Agreement concurrently release the Guarantee and/or security interests granted by Wynn Resorts in their favor, and

	(e)
	Wynn
Resorts delivers an Officers' Certificate (including supporting calculations in reasonable detail) to the Trustee confirming that the conditions in (a), (b), (c) and
(d) of this clause (1) have been satisfied, or 

2

 

	(2)
	(a)     no
Default or Event of Default exists or is continuing immediately prior to or after giving effect to that release,

	(b)
	both
the lenders under the Credit Agreement and the Person whose Indebtedness Wynn Resorts guaranteed or granted security interest to secure (thereby triggering Wynn Resorts'
obligations to enter
into the Parent Guarantee or the Parent Security Agreement, as applicable, pursuant to this Agreement) concurrently release the guarantee or security interests, as applicable, granted by Wynn Resorts
in their favor, and

	(c)
	Wynn
Resorts delivers an Officers' Certificate to the Trustee confirming that the conditions in (a) and (b) of this clause (2) have been satisfied. 

The
Trustee shall take such actions as Wynn Resorts may request, at the expense of Wynn Resorts, to evidence the forgoing release, including without limitation the return of assets pledged as
collateral and the execution and delivery of related instruments of transfer, lien releases, reconveyances, termination statements and any similar documents and instruments. 

        SECTION 3.    Amendments to Wynn Put Agreement.    Wynn Resorts hereby
agrees that it shall not amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, or otherwise fail to enforce, or terminate or abandon,
any of the provisions of the Wynn Put Agreement, if such amendment, modification, waiver or other change, failure to enforce, termination or abandonment (individually or collectively with all such
amendments, modifications, waivers and other changes, failures to enforce, terminations or abandonments taken as a whole) would: 

	(1)
	have
a material adverse affect on the ability of Wynn Las Vegas, any Restricted Entity or any of their respective Restricted Subsidiaries to develop, construct or operate the Project,

	(2)
	cause
the Completion Date to occur or result in that date occurring after the Outside Completion Deadline,

	(3)
	materially
impair the rights or remedies of the holders of the Notes under the Indenture or the Collateral Documents, or

	(4)
	materially
impair the development, use or operation of the Project. 

        Notwithstanding
the provisions of this Agreement, in no event shall Wynn Resorts be required, by reason of granting the Parent Guarantee or any security interest pursuant to this
Agreement, to become a Restricted Entity or otherwise to become subject to the restrictive covenants or other terms of the Indenture. 

        SECTION 4.    Separateness from Issuers, Restricted Entities, their Restricted Subsidiaries and the
Completion Guarantor. Wynn Resorts hereby agrees that, for so long as there continue to be any outstanding Obligations under the Credit Agreement and the Loan Documents (as
defined in the Credit Agreement) (the "Bank Documents") or under the Indenture or any Collateral Document (the "Indenture
Documents"), it shall comply with each of the following: 

	(1)
	Wynn
Resorts shall not conduct business in the name of any of Wynn Las Vegas, the Restricted Entities, any of their respective Restricted Subsidiaries or the Completion Guarantor
(collectively, the "Wynn Group Members"), nor shall it refer to any of the Wynn Group Members as a division, department or other subdivision of Wynn
Resorts that is not recognized as a separate and distinct legal entity under applicable law. Wynn Resorts shall have separate stationery, invoices and checks in its own name and shall observe all
organizational formalities. Wynn Resorts shall not refer to employees of a Wynn Group Member as employees of Wynn Resorts or of any Affiliate of Wynn Resorts that is not a Wynn Group Member. Wynn
Resorts shall maintain arms'-length relationships with the Wynn Group Members, except for management fees, distributions and other specific transactions, to the extent permitted by the Bank Documents
and the Indenture Documents. Wynn 

3

 

Resorts
shall maintain adequate capital in light of its contemplated business purpose, transactions and liabilities. Wynn Resorts shall not commingle its funds with those of the Wynn Group Entities,
and in all transactions involving the Wynn Group Entities and Wynn Resorts, the separate funds of each of the Wynn Group Members and Wynn Resorts shall be clearly traceable. The assets of Wynn Resorts
shall remain identifiably separate from those of the Wynn Group Members such that there will be no material difficulty in segregating the assets of the Wynn Group Members from those of Wynn Resorts. 

	(2)
	Wynn
Resorts shall not hold out the Wynn Group Members to be other than legal entities separate and distinct from Wynn Resorts, and Wynn Resorts shall not hold out that the assets of
the Wynn Group Members are available to satisfy the liabilities of Wynn Resorts. In any communications with creditors of Wynn Resorts that refer in any way directly or indirectly to the assets,
liabilities, operations or results from operations of the Wynn Group Members, Wynn Resorts shall ensure that such communications accurately describe the separate existence of the Wynn Group Members
and the fact that the assets of the Wynn Group Members are not available to satisfy the liabilities of Wynn Resorts.

	(3)
	Wynn
Resorts shall maintain books, records and accounts separate and apart from each of the Wynn Group Members. In any consolidated financial statements of Wynn Resorts that refer to
assets, liabilities, operations or results from operations of the Wynn Group Members, Wynn Resorts shall, in footnotes or otherwise, describe the assets, liabilities, operations and results from
operations of the Wynn Group Members separately from those of Wynn Resorts and further shall note that (i) each Wynn Group Member is organized as a legal entity separate and distinct from Wynn
Resorts, (ii) there is no agreement or other arrangement or relationship under which or pursuant to which the assets of a Wynn Group Member have been pledged or otherwise made available to
satisfy the obligations of Wynn Resorts or any of its Affiliates that are not Wynn Group Members, and (iii) each Wynn Group Member has issued or guaranteed indebtedness that is secured by liens
on substantially all of the assets of said Wynn Group Member (except as otherwise permitted by the terms of the Bank Documents and the Indenture Documents).

	(4)
	In
addition to the foregoing, Wynn Resorts shall not take any other action that would reasonably be expected to call into question the separate identity of each Wynn Group Member from
Wynn Resorts, or to create or increase any risk that the assets of any Wynn Group Member will be consolidated with those of Wynn Resorts or any other Person (other than another Wynn Group Member)
under applicable federal or state bankruptcy or insolvency law. 

        SECTION 5.    Representations and Warranties.    Wynn Resorts hereby
represents and warrants as follows: 

	(1)
	Authority. Wynn Resorts has the requisite corporate power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and under the Parent Guarantee and Parent Security Agreement, if any, to which it is a party from time to time pursuant to the terms of the Agreement. The execution, delivery and
performance by Wynn Resorts of this Agreement, the Parent Guarantee and the Parent Security Agreement have been duly approved by all necessary corporate action of Wynn Resorts and no other corporate
proceedings on the part of Wynn Resorts are necessary to consummate the transactions contemplated by this Agreement, the Parent Guarantee and the Parent Security Agreement.

	(2)
	Enforceability. This Agreement has been duly executed and delivered by Wynn Resorts. This Agreement is (and, upon the execution and
delivery thereof by Wynn Resorts, the Parent Guarantee and the Parent Security Agreement will be) the legal, valid and binding obligations of Wynn Resorts, enforceable against Wynn Resorts in
accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium 

4

 

or
similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

        SECTION 6.    Further Assurances.    Wynn Resorts shall execute and
deliver such additional instruments, certificates or documents, and take all such actions as may be reasonably required from time to time in order to: 

	(1)
	carry
out more effectively the purposes of this Agreement, the Parent Guarantee and the Parent Security Agreement;

	(2)
	create,
grant, perfect and maintain the validity, effectiveness, perfection and priority of the Parent Security Agreement and the Liens created, or intended to be created, thereby;

	(3)
	ensure
that the Parent Guarantee and the Liens created or purported to be created under the Parent Security Agreement have the ranking required under clauses (1)(b) and (2)(b) of
Section 1 of this Agreement; and

	(4)
	ensure
that any of the rights granted or intended to be granted to the Trustee under this Agreement, the Parent Guarantee or the Parent Security Agreement or under any other
instrument executed in connection therewith or granted to Wynn Resorts thereunder or under any other instrument executed in connection therewith are protected and enforced. 

        Upon
the exercise by the Trustee or any holder of Notes of any power, right, privilege or remedy under this Agreement, the Parent Guarantee or the Parent Security Agreement which
requires any consent, approval, recording, qualification or authorization of any governmental authority (including the Nevada PUC or any Gaming Authority), Wynn Resorts shall execute and deliver all
applications, certifications, instruments and other documents and papers that may be required from Wynn Resorts for such governmental consent, approval, recording, qualification or authorization. 

        SECTION 7.    Reaffirmation of Obligations.    Pursuant to
(i) Section 7 of the Amended and Restated Commitment Letter, dated as of June 14, 2002 (the "Commitment Letter"), among Valvino
Lamore, LLC, Wynn Resorts Holdings, LLC, Wynn Las Vegas and the Administrative Agent and the other Participating Institutions (as defined therein), and (ii) Section 10 of the Engagement
Letter (as defined therein), Wynn Resorts hereby agrees, effective as of the date of the Commitment Letter and the Engagement Letter, respectively, that it is jointly and severally liable for all of
the liabilities and obligations relating to or arising out of the duties, responsibilities and obligations of Valvino Lamore, LLC, Wynn Resorts Holdings, LLC and Wynn Las Vegas under the Commitment
Letter and the Engagement Letter, respectively, on the terms and subject to the conditions of the Commitment Letter and the Engagement Letter, respectively. 

        SECTION 8.    Counterparts.    This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of
this Agreement. 

        SECTION 9.    Severability.    Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        SECTION 10.    Choice of Law; Jurisdiction; Waivers.    This Agreement
shall be governed by and construed in accordance with the laws of the State of New York. To the fullest extent permitted by applicable law,
Wynn Resorts hereby irrevocably submits to the non-exclusive jurisdiction of any New York State court or Federal court sitting in the County of New York in respect of any suit, action or 

5

 

proceeding arising out of or relating to the provisions of this Agreement, the Parent Guarantee or the Parent Security Agreement and irrevocably agrees that all claims in respect of any such suit,
action or proceeding may be heard and determined in any such court. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter
have to the laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or relating
to this Agreement, the Parent Guarantee or the Parent Security Agreement. 

[Signature Page Follows] 

6

        IN WITNESS WHEREOF, the parties hereto have caused this Wynn Resorts Agreement to be executed by their respective officers or authorized
signatories thereunto duly authorized, as of the date first written above. 

	 	 	WYNN RESORTS, LIMITED
	

 	
 	

By:	

	

 	
 	

Name:	

	

 	
 	

Title:	

Exhibit A  

FORM OF PARENT GUARANTEE  

        [To be conformed from Guarantee and Collateral Agreement] 

Exhibit B  

FORM OF PARENT SECURITY AGREEMENT  

        [To be conformed from Guarantee and Collateral Agreement] 

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Exhibit 4.3  

FORM OF GUARANTEE AND COLLATERAL AGREEMENT  

 made by  

 VALVINO LAMORE, LLC,  

 WYNN LAS VEGAS CAPITAL CORP.,  

 PALO, LLC,  

 WYNN RESORTS HOLDINGS, LLC,  

 DESERT INN WATER COMPANY, LLC,  

 WYNN DESIGN & DEVELOPMENT, LLC,  

 WORLD TRAVEL LLC,  

 LAS VEGAS JET, LLC,  

 WYNN LAS VEGAS, LLC  

 and  

 THE OTHER GRANTORS FROM TIME TO TIME PARTY HERETO  

 in favor of  

 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Mortgage Notes Indenture Trustee  

 Dated as of                        , 2002  

  

 
 

TABLE OF CONTENTS    
  

	 
	 
	 	 
	 	Page

	SECTION 1.	 	    DEFINED TERMS	 	1
	

 	

1.1.	
 	

Definitions	
 	

1
	 	1.2.	 	Other Definitional Provisions	 	6
	

SECTION 2.	
 	

    GUARANTEE	
 	

6
	

 	

2.1.	
 	

Guarantee	
 	

6
	 	2.2.	 	Rights of Reimbursement, Contribution and Subrogation	 	7
	 	2.3.	 	Amendments, etc. with respect to the Issuer Obligations	 	10
	 	2.4.	 	Guarantee Absolute and Unconditional	 	10
	 	2.5.	 	Reinstatement	 	11
	 	2.6.	 	Payments	 	11
	

SECTION 3.	
 	

    GRANT OF SECURITY INTEREST	
 	

11
	

SECTION 4.	
 	

    REPRESENTATIONS AND WARRANTIES	
 	

12
	

 	

4.1.	
 	

Title; No Other Liens	
 	

12
	 	4.2.	 	Perfected Liens	 	12
	 	4.3.	 	Name; Jurisdiction of Organization, etc	 	13
	 	4.4.	 	Inventory, Equipment and Books and Records	 	13
	 	4.5.	 	Farm Products	 	13
	 	4.6.	 	Investment Property	 	13
	 	4.7.	 	Receivables	 	14
	 	4.8.	 	Contracts	 	14
	 	4.9.	 	Intellectual Property	 	15
	 	4.10.	 	Vehicles	 	17
	

SECTION 5	
 	

    COVENANTS	
 	

17
	

 	

5.1.	
 	

Delivery and Control of Instruments, Chattel Paper, Investment Property and Deposit Accounts	
 	

17
	 	5.2.	 	Payment of Obligations	 	18
	 	5.3.	 	Maintenance of Perfected Security Interest; Further Documentation	 	18
	 	5.4.	 	Changes in Locations, Name, Jurisdiction of Incorporation, etc.	 	18
	 	5.5.	 	Notices	 	19
	 	5.6.	 	Investment Property	 	19
	 	5.7.	 	Receivables	 	20
	 	5.8.	 	Contracts	 	20
	 	5.9.	 	Intellectual Property	 	21
	 	5.10.	 	Vehicles	 	23
	 	5.11.	 	Leases. Wynn Las Vegas may	 	23
	 	5.12.	 	Non-Deliverable Collateral	 	24

i

 

	

SECTION 6.	
 	

    REMEDIAL PROVISIONS	
 	

24
	

 	

6.1.	
 	

Nevada Gaming Laws and Intercreditor Agreements	
 	

24
	 	6.2.	 	Certain Matters Relating to Receivables	 	24
	 	6.3.	 	Communications with Obligors; Grantors Remain Liable	 	24
	 	6.4.	 	Pledged Securities	 	25
	 	6.5.	 	Proceeds to be Turned Over To Mortgage Notes Indenture Trustee	 	26
	 	6.6.	 	Application of Proceeds	 	26
	 	6.7.	 	Code and Other Remedies	 	26
	 	6.8.	 	Registration Rights	 	27
	 	6.9.	 	Waiver; Deficiency	 	28
	

SECTION 7.	
 	

    THE MORTGAGE NOTES INDENTURE TRUSTEE	
 	

28
	

 	

7.1.	
 	

Mortgage Notes Indenture Trustee's Appointment as Attorney-in-Fact, etc.	
 	

28
	 	7.2.	 	Duty of Mortgage Notes Indenture Trustee	 	30
	 	7.3.	 	Execution of Financing Statements	 	30
	 	7.4.	 	Authority of Mortgage Notes Indenture Trustee	 	31
	 	7.5.	 	Appointment of Co-Collateral Agents	 	31
	

SECTION 8.	
 	

    MISCELLANEOUS	
 	

31
	

 	

8.1.	
 	

Amendments in Writing	
 	

31
	 	8.2.	 	Notices	 	31
	 	8.3.	 	No Waiver by Course of Conduct; Cumulative Remedies	 	31
	 	8.4.	 	Enforcement Expenses; Indemnification	 	31
	 	8.5.	 	Successors and Assigns	 	32
	 	8.6.	 	Set-Off	 	32
	 	8.7.	 	Counterparts	 	32
	 	8.8.	 	Severability	 	32
	 	8.9.	 	Section Headings	 	32
	 	8.10.	 	Integration	 	32
	 	8.11.	 	GOVERNING LAW	 	33
	 	8.12.	 	Submission to Jurisdiction; Waivers	 	33
	 	8.13.	 	Acknowledgments	 	33
	 	8.14.	 	Additional Grantors	 	33
	 	8.15.	 	Releases	 	33
	 	8.16.	 	WAIVER OF JURY TRIAL	 	34
	 	8.17.	 	Regulatory Matters	 	34

ii

 
 

GUARANTEE AND COLLATERAL AGREEMENT    
  

        This GUARANTEE AND COLLATERAL AGREEMENT, dated as
of                            , 2002, is made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the "Grantors"), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as the
Mortgage Notes Indenture Trustee (in such capacity, the "Mortgage Notes Indenture Trustee") for the registered holders (the
"Holders") of the            % Mortgage Notes due 2010 (the "Notes") issued by Wynn Las Vegas,
LLC,
a Nevada limited liability company ("Wynn Las Vegas"), and Wynn Las Vegas Capital Corp., a Nevada corporation (together with Wynn Las Vegas, the
"Note Issuers"), in the aggregate principal amount of $340,000,000 under that certain Indenture, dated as of even date herewith (as amended,
supplemented or otherwise modified from time to time, the "Indenture"), among the Note Issuers, the other Grantors and the Mortgage Notes Indenture
Trustee. 

RECITALS:  

        WHEREAS, pursuant to the Indenture, the Holders have agreed to purchase the Notes upon the terms and subject to the conditions set forth therein; 

        WHEREAS,
the Note Issuers are members of an affiliated group of companies that includes each other Grantor; 

        WHEREAS,
the proceeds of the Notes issued under the Indenture will be used in part to enable the Note Issuers to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses; 

        WHEREAS,
the Note Issuers and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the purchase of the Notes by
the Holders under the Indenture; and 

        WHEREAS,
it is a condition precedent to the obligation of the Holders to purchase the Notes under the Indenture that the Grantors shall have executed and delivered this Agreement to the
Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties; 

        NOW,
THEREFORE, in consideration of the premises and to induce the Mortgage Notes Indenture Trustee and the Holders to enter into the Indenture and purchase the Notes, as the case may
be, each Grantor hereby agrees with the Mortgage Notes Indenture Trustee, for the ratable benefit of the Secured Parties, as follows: 

SECTION 1. DEFINED TERMS  

        1.1.    Definitions.    (a) Any capitalized terms used in this
Agreement which are not otherwise defined herein shall have the respective meanings ascribed to such terms in the Disbursement Agreement (as defined below) and, if not defined therein, the respective
meanings ascribed to such terms in the Indenture; provided, that (1) any such capitalized terms used in this Agreement which are defined in both
the Disbursement Agreement and the Indenture shall have the respective meanings ascribed to such terms in the Disbursement Agreement, and (2) upon termination of the Disbursement Agreement, any
defined terms used herein having meanings given to such terms in the Disbursement Agreement shall continue to have the meanings given to such terms in the Disbursement Agreement as amended and in
effect immediately prior to such termination (provided that, following any such termination of the Disbursement Agreement, such terms and the meanings therefor may be amended or modified in accordance
with the Indenture). The following terms which are defined in the Uniform Commercial Code in effect in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated
Security, Chattel Paper, Commodity Account, Commodity Contract, Commodity Intermediary, Documents, Entitlement Order, Equipment, Farm Products, Financial Asset, Goods, Instruments, Inventory, Letters
of Credit, Letter of Credit Rights, Payment Intangible, Securities Account, Securities Intermediary, Security, Security Entitlement, Supporting Obligation and Uncertificated Security. 

 

        (b)
The following terms shall have the following meanings: 

         "Agreement":    this Guarantee and Collateral Agreement, as the same may be amended, supplemented, replaced or otherwise modified from
time to time. 

         "Capital Stock":    any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any and
all classes of membership interests in a limited liability company, any and all classes of partnership interests in a partnership, any and all equivalent ownership interests in a Person and any and
all warrants, rights or options to purchase any of the foregoing. 

         "Collateral":    as defined in Section 3. 

         "Collateral Account":    any collateral account established by the Mortgage Notes Indenture Trustee as provided in Section 6.2 or
6.5. 

        "Contracts":    the contracts and agreements listed in Schedule 7 as the same may be
amended,
supplemented, replaced or otherwise modified from time to time, including, without limitation, (i) all rights of any Grantor to receive moneys due and to become due to it thereunder or in
connection therewith, (ii) all rights of any Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect thereto, (iii) all rights of any Grantor to
damages arising thereunder, (iv) all rights of any Grantor to cancel, terminate or suspend such Contracts or the performance of work thereunder, and to perform and compel performance of, such
Contracts and to exercise all remedies thereunder and (v) all rights of any Grantor to amend or modify such Contracts and to consent to any sale, assignment or disposition (by operation of law
or otherwise) by the counterparty thereto of any part of such counterparty's interest in any such Contract. 

         "Copyright Licenses":    any written agreement naming any Grantor as licensor or licensee (including, without limitation, those listed in
 Schedule 6), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and
sell materials derived from any Copyright. 

        "Copyrights":    (i) all copyrights, whether or not the underlying works of authorship have been published, including, but not limited
to,
copyrights in software and databases, all Mask Works (as defined in 17 U.S.C. 901 of the U.S. Copyright Act) and all such underlying works of authorship and other intellectual property rights therein,
all copyrights of works based on, incorporated in, derived from or relating to works covered by such copyrights, all right, title and interest to make and exploit all derivative works based on or
adopted from works covered by such copyrights, and all copyright registrations and copyright applications, and any renewals or extensions thereof, including, without limitation, each registration and
application identified in Schedule 6, (ii) the rights to print, publish and distribute any of the foregoing, (iii) the right to sue
or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation,
payments under all Copyright Licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind
whatsoever accruing thereunder or pertaining thereto. 

         "Deposit Account":    as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any event, including, without
limitation, any
demand, time, savings, passbook or like account maintained with a depositary institution. 

         "Disbursement Agreement":    that certain Master Disbursement Agreement dated as of    , 2002 among the Note Issuers,
the Mortgage Notes
Indenture Trustee and the other parties signatory thereto, as the same may hereafter be amended or modified in accordance with its terms and the terms of the Indenture. 

2

 

        "Excluded Assets":    (i) the Aircraft Assets, (ii) the Company Accounts (it being understood that certain of the Company
Accounts have
been pledged to the Mortgage Notes Indenture Trustee pursuant to the Company Collateral Account Agreements), (iii) any assets the acquisition of which was financed by Indebtedness permitted by
Section 4.09(b)(7) of the Indenture, to the extent that the terms of such Indebtedness prohibit additional Liens on such assets (but only to the extent and so long as so prohibited) and
(iv) any Contract that prohibits the creation of a security interest therein or requires consent to such security interest (other than to the extent that any such prohibition or consent
requirement would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC); provided, however, that the
security interest shall attach immediately at such time as the restriction prohibiting assignment shall be removed or any condition thereto shall be satisfied. 

         "General Intangibles":    all "general intangibles" as such term is defined in Section 9-102(a)(42) of the Uniform Commercial Code in
effect in the State of New York on the date hereof and, in any event, including, without limitation, with respect to any Grantor, all rights and interests in, to and under contracts, agreements,
instruments and indentures, including, without limitation, the Contracts, and all licenses, permits, concessions, franchises and authorizations issued by Governmental Authorities in any form, and
portions thereof, to which such Grantor is a party or under which such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may
from time to time be amended, supplemented, replaced or otherwise modified, including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due to it
thereunder or in connection therewith, (ii) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect thereto, (iii) all rights of
such Grantor to damages arising thereunder, (iv) all rights of such Grantor to receive any tax refunds, and (v) all rights of such Grantor to terminate and to perform, compel performance
and to exercise all remedies thereunder. 

        "Governmental Authority":    any national, state or local government (whether domestic or foreign), any political subdivision thereof or
any other
governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity, (including the Gaming Authorities, any zoning authority, the FDIC, the
Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority), any entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government or any arbitrator with authority to bind a party at law. 

        "Guarantor Obligations":    with respect to any Guarantor, all obligations and liabilities of such Guarantor which may arise under or in
connection with
this Agreement (including, without limitation, Section 2), any other Collateral Document, the Indenture or other agreement associated with the Indenture to which such Guarantor is a party, in
each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel
to any Secured Party that are required to be paid by such Guarantor pursuant to the terms of this Agreement, the Indenture or any other Collateral Document). 

        "Guarantors":    the collective reference to the Grantors other than the Note Issuers. 

         "Intellectual Property":    the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under
United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks, the Trademark
Licenses, the Trade Secrets and the Trade Secret Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and
damages therefrom. 

3

 

         "Intercompany Note":    any promissory note evidencing loans made by any Grantor to either Note Issuer or any of the other Grantors, other
than the
Aircraft Note. 

        "Investment Property":    the collective reference to (i) all "investment property" as such term is defined in
Section 9-102(a)(49) of the Uniform Commercial Code in effect in the State of New York on the date hereof including, without limitation, all Certificated Securities and
Uncertificated Securities, all Security Entitlements, all Securities Accounts, all Commodity Contracts and all Commodity Accounts,
(ii) security entitlements, in the case of any United States Treasury book-entry securities, as defined in 31 C.F.R. section 357.2, or, in the case of any United States
federal agency book-entry securities, as defined in the corresponding United States federal regulations governing such book-entry securities, and (iii) whether or not
constituting "investment property" as defined in the Uniform Commercial Code in effect in the State of New York on the date hereof, all Pledged Notes, all Pledged Stock, all Pledged Security
Entitlements, all Pledged Debt Securities and all Pledged Commodity Contracts. 

         "Issuer Obligations":    with respect to each Note Issuer, the collective reference to the payment and performance by such Note Issuer of
each covenant
and agreement of such Issuer contained in the Mortgage Notes Indenture, the Notes, each Collateral Document to which such Note Issuer is a party and each other document related thereto to which such
Issuer is a party. 

        "Issuers":    the collective reference to each issuer of a Pledged Security. 

         "Material Adverse Effect":    a material adverse condition or material adverse change in or affecting (a) the business, assets,
liabilities,
property, condition (financial or otherwise), results of operations, prospects, value or management of the Issuers and the other Grantors taken as a whole, (b) the Project, (c) the
validity or enforceability of this Agreement, the Indenture or any of the other Collateral Documents, (d) the validity, enforceability or priority of the Liens purported to be created by the
Collateral Documents, or (e) the rights or remedies of any Secured Party hereunder, under the Indenture or under any of the other Collateral Documents. 

         "New York UCC":    the Uniform Commercial Code as from time to time in effect in the State of New York. 

         "Non-Deliverable Collateral":    as defined in Section 4.7(b). 

        "Obligations":    (i) in the case of each of the Note Issuers, the Issuer Obligations, and (ii) in the case of each Guarantor,
its
Guarantor Obligations. 

         "Patent License":    all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture,
use or sell any
invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 6. 

        "Patents":    (i) all patents, patent applications and patentable inventions, including, without limitation, each issued patent and
patent
application identified in Schedule 6, all certificates of invention or similar industrial property rights, (ii) all inventions and
improvements described and claimed therein, (iii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all
income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all Patent Licenses entered into in connection
therewith, and damages and payments for past, present or future infringement thereof), and (v) all reissues, divisions, continuations, continuations-in-part,
substitutes, renewals, and extensions thereof, all improvements thereon and all other rights of any kind whatsoever accruing thereunder or pertaining thereto. 

4

  

         "Phase II Land Building":    the building existing on the Phase II Land as of the date of the Indenture that is subject to the Office
Building Lease. 

         "Pledged Commodity Contracts":    all commodity contracts listed on Schedule 2 and all
other
commodity contracts to which any Grantor is party from time to time. 

         "Pledged Debt Securities":    the debt securities listed on Schedule 2, together with
any other
certificates, options, rights or security entitlements of any nature whatsoever in respect of the debt securities of any Person that may be issued or granted to, or held by, any Grantor while this
Agreement is in effect. 

         "Pledged Notes":    all promissory notes listed on Schedule 2, all Intercompany Notes
at any time
issued to any Grantor and all other promissory notes issued to or held by any Grantor. 

         "Pledged Securities":    the collective reference to the Pledged Debt Securities, the Pledged Notes and the Pledged Stock. 

         'Pledged Security Entitlements":    all security entitlements with respect to the financial assets listed on  Schedule 2 and all other security entitlements of any Grantor. 

        'Pledged Stock":    the shares of Capital Stock listed on Schedule 2, together with any
other
shares, stock certificates, options, rights or security entitlements of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor
while this Agreement is in effect. 

         "Proceeds":    all "proceeds" as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code in effect in the State
of New York on the date hereof and, in any event, shall include, without limitation, all dividends or other income from the Pledged Securities, collections thereon or distributions or payments with
respect thereto. 

         "Receivable":    any right to payment for goods or other property sold, leased, licensed or otherwise disposed of or for services rendered,
 whether or
not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account or Payment Intangible). References herein
to a Receivable shall include any Supporting Obligation or collateral securing such Receivable. 

        "Requirement of Law":    as to any Person, the governing documents or other constituent documents of such Person, and any law, treaty,
order, rule or
regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of
its Property is subject. 

         "Secured Parties":    collectively, the Mortgage Notes Indenture Trustee and the Holders. 

        "Securities Act":    the Securities Act of 1933, as amended. 

         "Trademark License":    any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any
Trademark,
including, without limitation, any of the foregoing referred to in Schedule 6. 

         "Trademarks":    (i) all trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade
styles,
logos, or other indicia of origin or source identification, internet domain names, trademark and service mark registrations, and applications for trademark or service mark registrations and any
renewals thereof, including, without limitation, each registration and application identified in Schedule 6, (ii) the right to sue or
otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all 

5

 

income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all Trademark Licenses entered into in
connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever accruing thereunder or pertaining thereto,
together in each case with the goodwill of the business connected with the use of, and symbolized by, each of the above. 

         "Trade Secret License":    any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any
Trade Secret,
including, without limitation, any of the foregoing referred to in Schedule 6. 

        "Trade Secrets":    (i) all trade secrets and all confidential and proprietary information, including know-how, manufacturing and
production processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing
plans, and customer and supplier lists and information, including, without limitation, any of the foregoing referred to in Schedule 6,
(ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments
now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present
or future infringements thereof), and (iv) all other rights of any kind whatsoever of any Grantor accruing thereunder or pertaining thereto. 

         "Vehicles":    all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title
law of any
jurisdiction and, in any event including, without limitation, the vehicles listed on Schedule 8 and all tires and other appurtenances to any of
the foregoing; provided, that the term "Vehicles" shall not include the Aircraft Assets. 

        1.2.    Other Definitional Provisions.    (a) The words "hereof",
"herein", "hereto" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section
and Schedule references are to this Agreement unless otherwise specified. 

        (b)  The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

        (c)  Where
the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor's Collateral or the
relevant part thereof. 

        (d)  The
expressions "payment in full," "paid in full" and any other similar terms or phrases when used herein with respect to the Issuer Obligations or the Guarantor
Obligations shall mean the unconditional, final and irrevocable payment in full, in immediately available funds, of all of the Issuer Obligations or the Guarantor Obligations, as the case may be. 

SECTION 2. GUARANTEE  

        2.1.    Guarantee.    

        (a)  Each
of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Mortgage Notes Indenture Trustee, for the ratable benefit of the
Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by each of the Note Issuers when due (whether at the stated
maturity, by acceleration or otherwise) of the Issuer Obligations. 

        (b)  Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Obligations of such Guarantor under
this Section 2 not constitute 

6

 

a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any such Obligation. If and to the extent required in order for the Obligations of any Guarantor to be enforceable under applicable federal, state and other laws relating to the
insolvency of debtors, the maximum liability of such Guarantor hereunder shall be limited to the greatest amount which can lawfully be guaranteed by such Guarantor under such laws, after giving effect
to any rights of contribution, reimbursement and subrogation arising under Section 2.2. Each Guarantor acknowledges and agrees that, to the extent not prohibited by applicable law,
(i) such Guarantor (as opposed to its creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its capacity as debtor in possession exercising any powers of a
bankruptcy trustee) has no personal right under such laws to reduce, or request any judicial relief that has the effect of reducing, the amount of its liability under this Agreement, (ii) such
Guarantor (as opposed to its creditors, representatives of creditors or bankruptcy trustee, including such Guarantor in its capacity as debtor in possession exercising any powers of a bankruptcy
trustee) has no personal right to enforce the limitation set forth in this Section 2.1(b) or to reduce, or request judicial relief reducing, the amount of its liability under this Agreement,
and (iii) the limitation set forth in this Section 2.1(b) may be enforced only to the extent required under such laws in order for the obligations of such Guarantor under this Agreement
to be enforceable under such laws and only by or for the benefit of a creditor, representative of creditors or bankruptcy trustee of such Guarantor or other Person entitled, under such laws, to
enforce the provisions thereof. 

        (c)  Each
Guarantor agrees that the Issuer Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum liability of such
Guarantor under
Section 2.1(b) without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of any Secured Party hereunder. 

        (d)  The
guarantee contained in this Section 2 shall remain in full force and effect until payment in full of all Obligations, notwithstanding that from time to time
during the term of the Indenture the Note Issuers may be free from any Issuer Obligations. 

        (e)  No
payment made by either of the Note Issuers, any of the Guarantors, any other guarantor or any other Person or received or collected by any Secured Party from either
of the Note Issuers, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from
time to time in reduction of or in payment of the Issuer Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Issuer Obligations or any payment received or collected from such Guarantor in respect of the Issuer
Obligations), remain liable for the Issuer Obligations up to the maximum liability of such Guarantor hereunder until the Issuer Obligations are paid in full. 

        2.2.    Rights of Reimbursement, Contribution and Subrogation.    In
case any payment is made on account of the Obligations by any Grantor or is received or collected on account of the Obligations from any Grantor or its property: 

        (a)  If
such payment is made by either of the Note Issuers or from their property, then, if and to the extent such payment is made on account of Obligations arising from or
relating to a Note issued by the Note Issuers, neither of the Note Issuers shall be entitled (A) to demand or enforce reimbursement or contribution in respect of such payment from any other
Grantor or (B) to be subrogated to any claim, interest, right or remedy of any Secured Party against any other Person, including any other Grantor or its property; and 

        (b)  If
such payment is made by a Guarantor or from its property, such Guarantor shall be entitled, subject to and upon payment in full of the Obligations, (A) to
demand and enforce 

7

 

reimbursement for the full amount of such payment from the Note Issuers and (B) to demand and enforce contribution in respect of such payment from each other Guarantor which has not paid its
fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement rights provided hereby) each Guarantor pays its fair share of the unreimbursed portion
of such payment. For this purpose, the fair share of each Guarantor as to any unreimbursed payment shall be determined based on an equitable apportionment of such unreimbursed payment among all
Guarantors based on the relative value of their assets and any other equitable considerations deemed appropriate by the court. 

        (c)  If
and whenever (after payment in full of the Obligations) any right of reimbursement or contribution becomes enforceable by any Grantor against any other Grantor under
Sections 2.2(a) and 2.2(b), such Grantor shall be entitled, subject to and upon payment in full of the Obligations, to be subrogated (equally and ratably with all other Grantors entitled to
reimbursement or contribution from any other Grantor as set forth in this Section 2.2) to any security interest that may then be held by the Mortgage Notes Indenture Trustee upon any Collateral
granted to it in this Agreement. Such right of subrogation shall be enforceable solely against the Grantors, and not against the Secured Parties, and neither the Mortgage Notes Indenture Trustee nor
any other Secured Party shall have any duty whatsoever to warrant, ensure or protect any such right of subrogation or to obtain, perfect, maintain, hold, enforce or retain any Collateral for any
purpose related to any such right of subrogation. If subrogation is demanded by any Grantor, then (after payment in full of the Obligations) the Mortgage Notes Indenture Trustee shall deliver to the
Grantors making such demand, or to a representative of such Grantors or of the Grantors generally, an instrument satisfactory to the Mortgage Notes Indenture Trustee transferring, on a quitclaim basis
without any recourse, representation, warranty or obligation whatsoever, whatever security interest the Mortgage Notes Indenture Trustee then may hold in whatever Collateral may then exist that was
not previously released or disposed of by the Mortgage Notes Indenture Trustee. 

        (d)  All
rights and claims arising under this Section 2.2 or based upon or relating to any other right of reimbursement, indemnification, contribution or subrogation
that may at any time arise or exist in favor of any Grantor as to any payment on account of the Obligations made by it or received or collected from its property shall be fully subordinated in all
respects to the prior payment in full of all of the Obligations. Until payment in full of the Obligations, no Grantor shall demand or receive any collateral security, payment or distribution
whatsoever (whether in cash, property or securities or otherwise) on account of any such right or claim. If any such payment or distribution is made or becomes available to any Grantor in any
bankruptcy case or receivership, insolvency or liquidation proceeding, such payment or distribution shall be delivered by the person making such payment or distribution directly to the Mortgage Notes
Indenture Trustee, for application to the payment of the Obligations. If any such payment or distribution is received by any Grantor, it shall be held by such Grantor in trust, as trustee of an
express trust for the benefit of the Secured Parties, and shall forthwith be transferred and delivered by such Grantor to the Mortgage Notes Indenture Trustee, in the exact form received and, if
necessary, duly endorsed. 

        (e)  The
obligations of the Grantors under the Indenture and the Collateral Documents, including their liability for the Obligations and the enforceability of the security
interests granted thereby, are not contingent upon the validity, legality, enforceability, collectibility or sufficiency of any right of reimbursement, contribution or subrogation arising under this
Section 2.2. The invalidity, insufficiency, unenforceability or uncollectibility of any such right shall not in any respect diminish, affect or impair any such obligation or any other claim,
interest, right or remedy at any time held by any Secured Party against any Guarantor or its property. The Secured Parties make no representations or warranties in respect of any such right and shall
have no duty to assure, protect, enforce or ensure any such right or otherwise relating to any such right. 

8

   
        (f)    Each Grantor reserves any and all other rights of reimbursement, contribution or subrogation at any time available to it as against any other Grantor, but (i) the
exercise and enforcement of such rights shall be subject to Section 2.2(d) and (ii) neither the Mortgage Notes Indenture Trustee nor any other Secured Party shall ever have any duty or
liability whatsoever in respect of any such right, except as provided in Section 2.2(c). 

        (g)  Each
Guarantor waives any right or claims of right to cause a marshalling of the Note Issuers' or another Guarantor's assets or to proceed against any Guarantor, the
Note Issuers or any other guarantor or any of the Note Issuers' obligations in any particular order, including, but not limited to, any right arising out of Nevada Revised Statutes 40.430. 

        2.3.    Amendments, etc. with respect to the Issuer
Obligations.    Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or
further assent by any Guarantor, any demand for payment of any of the Issuer Obligations made by any Secured Party may be rescinded by such Secured Party and any of the Issuer Obligations continued,
and the Issuer Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time
to time, in whole or in part, be renewed, increased, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Secured Party, and the Indenture and the Collateral
Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Mortgage Notes Indenture Trustee (or
the requisite Holders under the Indenture or all Holders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any
Secured Party for the payment of the Issuer Obligations may be sold, exchanged, waived, surrendered or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any
Lien at any time held by it as security for the Issuer Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

        2.4.    Guarantee Absolute and Unconditional.    Each Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the Issuer Obligations and notice of or proof of reliance by any Secured Party upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the Issuer Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred,
or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Note Issuers and any of the Guarantors, on the one hand, and
the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives
diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon either of the Note Issuers or any of the Guarantors with respect to the Issuer Obligations. Each Guarantor understands and agrees that the guarantee contained in this
Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to (a) the validity or enforceability of the Indenture or any
Collateral Document, any of the Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Secured
Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance hereunder) which may at any time be available to or be asserted by either of the Note
Issuers or any other Person against any Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of either of the Note Issuers or such Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal discharge of either of the Note Issuers for the Issuer Obligations, or of such Guarantor under the guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, any Secured Party may, but
shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against either of the Note Issuers, any 

9

 

other Guarantor or any other Person or against any collateral security or guarantee for the Issuer Obligations or any right of offset with respect thereto, and any failure by any Secured Party to
make any such demand, to pursue such other rights or remedies or to collect any payments from either of the Note Issuers, any other Guarantor or any other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of either of the Note Issuers, any other Guarantor or any other Person or any such collateral security, guarantee or right
of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law,
of any Secured Party against any Guarantor. For the purposes hereof "demand" shall include the commencement and continuance of any legal proceedings. 

        2.5.    Reinstatement.    The guarantee contained in this
Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Issuer Obligations is rescinded or must otherwise be
restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of either of the Note Issuers or any Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, either of the Note Issuers or any Guarantor or any substantial part of its property, or otherwise, all as
though such payments had not been made. 

        2.6.    Payments.    Each Guarantor hereby guarantees that payments
hereunder will be paid to the Mortgage Notes Indenture Trustee without set-off or counterclaim in Dollars in immediately available funds at the Corporate Trust Office of the Trustee. 

SECTION 3. GRANT OF SECURITY INTEREST  

        Each Grantor, subject to compliance with applicable Gaming Laws, hereby assigns and transfers to the Mortgage Notes Indenture Trustee, and hereby grants to the
Mortgage Notes Indenture Trustee, for the ratable benefit of the Secured Parties, a security interest in, all of the personal property of such
Grantor, including, without limitation, the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at
any time in the future may acquire any right, title or interest (collectively, the "Collateral"), as collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor's Obligations: 

        (a)  all
Accounts; 

        (b)  all
Chattel Paper; 

        (c)  all
Contracts; 

        (d)  all
Deposit Accounts; 

        (e)  all
Documents; 

        (f)    all
Equipment; 

        (g)  all
General Intangibles (including, without limitation, Payment Intangibles); 

        (h)  all
Instruments; 

        (i)    all
Intellectual Property; 

        (j)    all
Inventory; 

        (k)  all
Investment Property; 

        (l)    all
Letters of Credit and Letter of Credit Rights; 

        (m)  all
money; 

10

 

        (n)  all
Vehicles; 

        (o)  all
Goods and other property not otherwise described above: 

        (p)  all
bank accounts, all funds held therein and all certificates and instruments, if any, from time to time representing or evidencing such bank accounts; 

        (q)  all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes,
disks and other electronic storage media and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise
necessary or helpful in the collection thereof or realization thereupon.; 

        (r)  all
Permits; 

        (s)  all
insurance policies and all loss proceeds and other amounts payable thereunder (including, without limitation, Insurance Proceeds) and all eminent domain proceeds;
and 

        (t)    to
the extent not otherwise included, all Proceeds, accessions and products of any kind and all of the foregoing and all collateral security and guarantees given by any
Person with respect to any of the foregoing (including, without limitation, Supporting Obligations). 

        Notwithstanding
anything to the contrary in this Agreement, the term "Collateral" shall not include (i) any of the Excluded Assets, (ii) any license, permit, or
authorization issued by any of the Gaming Authorities or any other Governmental Authority, or any other Collateral, which may not be pledged or in which a security interest may not be granted under
Gaming Laws, or other applicable law, or under the terms of any such license, permit, or authorization, or which would require a finding of suitability or other similar approval or procedure by any of
the Gaming Authorities or any other Governmental Authority prior to being pledged, hypothecated, or given as collateral security (to the extent such finding or approval has not been obtained), and
(iii) any water rights, to the extent that the requisite
approvals from the Nevada Public Utility Commission for the granting of security interests therein have not been obtained. 

SECTION 4. REPRESENTATIONS AND WARRANTIES  

        To induce the Mortgage Notes Indenture Trustee and the Holders to enter into the Indenture and purchase the Notes, as the case may be, each Grantor hereby
represents and warrants to the Secured Parties that: 

        4.1.    Title; No Other Liens.    Such Grantor owns each item of the
Collateral free and clear of any and all Liens or claims, including, without limitation, Liens arising as a result of such Grantor becoming bound (as a result of merger or otherwise) as Grantor under
a security agreement entered into by another Person, except for Permitted Liens. No effective financing statement, mortgage or other instrument similar in effect with respect to all or any part of the
Collateral is on file or of record in any public office, except such as have been filed in favor of the Mortgage Notes Indenture Trustee, for the ratable benefit of the Secured Parties, pursuant to
this Agreement or as are otherwise permitted by the Indenture. 

        4.2.    Perfected Liens.    (a) The security interests granted
pursuant to this Agreement (i) constitute valid and, subject only to the filing of the financing statements listed on Schedule 3 hereto,
fully perfected security interests in all of the Collateral in favor of the Mortgage Notes Indenture Trustee, for the ratable benefit of the Secured Parties, as collateral security for such Grantor's
Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and (ii) are subject to no other Liens on the Collateral except for Permitted Liens. Without
limiting the foregoing, each Grantor has taken all actions necessary or desirable, including, without limitation, those specified in Section 5.2 to: (i) establish the Mortgage Notes
Indenture Trustee's "control" (within the meanings 

11

 

of Sections 8-106 and 9-106 of the New York UCC) over any portion of the Investment Property constituting Certificated Securities, Uncertificated Securities, Securities
Accounts, Securities Entitlements or Commodity Accounts (each as defined in the New York UCC), (ii) establish the Mortgage Notes Indenture Trustee's "control" (within the meaning of
Section 9-104 of the New York UCC) over all Deposit Accounts, and (iii) establish the Mortgage Notes Indenture Trustee's "control" (within the meaning of
Section 9-107 of the New York UCC) over all Letter of Credit Rights. 

        (b)  No
authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body (except those which have been made or
obtained) is required for either (i) the pledge or grant by any Grantor of the security interests purported to be created in favor of the Mortgage Notes Indenture Trustee hereunder or
(ii) the exercise by the Mortgage Notes Indenture Trustee of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by
applicable law), except (A) for filings and actions specified on Schedule 3 and (B) as may be required, in connection with the
disposition of any Investment Property, by laws generally affecting the offering and sale of securities; 

        4.3.    Name; Jurisdiction of Organization, etc.    On the date
hereof, such Grantor's exact legal name (as indicated on the public record of such Grantor's jurisdiction of formation or organization), jurisdiction of organization and the location of such Grantor's
chief executive office or sole place of business are specified on Schedule 4. Each Grantor is organized solely under the law of the jurisdiction
so specified and has not filed any certificates of domestication, transfer or continuance in any other jurisdiction. Except as otherwise indicated on  Schedule 4, the jurisdiction of each such
Grantor's organization of formation is required to maintain a public record showing the Grantor to have
been organized or formed. Except as specified on Schedule 4, such Grantor has not changed its name, jurisdiction of organization, chief executive
office or sole place of business or its corporate structure in any way (e.g. by merger, consolidation, change in corporate form or otherwise) within the previous five year period ending on the date
hereof and has not within such period become bound (whether as a result of merger or otherwise) as grantor under a security agreement entered into by another Person, which has not heretofore been
terminated. 

        4.4.    Inventory, Equipment and Books and Records.    On the date
hereof, the Inventory and the Equipment (other than mobile goods) and the books and records pertaining to the Collateral are kept at the locations listed on  Schedule 5. No material Inventory or
Equipment (in the aggregate) of such Grantor is in the possession of an issuer of a negotiable document (as
defined in Section 7-104 of the UCC) therefor that has not been delivered to the Mortgage Notes Indenture Trustee or is otherwise in the possession of any bailee or warehouseman. 

        4.5.    Farm Products.    None of the Collateral constitutes, or is
the Proceeds of, Farm Products. 

        4.6.    Investment Property.    (a) The shares of Pledged
Stock pledged by such Grantor hereunder constitute all of the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor. 

        (b)  All
the shares of the Pledged Stock of such Grantor have been duly and validly issued and are fully paid and nonassessable. 

        (c)  Each
limited liability company interest or partnership interest owned by such Grantor and included in the Pledged Stock is certificated (and each Grantor covenants that
it will not issue or cause or permit its Subsidiaries to issue any Capital Stock in uncertificated form or seek to convert all or any part of its existing Capital Stock into uncertificated form) and
the terms of such certificated limited liability company interests and partnership interests expressly provide that they are securities governed by Article 8 of the Uniform Commercial Code in
effect from time to time in the applicable jurisdiction. 

        (d)  Each
of the Pledged Notes issued to such Grantor constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with
its terms, subject to the 

12

 

effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general equitable principles (whether
considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

        (e)  Such
Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or
options in favor of, or claims of, any other Person, except Permitted Liens. 

        (f)    Each
Issuer that is not a Grantor hereunder but is an Affiliate of any Grantor has executed and delivered to the Mortgage Notes Indenture Trustee an Acknowledgment and
Agreement, in substantially the form of Exhibit A, to the pledge of the Pledged Securities pursuant to this Agreement. 

        4.7.    Receivables.    (a) No amount payable to such Grantor
under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Mortgage Notes Indenture Trustee (other than Receivables evidenced by
Instruments representing (i) extensions of credit by the Note Issuers to individual customers of its gaming operations in the ordinary course of business and (ii) loans to employees
expressly permitted under the Indenture (collectively, the "Non-Deliverable Collateral"). 

        (b)  None
of the obligors on any material Receivables is a Governmental Authority. 

        (c)  The
amounts represented by such Grantor to the Secured Parties from time to time as owing to such Grantor in respect of the Receivables will at such times be materially
accurate. 

        4.8.    Contracts.    (a) Except as specified on  Schedule 7, hereto, no Contract prohibits assignment or requires or purports to require the consent of any party (other than such Grantor) to
such Contract in connection with the execution, delivery and performance of this Agreement. 

        (b)  Except,
after the Closing Date, as expressly permitted by the Indenture or the Disbursement Agreement, each Contract is in full force and effect and constitutes a valid
and legally enforceable obligation of the parties thereto, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors'
rights generally, general equitable principles (whether considered in a proceeding in equity or at law). 

        (c)  No
consent or authorization of, filing with or other act by or in respect of any Governmental Authority is required in connection with the execution, delivery,
performance, validity or enforceability of any of the Contracts by any party thereto other than (i) those which have been duly obtained, made or performed, are in full force and effect and do
not subject the scope of any such Contract to any material adverse limitation, either specific or general in nature and (ii) with respect to the performance of such Contracts only, filings,
Permits or authorizations to be subsequently obtained as contemplated by the Indenture or the Disbursement Agreement. 

        (d)  Neither
such Grantor nor (to the best of such Grantor's knowledge) any of the other parties to the Contracts is in default in the performance or observance of any of the
terms thereof in any manner that, in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

        (e)  The
right, title and interest of such Grantor in, to and under the Contracts are not subject to any defenses, offsets, counterclaims or claims that, in the aggregate,
could reasonably be expected to have a Material Adverse Effect. 

13

   
        (f)    Such Grantor has delivered to the Mortgage Notes Indenture Trustee a complete and correct copy of each Contract, including all amendments, supplements and other
modifications thereto. 

        (g)  No
amount payable to such Grantor under or in connection with any Contract is evidenced by any Instrument or Chattel Paper which has not been delivered to the Mortgage
Notes Indenture Trustee. 

        (h)  None
of the parties to any Contract is a Governmental Authority. 

        4.9.    Intellectual
Property.    (a) Schedules 6 includes, without limitation, lists all Intellectual Property material to the
conduct of such Grantor's Permitted Businesses (which includes, in any case, all Intellectual Property relating to [DESCRIBE "LE REVE"
IP]) which Intellectual Property is owned by such Grantor in its own name on the date hereof. Except as set forth in  Schedule 6, such Grantor is the exclusive owner of the
entire and unencumbered right, title and interest in and to such Intellectual Property and
is otherwise entitled to use all such Intellectual Property, without limitation, subject only to the license terms of the licensing or franchise agreements referred to in paragraph (c) below. 

        (b)  On
the date hereof, all material Intellectual Property is valid, subsisting, unexpired and enforceable and has not been abandoned. 

        (c)  Except
as set forth in Schedule 6 and for licenses between Grantors in the ordinary course of business, on the
date hereof (i) none of the Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor, and (ii) there are
no other agreements, obligations, orders or judgments which affect the use of any Intellectual Property. 

        (d)  With
respect to                        , (i) the rights
of            in or to                        [TO DESCRIBE "LE REVE"
IP] do not infringe upon the rights of any third party, which infringement could reasonably be expected to have a material adverse effect on such Grantor's ability
to use the "Le Reve" name in its Permitted Businesses as currently used or contemplated to be used, (ii) no claim has been asserted that the use of such Intellectual Property does or may
infringe upon the rights of any third party which claim, if determined adversely to            , could reasonably be expected to have a material adverse effect on such Grantor's ability to
use
such Intellectual Property in            's Permitted Businesses, (iii) there is currently no infringement or unauthorized use of any item of such Intellectual Property which
infringement
or unauthorized use
could reasonably be expected to have a material adverse effect on            's ability to use such Intellectual Property
in                        's Permitted Businesses and (iv) no holding,
decision or judgment has been rendered by any Governmental Authority which could reasonably be expected to have a material adverse effect on            's ability to use such Intellectual
Property
in    's Permitted Businesses. 

        (e)  The
rights of such Grantor in or to the Intellectual Property do not infringe upon the rights of any third party, and no claim has been asserted that the use of such
Intellectual Property does or may infringe upon the rights of any third party, in either case, which conflict or infringement could reasonably be expected to have a Material Adverse Effect. To such
Grantor's knowledge, there is currently no infringement or unauthorized use of any item of Intellectual Property that could reasonably be expected to have a Material Adverse Effect. 

        (f)    No
holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity or enforceability of, or such
Grantor's rights in, any of such Grantor's Intellectual Property in any respect that could reasonably be expected to have a Material Adverse Effect. Such Grantor is not aware of any uses of any item
of its material Intellectual Property that could reasonably be expected to lead to such item becoming invalid or unenforceable. 

        (g)  Except
as could not reasonably be expected to have a Material Adverse Effect, no action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on
the date hereof (i) seeking to limit, cancel or question the validity of any Intellectual Property or such Grantor's ownership interest 

14

 

therein, (ii) alleging that any services provided by, processes used by, or products manufactured or sold by such Grantor infringe any patent, trademark, copyright, or any other right of any
third party, (iii) alleging that any material Intellectual Property is being licensed, sublicensed or used in violation of any patent, trademark, copyright or any other right of any third
party, or (iv) which, if adversely determined, would have a material adverse effect on the value of any Intellectual Property. To the knowledge of such Grantor, no Person is engaging in any
activity that infringes upon Grantor's material Intellectual Property or upon the rights of such Grantor therein, except (i) with respect to the Intellectual Property related to or otherwise
associated with the Grantor's use of the "Le Reve" name, such claims that, if determined adversely to a Grantor, could not reasonably be expected to have a material adverse effect on such Grantor's
ability to use the "Le Reve" name in its Permitted Businesses as currently used or contemplated to be used and (ii) with respect to all other Intellectual Property, as could not reasonably be
expected to have a Material Adverse Effect. Except as set forth in Schedule 6 hereto, such Grantor has not granted any material license, or any release, covenant not to sue,
non-assertion assurance, or other right to any person with respect to any part of the material Intellectual Property. The consummation of the transactions contemplated by this Agreement
will not result in the termination or impairment of any of the Intellectual Property. 

        (h)  With
respect to each Copyright License, Trademark License and Patent License, as of the date hereof and with respect to each material Copyright License, material
Trademark License and material Patent License after the date hereof: (i) except as could not reasonably be expected to have a Material Adverse Effect, such license is valid and binding and in
full force and effect and such license represents the entire agreement between the respective licensor and licensee with respect to the subject matter of
such license; (ii) such license will not cease to be valid and binding and in full force and effect on terms identical to those currently in effect as a result of the rights and interests
granted herein, nor will the grant of such rights and interests constitute a breach or default under such license or otherwise give the licensor or licensee a right to terminate such license;
(iii) such Grantor has not received any notice of termination or cancellation under such license, which notice could reasonably be expected to have a Material Adverse Effect; (iv) such
Grantor has not received any notice of a breach or default under such license, which notice could reasonably be expected to have a Material Adverse Effect, which breach or default has not been cured;
(v) such Grantor has not granted to any other third party any rights, adverse or otherwise, under such license which could reasonably be expected to have a Material Adverse Effect; and
(vi) such Grantor is not in breach or default in any material respect, and no event has occurred that, with notice and/or lapse of time, would constitute such a breach or default or permit
termination, modification or acceleration under such license. 

        (i)    Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor has performed all acts and has paid all required fees and taxes to maintain
each and every item of material Intellectual Property in full force and effect and to protect and maintain its interest therein. Such Grantor has either used proper statutory notice in connection with
its use of each material Patent, Trademark and Copyright included in the Intellectual Property, or such Grantor's failure to use proper statutory notice could not reasonably be expected to have a
Material Adverse Effect. 

        (j)    To
its knowledge, except as could not reasonably be expected to have a Material Adverse Effect, (i) none of the Trade Secrets of such Grantor has been used,
divulged, disclosed or appropriated to the detriment of such Grantor for the benefit of any other Person; (ii) no employee, independent contractor or agent of such Grantor has misappropriated
any trade secrets of any other Person in the course of the performance of his or her duties as an employee, independent contractor or agent of such Grantor; and (iii) no employee, independent
contractor or agent of such Grantor is in default or breach of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or
contract relating in any way to the protection, ownership, development, use or transfer of such Grantor's material Intellectual Property. 

15

 

        (k)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor has made all filings and recordations necessary to adequately protect its
interest in its Intellectual Property including, without limitation, recordation of its interests in the Patents and Trademarks with the United States Patent and Trademark Office and in corresponding
national and international patent offices, and recordation of any of its interests in the Copyrights with the United States Copyright Office and in corresponding national and international copyright
offices. 

        (l)    Such
Grantor has taken all commercially reasonable steps to ensure that all licensed users of any material Intellectual Property use consistent standards of quality
which are controlled by such Grantor. 

        4.10.    Vehicles.    Schedule 8
is a complete and correct list of all Vehicles owned by such Grantor on the date hereof. 

SECTION 5. COVENANTS  

        Each Grantor covenants and agrees with the Secured Parties that, from and after the date of this Agreement until the Obligations (other than unmatured contingent
reimbursement and indemnification Obligations) shall have been paid in full: 

        5.1.    Delivery and Control of Instruments, Chattel Paper, Investment Property and Deposit
Accounts.    (a) If any of the Collateral shall be or become evidenced or represented by any Instrument, Certificated Security, Chattel Paper or Negotiable
Document, such Instrument, Certificated Security, Chattel Paper or Negotiable Document shall be promptly delivered to the Mortgage Notes Indenture Trustee, duly endorsed in a manner satisfactory to
the Mortgage Notes Indenture Trustee, to be held as Collateral pursuant to this Agreement (other than Non-Deliverable Collateral). 

        (b)  If
any of the Collateral shall be or become evidenced or represented by an Uncertificated Security, such Grantor shall cause, or with respect to any Issuer that is not
an Affiliate of any Grantor, use commercially reasonable efforts to cause, the Issuer thereof either (i) to register the Mortgage Notes Indenture Trustee as the registered owner of such
Uncertificated Security, upon original issue or registration of transfer or (ii) to agree in writing with such Grantor and the Mortgage Notes Indenture Trustee that such Issuer will comply with
instructions with respect to such Uncertificated Security originated by the Mortgage Notes Indenture Trustee without further consent of such Grantor, such agreement to be in substantially the form of  Exhibit C. Notwithstanding the foregoing, each Grantor covenants that (x) the representations and warranties contained in
Section 4.6(c) shall at all times be true and correct and (y) it will not issue or cause or permit its Subsidiaries to issue any Capital Stock in uncertificated form or seek to convert
all or any part of its existing Capital Stock into uncertificated form. 

        (c)  If
any of the Collateral now or hereafter constitutes a Deposit Account or a Securities Account, such Grantor shall cause the financial institution maintaining such
account to agree in writing with such Grantor and the Mortgage Notes Indenture Trustee that such financial institution shall comply with all Entitlement Orders and instructions originated or issued by
the Mortgage Notes Indenture Trustee with respect to such Deposit Account or Securities Account without further consent of such Grantor, such agreement to be substantially in the form of  Exhibit D
or in such other form as shall be satisfactory to the Mortgage Notes Indenture Trustee.
 

        (d)  If
any of the Collateral shall be or become evidenced or represented by a Commodity Contract, such Grantor shall cause the Commodity Intermediary with respect to such
Commodity Contract to agree in writing with such Grantor and the Mortgage Notes Indenture Trustee that such Commodity Intermediary will apply any value distributed on account of such Commodity
Contract as directed by the Mortgage Notes Indenture Trustee without further consent of such Grantor, such 

16

 

agreement to be in substantially the form of Exhibit E or in such other form as may be satisfactory to the Mortgage Notes Indenture Trustee. 

        (e)  If
any of the Collateral shall be or become evidenced or represented by or held in a Securities Account or a Commodity Account, such Grantor shall, in the case of a
Securities Account, comply with Section 5.1(c) with respect to all Security Entitlements carried in such Securities Account and, in the case of a Commodity Account, comply with
Section 5.2(d) with respect to all Commodity Contracts carried in such Commodity Account. 

        5.2.    Payment of Obligations.    Such Grantor will pay and discharge
or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, assessments and governmental charges or levies imposed upon the Collateral or in respect of
income or profits therefrom, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the Collateral, except that no such
charge need be paid if the amount or validity thereof is currently being contested in good faith by appropriate proceedings, reserves in conformity with GAAP with respect thereto have been provided on
the books of such Grantor and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of the Collateral or any interest therein. 

        5.3.    Maintenance of Perfected Security Interest; Further
Documentation.    (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the
priority described in Section 4.2 and shall defend such security interest against the claims and demands of all Persons whomsoever. 

        (b)  Such
Grantor will furnish to the Secured Parties from time to time statements and schedules further identifying and describing the Collateral and such other reports in
connection with the assets and property of such Grantor as the Mortgage Notes Indenture Trustee may reasonably request, all in reasonable detail. 

        (c)  At
any time and from time to time, upon the written request of the Mortgage Notes Indenture Trustee, and at the sole expense of such Grantor, such Grantor will promptly
and duly authorize, execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Mortgage Notes Indenture Trustee may reasonably request for the
purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) the filing of any financing or
continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of
Investment Property, Deposit Accounts and any other relevant Collateral, taking any actions necessary to enable the Mortgage Notes Indenture Trustee to obtain "control" (within the meaning of the
applicable Uniform Commercial Code) with respect thereto, including without limitation, executing and delivering and causing the relevant depositary bank
or securities intermediary to execute and deliver a Control Agreement in the form attached hereto as Exhibit D, or in such other form as may be
satisfactory to the Mortgage Notes Indenture Trustee. 

        5.4.    Changes in Locations, Name, Jurisdiction of Incorporation,
etc.    Such Grantor will not, except upon 15 days' prior written notice to the Mortgage Notes Indenture Trustee and delivery to the Mortgage Notes Indenture
Trustee of (a) all additional executed financing statements and other documents reasonably requested by the Mortgage Notes Indenture Trustee to maintain the validity, perfection and priority of
the security interests provided for herein and (b) if applicable, a written supplement to Schedule 5 showing any additional location at
which Inventory or Equipment (other than mobile goods) or books and records pertaining to the Collateral shall be kept: 

        (i)    permit
any of the Inventory or Equipment (other than mobile goods) or books and records pertaining to the Collateral to be kept at a location other than those listed on  Schedule 5; 

17

 

        (ii)  without
limiting the prohibitions on mergers involving the Grantors contained in the Indenture, change its legal name, jurisdiction of organization or the location of
its chief executive office or sole place of business from that referred to in Section 4.3; or 

        (iii)  change
its legal name, identity or structure to such an extent that any financing statement filed by the Mortgage Notes Indenture Trustee in connection with this
Agreement would become misleading. 

        5.5.    Notices.    Such Grantor will advise the Secured Parties
promptly, in reasonable detail, of: 

        (a)  any
Lien (other than any Permitted Lien) on any of the Collateral which would adversely affect the ability of the Mortgage Notes Indenture Trustee to exercise any of its
remedies hereunder; and 

        (b)  of
the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security
interests created hereby. 

        5.6.    Investment Property.    (a) Subject to compliance with
applicable Gaming Laws, if such Grantor shall become entitled to receive or shall receive any stock or other ownership certificate (including, without limitation, any certificate representing a stock
dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of
the Capital Stock of any Issuer, whether in addition to, in
substitution of, as a conversion of, or in exchange for, any shares of or other ownership interests in the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the
agent of the Secured Parties, hold the same in trust for the Secured Parties and deliver the same forthwith to the Mortgage Notes Indenture Trustee in the exact form received, duly endorsed by such
Grantor to the Mortgage Notes Indenture Trustee, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Mortgage Notes
Indenture Trustee so requests, signature guaranteed, to be held by the Mortgage Notes Indenture Trustee, subject to the terms hereof, as additional collateral security for the Obligations. So long as
no Event of Default shall have occurred and be continuing, the Mortgage Notes Indenture Trustee authorizes each Grantor to retain all ordinary cash dividends and distributions paid in the normal
course of the business of the Issuer and all scheduled payments of interest. All other dividends and distributions of any type or nature, including, without limitation, any dividends or distributions
paid in respect of Pledged Securities upon liquidation or dissolution of any Issuer shall immediately be delivered to the Mortgage Notes Indenture Trustee to be held as additional Collateral
hereunder. If any sums of money or property so paid or distributed in respect of the Pledged Securities shall be received by such Grantor, such Grantor shall, until such money or property is paid or
delivered to the Mortgage Notes Indenture Trustee, hold such money or property in trust for the Secured Parties, segregated from other funds of such Grantor, as additional collateral security for the
Obligations. 

        (b)  Without
the prior written consent of the Mortgage Notes Indenture Trustee (which consent shall not be unreasonably withheld), such Grantor will not (i) vote to
enable, or take any other action to permit, any Issuer to issue any stock or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase
or exchange for any stock or other equity securities of any nature of any Issuer (except pursuant to a transaction permitted by the Indenture), (ii) sell, assign, transfer, exchange, or
otherwise dispose of, or grant any option with respect to, any of the Investment Property or Proceeds thereof or any interest therein (except pursuant to a transaction expressly permitted by the
Indneture), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property or Proceeds thereof, or any
interest therein, except for the security interests created by this Agreement and other Permitted Liens or (iv) enter into any agreement or undertaking restricting the right or ability of such
Grantor or the Mortgage Notes Indenture Trustee to sell, assign or transfer any of the Investment Property or 

18

 

Proceeds thereof or any interest therein (except pursuant to a transaction expressly permitted by the Indenture). 

        (c)  In
the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Securities
issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Mortgage Notes Indenture Trustee promptly in writing of the occurrence of any of
the events described in Section 5.6(a) with respect to the Pledged Securities issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it,  mutatis mutandis, with respect to
all actions that may be required of it pursuant to Section 6.4(c) or 6.8 with respect to the Pledged Securities
issued by it. In addition, each Grantor which is either an Issuer or an owner of any Pledged Security hereby consents to the grant by each other Grantor of the security interest hereunder in favor of
the Mortgage Notes Indenture Trustee and to the transfer of any Pledged Security to the Mortgage Notes Indenture Trustee or its nominee following an Event of Default and to the substitution of the
Mortgage Notes Indenture Trustee or its nominee as a partner, member or shareholder of the Issuer of the related Pledged Security. 

        5.7.    Receivables.    (a) Other than in the ordinary course
of business consistent with customary gaming practices in its Permitted Businesses and so long as no Event of Default shall have occurred and be continuing, such Grantor will not (i) grant any
extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable
for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could materially
adversely affect the value thereof. 

        (b)  Such
Grantor will deliver to the Mortgage Notes Indenture Trustee a copy of each material demand, notice or document received by it that questions or calls into doubt
the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables. 

        5.8.    Contracts.    (a) Except to the extent permitted under
the Indenture or Disbursement Agreement, such Grantor will perform and comply in all material respects with all its obligations under the Contracts. 

        (b)  Except
to the extent the same could not reasonably be expected to have a Material Adverse Effect, such Grantor will not amend, modify, cancel, terminate, waive or fail
to enforce any provision of any Contract or suspend such Contract or the performance of work thereunder, or agree to the sale, assignment or disposition by any counterparty to such Contract of any
part of its interest therein (all of which powers are rested in the Mortgage Notes Indenture Trustee). 

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        (c)  Except to the extent the same could not reasonably be expected to have a Material Adverse Effect, such Grantor will exercise promptly and diligently each and every
material right which it may have under each Contract. 

        (d)  Such
Grantor will deliver to the Mortgage Notes Indenture Trustee a copy of each material demand, notice or document received by it relating in any way to any Contract
that questions the validity or enforceability of such Contract that is material to its business. 

        (e)  In
the event that such Grantor enters into any new contract [(i) that would qualify as a Material Project Document (as defined in the Disbursement
Agreement)] [or] [(ii) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse
Effect (taking into consideration any viable replacements or substitutions therefor at the time such determination is made)], such Grantor shall provide the Mortgage Notes Indenture
Trustee promptly with an amended Schedule 7 hereto and any such new contract shall be deemed for all purposes to be a Contract hereunder. 

        5.9.    Intellectual Property.    (a) Such Grantor (either
itself or through licensees) will (i) continue to use each material Trademark on each and every trademark class of goods in order to maintain such Trademark (in the trademark classes of goods
in which it is used) in full force free from any claim of abandonment for non-use, (ii) use such Trademark with the appropriate notice of registration and all other notices and
legends required by applicable Requirements of Law, (iii) not adopt or use any mark which is confusingly similar or a colorable imitation of such Trademark unless the Mortgage Notes Indenture
Trustee, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement and the Intellectual Property Security Agreement, and
(iv) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any way. 

        (b)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor (either itself or through licensees) will not do any act, or omit to do any
act, whereby any material Patent may become forfeited, abandoned or dedicated to the public. 

        (c)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor (either itself or through licensees) (i) will employ each material
Copyright and (ii) will not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any
material portion of the Copyrights may become invalidated or otherwise impaired. Except as could not reasonably be expected to have a Material Adverse Effect, such Grantor will not (either itself or
through licensees) do any act whereby any material Copyright may fall into the public domain. 

        (d)  Such
Grantor (either itself or through licensees) will not do any act that knowingly uses any material Intellectual Property to infringe the intellectual property rights
of any other Person. 

        (e)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor (either itself or through licensees) will use proper statutory notice in
connection with the use of each material Patent, Trademark and Copyright included in the Intellectual Property. 

        (f)    Such
Grantor will notify the Secured Parties promptly if it knows that any application or registration relating to any of its material Intellectual Property may become
forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any
proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding such Grantor's ownership of, or the validity of, any
material Intellectual Property or such Grantor's right to register the same or to own and maintain the same, unless such forfeiture, abandonment, dedication to the public, or adverse determination or
development could not reasonably be expected to have a Material Adverse Effect. 

        (g)  Whenever
such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property
with the United States Patent 

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and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall report such filing to the
Mortgage Notes Indenture Trustee within five Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Mortgage Notes Indenture Trustee, such Grantor
shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Mortgage Notes Indenture Trustee may request to evidence the Secured Parties' security
interest in any Copyright, Patent, Trademark or other Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 

        (h)  Except
as could not reasonably be expected to have a Material Adverse Effect, such Grantor will take all reasonable and necessary steps, including, without limitation,
in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to
maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of material Intellectual Property, including, without limitation, the payment of
required fees and taxes, the filing of responses to office actions issued by the United States Patent and Trademark Office and the United States Copyright Office, the filing of applications for
renewal or extension, the filing of affidavits of use and affidavits of incontestability, the filing of divisional, continuation, continuation-in-part, reissue, and
renewal applications or extensions, the payment of maintenance fees, and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings. 

        (i)    Such
Grantor (either itself or through licensees) will not, without the prior written consent of the Mortgage Notes Indenture Trustee, discontinue use of or otherwise
abandon any Intellectual Property, or abandon any application or any right to file an application for letters patent, trademark, or copyright, unless such Grantor shall have previously determined that
such use or the pursuit or maintenance of such Intellectual Property is no longer desirable in the conduct of such Grantor's business and that the loss thereof could not reasonably be expected to have
a Material Adverse Effect and, in which case, such Grantor shall give prompt notice of any such abandonment of any material Intellectual Property to the Mortgage Notes Indenture Trustee in accordance
herewith. 

        (j)    In
the event that any material Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall (i) take such actions as such
Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly notify the
Mortgage Notes Indenture Trustee after it learns thereof and sue for infringement, misappropriation or dilution (as applicable), seek injunctive relief where appropriate and recover any and all
damages awarded for any such infringement, misappropriation or dilution (or take other action as such Grantor deems appropriate in the exercise of its prudent business judgment). 

        (k)  Such
Grantor agrees that, should it obtain an ownership interest in any item of Intellectual Property which is not now a part of the Intellectual Property Collateral
(the "After-Acquired Intellectual Property"), (i) the provisions of Section 3 shall automatically apply thereto, (ii) any such
After-Acquired Intellectual Property, and in the case of trademarks, the goodwill of the business connected therewith or symbolized thereby, shall automatically become part of the Intellectual
Property Collateral, (iii) it shall give prompt (and, in any event within five business days after the last day of the fiscal quarter in which such Grantor acquires such ownership interest in
any material Intellectual Property) written notice thereof to the Mortgage Notes Indenture Trustee in accordance herewith, and (iv) it shall provide the Mortgage Notes Indenture Trustee
promptly (and, in any event within five business days after the last day of the fiscal quarter in which such Grantor acquires such ownership interest in any material Intellectual Property) with an
amended Schedule 6 hereto and take the actions specified in 5.9(m). 

        (l)    Such
Grantor agrees to execute an Intellectual Property Security Agreement with respect to its Intellectual Property in substantially the form of  Exhibit B-1 in order to record the security interest

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granted herein to the Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties with the United States Patent and Trademark Office, the United States Copyright Office, and any
other applicable Governmental Authority. 

        (m)  Promptly
after filing an application for the registration of any After-Acquired Intellectual Property with the United States Patent and Trademark Office, the United
States Copyright Office, or any similar
office or agency in any other county or any political subdivision thereof, such Grantor agrees to execute an After-Acquired Intellectual Property Security Agreement with respect to such After-Acquired
Intellectual Property in substantially the form of Exhibit B-2 in order to record the security interest granted herein to the
Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties with the United States Patent and Trademark Office, the United States Copyright Office, or other Governmental Authority
(as applicable). 

        5.10.    Vehicles.    (a) No Vehicle shall be removed from the
state which has issued the certificate of title or ownership therefor for a period in excess of the period after which such vehicle would be required to be retitled under applicable state law. 

        (b)  With
respect to any Vehicles acquired by such Grantor subsequent to the date hereof, within 30 days after the date of acquisition thereof, all applications for
certificates of title or ownership indicating the Mortgage Notes Indenture Trustee's security interest in the Vehicle covered by such certificate, and any other necessary documentation, shall be filed
in each office in each jurisdiction which the Mortgage Notes Indenture Trustee shall deem advisable to perfect its security interests in the Vehicles. 

        5.11.    Leases.    Wynn Las Vegas may 

        (a)    Placeholder

        (b)    enter
into any leases with respect to any space on or within the Project and any subleases with respect to any space in the Phase II Land Building; provided, that (a) no
Default or Event of Default shall exist and be continuing at the time of such transaction, lease or sublease or would occur after as a result of entering into such transaction, lease or sublease (or
immediately after any renewal or extension thereof at the option of Wynn Las Vegas), (b) such transaction, lease or sublease could not reasonably be expected to materially interfere with, impair or
detract from the operation of the business of Wynn Las Vegas or Valvino Lamore, LLC, as the case may be, and will, in the case of leases associated with the casino, hotel and shopping operations, in
the reasonable good faith judgment of Wynn Las Vegas enhance the value and operations of the Project, (c) except with respect to the Dealership Lease Agreement and subleases of space in the Phase II
Land Building by Wynn Las Vegas, such transaction, lease or sublease is at a fair market rent or value (in light of other similar or comparable prevailing commercial transactions) and contains such
other terms such that the lease, taken as a whole, is commercially reasonable and fair to Wynn Las Vegas in light of prevailing or comparable transactions in other casinos, hotels, hotel attractions,
shopping venues or similarly situated buildings, as applicable (provided, that each sublease of the Phase II Land Building by Wynn Las Vegas and the Dealership Lease Agreement shall contain such terms
such that the transaction, taken as a whole, does not expose Wynn Las Vegas to undue liabilities or obligations in light of prevailing or comparable transactions), (d) no gaming, hotel or casino
operations (other than the operation of arcades and games for minors) may be conducted on any space that is subject to such transaction, lease or sublease other than by Wynn Las Vegas, and (e) no
lease or sublease may provide that the Wynn Las Vegas or Valvino Lamore, LLC, as the case may be, may subordinate its fee, condominium or leasehold interest to any lessee or any party financing any
lessee; provided, that (x) in the event the Mortgage Notes Indenture Trustee on behalf of the Holders shall agree to provide the tenant under
any such lease or sublease with a subordination, non-disturbance and attornment agreement and (y) with respect to any such lease having a term of two years or more or aggregate annual rents in excess
of $500,000 (other than leases solely between Grantors), Wynn Las Vegas shall enter into, and cause the tenant under any such lease or sublease to enter into with the Mortgage Notes Indenture Trustee 

22

 

for the benefit of the Holders, a subordination, non-disturbance and attornment agreement, in each case with terms and conditions that, taken as a whole, are no less favorable than those set forth in
any similar agreement entered into between such tenant and Deutsche Bank Trust Company Americas, as administrative agent under the Credit Agreement, or otherwise in form and substance satisfactory to
the Mortgage Notes Indenture Trustee. The foregoing restrictions shall not apply to lease transactions to the extent such transactions would constitute Permitted Investments under the Indenture or
would be permitted under Section 4.07 of the Indenture as Restricted Payments, under Section 4.10 of the Indenture as Asset Sales, or under Section 4.11 of the Indenture as Affiliate Transactions. 

        5.12.    Non-Deliverable Collateral.    At no time shall
any item of Non-Deliverable Collateral be delivered to or held by any Person (other than the Mortgage Notes Indenture Trustee) as collateral security for any obligation of any Grantor. 

SECTION 6. REMEDIAL PROVISIONS  

        6.1.    Gaming Laws and Intercreditor Agreements.    Each of the
provisions of this Section 6 shall be subject to compliance with (i) applicable Gaming Laws and (ii) applicable provisions of the Intercreditor Agreements. 

        6.2.    Certain Matters Relating to Receivables.    (a) The
Mortgage Notes Indenture Trustee shall have the right to make test verifications of the Receivables in any manner and through any medium that it reasonably considers advisable, and each Grantor shall
furnish all such assistance and information as the Mortgage Notes Indenture Trustee may require in connection with such test verifications. 

        (b)  The
Mortgage Notes Indenture Trustee hereby authorizes each Grantor to collect such Grantor's Receivables; provided that the Mortgage Notes Indenture Trustee may curtail
or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Mortgage Notes Indenture Trustee at any time after the occurrence and
during the continuance of an Event of Default, any payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two business days) deposited by such
Grantor in the exact form received, duly endorsed by such Grantor to the Mortgage Notes Indenture Trustee if required, in a Collateral Account maintained under the control of the Mortgage Notes
Indenture Trustee, subject to withdrawal by the Mortgage Notes Indenture Trustee for the account of the Secured
Parties only as provided in Section 6.4, and (ii) until so turned over, shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor. Each
such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 

        (c)  At
the Mortgage Notes Indenture Trustee's request, each Grantor shall deliver to the Mortgage Notes Indenture Trustee all original and other documents evidencing, and
relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping receipts (other than
Non-Deliverable Collateral). 

        6.3.    Communications with Obligors; Grantors Remain
Liable.    (a) The Mortgage Notes Indenture Trustee in its own name or in the name of others may at any time after the occurrence and during the continuance of
an Event of Default communicate with obligors under the Receivables and parties to the Contracts to verify with them to the Mortgage Notes Indenture Trustee's satisfaction the existence, amount and
terms of any Receivables or Contracts. 

        (b)  Upon
the request of the Mortgage Notes Indenture Trustee at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify
obligors on the Receivables and parties to the Contracts that the Receivables and the Contracts have been assigned to the Mortgage Notes Indenture Trustee for the ratable benefit of the Secured
Parties and that payments in respect thereof shall be made directly to the Mortgage Notes Indenture Trustee. 

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        (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables and Contracts to observe and perform all the conditions and
obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or liability under any
Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured
Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any payment, to make
any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

        6.4.    Pledged Securities.    (a) Unless an Event of Default
shall have occurred and be continuing, each Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged Stock and all payments made in respect of the Pledged Notes, in each
case paid in the normal course of business of the relevant Issuer, to the extent permitted in the Indenture, and to exercise all voting and corporate or other ownership rights with respect to the
Pledged Securities; provided, however, that no vote shall be cast or corporate or other ownership right exercised or other action taken which would
impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Indenture, this Agreement or any other Collateral Document. 

        (b)
Subject to applicable provisions of Gaming Laws, if an Event of Default shall occur and be continuing and the Mortgage Notes Indenture Trustee shall give notice of its intent to
exercise such rights to the relevant Grantor or Grantors, (i) the Mortgage Notes Indenture Trustee shall have the right to receive any and all cash dividends, payments or other Proceeds paid in
respect of the Pledged Securities and make application thereof to the Obligations in the order set forth in Section 6.6, and (ii) any or all of the Pledged Securities shall be registered
in the name of the Mortgage Notes Indenture Trustee or its nominee, and the Mortgage Notes Indenture Trustee or its nominee may thereafter exercise (x) all voting, corporate or other ownership
and other rights pertaining to such Pledged Securities at any meeting of shareholders or other equity holders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of
conversion, exchange and subscription and any other rights, privileges or options pertaining to such Pledged Securities as if it were the absolute owner thereof (including, without limitation, the
right to exchange at its discretion any and all of the Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other
structure of any Issuer, or upon the exercise by any Grantor or the Mortgage Notes Indenture Trustee of any right, privilege or option pertaining to such Pledged Securities, and in connection
therewith, the right to deposit and deliver any and all of the Pledged Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as
the Mortgage Notes Indenture Trustee may determine), all without liability except to
account for property actually received by it, but the Mortgage Notes Indenture Trustee shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible
for any failure to do so or delay in so doing. 

        (c)
Each Grantor hereby authorizes and instructs each Issuer of any Pledged Securities pledged by such Grantor hereunder (i) to comply with any instruction received by it from the
Mortgage Notes Indenture Trustee in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement,
without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted
hereby, to pay any dividends or other payments with respect to the Pledged Securities directly to the Mortgage Notes Indenture Trustee. 

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        6.5.    Proceeds to be Turned Over To Mortgage Notes Indenture
Trustee.    In addition to the rights of the Secured Parties specified in Section 6.2, and subject to applicable provisions of Gaming Laws, with respect to
payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, Cash Equivalents, checks and other near-cash items
shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Mortgage Notes
Indenture Trustee in the exact form received by such Grantor (duly endorsed by such Grantor to the Mortgage Notes Indenture Trustee, if required). All Proceeds received by the Mortgage Notes Indenture
Trustee hereunder shall be held by the Mortgage Notes Indenture Trustee in a Collateral Account maintained under its control. All Proceeds while held by the Mortgage Notes Indenture Trustee in a
Collateral Account (or by such Grantor in trust for the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied
as provided in Section 6.6. 

        6.6.    Application of Proceeds.    If an Event of Default shall have
occurred and be continuing, at any time at the Mortgage Notes Indenture Trustee's election, the Mortgage Notes Indenture Trustee may, notwithstanding any provisions of the Indenture to the contrary,
apply all or any part of Proceeds constituting Collateral realized through the exercise by the Mortgage Notes Indenture Trustee of its remedies hereunder, whether or not held in any Collateral
Account, and any proceeds of the guarantee set forth in Section 2, in payment of the Obligations in the following order: 

        First, to the Mortgage Notes Indenture Trustee, to pay incurred and unpaid fees and expenses of the Secured Parties under the Indenture
and the Collateral Documents; 

        Second, to the Mortgage Notes Indenture Trustee, for application by it towards payment of amounts then due and owing and remaining unpaid
in respect of the Obligations, pro rata among the Holders according to the amounts of the Obligations then due and owing and remaining unpaid to the
Holders; 

        Third, to the Mortgage Notes Indenture Trustee, for application by it towards prepayment of the Obligations, pro
rata among the Holders according to the amounts of the Obligations then held by the Holders; and 

        Fourth, any balance of such Proceeds remaining after the Obligations (other than unmatured contingent reimbursement and indemnification
Obligations) shall have been paid in full shall be paid over to the Note Issuers or to whomsoever may be lawfully entitled to receive the same. 

        6.7.    Code and Other Remedies.    (a) If an Event of Default
shall occur and be continuing, the Mortgage Notes Indenture Trustee, on behalf of the Secured Parties, may exercise (subject to obtaining any required approvals from any Governmental Authorities that
may not be waived by the Grantors), in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the
Obligations, all rights and remedies of a secured party under the New York UCC (whether or not the New York UCC applies to the affected Collateral) or any other applicable law or in equity. Without
limiting the generality of the foregoing, the Mortgage Notes Indenture Trustee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, assign, give option or options to purchase, or otherwise
dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office
of any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any
credit risk. Each Secured Party shall have the right upon any such public 

25

 

sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any
Grantor, which right or equity is hereby waived and released. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each
Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to such Grantor of the time and place
of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Mortgage Notes Indenture Trustee shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given. The Mortgage Notes Indenture Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Mortgage Notes Indenture Trustee may sell the Collateral without giving any
warranties as to the Collateral. The Mortgage Notes Indenture Trustee may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely effect
the commercial reasonableness of any sale of the Collateral. Each Grantor agrees that it would not be commercially unreasonable for the Mortgage Notes Indenture Trustee to dispose of the Collateral or
any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and
sellers of assets. Each Grantor hereby waives any
claims against the Mortgage Notes Indenture Trustee arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might
have been obtained at a public sale, even if the Mortgage Notes Indenture Trustee accepts the first offer received and does not offer such Collateral to more than one offeree. Each Grantor further
agrees, at the Mortgage Notes Indenture Trustee's request, to assemble the Collateral and make it available to the Mortgage Notes Indenture Trustee at places which the Mortgage Notes Indenture Trustee
shall reasonably select, whether at such Grantor's premises or elsewhere. The Mortgage Notes Indenture Trustee shall apply the net proceeds of any action taken by it pursuant to this
Section 6.7, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way
relating to the Collateral or the rights of the Secured Parties hereunder, including, without limitation, reasonable attorneys' fees and disbursements, to the payment in whole or in part of the
Obligations, in such order as the Mortgage Notes Indenture Trustee may elect, and only after such application and after the payment by the Mortgage Notes Indenture Trustee of any other amount required
by any provision of law, including, without limitation, Section 9-615(a) of the New York UCC, need the Mortgage Notes Indenture Trustee account for the surplus, if any, to any
Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against any Secured Party arising out of the exercise by them of any rights
hereunder. 

        (b)
In the event of any sale or transfer of any of the Intellectual Property, the goodwill of the business connected with and symbolized by any Trademarks subject to such sale or
transfer shall be included, and the applicable Grantor shall supply the Mortgage Notes Indenture Trustee or its designee with such Grantor's know-how and expertise, and with documents and
things embodying the same, relating to the manufacture, distribution, advertising and sale of products or the provision of services relating to any Intellectual Property subject to such sale or
transfer, and such Grantor's customer lists and other records and documents relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of such products and
services. 

        6.8.    Registration Rights.    (a) If the Mortgage Notes
Indenture Trustee shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to Section 6.7, and if in the opinion of the Mortgage Notes Indenture Trustee it is
necessary or advisable to have the Pledged Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor 

26

 

will cause, or with respect to any Issuer that is not an Affiliate of any Grantor, use commercially reasonable efforts to cause, the Issuer thereof to (i) execute and deliver, and cause the
directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Mortgage Notes
Indenture Trustee, necessary or advisable to register the Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the
registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Stock, or that portion thereof to
be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the Mortgage Notes Indenture Trustee, are necessary or advisable, all in conformity with
the requirements of the Securities Act and the rules and regulations of the SEC applicable thereto. Each Grantor agrees to cause, or with respect to any Issuer that is not an Affiliate of any Grantor,
use commercially reasonable efforts to cause, such Issuer to comply with the provisions of the securities or "Blue Sky" laws of any and all jurisdictions which the Mortgage Notes Indenture Trustee
shall designate and to make available to its security
holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 

        (b)
Each Grantor recognizes that the Mortgage Notes Indenture Trustee may be unable to effect a public sale of any or all the Pledged Stock or the Pledged Debt Securities, by reason of
certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of
purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor
acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any
such private sale shall be deemed to have been made in a commercially reasonable manner. The Mortgage Notes Indenture Trustee shall be under no obligation to delay a sale of any of the Pledged Stock
or the Pledged Debt Securities for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities
laws, even if such Issuer would agree to do so. 

        (c)
Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock
pursuant to this Section 6.8 valid and binding and in compliance with any and all other applicable Requirements of Law. Each Grantor further agrees that a breach of any of the covenants
contained in this Section 6.8 will cause irreparable injury to the Secured Parties, that the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this Section 6.8 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Indenture or a defense of payment. 

        6.9.    Waiver; Deficiency.    Each Grantor shall remain liable for
any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by any Secured Party
to collect such deficiency. 

SECTION 7. THE MORTGAGE NOTES INDENTURE TRUSTEE  

        7.1.    Mortgage Notes Indenture Trustee's Appointment as Attorney-in-Fact,
etc.    (a) Subject to compliance with applicable Gaming Laws, each Grantor hereby irrevocably constitutes and appoints the Mortgage Notes Indenture Trustee
and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of 

27

 

such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the
Mortgage Notes Indenture Trustee the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

        (i)
in the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of
moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed
appropriate by the Mortgage Notes Indenture Trustee for the purpose of collecting any and all such moneys due under any Receivable or Contract or with respect to any other Collateral whenever payable; 

        (ii)
in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Mortgage Notes Indenture Trustee
may request to evidence the Secured Parties' security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

        (iii)
pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all
or any part of the premiums therefor and the costs thereof; 

        (iv)
execute, in connection with any sale provided for in Section 6.7 or 6.8, any endorsements, assignments or other instruments of conveyance or transfer with respect to the
Collateral; and 

        (v)
(1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Mortgage Notes Indenture
Trustee or as the Mortgage Notes Indenture Trustee shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to
become due at any time in respect of or arising out of any Collateral; (3) sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts
against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or
proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges
or releases as the Mortgage Notes Indenture Trustee may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright,
Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Mortgage Notes Indenture Trustee shall in its reasonable judgment determine;
and
(8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Mortgage Notes Indenture Trustee
were the absolute owner thereof for all purposes, and do, at the Mortgage Notes Indenture Trustee's option and such Grantor's expense, at any time, or from time to time, all acts and things which the
Mortgage Notes Indenture Trustee deems necessary to protect, preserve or realize upon the Collateral and the Secured Parties' security interests therein and to effect the intent of this Agreement, all
as fully and effectively as such Grantor might do. 

28

   
        Anything in this Section 7.1(a) to the contrary notwithstanding, the Mortgage Notes Indenture Trustee agrees that, except as provided in Section 7.1(b), it will not
exercise any rights under the power of attorney provided for in this Section 7.1(a) unless and until an Event of Default shall have occurred and be continuing. 

        (b)
If any Grantor fails to perform or comply with any of its agreements contained herein, the Mortgage Notes Indenture Trustee, at its option, but without any obligation so to do, may
perform or comply, or otherwise cause performance or compliance, with such agreement. 

        (c)
The expenses of the Mortgage Notes Indenture Trustee incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate
per annum equal to the rate per annum at which interest would then be payable on past due interest pursuant to Section 2.12 of the Indenture, from the date of payment by the Mortgage Notes
Indenture Trustee to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Mortgage Notes Indenture Trustee on demand. 

        (d)
Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are
coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

        7.2.    Duty of Mortgage Notes Indenture Trustee.    The Mortgage
Notes Indenture Trustee's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 or 9-208
of the New York UCC or otherwise, shall be to deal with it in the same manner as the Mortgage Notes Indenture Trustee deals with similar property for its own account. Neither the Mortgage Notes
Indenture Trustee, nor any other Secured Party nor any of their respective officers, directors, partners, employees, agents, attorneys and other advisors, attorneys-in-fact or
affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Secured Parties
hereunder are solely to protect the Secured Parties' interests in the Collateral and shall not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be
accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, partners, employees, agents, attorneys and
other advisors, attorneys-in-fact or affiliates shall be responsible to any Grantor for any act or failure to act hereunder, except to the extent that any such
act or failure to act is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted solely and proximately from their own gross negligence or willful misconduct
in breach of a duty owed to such Grantor. 

        7.3    Execution of Financing Statements.    Each Grantor acknowledges
that pursuant to Section 9-509(b) of the New York UCC and any other applicable law, each Grantor authorizes the Mortgage Notes Indenture Trustee is authorized to file or record
financing or continuation statements, and amendments thereto, and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Mortgage
Notes Indenture Trustee reasonably determines appropriate to perfect or maintain the perfection of the security interests of the Mortgage Notes Indenture Trustee under this Agreement. Each Grantor
hereby agrees that such financing statements may describe the collateral in the same manner as described in the Collateral Documents or as "all assets" or "all personal property" of the undersigned,
whether now owned or hereafter existing or acquired by the undersigned. If and to the extent permitted by applicable law, a photographic or other reproduction of this Agreement shall be sufficient as
a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. 

29

 

        7.4    Authority of Mortgage Notes Indenture Trustee.    Each Grantor
acknowledges that the rights and responsibilities of the Mortgage Notes Indenture Trustee under this Agreement with respect to any action taken by the Mortgage Notes Indenture Trustee or the exercise
or non-exercise by the Mortgage Notes Indenture Trustee of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Mortgage Notes Indenture Trustee and the other Secured Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to
time among them, but, as between the Mortgage Notes Indenture Trustee and the Grantors, the Mortgage Notes Indenture Trustee shall be conclusively presumed to be acting as agent for the Secured
Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

        7.5    Appointment of Co-Collateral Agents.    At any time
or from time to time, in order to comply with any Requirement of Law or otherwise, the Mortgage Notes Indenture Trustee may appoint another bank or trust company or one of more other persons, either
to act as bailee, co-agent or agents on behalf of the Secured Parties with such power and authority as may be necessary for the effectual operation of the provisions hereof and which may
be specified in the instrument of appointment (which may, in the discretion of the Mortgage Notes Indenture Trustee, include provisions for indemnification and similar protections of such
co-agent or separate agent); provided that the Mortgage Notes Indenture Trustee shall give prompt notice of such appointment to all Grantors pursuant to Section 8.2 hereof. 

SECTION 8.    MISCELLANEOUS  

        8.1    Amendments in Writing.    None of the terms or provisions of
this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with the terms of the Indenture. 

        8.2    Notices.    All notices, requests and demands to or upon the
Mortgage Notes Indenture Trustee or any Grantor hereunder shall be effected in the manner provided for in Section 13.02 of the Indenture;  provided that any such notice, request or demand to or upon
any Guarantor shall be addressed to such Guarantor at its notice address set forth on  Schedule 1. 

        8.3    No Waiver by Course of Conduct; Cumulative Remedies.    No
Secured Party shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to
have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as a
waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A
waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Secured Party would otherwise have on any future
occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

        8.4    Enforcement Expenses; Indemnification.    (a) Each
Grantor agrees to pay or reimburse each Secured Party for all its costs and expenses incurred in collecting against such Grantor under the guarantee contained in Section 2 or otherwise
enforcing or preserving any rights under this Agreement, the Indenture and the other Collateral Documents to which such Grantor is a party, including, without limitation, the fees and disbursements of
counsel to each Secured Party and of counsel to the Mortgage Notes Indenture Trustee. 

        (b)
Each Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise,
sales or other 

30

 

taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement. 

        (c)
Each Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any
kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Issuers would be required to indemnify the Trustee
under Section 7.07 of the Indenture. 

        (d)
The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Indenture and the Credit Documents. 

        8.5    Successors and Assigns.    This Agreement shall be binding upon
the successors and assigns of each Grantor and shall inure to the benefit of the Secured Parties and their successors and assigns; provided that no
Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Mortgage Notes Indenture Trustee. 

        8.6    Set-Off.    Each Grantor hereby irrevocably
authorizes each Secured Party at any time and from time to time while an Event of Default shall have occurred and be continuing, without notice to such Grantor or any other Grantor, any such notice
being expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Secured Party to or for the
credit or the account of such Grantor, or any part thereof in such amounts as such Secured Party may elect, against and on account of the obligations and liabilities of such Grantor to such Secured
Party hereunder and claims of every nature and description of such Secured Party against such Grantor, in any currency, whether arising hereunder, under the Indenture, any Collateral Document or
otherwise, as such Secured Party may elect, whether or not any Secured Party has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. Each
Secured Party shall notify such Grantor promptly of any such set-off and the application made by such Secured Party of the proceeds thereof, provided that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of each Secured Party under this Section are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which such Secured Party may have. 

        8.7    Counterparts.    This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

        8.8    Severability.    Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction (including by reason of the application of Gaming Laws or non-approval of the Gaming Authorities as set forth in Section 8.17) shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        8.9    Section Headings.    The Section headings used in this
Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

        8.10    Integration.    This Agreement, the Indenture and the
Collateral Documents represent the agreement of the Grantors, the Mortgage Notes Indenture Trustee and the other Secured Parties with respect to the subject matter hereof and thereof, and there are no
promises, undertakings, representations or warranties by any Secured Party relative to subject matter hereof and thereof not expressly set forth or referred to herein, in the Indenture or in the
Collateral Documents. 

31

 

        8.11    GOVERNING
LAW.    SUBJECT TO COMPLIANCE WITH APPLICABLE GAMING LAWS AND MANDATORY PROVISIONS OF NEW YORK LAW WHICH MAY REQUIRE APPLICATION OF NEVADA OR
DELAWARE LAW AS TO CERTAIN ISSUES OF PERFECTION, THE EFFECT OF PERFECTION OR NON-PERFECTION, AND THE PRIORITY OF SECURITY INTERESTS, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        8.12    Submission to Jurisdiction; Waivers.    Each Grantor hereby
irrevocably and unconditionally: 

        (a)
submits for itself and its property in any legal action or proceeding relating to this Agreement, the Indenture and the Collateral Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the United States of America
for the Southern District of New York, and appellate courts from any thereof; 

        (b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in
any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

        (c)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Mortgage Notes Indenture Trustee shall have been notified pursuant thereto; 

        (d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

        (e)
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages. 

        8.13    Acknowledgments.    Each Grantor hereby acknowledges that:

        (a)
it has been advised by counsel in the negotiation, execution and delivery of this Agreement, the Indenture and the Collateral Documents to which it is a party; 

        (b)
no Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement, the Indenture or the Collateral Documents, and the
relationship between the Grantors, on the one hand, and the Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

        (c)
no joint venture is created hereby or by the the Indenture or the Collateral Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties
or among the Grantors and the Secured Parties. 

        8.14    Additional Grantors.    Each Subsidiary of Valvino Lamore, LLC
that is required to become a party to this Agreement pursuant to Section 4.31 of the Indenture shall become a Grantor for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

        8.15    Releases.    (a) At such time as the Notes and the
other Obligations (other than unmatured contingent reimbursement and indemnification Obligations) shall have been paid in full, the Collateral shall be released from the Liens created hereby, and this
Agreement and all obligations (other than those expressly stated to survive such termination) of the Mortgage Notes Indenture Trustee and each Grantor hereunder shall terminate, all without delivery
of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense 

32

 

of any Grantor following any such termination, the Mortgage Notes Indenture Trustee shall deliver to such Grantor any of such Grantor's Collateral held by the Mortgage Notes Indenture Trustee
hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

        (b)
If any of the Collateral shall be transferred or sold by any Grantor in a transaction not prohibited by the Indenture, then the Mortgage Notes Indenture Trustee, at the request and
sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such
Collateral. At the request and sole expense of either Note Issuer, a Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Guarantor shall be
transferred or sold in a transaction not prohibited by the Indenture; provided that the Note Issuers shall have delivered to the Mortgage Notes Indenture Trustee, at least ten business days prior to
the date of the proposed release, a written request for release identifying the relevant Guarantor and the terms of such sale or transfer in reasonable detail, including the price thereof and any
expenses in connection therewith, together with a certification by each Note Issuer stating that such transaction is in compliance with the Indenture and the Collateral Documents and that the Proceeds
of such sale or transfer will be applied in accordance therewith. 

        (c)
Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement originally filed in
connection herewith without the prior written consent of the Mortgage Notes Indenture Trustee subject to such Grantor's rights under Section 9-509(d)(2) of the New York UCC. 

        8.16    WAIVER OF JURY
TRIAL.    EACH GRANTOR AND THE MORTGAGE NOTES INDENTURE TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE INDENTURE OR ANY COLLATERAL DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

        8.17    Regulatory Matters.    The Mortgage Notes Indenture Trustee,
on behalf of the Lenders, acknowledges and agrees that: 

        (a)
At such time as any Grantor becomes subject to the jurisdiction of the Gaming Authorities as a licensee or registered company under the Gaming Laws (or prior to such time in
furtherance of any Grantor's application to become a licensee or registered company under the Gaming Laws), the pledge of any Pledged Stock or other equity securities issued by such Grantor
("Pledged Gaming Stock") under this Agreement will require the approval of the Gaming Authorities in order to remain effective. 

        (b)
In the event that a Secured Party exercises a remedy set forth in this Agreement with respect to any Pledged Gaming Stock, that is a foreclosure, transfer of a possessory security
interest in such Collateral, the exercise of voting and consensual rights with respect thereto afforded hereunder and/or re-registration of such Collateral, such exercise of remedies would
be deemed a separate transfer of such Collateral and would require the separate and prior approval of the Gaming Authorities pursuant to applicable Gaming Laws as in effect on the date hereof and the
licensing of such Secured Party or other transferee, unless such licensing requirement is waived by the Gaming Authorities. 

        (c)
In the event that after a Secured Party exercises a remedy set forth in this Agreement with respect to Collateral consisting of gaming devices, cashless wagering systems and
associated equipment (as those terms are defined in the Gaming Laws) a transfer, sale, distribution, or other disposition of such Collateral occurs (separate from any foreclosure action by a Secured
Party unless such Secured Party utilizes such Collateral for gaming purposes), such transfer, sale, distribution, or other disposition of such Collateral would require the separate and prior approval
of the Gaming Authorities pursuant to applicable Gaming Laws as in effect on the date hereof or the licensing of such Secured Party or other transferee. 

33

 

        (d)
The approval by the applicable Gaming Authorities of this Agreement shall not act or be construed as the approval, either express or implied, for a Secured Party to take any actions
or steps provided for in this Agreement for which prior approval of the Gaming Authorities is required, without first obtaining such prior and separate approval of the applicable Gaming Authorities to
the extent then required applicable Gaming Laws. 

        (e)
The physical location of all certificates evidencing Pledged Gaming Stock shall at all times remain within the territory of the State of Nevada at a location designated to the Gaming
Authorities, and each of such certificates shall be made available for inspection by agents of the Gaming Authorities immediately upon request during normal business hours. Neither the Mortgage Notes
Indenture Trustee nor any agent of the Mortgage Notes Indenture Trustee shall surrender possession of the Pledged Gaming Stock to any Person other than the Grantor pledging such Pledged Gaming Stock
without the prior approval of the Gaming Authorities or as otherwise permitted by applicable Gaming Laws. 

        (f)
It shall cooperate with the Gaming Authorities in connection with the administration of their regulatory jurisdiction over certain of the Grantors, including, without limitation,
through the provision of such documents or other information as may be requested by the Gaming Authorities relating to the Mortgage Notes Indenture Trustee, the Holders or such Grantors. 

        (g)
The Mortgage Notes Indenture Trustee, the Holders and their respective assignees are subject to being called forward by the Gaming Authorities, in their discretion, for licensing or
a finding of suitability in order to remain entitled to the benefits of this Agreement as it relates to Pledged Gaming Stock. 

34

   
        IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly executed and delivered as of the date first above written. 

	

WYNN LAS VEGAS, LLC,

a Nevada limited liability company	
 	

 
	

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:	
 	

 	
 	

 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

VALVINO LAMORE, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 

	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	

WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation,	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 

35

 

	

PALO, LLC,

a Delaware limited liability company,	
 	

 
	

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:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,	 	 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 

36

 

	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

	

WYNN DESIGN & DEVELOPMENT, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

	

WORLD TRAVEL, LLC,

a Nevada limited liability company,	
 	

 
	

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	
 	

 

37

 

	

 	

 	
 	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	

 	
 	

 	
 	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	

LAS VEGAS JET, LLC,

a Nevada limited liability company,	
 	

 
	

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:	
 	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Mortgage Notes Indenture Trustee	 	 
	

By:	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	
	 	 	 	 
	Name:	 	 	 	 	 	 	 	 	 	 	 
	 	
	 	 	 	 
	Title:	 	 	 	 	 	 	 	 	 	 	 
	 	
	 	 	 	 

38

   Schedule 1  

NOTICE ADDRESSES OF GUARANTORS  

1-1

   Schedule 2  

DESCRIPTION OF PLEDGED INVESTMENT PROPERTY  

        Pledged Stock:  

	Issuer
 
	 	Issuer's Jurisdiction

Under New York

UCC Section 9-

305(a)(2)
	 	Class of Stock or

other equity interest
	 	Stock or

Membership Interest

Certificate No.
	 	Percentage of Shares
	 	No. of Shares

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

Pledged Notes:  

	Issuer
 
	 	Payee
	 	Principal Amount
	 	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

Pledged Debt Securities:  

	Issuer
 
	 	Issuer's Jurisdiction

Under New York UCC

Section 9-305(a)(2)
	 	Payee
	 	Principal Amount
	 	 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

Pledged Security Entitlements:  

	Issuer of

Financial Asset
 
	 	Description of Financial Asset
	 	Securities Intermediary (Name and Address)
	 	Securities Account (Number and Location)
	 	Securities Intermediary's Jurisdiction Under New York UCC Section 9-305(a)(3)
	 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

Pledged Commodity Contracts:  

	Description of Commodity Contract
 
	 	Commodity Intermediary (Name and Address)
	 	Commodity Account (Number and Location)
	 	Commodity Intermediary's Jurisdiction Under New York UCC Section 9-305(a)(4)
	 	 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

2-1

   Schedule 3  

FILINGS AND OTHER ACTIONS

REQUIRED TO PERFECT SECURITY INTERESTS

  Uniform Commercial Code Filings

  [List each office where a financing statement is to be filed]

  Copyright, Patent and Trademark Filings

  [List all filings]

  Actions with respect to Investment Property

  [Describe all actions required to obtain "control" of Investment Property]

  Other Actions

  [Describe other actions to be taken]  

3-1

   Schedule 4  

EXACT LEGAL NAME, LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE  

	Grantor
 
	 	Location
 

	 	 	 
	 	 	 

4-1

   Schedule 5  

LOCATION OF INVENTORY AND EQUIPMENT  

	Grantor
 
	 	Locations
 

	 	 	 
	 	 	 

5-1

   Schedule 6  

COPYRIGHTS  

PATENTS  

 TRADEMARKS  

 TRADE SECRETS  

 INTELLECTUAL PROPERTY LICENSES  

 OTHER INTELLECTUAL PROPERTY  

6-1

   Schedule 7  

CONTRACTS  

7-1

  

Schedule 8  

 
 

VEHICLES    
  

8-1

  

Exhibit A to

Guarantee and Collateral Agreement  

 
  FORM OF ACKNOWLEDGMENT AND CONSENT    
  

        The
undersigned hereby acknowledges receipt of a copy of the Guarantee and Collateral Agreement dated as of                , 2002 (the
"Agreement"), made by the Grantors parties thereto for the benefit of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee (in
such capacity the "Mortgage Notes Indenture Trustee"); capitalized terms used but not defined herein have the meanings given such terms therein. The
undersigned agrees for the benefit of the Mortgage Notes Indenture Trustee and the Secured Parties as follows: 

        1.    The
undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms are applicable to the undersigned. 

        2.    The
undersigned confirms the statements made in the Agreement with respect to the undersigned including, without limitation, in Section 4.6 and Schedule 2. 

        3.    The
undersigned will notify the Mortgage Notes Indenture Trustee promptly in writing of the occurrence of any of the events described in Section 5.6(a) of the
Agreement. 

        4.    The
terms of Sections 6.4(c) and 6.8 of the Agreement shall apply to it, mutatis mutandis, with respect to all actions
that may be required of it pursuant to Section 6.4(c) or 6.8 of the Agreement. 

	 	 	[NAME OF ISSUER]
	

 	
 	
By	

 
	 	 	 	
 Name:

Title:
	

 	
 	

Address for Notices:
	

 	
 	

	

 	
 	

	

 	
 	

Fax:	

 
	 	 	 	

A-1

   Exhibit B-1 to

Guarantee and Collateral Agreement  

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT  

        This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of                , 2002 (as amended, supplemented
or otherwise modified from time to time,
the "Intellectual Property Security Agreement"), is made by each of the signatories hereto (collectively, the
"Grantors") in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee (in such capacity, the
"Mortgage Notes Indenture Trustee") for the Secured Parties (as defined in the Guarantee and Collateral Agreement referred to below). 

        WHEREAS,
Wynn Las Vegas, LLC, a Nevada limited liability company, and Wynn Las Vegas Capital Corp., a Nevada corporation (together with Wynn Las Vegas, LLC, the
"Note Issuers"), have entered into an Indenture, dated as of                , 2002 (as amended, supplemented, replaced or
otherwise
modified from time to time, the "Indenture"), with the Mortgage Notes Indenture Trustee and the Restricted Entities (as defined in the Indenture). 

        WHEREAS,
it is a condition precedent to the obligation of the Holders to purchase the            % Mortgage Notes due 2010 issued by the Note Issuers, in the aggregate principal
amount of $340,000,000 under the Indenture that the Grantors shall have executed and delivered that certain Guarantee and Collateral Agreement, dated as
of                            , 2002, in
favor of the Mortgage Notes Indenture Trustee (as amended, supplemented, replaced or otherwise modified from time to time, the "Guarantee and Collateral
Agreement"). Capitalized terms used and not defined herein have the meanings given such terms in the Guarantee and Collateral Agreement or the Indenture, as the case may be. 

        WHEREAS,
under the terms of the Guarantee and Collateral Agreement, the Grantors have granted a security interest in certain Property, including, without limitation, certain Intellectual
Property of the Grantors, to the Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties, and have agreed as a condition thereof to execute an Intellectual Property Security
Agreement for
recording with the United States Patent and Trademark Office, the United States Copyright Office, and other applicable Governmental Authorities. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantors agree as follows: 

        SECTION 1.    Grant of Security.    Subject to compliance with
applicable Gaming Laws, each Grantor hereby grants to the Mortgage Notes Indenture Trustee for the ratable benefit of the Holders a security interest in and to all of such Grantor's right, title and
interest in and to the following (the "Intellectual Property Collateral"), as collateral security for the prompt and complete payment and performance
when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor's Obligations: 

        (a)(i)
all trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or source identification,
internet domain names, trademark and service mark registrations, and applications for trademark or service mark registrations and any new renewals thereof, including, without limitation, each
registration and application identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof,
(iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in
connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto, together in each case with the goodwill of the business connected with the use of, and symbolized by, each of the above (collectively, the
"Trademarks"); 

B-1-1

 

        (b)(i)
all patents, patent applications and patentable inventions, including, without limitation, each issued patent and patent application identified in Schedule 1, all
certificates of invention or similar industrial property rights, (ii) all inventions and improvements described and claimed therein, (iii) the right to sue or otherwise recover for any
and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto
(including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (v) all
reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon and all other rights of any kind whatsoever
of such Grantor accruing thereunder or pertaining thereto (collectively, the "Patents"); 

        (c)(i)
all copyrights, whether or not the underlying works of authorship have been published, including but not limited to copyrights in software and databases, all Mask Works (as
defined in 17 U.S.C. 901 of the U.S. Copyright Act) and all such underlying works of authorship and other intellectual property rights therein, all copyrights of works based on, incorporated in,
derived from or relating to works
covered by such copyrights, all right, title and interest to make and exploit all derivative works based on or adopted from works covered by such copyrights, and all copyright registrations and
copyright applications, and any renewals or extensions thereof, including, without limitation, each registration and application identified in Schedule 1, (ii) the rights to print,
publish and distribute any of the foregoing, (iv) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all
income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto
("Copyrights"); 

        (d)(i)
all trade secrets and all confidential and proprietary information, including know-how, manufacturing and production processes and techniques, inventions, research and
development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, and customer and supplier lists and information, including,
without limitation, any of the foregoing identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations
thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered
into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder
or pertaining thereto (collectively, the "Trade Secrets"); 

        (e)(i)
all licenses or agreements, whether written or oral, providing for the grant by or to any Grantor of: (A) any right to use any Trademark or Trade Secret, (B) any
right to manufacture, use or sell any invention covered in whole or in part by a Patent, and (C) any right under any Copyright including, without limitation, the grant of rights to manufacture,
distribute, exploit and sell materials derived from any Copyright including, without limitation, any of the foregoing identified in Schedule 1, (ii) the right to sue or otherwise recover
for any and all past, present and future infringements and misappropriations of any of the foregoing, (iii) all income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements
thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and 

        (f)
any and all proceeds of the foregoing. 

B-1-2

 

        SECTION 2.    Recordation.    Each Grantor authorizes and requests
that the Register of Copyrights, the Commissioner of Patents and Trademarks and any other applicable government officer record this Intellectual Property Security Agreement. 

        SECTION 3.    Execution in Counterparts.    This Agreement may be
executed in any number of counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 

        SECTION 4.    Governing Law.    Subject to compliance with applicable
Gaming Laws, this Intellectual Property Security Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

        SECTION 5.    Conflict Provision.    This Intellectual Property
Security Agreement has been entered into in conjunction with the provisions of the Guarantee and Collateral Agreement and the Indenture. The rights and remedies of each party hereto with respect to
the security interest granted herein are without prejudice to, and are in addition to those set forth in the Guarantee and Collateral Agreement and the Indenture, all terms and provisions of which are
incorporated herein by reference. In the event that any provisions of this Intellectual Property Security Agreement are in conflict with the Guarantee and Collateral Agreement or the Indenture, the
provisions of the Guarantee and Collateral Agreement or the Indenture shall govern. 

B-1-3

   
        IN WITNESS WHEREOF, each of the undersigned has caused this Intellectual Property Security Agreement to be duly executed and delivered as of the date first above written. 

	

WYNN LAS VEGAS, LLC,

a Nevada limited liability company,	
 	

 
	

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:	
 	

 	
 	

 
	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	
	 	 
	

VALVINO LAMORE, LLC,

a Nevada limited liability company,	
 	

 
	

By:	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 

	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	

WYNN LAS VEGAS CAPITAL CORP.,

a Nevada corporation,	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	 

B-1-4

 

	

PALO, LLC,

a Delaware limited liability company,	
 	

 
	

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:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

DESERT INN WATER COMPANY, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	

WYNN RESORTS HOLDINGS, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 

B-1-5

 

	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

	

WYNN DESIGN & DEVELOPMENT, LLC,

a Nevada limited liability company,	
 	

 
	

By:	
 	

Valvino Lamore, LLC,

a Nevada limited liability company,

its sole member	
 	

 
	

 	
 	

By:	
 	

Wynn Resorts, Limited,

a Nevada corporation,

its sole member	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

	

WORLD TRAVEL, LLC,

a Nevada limited liability company,	
 	

 
	

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	
 	

 

B-1-6

 

	

 	

 	
 	

 	
 	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	

LAS VEGAS JET, LLC,

a Nevada limited liability company,	
 	

 
	

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:	
 	

 	
 	

 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 	 	 	
	 	 

B-1-7

Schedule 1  

COPYRIGHTS  

 PATENTS  

 TRADEMARKS  

 TRADE SECRETS  

 INTELLECTUAL PROPERTY LICENSES  

  

Exhibit B-2 to

Guarantee and Collateral Agreement  

 
  FORM OF AFTER-ACQUIRED INTELLECTUAL PROPERTY SECURITY AGREEMENT
  (FIRST SUPPLEMENTAL FILING)    
  

        This INTELLECTUAL PROPERTY SECURITY AGREEMENT (FIRST SUPPLEMENTAL FILING), dated as
of                            , 200    (as amended, supplemented
or otherwise modified from time to time, the "First Supplemental Intellectual Property Security Agreement"), is made by each of the signatories hereto
(collectively, the "Grantors") in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee (in such capacity, the
"Mortgage Notes Indenture Trustee") for the Secured Parties (as defined in the Guarantee and Collateral Agreement referred to below). 

        WHEREAS,
Wynn Las Vegas, LLC, a Nevada limited liability company, and Wynn Las Vegas Capital Corp., a Nevada corporation (together with Wynn Las Vegas, LLC, the
"Note Issuers"), have entered into an Indenture, dated as of                , 2002 (as amended, supplemented, replaced or
otherwise
modified from time to time, the "Indenture"), with the Mortgage Notes Indenture Trustee and the Restricted Entities (as defined in the Indenture). 

        WHEREAS,
it is a condition precedent to the obligation of the Holders to purchase the            % Mortgage Notes due 2010 issued by the Note Issuers, in the aggregate principal
amount of $340,000,000 under the Indenture that the Grantors shall have executed and delivered that certain Guarantee and Collateral Agreement, dated as
of                            , 2002, in
favor of the Mortgage Notes Indenture Trustee (as amended, supplemented, replaced or otherwise modified from time to time, the "Guarantee and Collateral
Agreement"). Capitalized terms used and not defined herein have the meanings given such terms in the Guarantee and Collateral Agreement or the Indenture, as the case may be. 

        WHEREAS,
under the terms of the Guarantee and Collateral Agreement, the Grantors have granted a security interest in certain Property, including, without limitation, certain Intellectual
Property of the Grantors, to the Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties, and have agreed as a condition thereof to execute an Intellectual Property Security
Agreement for
recording with the United States Patent and Trademark Office, the United States Copyright Office, and other applicable Governmental Authorities. 

        WHEREAS,
the Intellectual Property Security Agreement was recorded against certain United States Intellectual Property at [INSERT REEL/FRAME
NUMBER] [IF SECOND OR LATER SUPPLEMENTAL, ADD PRIOR REEL/FRAME NUMBERS]. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantors agree as follows: 

        SECTION 6.    Grant of Security.    Subject to compliance with
applicable Gaming Laws, each Grantor hereby grants to the Mortgage Notes Indenture Trustee for the ratable benefit of the Secured Parties a security interest in and to all of such Grantor's right,
title and interest in and to the following (the "Intellectual Property Collateral"), as collateral security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor's Obligations: 

        (a)  (i) all
trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or
source identification, internet domain names, trademark and service mark registrations, and applications for trademark or service mark registrations and any new renewals thereof, including, without
limitation, each registration and application identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and
misappropriations thereof, (iii) all income, royalties, 

B-2-1

 

damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and
payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto, together in each case
with the goodwill of the business connected with the use of, and symbolized by, each of the above (collectively, the "Trademarks"); 

        (b)  (i) all
patents, patent applications and patentable inventions, including, without limitation, each issued patent and patent application identified in
Schedule 1, all certificates of invention or similar industrial property rights, (ii) all inventions and improvements described and claimed therein, (iii) the right to sue or
otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements
thereof), and (v) all reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon and all other
rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (collectively, the "Patents"); 

        (c)  (i) all
copyrights, whether or not the underlying works of authorship have been published, including, but not limited to, copyrights in software and databases,
all Mask Works (as defined in 17 U.S.C. 901 of the U.S. Copyright Act) and all such underlying works of authorship and other intellectual property rights therein, all copyrights of works based on,
incorporated in, derived from or relating to works covered by such copyrights, all right, title and interest to make and exploit all derivative works based on or adopted from works covered by such
copyrights, and all copyright registrations and copyright applications, and any renewals or extensions thereof, including, without limitation, each registration and application identified in
Schedule 1, (ii) the rights to print, publish and distribute any of the foregoing, (iii) the right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation,
payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind whatsoever of
such Grantor accruing thereunder or pertaining thereto ("Copyrights"); 

        (d)  (i) all
trade secrets and all confidential and proprietary information, including know-how, manufacturing and production processes and techniques,
inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, and customer and supplier lists
and information, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and
other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for
past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (collectively, the
"Trade Secrets"); 

        (e)  (i) all
licenses or agreements, whether written or oral, providing for the grant by or to any Grantor of: (A) any right to use any Trademark or Trade
Secret, (B) any right under any Patent, and (C) any right under any Copyright, (ii) the right to sue or otherwise recover for any and all past, present and future infringements
and misappropriations of any of the foregoing, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation,
payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements 

B-2-2

 

thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and 

        (f)    any
and all proceeds of the foregoing. 

        SECTION 7.    Recordation.    Each Grantor authorizes and requests
that the Register of Copyrights, the Commissioner of Patents and Trademarks and any other applicable government officer record this First Supplemental Intellectual Property Security Agreement. 

        SECTION 8.    Execution in Counterparts.    This Agreement may be
executed in any number of counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 

        SECTION 9.    Governing Law.    Subject to compliance with applicable
Nevada Gaming Laws, this First Supplemental Intellectual Property Security Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

        SECTION 10.    Conflict Provision.    This First Supplemental
Intellectual Property Security Agreement has been entered into in conjunction with the provisions of the Guarantee and Collateral Agreement and the Indenture. The rights and remedies of each party
hereto with respect to the security interest granted herein are without prejudice to, and are in addition to those set forth in the Guarantee and Collateral Agreement and the Indenture, all terms and
provisions of which are incorporated herein by reference. In the event that any provisions of this First Supplemental Intellectual Property Security Agreement are in conflict with the Guarantee and
Collateral Agreement or the Indenture, the provisions of the Guarantee and Collateral Agreement or the Indenture shall govern. 

        IN
WITNESS WHEREOF, each of the undersigned has caused this Intellectual Property Security Agreement to be duly executed and delivered as of the date first above written. 

	 	 	[NAME OF GRANTOR]
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name:

Title:

B-2-3

Schedule 1  

        COPYRIGHTS  

 PATENTS  

 TRADEMARKS  

 TRADE SECRETS  

 INTELLECTUAL PROPERTY LICENSES  

  

Exhibit C to

Guarantee and Collateral Agreement  

 
  FORM OF CONTROL AGREEMENT    
  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                , 200    , is made by and
among                        ,
a                        (the "Grantor"), WELLS FARGO
BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee (in such capacity, the "Mortgage Notes Indenture Trustee") for the Secured Parties (as
defined in the Guarantee and Collateral Agreement referred to below), and                        ,
a                        (the "Issuer").
 

        WHEREAS,
the Grantor has granted to the Mortgage Notes Indenture Trustee for the benefit of the Secured Parties a security interest in the uncertificated securities of the Issuer owned
by the Grantor from time to time (collectively, the "Pledged Securities"), and all additions thereto and substitutions and proceeds thereof
(collectively, with the Pledged Securities, the "Collateral") pursuant to a Guarantee and Collateral Agreement, dated as
of                        
    , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the "Guarantee and Collateral Agreement"), among the
Grantor and the other persons party thereto as grantors in favor of the Mortgage Notes Indenture Trustee. 

        WHEREAS,
the following terms which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of New York on the date hereof (the  "UCC") are used herein as so defined: Adverse Claim,
Control, Instruction, Proceeds and Uncertificated Security. Capitalized terms used but not defined
herein shall have the meanings given such terms in the Guarantee and Collateral Agreement or that certain Indenture (as amended, supplemented, replaced or otherwise modified from time to time, the  "Indenture") dated as of            , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability company, Wynn Las Vegas Capital Corp., a Nevada
corporation, the Mortgage Notes Indenture Trustee and the Restricted Entities (as defined in the Indenture), as the case may be. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

        SECTION
11. Notice of Security Interest. The Grantor, the Mortgage Notes Indenture Trustee and the Issuer are entering into this Control
Agreement to perfect, and to confirm the priority of, the Mortgage Notes Indenture Trustee's security interest in the Collateral. The Issuer acknowledges that this Control Agreement constitutes
written notification to the Issuer of the Mortgage Notes Indenture Trustee's security interest in the Collateral. The Issuer agrees to promptly make all necessary entries or notations in its books and
records to reflect the Mortgage Notes Indenture Trustee's security interest in the Collateral and, upon request by the Mortgage Notes Indenture Trustee, to register the Mortgage Notes Indenture
Trustee as the registered owner of any or all of the Pledged Securities. The Issuer acknowledges that the Mortgage Notes Indenture Trustee has control over the Collateral. 

        SECTION
12. Collateral. The Issuer hereby represents and warrants to, and agrees with the Grantor and the Mortgage Notes Indenture Trustee
that (i) the terms of any limited liability company interests or partnership interests included in the Collateral from time to time shall expressly provide that they are securities governed by
Article 8 of the Uniform Commercial Code in effect from time to time in the State of Nevada and any other applicable jurisdiction, (ii) the Pledged Securities are uncertificated
securities, (iii) the issuer's jurisdiction is, and during the term of this Control Agreement shall remain, the State
of                        ,
(iv) Schedule 1 contains a true and complete description of the Pledged Securities as of the date hereof and (v) except for the
claims and interests of the Mortgage Notes Indenture Trustee and the Grantor in the Collateral, the Issuer does not know of any claim to or security interest or other interest in the Collateral. 

C-1

 

        SECTION
13. Control. The Issuer hereby agrees, upon written direction from the Mortgage Notes Indenture Trustee and without further
consent from the Grantor, (a) to comply with all instructions and directions of any kind originated by the Mortgage Notes Indenture Trustee concerning the Collateral, to liquidate or otherwise
dispose of the Collateral as and to the extent directed by the Mortgage Notes Indenture Trustee and to pay over to the Mortgage Notes Indenture Trustee all proceeds without any setoff or deduction,
and (b) except as otherwise directed by the Mortgage Notes Indenture Trustee, not to comply with the instructions or directions of any kind originated by the Grantor or any other person at any
time after the Issuer has received notice from the Mortgage Notes Indenture Trustee that an Event of Default exists and is continuing (and thereafter not until such time as the Mortgage Notes
Indenture Trustee sends written notice to the Issuer that such Event of Default has been cured or waived). 

        SECTION
14. Other Agreements. The Issuer shall notify promptly the Mortgage Notes Indenture Trustee and the Grantor if any other person
asserts any lien, encumbrance, claim (including any adverse claim) or security interest in or against any of the Collateral. In the event of any conflict between the provisions of this Control
Agreement and any other agreement governing the Pledged Securities or the Collateral, the provisions of this Control Agreement shall control. 

        SECTION
15. Protection of Issuer. The Issuer may rely and shall be protected in acting upon any notice, instruction or other communication
that it reasonably believes to be genuine and authorized. 

        SECTION
16. Termination. This Control Agreement shall terminate automatically upon receipt by the Issuer of written notice executed by the
Mortgage Notes Indenture Trustee that (i) all of the Obligations (excluding unmatured contingent reimbursement and indemnification obligations) secured by the Collateral have been paid in full
in immediately available funds, or (ii) all of the Collateral has been released, whichever is sooner, and the Issuer shall thereafter be relieved of all duties and obligations hereunder. 

        SECTION
17. Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the mail and sent by
first-class mail, postage prepaid, or, in the case of telecopy notice, when received, to the Grantor's and the Mortgage Notes Indenture Trustee's addresses as set forth in the Guarantee and Collateral
Agreement, and to the Issuer's address as set forth below, or to such other address as any party may give to the others in writing for such purpose: 

[Name of Issuer]

[Address of Issuer]

Attention:

Telephone: (    ) -

Telecopy: (        ) - 

        SECTION
18. Amendments in Writing. None of the terms or provisions of this Control Agreement may be waived, amended, supplemented or
otherwise modified except by a written instrument executed by the parties hereto. 

        SECTION
19. Entire Agreement. This Control Agreement and the Guarantee and Collateral Agreement constitute the entire agreement and
supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

        SECTION
20. Execution in Counterparts. This Control Agreement may be executed in any number of counterparts (including by telecopy), each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

C-2

 

        SECTION
21. Successors and Assigns. This Control Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Grantor may not assign, transfer or delegate any of its rights or obligations under this Control Agreement without the prior written consent of the
Mortgage Notes Indenture Trustee. 

        SECTION
22. Governing Law and Jurisdiction. This Control Agreement has been delivered to and accepted by the Mortgage Notes Indenture
Trustee and will be deemed to be made in the State of New York. SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING LAWS, THIS CONTROL AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Each of the parties hereto submits for itself and its property in any legal action or proceeding
relating to this Control Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York,
the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof. 

        SECTION 13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

        IN
WITNESS WHEREOF, each of the undersigned has caused this Control Agreement to be duly executed and delivered as of the date first above written. 

	 	 	[NAME OF GRANTOR]
	

 	
 	
By:	

 Name:

Title:
	

 	
 	
WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Mortgage Notes Indenture

Trustee
	

 	
 	

By:	

 Name:

Title:
	

 	
 	
[NAME OF ISSUER]
	

 	
 	
By:	

 Name:

Title:

C-3

  

Exhibit D to

Guarantee and Collateral Agreement  

 
 

FORM OF CONTROL AGREEMENT    
  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                , 200  , among                (the "Grantor"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes
Indenture Trustee (the "Secured Party") for the secured parties under the Guarantee and Collateral Agreement (as defined below)
and                in
its capacity as a "securities intermediary" (as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC (in such capacities, the
"Financial Institution"). Capitalized terms used but not defined herein shall have the meanings given such terms in the Guarantee and Collateral
Agreement (as defined below) or that certain Indenture (as amended, supplemented, replaced or otherwise modified from time to time, the "Indenture")
dated as of            , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability company, Wynn Las Vegas Capital Corp., a Nevada corporation, the Mortgage Notes Indenture Trustee and the
Restricted Entities (as defined in the Indenture), as the case may be. All references herein to the "UCC" shall mean the Uniform Commercial Code as from time to time in effect in the State of New
York. 

        WHEREAS,
the Grantor has granted to the Secured Party a security interest in the Pledged Accounts (as hereinafter defined) pursuant to the Guarantee and Collateral Agreement, dated as of
                , 2002 (as amended, supplemented, replaced or otherwise modified from time to time, the "Guarantee and Collateral
Agreement"), among the
Grantor and the other persons party thereto as grantors in favor of the Mortgage Notes Indenture Trustee; 

        WHEREAS,
the parties hereto are entering into this agreement to perfect and ensure the priority of such security interest; 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

        SECTION
1.    Establishment and Maintenance of Collateral Accounts.    (a)    The Financial Institution
hereby represents and warrants that it has established and currently maintains the accounts listed on Schedule 1 hereto and that the Secured Party is its sole customer or entitlement holder
with respect to each such account. Each such account and any successor account and all other accounts which the Grantor now or hereafter maintains with the Financial Institution, being referred to
herein individually as a "Pledged Account" and collectively as the "Pledged Accounts." The Financial Institution covenants and agrees that it shall not change the name or account number of any Pledged
Account without the prior written consent of the Secured Party. 

        (b)  [Each
of the parties hereto acknowledges and agrees that the accounts listed on Part A of Schedule 1 hereto are intended to be deposit accounts
(as defined in Section 9-102(a)(29) of the UCC) and the accounts listed on Part B of Schedule 1 hereto are intended to be securities accounts (as defined in
Section 8-501 of the UCC).] or [Each of the parties hereto acknowledges and agrees that all of the Pledged
Accounts are intended to be [deposit accounts/securities accounts] (as defined
in the UCC)] Notwithstanding such intention, as used herein "Deposit Account" shall mean any Pledged Account (or any part thereof) which is
determined to be a "deposit account" (within the meaning of Section 9-102(a)(29) of the UCC) and "Securities Account" shall mean any Pledged Account (or any part thereof) which is
determined to be a "securities account" (within the meaning of Section 8-501 of the UCC). 

        (c)  The
Financial Institution covenants and agrees that: (i) all securities or other property underlying any financial assets credited to any Securities Account shall
be registered in the name of the Financial Institution, indorsed to the Financial Institution or indorsed in blank or credited to another 

D-1

 

securities account maintained in the name of the Financial Institution and in no case will any financial asset credited to any Securities Account be registered in the name of the Grantor, payable to
the order of the Grantor or specially indorsed to the Grantor except to the extent the foregoing have been specially indorsed to the Financial Institution or in blank; and (ii) all property
delivered to the Financial Institution pursuant to the Guarantee and Collateral Agreement will be promptly credited to one of the Pledged Accounts. 

        SECTION
2.    "Financial Assets" Election.    The Financial
Institution hereby agrees that each item of property (including, without limitation, all Permitted Investments and any investment property, financial asset, security, instrument or cash) credited to
any Pledged Account that is a Securities Account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the UCC. 

        SECTION
3.    Secured Party's Control of the Pledged Accounts.    If at any time the Financial Institution shall
receive from the Secured Party an entitlement order (i.e. an order directing transfer or redemption of any financial asset relating to a Pledged Account) or any instruction (within the meaning of
Section 9-104 of the UCC) originated by the Secured Party (i.e., an instruction directing the disposition of funds in a Pledged Account), the Financial Institution shall comply with
such entitlement order or instruction without further consent by the Grantor or any other person. If the Grantor is otherwise entitled to give any entitlement orders or instructions with respect to
the Pledged Account in accordance with Section 3 hereof and such entitlement orders or instructions conflict with instructions of the Secured Party, the Financial Institution shall comply with
the entitlement orders and instructions issued by the Secured Party. 

        SECTION
4.    Grantor's Access to the Account.    If at any time the Secured Party delivers to the Financial
Institution a Notice of Sole Control in substantially the form set forth in Exhibit A hereto, the Financial Institution agrees that after receipt of such notice, it will take all directions
with respect to the Pledged Accounts solely from the Secured Party and shall not comply with instructions or entitlement orders of the Grantor or any other person. 

        SECTION
5.    Subordination of Lien; Waiver of Set-Off.    In the event that the Financial Institution has
or subsequently obtains by agreement, by operation of law or otherwise a security interest in any Pledged Account or any financial assets, cash or other property credited thereto, the Financial
Institution hereby agrees that such security interest shall be subordinate to the security interest of the Secured Party. The financial assets, money and other items credited to any Pledged Account
will not be subject to deduction, set-off, banker's lien, or any other right in favor of any person other than the Secured Party [(except that the Financial Institution may set
off (i) all amounts due to the Financial Institution in respect of customary fees and expenses for the routine maintenance and operation of the respective Pledged Account and (ii) the
face amount of any checks which have been credited to such Pledged Account but are subsequently returned unpaid because of uncollected or insufficient funds).] 

        SECTION
6.    Choice of Law.    This Control Agreement shall be governed by the laws of the State of New York.  SUBJECT TO COMPLIANCE WITH
APPLICABLE NEVADA GAMING LAWS, THIS CONTROL AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. Regardless of any provision in any other agreement, for purposes of the UCC, with respect to each Pledged Account New York shall be deemed to be the bank's
jurisdiction (within the meaning of Section 9-304 of the UCC) and the securities intermediary's jurisdiction (within the meaning of Section 8-110 of the UCC). The
Pledged Accounts shall be governed by the laws of the State of New York. 

D-2

 

        SECTION
7.    Conflict with Other Agreements.    The Financial Institution hereby represents, warrants, covenants and
agrees that: 

        (a)  There
are no other agreements entered into between the Financial Institution and the Grantor with respect to any Pledged Account [except for
[identify other agreements] (the "Account Agreements"). 

        (b)  It
has not entered into, and until the termination of the this agreement will not enter into, any agreement with any other person relating the Pledged Accounts and/or
any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the UCC) or instructions (within the
meaning of Section 9-104 of the UCC) of such other person. 

        (c)  It
has not entered into, and until the termination of this agreement will not enter into, any agreement with the Grantor purporting to limit or condition the obligation
of the Financial Institution to comply with entitlement orders or instructions. 

        (d)  In
the event of any conflict between this Control Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this
Control Agreement shall prevail. 

        SECTION
8.    Adverse Claims.    The Financial Institution represents and warrants that, except for the claims and
interest of the Secured Party and of the Grantor in the Pledged Accounts, it does not know of any lien on or claim to, or interest in, any Pledged Account or in any "financial asset" (as defined in
Section 8-102(a) of the UCC) credited thereto. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment,
execution or similar process) against the Pledged Accounts or in any financial asset carried therein, the Financial Institution will promptly notify the Secured Party and the Grantor thereof. 

        SECTION
9.    Additional Provisions Regarding Maintenance of Accounts.    The Financial Institution covenants and
agrees: 

        (a)      Statements and Confirmations.    The Financial Institution will promptly send copies of all
statements, confirmations and other correspondence concerning (i) any Securities Account and/or any financial assets credited thereto and (ii) any Deposit Account, simultaneously to each
of the Grantor and the Secured Party at the address for each set forth in Section 13 of this Agreement. 

        (b)      Tax Reporting.    All items of income, gain, expense and loss recognized in any Securities
Account and all interest, if any, relating to any Deposit Account, shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer
identification number of the Grantor. 

        (c)      Voting Rights.    At any time during which the Grantor is entitled to give entitlement orders
pursuant to Section 4 hereof, the Grantor shall direct the Financial Institution with respect to the voting of any financial assets credited to the Pledged Accounts. 

        (d)      Permitted Investments.    At any time during which the Grantor is entitled to give entitlement
orders pursuant to Section 4 hereof, the Grantor shall direct the Financial Institution with respect to the selection of investments to be made for any Pledged Account that is a securities
account; provided, however, that the Financial Institution shall not honor any instruction to purchase any investments other than investments of a type described on Exhibit A hereto. 

        SECTION
10.    Additional Representation and Warranty of the Financial Institution.    The Financial Institution
represents and warrants that this Control Agreement is the legal, valid, binding and enforceable obligation of the Financial Institution. 

D-3

 

        SECTION
11.    Indemnification of Financial Institution.    The Grantor and the Secured Party hereby agree that
(a) the Financial Institution is released from any and all liabilities to the Grantor and the Secured Party arising from the terms of this Control Agreement and the compliance of the Financial
Institution with the terms hereof, except to the extent that such liabilities arise from the Financial Institution's gross negligence or willful misconduct and (b) the Grantor, its successors
and assigns shall at all times indemnify and save harmless the Financial Institution from and against any and all claims, actions and suits of others arising out of the terms of this Control Agreement
or the compliance of the Financial Institution with the terms hereof, except to the extent that such arises from the Financial Institution's negligence, and from and against any and all liabilities,
losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Control Agreement. 

        SECTION
12.    Successors; Assignment.    The terms of this Control Agreement shall be binding upon, and shall inure
to the benefit of, the parties hereto and their respective corporate successors and assigns, except that the neither the Grantor nor the Financial Institution may delegate their obligations hereunder
without the prior written consent of the Secured Party. [Additionally, in the event that the Secured Party is replaced as Mortgage Notes Indenture Trustee under the Guarantee and
Collateral Agreement] any entity that succeeds to such role shall be entitled to the benefits of this Control Agreement. The Secured Party agrees to send written notice to the Financial
Institution of any such replacement.] 

        SECTION
13.    Notices.    All notices, requests and demands to or upon the respective parties hereto to be effective
shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the
mail, postage prepaid, or, in the case of telecopy notice, when received, to the address as set forth below, or to such other address as any party may give to the others in writing for such purpose: 

[Name of Bank]

[Address of Bank]

Attention:          

Telephone: (    )          

Telecopy: (    )            

Wells
Fargo Bank, National Association

MAC N9303-110

Sixth & Marquette

Minneapolis, MN 55479

Attn.: Michael Slade

Telephone: (    )           

Telecopy: (    )            

[Name of Grantor]

[Address]

Attention:    

Telephone: (    )          

Telecopy: (    )            . 

        SECTION
14.    Amendment.    No amendment or modification of this Control Agreement or waiver of any right hereunder
shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto. 

        SECTION
15.    Termination.    The obligations of the Financial Institution to the Secured Party pursuant to this
Control Agreement shall continue in effect until the security interests of the Secured 

D-4

 

Party in each of the Pledged Accounts have been terminated pursuant to the terms of the Guarantee and Collateral Agreement and the Secured Party has notified the Financial Institution of such
termination in writing. The Secured Party agrees to provide Notice of Termination in substantially the form of Exhibit B hereto to the Financial Institution upon the request of the Grantor on
or after the termination of the Secured Party's security interest in the Pledged Accounts pursuant to the terms of the Guarantee and Collateral Agreement. The termination of this Control Agreement
shall not terminate the Pledged Accounts or alter the obligations of the Financial Institution to the Grantor pursuant to any other agreement with respect to the Pledged Accounts. 

        SECTION
16.    Counterparts.    This Control Agreement may be executed in any number of counterparts (including by
telecopy), all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 

	

 	
 	
[NAME OF GRANTOR]
	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Mortgage Notes Indenture

Trustee
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

	 	 	NAME OF INSTITUTION SERVING AS

FINANCIAL INSTITUTION
	

 	
 	
By:	

 
	 	 	 	
 Name:

Title:

D-5

   SCHEDULE 1  

Part A
List of Existing Deposit Accounts Subject to this Control Agreement 

	Exact Name of Account
 
	 	Account Number

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Part B
List of Existing Securities Accounts Subject to this Control Agreement 

	Exact Name of Account
 
	 	Account Number

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

D-6

   Exhibit A  

Permitted Investments  

D-8

   Exhibit B  

WELLS FARGO BANK, NATIONAL ASSOCIATION

MAC N9303-110

Sixth & Marquette

Minneapolis, MN 55479  

        
[Date] 

[Name
and Address of Financial Institution] 

Attention:            

        Re:
Termination of Control Agreement            

        You
are hereby notified that the Control Agreement between you, the Grantor and the undersigned (a copy of which is attached) is terminated and you have no further obligations to the
undersigned pursuant to such Control Agreement. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to account number(s)
            from the Grantor. This notice terminates any obligations you may have to the undersigned with respect to such account, however nothing contained in this notice shall alter any
obligations which you may otherwise owe to the Grantor pursuant to any other agreement. 

        You
are instructed to deliver a copy of this notice by facsimile transmission to [insert name of Grantor]. 

	

 	
 	

Very truly yours,
	

 	
 	

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Mortgage Notes Indenture

Trustee
	

 	
 	

By:	

 Name:

Title:

D-9

   Exhibit E to

Guarantee and Collateral Agreement  

FORM OF CONTROL AGREEMENT  

        This CONTROL AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "Control Agreement")
dated as of                , 2002, is made by and
among                        ,
a                        (the "Grantor"), WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Mortgage Notes Indenture Trustee (in such capacity, the "Mortgage Notes Indenture Trustee") for the Secured Parties (as defined in the
Guarantee and Collateral Agreement referred to below), and                        ,
a                        (the "Broker"). 

        WHEREAS,
the Broker maintains for the Grantor a commodity account, Account No.                        (the "Pledged
Account"), in the name of the
Grantor. 

        WHEREAS,
the Grantor has granted to the Mortgage Notes Indenture Trustee for the benefit of the Secured Parties a security interest in the Pledged Account, the commodity contracts and
any free credit balance carried therein, and all additions thereto and substitutions and proceeds thereof (collectively, the "Collateral") pursuant to a
Guarantee and Collateral Agreement, dated as of                            , 2002 (as amended, supplemented,
replaced or otherwise modified from time to time, the "Guarantee
and Collateral Agreement"), among the Grantor and the other persons party thereto as grantors in favor of the Mortgage Notes Indenture Trustee. 

        WHEREAS,
the following terms which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of New York on the date hereof (the
"UCC") are used herein as so defined: Commodity Account, Commodity Contract, Commodity Intermediary's Jurisdiction, Control and Proceeds. Capitalized
terms used and not defined herein have the meanings given such terms in the Guarantee and Collateral Agreement or that certain Indenture (as amended, supplemented, replaced or otherwise modified from
time to time, the "Indenture") dated as of            , 2002 among Wynn Las Vegas, LLC, a Nevada limited liability company, Wynn Las Vegas
Capital
Corp., a Nevada corporation, the Mortgage Notes Indenture Trustee and the Restricted Entities (as defined in the Indenture), as the case may be. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

        SECTION
1.    Notice of Security Interest.    The Grantor, the Mortgage Notes Indenture Trustee and the Broker are
entering into this Control Agreement to perfect, and to confirm the priority of, the Mortgage Notes Indenture Trustee's security interest in the Collateral. The Broker acknowledges that this Control
Agreement constitutes written notification to the Broker of the Mortgage Notes Indenture Trustee's security interest in the Collateral. The Broker agrees to promptly make all necessary entries or
notations in its books and records to reflect the Mortgage Notes Indenture Trustee's security interest in the Collateral. The Broker acknowledges that the Mortgage Notes Indenture Trustee has control
over the Pledged Account and all commodity contracts and any free credit balance carried therein from time to time. 

        SECTION
2.    Collateral; Pledged Account.    (a) The Grantor hereby represents and warrants to, and agrees
with the Mortgage Notes Indenture Trustee and the Broker that, all commodity contracts carried by the Broker on its books for the Grantor are and shall be credited to the Pledged Account. 

        (b)
The Broker hereby represents and warrants to, and agrees with the Grantor and the Mortgage Notes Indenture Trustee that (i) the Broker is a commodity intermediary with respect
to the Grantor and the Pledged Account is a commodity account, (ii) the commodity intermediary's jurisdiction (within the meaning of Section 9305(b) of the UCC) is, and during the term
of this Control Agreement shall for all purposes of this Control Agreement remain, the State of New York, (iii) Schedule 1 contains a 

E-1

 

true and complete statement of the Pledged Account and the commodity contracts and any free credit balance carried therein as of the date hereof, and (iv) the Pledged Account is and shall
remain a cash account, and the Broker will not extend, directly or indirectly, any "purpose credit" (within the meaning of such term under Regulation T of the Board of Governors of the Federal
Reserve System of the United States) to the Grantor in respect of the Pledged Account. 

        (c)
The Mortgage Notes Indenture Trustee hereby instructs the Broker, and the Broker hereby confirms and agrees that, unless the Mortgage Notes Indenture Trustee shall otherwise direct
the Broker in writing, all commodity contracts carried by the Broker on its books for the Grantor shall be credited only to, and carried only in, the Pledged Account. 

        SECTION
3.    Control.    The Broker hereby agrees, upon written direction from the Mortgage Notes Indenture Trustee
and without further consent from the Grantor, (a) to apply any value distributed on account of the commodity contracts carried in the Pledged Account as directed by the Mortgage Notes Indenture
Trustee, to liquidate or otherwise dispose of the Collateral as and to the extent directed by the Mortgage Notes Indenture Trustee and to pay over to the Mortgage Notes Indenture Trustee all proceeds
and other value therefrom or otherwise distributed with respect thereto without any setoff or
deduction, and (b) except as otherwise directed by the Mortgage Notes Indenture Trustee, not to apply any value distributed on account of any commodity contract carried in the Pledged Account
as directed by the Grantor or any other person at any time after the Broker has received notice from the Mortgage Notes Indenture Trustee that an Event of Default exists and is continuing (and
thereafter not until such time as the Mortgage Notes Indenture Trustee sends written notice to the Broker that such Event of Default has been cured or waived). 

        SECTION
4.    Other Agreements; Termination; Successor Brokers.    The Broker shall simultaneously send to the
Mortgage Notes Indenture Trustee copies of all notices given and statements rendered pursuant to the Pledged Account. The Broker shall notify promptly the Mortgage Notes Indenture Trustee and the
Grantor if any other person asserts any lien, encumbrance, claim or security interest in or against any of the Collateral. As long as the Guarantee and Collateral Agreement remains in effect, neither
the Grantor nor the Broker shall terminate the Pledged Account without thirty (30) days' prior written notice to the other party and the Mortgage Notes Indenture Trustee. In the event of any
conflict between the provisions of this Control Agreement and any other agreement governing the Pledged Account or the Collateral, the provisions of this Control Agreement shall control. In the event
the Broker no longer serves as Broker for the Collateral, the Pledged Account, the commodity contracts and any free credit balance carried therein shall be transferred to a successor broker, custodian
or futures commission merchant satisfactory to the Mortgage Notes Indenture Trustee, provided, that prior to such transfer, such successor broker, custodian or futures commission merchant shall
execute an agreement that is substantially in the form of this Control Agreement or is otherwise in form and substance satisfactory to the Mortgage Notes Indenture Trustee. 

        SECTION
5.    Protection of Broker.    The Broker may rely and shall be protected in acting upon any notice,
instruction or other communication that it reasonably believes to be genuine and authorized. 

        SECTION
6.    Termination.    This Control Agreement shall terminate automatically upon receipt by the Broker of
written notice executed by the Mortgage Notes Indenture Trustee that (i) all of the Obligations (excluding unmatured contingent reimbursement and indemnification obligations) secured by the
Collateral have been paid in full in immediately available funds, or (ii) all of the Collateral has been released, whichever is sooner, and the Broker shall thereafter be relieved of all duties
and obligations hereunder. 

        SECTION
7.    Waiver; Priority of Mortgage Notes Indenture Trustee's Interests.    Other than with respect to its fees
and customary commissions with respect to the Pledged Account, the Broker hereby waives its right to set off any obligations of the Grantor to the Broker against any or all of the 

E-2

 

Collateral, and hereby agrees that any and all liens, encumbrances, claims or security interests which the Broker may have against the Collateral, either now or in the future in connection with the
Pledged Account are and shall be subordinate and junior to the prior payment in full in immediately available funds of all obligations of the Grantor now or hereafter existing under the Indenture, the
Guarantee and Collateral Agreement and the other Collateral Agreements, and all other documents related thereto, whether for principal, interest (including, without limitation, interest as provided in
the Indenture, whether or not such interest accrues after the filing of such petition for purposes of the
federal Bankruptcy Code or is an allowed claim in such proceeding), indemnities, fees, premiums, expenses or otherwise. Except for the foregoing and claims and interests of the Mortgage Notes
Indenture Trustee and the Grantor in the Collateral, the Broker does not know of any claim to or security interest or other interest in the Collateral. 

        SECTION
8.    Notices.    All notices, requests and demands to or upon the respective parties hereto to be effective
shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the
mail and sent by first-class mail, postage prepaid, or, in the case of telecopy notice, when received, to the Grantor's and the Mortgage Notes Indenture Trustee's addresses as set forth in the
Guarantee and Collateral Agreement, and to the Broker's address as set forth below, or to such other address as any party may give to the others in writing for such purpose: 

	 	 	[Name of Broker]

[Address of Broker]

Attention: 	 	 
	 	 	Telephone: (    )       -        	 	 
	 	 	Telecopy: (    )       -        	 	 

        SECTION 9.    Amendments in Writing.    None of the terms or provisions of this Control
Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the parties hereto. 

        SECTION
10.    Entire Agreement.    This Control Agreement and the Guarantee and Collateral Agreement constitute the
entire agreement and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

        SECTION
11.    Execution in Counterparts.    This Control Agreement may be executed in any number of counterparts
(including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        SECTION
12.    Successors and Assigns.    This Control Agreement will be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the Grantor may not assign, transfer or delegate any of its rights or obligations under this Control Agreement without the prior
written consent of the Mortgage Notes Indenture Trustee. 

        SECTION
13.    Governing Law and Jurisdiction.    This Control Agreement has been delivered to and accepted by the
Mortgage Notes Indenture Trustee and will be deemed to be made in the State of New York. SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING LAWS, THIS CONTROL AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Each of the parties hereto submits for itself and its property in any legal
action or proceeding relating to this Control Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of
the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof. 

        SECTION 14.    WAIVER OF JURY TRIAL.    EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM
THEREIN.

E-3

 

        IN
WITNESS WHEREOF, each of the undersigned has caused this Control Agreement to be duly executed and delivered as of the date first above written. 

	 	 	[NAME OF GRANTOR]
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name:

Title:
	

 	
 	

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name:

Title:
	

 	
 	

[NAME OF BROKER]
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name:

Title:

E-4

Annex 1 to

Guarantee and Collateral Agreement  

        ASSUMPTION AGREEMENT, dated as of                        ,
200    , made by                        ,
a                        (the "Additional
Grantor"), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Mortgage Notes Indenture Trustee (in such capacity, the "Mortgage Notes Indenture
Trustee") for (i) the registered holders of the            % Mortgage Notes due 2010 issued by Wynn Las Vegas, LLC, a Nevada limited liability company, and Wynn
Las
Vegas Capital Corp., a Nevada corporation (together with Wynn Las Vegas, LLC, the "Note Issuers"), in the aggregate principal amount of $340,000,000
under that certain Indenture, dated as of even date herewith (as amended, supplemented or otherwise modified from time to time, the "Indenture"), among
the Note Issuers, the other Grantors and the Mortgage Notes Indenture Trustee, and (ii) the other Secured Parties (as defined in the Guarantee and Collateral Agreement (as hereinafter
defined)). All capitalized terms not defined herein shall have the meaning ascribed to them in the Indenture and the Guarantee and Collateral Agreement, as the case may be. 

RECITALS:  

        WHEREAS, in connection with the Indenture, the Note Issuers and certain of their Affiliates (other than the Additional Grantor) have entered into the Guarantee
and Collateral Agreement, dated as
of                                    , 2002 (as amended, supplemented
or otherwise modified from time to time, the "Guarantee and Collateral
Agreement") in favor of the Mortgage Notes Indenture Trustee for the benefit of the Secured Parties; 

        WHEREAS,
the Indenture requires the Additional Grantor to become a party to the Guarantee and Collateral Agreement; and 

        WHEREAS,
the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement; 

        NOW,
THEREFORE, IT IS AGREED: 

        1.    Guarantee and Collateral Agreement.    By executing and
delivering this Assumption Agreement, the Additional Grantor, as provided in Section 8.14 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral
Agreement as a Grantor thereunder with the same
force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor thereunder.
The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules                        to
the Guarantee and Collateral Agreement. The Additional Grantor
hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement is true and correct on and as the date hereof
(after giving effect to this Assumption Agreement) as if made by such Additional Grantor on and as of such date. 

        2.    GOVERNING
LAW.    SUBJECT TO COMPLIANCE WITH APPLICABLE NEVADA GAMING LAWS, THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

        IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written. 

	 	 	[ADDITIONAL GRANTOR]
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name:

Title:

2

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GUARANTEE AND COLLATERAL AGREEMENT

VEHICLES

FORM OF ACKNOWLEDGMENT AND CONSENT

FORM OF AFTER-ACQUIRED INTELLECTUAL PROPERTY SECURITY AGREEMENT (FIRST SUPPLEMENTAL FILING)

FORM OF CONTROL AGREEMENT

FORM OF CONTROL AGREEMENT

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